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Good News if You’re a Seller
By Dr. David Edward Marcinko MBA CMP™
[Editor-in-Chief]
Smart doctors, nurses and medical professionals never buy a new car; they let someone else take the economic depreciation hit. I did and loved restoring my vintage Jaguar 2000-V8-LWB European touring sedan. What a class act – it doesn’t click – it ROARS!
Yet, used car prices are starting to fall after rising steadily for much of the year. Easing gas prices in much of the nation, and more trade-ins coming back to dealers because new car sales have picked up, are behind the decrease.
How Much?
Used car prices are expected to decline 2 percent in June from May, according to the National Automobile Dealers Association Used Car Guide. Used truck prices are expected to dip 1 percent.
Read more: http://www.bankrate.com/finance/auto/used-car-prices-up-and-staying-strong.pdf
Assessment
Some cars, especially fuel-efficient autos, will see much larger drops, the National Automobile Dealers Association said, as falling gas prices reduce demand for the vehicles.
Conclusion
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Filed under: Financial Planning, Touring with Marcinko | Tagged: Dr. Marcinko On Rising Used Car Prices, Jaguar, previously owner vehicles, Used Car Prices |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Dr. Marcinko,
Hate this post – but love the car.
Dr. Marie
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More on Used Cars
At the top of my personal list of dumb financial moves is the purchasing of new cars. I could have purchased the same model 3 or 4 years older and saved a significant amount of money. Live and learn!
According to most car depreciation calculators (here is one: http://www.free-online-calculator-use.com/car-depreciation-calculator.html), an automobile will lose 65% to 70% of its value after 4 years. Over the next 5 years, the car will lose another 20 – 25% of its value, so that at year 9 or 10 an automobile has typically lost around 90% of its value. Luxury cars retain value longer than these averages, but still depreciate of course.
Because a car’s depreciation slows down significantly after 4 years, a buyer can get the most “bang for the buck” by purchasing a 4-year-old auto at a price that is about 65% less than the new model.
Has anyone seen any deals on a 2008 Honda Accord?
David K. Luke MIM
Certified Medical Planner™ candidate
Physician Financial Advisor – Fee Only
http://www.DocFP.com | http://www.Networthadvice.com
Email: david.luke@networthadvice.com
Phone: (801) 937-9103 | Fax: (801) 566-6688
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All JAGUAR Fans,
I am a big jaguar fan, too!
Brice
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Used versus New Autos
The most important factor when it comes to the cost of owning a car is how long you keep it.
For example, buying a new car and keeping it for 10 years will be a better deal than buying a “new” used car every three years.
Then again, who wants the same car for ten years?
Emily
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Now – Used Car Prices Are Plummeting
In only about the last two years, too. Here’s why:
http://www.msn.com/en-us/money/news/used-car-prices-are-plummeting-here’s-why/ar-BB6LPyF
Elliott
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