Crap... Now I know why I'm so poor!
05-13-2003, 02:07 AM
#1
Pr0n King
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Crap... Now I know why I'm so poor!
I've been buying new cars every 2 years since I started driving...
http://moneycentral.msn.com/content/...ial=030501save
I have the financial suq.
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As a rule of thumb, figure that a car's value drops by half every four years. For new cars, the bulk of that depreciation occurs in the first year of ownership. A new $30,000 car is worth only $22,500 after just the first year -- a full 25% less. Over the next three years, its value will fall by another 25% off the original price to $15,000.
The longer you own the car beyond this, the smaller the bite taken each year by depreciation. If you bought the same car when it was four years old for $15,000 and resold it when it was eight, it would be worth about $7,800, according to CarPrice.com's Depreciation Calculator. So you save almost $8,000 over four years just on depreciation by buying used, to say nothing of added savings from insuring an older vehicle.
The longer you own the car beyond this, the smaller the bite taken each year by depreciation. If you bought the same car when it was four years old for $15,000 and resold it when it was eight, it would be worth about $7,800, according to CarPrice.com's Depreciation Calculator. So you save almost $8,000 over four years just on depreciation by buying used, to say nothing of added savings from insuring an older vehicle.
http://moneycentral.msn.com/content/...ial=030501save
I have the financial suq.
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05-13-2003, 03:16 AM
#2
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Join Date: Nov 2002
Posts: 191
The car bizz
Yup thats the way it goes.
The KBB (Kelly blue book) has upped the value for the WRX by $500 at this quarters book at least.
I spent no more than $2600 for every car I have owned.
Guess I'm poorer than you.
el jeffe "the bottom feeder"
The KBB (Kelly blue book) has upped the value for the WRX by $500 at this quarters book at least.
I spent no more than $2600 for every car I have owned.
Guess I'm poorer than you.
el jeffe "the bottom feeder"
05-13-2003, 04:05 AM
#3
Pr0n King
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Nope, you have more money than me - I just have more debt. Thanks to you!
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05-13-2003, 04:06 AM
#4
Pr0n King
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A new $30,000 car is worth only $22,500 after just the first year
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05-13-2003, 09:38 AM
#5
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Re: The car bizz
Originally posted by el jeffe
Yup thats the way it goes.
The KBB (Kelly blue book) has upped the value for the WRX by $500 at this quarters book at least.
I spent no more than $2600 for every car I have owned.
Guess I'm poorer than you.
el jeffe "the bottom feeder"
Yup thats the way it goes.
The KBB (Kelly blue book) has upped the value for the WRX by $500 at this quarters book at least.
I spent no more than $2600 for every car I have owned.
Guess I'm poorer than you.
el jeffe "the bottom feeder"
If thats all you spent to buy the car it should be blinding fast.
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