how much money have you lost on auto depreciation?

[mizzou]

I think I've lost around 20,000 so far and I'm only 26


whoopeee!!

In hindsight, it makes my house depreciation not look so bad

 

[TallBill]

Er, maybe $500.. first two cheapy cars got totalled, got about 100% back from insurance. Next car was like $3,000, transmission died. Instead of a $1500 repair I sold the car for $1000, hence the $500 loss.

My current car was about $10,000 but I have no intention on selling it until it dies.

 

[SAWYER]

I don't get why anyone would by a brand new vehicle when the same car can be had much less not even a year later

 

[mizzou]

Originally posted by: Sawyer
I don't get why anyone would by a brand new vehicle when the same car can be had much less not even a year later

an undriven car that is 1 year old is still brand new =)


I bought a new truck with the intention of keeping it forever until it dies. It has served it's purpose well and will continue to serve it's purpose.

Why did I buy new? Because I have a much better chance ensuring the car will run well given my own history, mainly because I've been burned so bad before by a used car that I promised I would never go that route again. The used car came from a respectable dealer, but even though they helped me in getting a new one I still was burned bad.

 

[jlee]

Well, I paid $5k for my Tacoma..drove it for a couple years and Toyota bought it back for $12,142.50, and retail value of my Tundra is still more than what I paid originally, so I think I'm doing ok 😛

 

[FP]

Originally posted by: JLee
Well, I paid $5k for my Tacoma..drove it for a couple years and Toyota bought it back for $12,142.50, and retail value of my Tundra is still more than what I paid originally, so I think I'm doing ok 😛

Uhh wait? Did you mean $15k?

 

[ponyo]

About $120,000 or so the last 10 years. Is it waste of money? Some of it probably was. But life is too short to drive crappy cars.

 

[gorcorps]

Originally posted by: Sawyer
I don't get why anyone would by a brand new vehicle when the same car can be had much less not even a year later

You can't finance used. Well you can at some dealerships, but I don't like buying used from a dealership. I'm more of a private seller type of person when it comes to cars.

 

[mxyzptlk]

Well my 05 mini cooper convertible has depreciated about $10K since I bought it in December 04.

First and, now that I know better, last new car for me.

 

[jme5343]

Originally posted by: gorcorps

Originally posted by: Sawyer
I don't get why anyone would by a brand new vehicle when the same car can be had much less not even a year later

You can't finance used. Well you can at some dealerships, but I don't like buying used from a dealership. I'm more of a private seller type of person when it comes to cars.

And so that's why I go to my bank if I need a loan.

 

[CRXican]

In a "normal" used market and not the shitty recession market I could probably sell my car for more than I paid for it two years ago. It's a 2005 year model.

 

[randay]

my car has depreciated in the last 4 months about... -$1800.

 

[mugs]

About $7000. I'm 27.

 

[Slew Foot]

Hondas and Toyotas tend not to depreciate as much, heck I got my new 08 Accord for less than they were selling a 2007 model for.

 

[sjwaste]

.

 

[xSauronx]

maybe $2500 over 7 or 8 cars and that was probably just from 2 of them. usually ive broken even or made a few bucks. im 25.

 

[OUCaptain]

None. I keep my cars until they're not worth selling. I'm not obsessed with having a new car ever few years.

 

[richardycc]

dont even get me start about my jeep...

 

[txrandom]

Obligatory automobiles aren't investments.

 

[mugs]

Originally posted by: OUCaptain
None. I keep my cars until they're not worth selling. I'm not obsessed with having a new car ever few years.

You still lost money on depreciation (whatever you paid for the car if you got nothing for it when it died)

 

[Jeff7]

Just found out about that Blue Book thing.
'97 Hyundai Elantra GLS sedan.

Going by the Private Party value, the car's lost about $3300 since I bought it in 2000.
Going by the trade-in value, it's lost $4200.

Around $500 per year in value loss, close to $42 per month. 🙁

 

[OUCaptain]

Originally posted by: mugs

Originally posted by: OUCaptain
None. I keep my cars until they're not worth selling. I'm not obsessed with having a new car ever few years.

You still lost money on depreciation (whatever you paid for the car if you got nothing for it when it died)

I don't see it that way. If it's not worth selling, then I have received every bit of use out that vehicle. Depreciation becomes moot when the value reaches zero.

 

[newb111]

Zero. I haven't sold my car yet.

 

[kranky]

Originally posted by: Naustica
About $120,000 or so the last 10 years. Is it waste of money? Some of it probably was. But life is too short to drive crappy cars.

I think it would make a big difference whether that was from two $60,000 cars you kept for five years each, or five $24,000 cars you kept for two years each.

 

[EagleKeeper]

Just bought the wife a new '08 Escape @ $22K in Nov - List was $32K.
KBB has it at $23K used. Looks like no first year :thumbsup:depreciation for me.

All other cars have been 15-20 yrs old when unloaded - at that age, depreciation is outweighed by longevity and minimal repair/maintenance costs.

Buy them 5-7 yrs old and run them for 10 years.