Car sales in the U.S. have been rising for seven consecutive years now, and it’s denting the value of whatever is currently parked in your garage or driveway. With so many new cars rolling out of dealerships lots and instantly becoming used cars, the secondary market is glutted and the pace of depreciation is rapidly accelerating.
Your not-that-old car might not be a clunker quite yet, but it’s probably a lot closer than you think.
The average used car lost 17 percent of its value in the past 12 months, dropping from $18,400 to $15,300, according to data from Black Book, an auto analytics company. That annual depreciation figure has been increasing steadily, too. The average used car today depreciates nearly twice as fast at it did in 2014, when the annual rate was just 9.5 percent.
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1 comment:
Especially if you have a Ford Focus or a Ford Fiesta. They have faulty transmission's in them and Ford knows it. Has known it since 2012. They knowingly sold these cars to customers knowing they would be back to get their transmissions fixed repeatedly. This to me is called fraud. Sherwood and other Ford dealerships sold these cars and said nothing to the customers. Makes them guilty of fraud also, I think. There is now a class action law suit against Ford because of these transmissions, as the Ford dealerships know full well, yet they still sold the cars. Those sales people should be ashamed of themselves. Care about their customers? My azz. If your thinking about buying one. DON'T. Do some research. Google Ford Fusion or Fiesta, faulty transmissions. These cars will certainly lose any trade in value. No one will want them knowing the history of their transmissions. Thanks a lot Ford. I hope they throw the book at them.
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