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> it will likely retain almost no value as time goes on. If you're buying a car as an investment I have bad news for you...
by blank_fan_pill 1y ago
> it will likely retain almost no value as time goes on.
If you're buying a car as an investment I have bad news for you...
- Workaccount2 1y agoSure, but you can buy one for $12k and get almost nothing back, or buy a more modern EV for $25k and maybe get $13k back. In both cases you are losing $12k in a few years, but in one of the cases you get a more modern car.
- bryanlarsen 1y agoScrap value of a car is several thousand dollars these days. The OP's $12K car is likely going to last > 10 years. A $25k will likely depreciate more $12K in 10 years.
- inerte 1y agoPlus insurance + registration
- IshKebab 1y agoNah, the newer a car is the faster it deprecates.
- LeifCarrotson 1y agoGet almost nothing back from your $12k used car? Nonsense, you get a larger fraction back, the annual depreciation continuously slows down. If a 6-year-old Bolt is still worth $14.5k, then an 8- or, say, 12-year-old Bolt isn't worth $0. Most of that depreciation happened in the first year, it's still going to be worth $12k or $9k. For example, Jeff's 2023 Leaf originally sold for about $30k. Now, just TWO YEARS later, he probably paid $15k to $19k for it. That's a steal! Given he drives his vehicles into the ground, it probably doesn't matter, but if he wanted to sell it in a few years he could still get $10 to $15k from it.
- geerlingguy 1y ago$15k, plus end of year $4k used EV rebate :)
- culopatin 1y agoIsn’t that ending soon?
- devnullbrain 1y agoIf you're buying a car as an investment then you're only marginly more foolish than if you're buying a car without considering varying levels of depreciation as part of the running costs.