Resale Value

[Dad Man]

The operative word is depreciation and it cuts deepest as you drive it off the lot. Seeing it drop to 1/2 it's value over the first year of two is the hard part. From there the curve isn't so terrible.

Still, I'd be surprised if a dealer were to offer me 1/4 of what I paid 3 1/2 and 28,000 miles ago for my TE. They never offer what a car is worth and just like the initial buy price, there is some room for negotiation.

One thing I've come to believe is that doing mods to your car is fine if you are doing it for your own pleasure and not expecting any sort of reimbursement for what you spent on personalizing it.

All in a day's cruise...

Dad/\/\an

[PTurbed]

Originally Posted by Dad Man

The operative word is depreciation and it cuts deepest as you drive it off the lot. Seeing it drop to 1/2 it's value over the first year of two is the hard part. From there the curve isn't so terrible.

God i hope not!! Bluebooked mine and even in cherry shape with only 10k miles on it bluebook says $19500 for my '03 Turbo! I know it drops the minute you drive off the lot but it's disturbing to owe $5K more than the car would sell for after a year of makin payments!

PTurbed

[ptgtjoe]

PT Turbed....the blue book that you viewed was private party value, not Trade-in value. I am having difficulties selling it privately, as there are many other newer models that sell for about the same price (albeit not turbo models)...

I might have to just hang on to my GT until I get to a better ratio loss.

[JOEM]

Originally Posted by ptgtjoe

I might have to just hang on to my GT until I get to a better ratio loss.

Probably won't happen ever. Why not just hang onto it, period? You gotta have wheels, so keep your cool wheels.

[SMCruizer]

I think its happening to most cars. Rebates and slow sales are keeping new car prices low and used cars are not selling because of it. So if you trade in, they have to give you something low to make money on reselling your car.

[jbbooks]

Originally Posted by PTurbed

God i hope not!! Bluebooked mine and even in cherry shape with only 10k miles on it bluebook says $19500 for my '03 Turbo! I know it drops the minute you drive off the lot but it's disturbing to owe $5K more than the car would sell for after a year of makin payments!

PTurbed

the other thing you have to take into account is that you pay your interest off at a much quicker rate than the amount you borrowed. The last year or so is mostly principal, while the first couple of years the payment goes mostly to interest. Just like your house mortgage. So between not paying off much principal the first couple of yrs., and depreciation, you better plan on hanging on to the old jalopy as long as possible.

[PTurbed]

Originally Posted by jbbooks

the other thing you have to take into account is that you pay your interest off at a much quicker rate than the amount you borrowed. The last year or so is mostly principal, while the first couple of years the payment goes mostly to interest. Just like your house mortgage. So between not paying off much principal the first couple of yrs., and depreciation, you better plan on hanging on to the old jalopy as long as possible.

Actually about 3/4 of every payment goes toward principal. My statements break it down for me. I got a decently low rate on financing.

PTurbed

[ptgtjoe]

Well, my GT only went as high as $13,500 on Ebay last weekend....boy was I suprised that even there it wasn't any higher than what the dealers were offering me!

Looks like I'll be keepin 'er for a while....now I have to sell other things on eBay instead to keep from goin into the poor house!

The good news is, I still love my car...even though the first day of this noise I was cursing it out for being a worthless piece of ****!

Glad I got over that anger!