Unreal depreciation

[Mustang1987]

I bought a convertible GT premium in mid May for MSRP at $68k. It's in race red, has NPP, PP, Magnaride, 401a, and just over 7k miles on it. I'm looking to sell it or trade it in for either a fastback or something with 4 wheel drive. I thought I'd be moving to a warmer place for winter but the job fell through. The best I'm getting offered is 42k with Carmax, everywhere else has tried offering me mid 30s! Even the KBB is about the same. I see similar cars to mine, mostly without the PP or Magnaride, and with more miles, selling for way more. Can anyone tell me why mine in particular has depreciated $25-30k in only 6 months? Biggest gut punch ever, and I can't figure out why mine has been cut in half so soon.

If they buy it from you for $42k, that means they're going to sell it for more, probably just under 50k.

At that point, it's like why would someone buy a used car for 50k when they can get a "new" mustang GT for that price.

I'd keep it for a while. It'll level off.

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[Mikepol2]

Hang in there, it levels off, my 2021 with 8K miles is showing as $42K trade on KBB and it stickered for $60K. A little over a year ago I was offered $45K trade on a new DH so it hardly dropped at all from years 2 to 3.

 

[Farmer Fran]

This is actually the highest depreciated car I have bought new since 1997. And in that span I have bought 40 new.

 

[robvas]

Hang in there, it levels off, my 2021 with 8K miles is showing as $42K trade on KBB and it stickered for $60K. A little over a year ago I was offered $45K trade on a new DH so it hardly dropped at all from years 2 to 3.

sounds high

this one of the highest priced ones

 

[Farmer Fran]

WTF is with people buying cars and not driving them! It kills me!

 

[rijndael]

WTF is with people buying cars and not driving them! It kills me!

A lot of people around this site garage their cars for the winter. I do not.

 

[Farmer Fran]

8K miles on a 2021 seems more than garaged for the winter unless you are in saskatchewan

 

[RaceRedder]

WTF is with people buying cars and not driving them! It kills me!

They want to have a Mustang, but can't really afford to drive it. Too scared for depreciation.

 

[rijndael]

That is a lose lose game. The used market is going to have some serious issues in the next few years as new car prices necessarily adjust.

 

[rijndael]

8K miles on a 2021 seems more than garaged for the winter unless you are in saskatchewan

There's too many factors at play here. If you have multiple cars, you're spreading the load. And, we don't even know if the owners are commuters.

My dad is retired. His '99 F150 has like 40K miles.

 

[Farmer Fran]

There's too many factors at play here. If you have multiple cars, you're spreading the load. And, we don't even know if the owners are commuters.

My dad is retired. His '99 F150 has like 40K miles.

Ok, this is not a 1 off... I was making an example. There are way too many of them. ANd is your Dad selling the F150?

 

[young at heart]

WTF is with people buying cars and not driving them! It kills me!

I‘m not sure why it should “kill” anybody what another person does or does not do with a car he bought and paid for himself.

 

[Mikepol2]

8K miles on a 2021 seems more than garaged for the winter unless you are in saskatchewan

They want to have a Mustang, but can't really afford to drive it. Too scared for depreciation.

It’s not my daily and Pittsburgh winters suck. I drive it every time I feel like it, and when it’s not above about 45F I’d much rather drive the truck, big warm and comfortable.

 

[Mikepol2]

sounds high

this one of the highest priced ones

I have a Mach 1, not a GT.

 

[HWill]

I don't see prices for used cars going up, I think they just now are starting to level out. And as stated demand is down.

There are more people than ever that are upside down on vehicles with so many new cars coming out with ADM's, high interest rates and just bad deals.

I try now to either trade in 1 or 2 vehicles or use up rebates n vehicle plans not to be upside down just in case I want something different.

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