According to the
Globe and Mail, the collapse in SUV & pickup truck sales is wreaking havoc on dealerships and lease companies because of plummeting resale values, which were factored in to the lease price prior to the run up in fuel prices and the tanking economy affecting demand for those vehicles.
In Canada, the residual value coming off a 3 year lease based on 2007-08 year over year change:
- A 3 year old Chevy Aveo is worth 9.3% more than it was a year ago.
.
- A 3 year old Ford Expedition is worth 12.2% less than it was a year ago.
The absolute dollar value of the drop in the Expedition's price is probably close to what you could buy a used Aveo for!
