Cars Quickly Losing Value!
Posted on November 5, 2010
Filed Under Car Complaints, Vehicle Ownership
There is nothing worse than taking out a Philadelphia Bad Credit Auto Loan to help finance a new car only to find out later that your car is worth a mere fraction of what you paid for it. A lot of cars lose about 20% of their value the moment you drive them off the lot, and that is just a fact of life. Even the cars at Bethel Park Nissan won’t trade in for the same amount that you once paid for them. There are some things to look at before making a final purchase decision and some vehicles to avoid. None of the Viejo Audi made our list of eight vehicles with the worst ability to retain their value.
In no particular order, the eight cars are: Kia Rio, Chevy Cobalt, Hyundai Accent, Mercury Grand Marquis, Saab 9-3, Smart ForTwo Cabriolet, Chrysler Sebring, and Mercedes-Benz S-Class. So why do vehicles lose their value and how can you make sure that yours won’t ever be on that list? The experts at Kelley Blue Book say one of the biggest indicators of value retention is how recently the vehicle has been upgraded. That might explain why the Chevy Cobalt and Mercury Grand Marquis are on this list. Not only have both companies had financial distress, they haven’t taken the time to fix the products they already have.
Generally speaking, another indicator of how well your car will retain its value is how much you paid for it in the first place. Usually the SUVs and luxury sedans cost a small fortune and they manage to retain a lot of that value over the course of ownership. There are always exceptions to every rule, and we see that with the Mercedes-Benz S-Class and the Saab 9-3. For the most part, the small compacts like the Kia Rio and Hyundai Accent are going to be the cars that lost their value quickly because they don’t have that much value to begin with.
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