Quote:
Originally Posted by Isaac Zachary
Doing some quick math, I noticed a Camry (maybe other cars are different) loses about 1/3 of it's value in 5 years. So a $30,000 becomes $20,000 in 5 years. If you plan on keeping the car 15 years, then it's going to cost $10,000 per every 5 years regardless if you buy new or 5 years used.
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That isn't typical.
Typical is;
10% depreciation driving off the lot
15% total depreciation in the year
50% total deprecation at 5 years
10% depreciation of remaining value every year after
Whacky used car pricing due to WuFlu response now has used cars at 40% depreciation after 5 years. We should expect things to return to normal at some point.
An example of a car retaining 70% value at 5 years is very atypical. Don't know why the Camry in specific retained value so well compared to the others.
My worthless anecdote is I paid $17k for a 4 year old car that sold for $30k when new. Another year of 10% depreciation would put it right at half value in 5 years.
My point is, someone can have a new Chevy Aveo with no AC, or for the same money can have a 4 year old Acura... or they can spend half as much on a 5 year old Aveo.
EDIT: After a decade and a half of avoiding Twitter, I now have to get an account if I want to see the Cybertruck delivery event. I don't even know what videos are doing on a stupid limited-character texting platform.
EDIT2: I keep clicking on the X logo thinking that's the X to close a window. Genius making a logo look like the universal close symbol.