Wow, sad but true, this is why the RX-8's resale is so bad (cash for clunker)
08-02-2009, 02:23 PM
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08-02-2009, 03:00 PM
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08-02-2009, 10:35 PM
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Meh. All performance cars get poor fuel economy which means that just about any car worth driving is going to qualify for the cash for clunkers program.
There is nothing crazy about the RX-8's resale value. You can find Corvettes that have been owned for less than a year for $12,000+ under the original price. There is a 2008 EVO on auto trader right now that originally sold for $33,000+ that is listed for only for $21,300. Some one on my street is trying to sell their 2008 350Z touring w/9,800 miles for $18,900 obo. Any sports car is going to have a low resale value.
There is nothing crazy about the RX-8's resale value. You can find Corvettes that have been owned for less than a year for $12,000+ under the original price. There is a 2008 EVO on auto trader right now that originally sold for $33,000+ that is listed for only for $21,300. Some one on my street is trying to sell their 2008 350Z touring w/9,800 miles for $18,900 obo. Any sports car is going to have a low resale value.
08-03-2009, 07:20 AM
#56
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Meh. All performance cars get poor fuel economy which means that just about any car worth driving is going to qualify for the cash for clunkers program.
There is nothing crazy about the RX-8's resale value. You can find Corvettes that have been owned for less than a year for $12,000+ under the original price. There is a 2008 EVO on auto trader right now that originally sold for $33,000+ that is listed for only for $21,300. Some one on my street is trying to sell their 2008 350Z touring w/9,800 miles for $18,900 obo. Any sports car is going to have a low resale value.
There is nothing crazy about the RX-8's resale value. You can find Corvettes that have been owned for less than a year for $12,000+ under the original price. There is a 2008 EVO on auto trader right now that originally sold for $33,000+ that is listed for only for $21,300. Some one on my street is trying to sell their 2008 350Z touring w/9,800 miles for $18,900 obo. Any sports car is going to have a low resale value.
I bought an '04 18mo old PT Crusier w/19 mpg rating in 2005 for $11, 500, list $24300, someone took a >50% hit in less than 2 yrs! Todays Edmunds trade value is $5550 - that's 78% in 5 yrs overall and $18,750 - but only $6,000 since I've owned it.
I bought my '04 RX-8 for $32,000 in 2003, today Edmunds trade value is $12550. That's 61% in 6 yrs overall and $19,450 since I've owned it or . That's pretty darn GOOD - nothing wrong with that in my book - I mean what do people expect? No depreciation after use???
What to take away from those numbers:
1. Never buy new - unless your eyes are wide open - to taking that big depreciation hit ALL new cars have.
2. Always buy used to save a boatload of cash over your ownership life.
3. Cars aren't good investments - but some (many) can provide great value for your dollar spent - like either of the above - I'm perfectly satisfied with what I got - what I spent
Last edited by Spin9k; 08-03-2009 at 07:27 AM.
08-03-2009, 09:03 AM
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Exactly right! Beyond mileage (which sucks for lots of cars in real life) ALL car resale values are now depressed just because the new ones are being sold with huge discounts, rebates, incentives, etc.
I bought an '04 18mo old PT Crusier w/19 mpg rating in 2005 for $11, 500, list $24300, someone took a >50% hit in less than 2 yrs! Todays Edmunds trade value is $5550 - that's 78% in 5 yrs overall and $18,750 - but only $6,000 since I've owned it.
I bought my '04 RX-8 for $32,000 in 2003, today Edmunds trade value is $12550. That's 61% in 6 yrs overall and $19,450 since I've owned it or . That's pretty darn GOOD - nothing wrong with that in my book - I mean what do people expect? No depreciation after use???
What to take away from those numbers:
1. Never buy new - unless your eyes are wide open - to taking that big depreciation hit ALL new cars have.
2. Always buy used to save a boatload of cash over your ownership life.
3. Cars aren't good investments - but some (many) can provide great value for your dollar spent - like either of the above - I'm perfectly satisfied with what I got - what I spent
I bought an '04 18mo old PT Crusier w/19 mpg rating in 2005 for $11, 500, list $24300, someone took a >50% hit in less than 2 yrs! Todays Edmunds trade value is $5550 - that's 78% in 5 yrs overall and $18,750 - but only $6,000 since I've owned it.
I bought my '04 RX-8 for $32,000 in 2003, today Edmunds trade value is $12550. That's 61% in 6 yrs overall and $19,450 since I've owned it or . That's pretty darn GOOD - nothing wrong with that in my book - I mean what do people expect? No depreciation after use???
What to take away from those numbers:
1. Never buy new - unless your eyes are wide open - to taking that big depreciation hit ALL new cars have.
2. Always buy used to save a boatload of cash over your ownership life.
3. Cars aren't good investments - but some (many) can provide great value for your dollar spent - like either of the above - I'm perfectly satisfied with what I got - what I spent
All true and good advice. My problem is I usually buy 1st year models because I like want and can't wait for them to resale as used. I've done it three times now. I usually keep the vehicle 10 years so it kinda pans out.
08-04-2009, 09:06 PM
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The Top Ten Cash for Clunkers Trade-Ins:
1. 1998 Ford Explorer
2. 1997 Ford Explorer
3. 1996 Ford Explorer
4. 1999 Ford Explorer
5. Jeep Grand Cherokee
6. Jeep Cherokee
7. 1995 Ford Explorer
8. 1994 Ford Explorer
9. 1997 Ford Windstar
10. 1999 Dodge Caravan
The Top Ten Cash for Clunkers New Cars:
1. Ford Focus
2. Honda Civic
3. Toyota Corolla
4. Toyota Prius
5. Ford Escape
6. Toyota Camry
7. Dodge Caliber
8. Hyundai Elantra
9. Honda Fit
10. Chevy Cobalt
1. 1998 Ford Explorer
2. 1997 Ford Explorer
3. 1996 Ford Explorer
4. 1999 Ford Explorer
5. Jeep Grand Cherokee
6. Jeep Cherokee
7. 1995 Ford Explorer
8. 1994 Ford Explorer
9. 1997 Ford Windstar
10. 1999 Dodge Caravan
The Top Ten Cash for Clunkers New Cars:
1. Ford Focus
2. Honda Civic
3. Toyota Corolla
4. Toyota Prius
5. Ford Escape
6. Toyota Camry
7. Dodge Caliber
8. Hyundai Elantra
9. Honda Fit
10. Chevy Cobalt
08-05-2009, 03:38 AM
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