How much do cars depreciate in a month?
Is there a general rule-of-thumb percentage of depreciation value for a new car as soon as you drive it off the lot?
I have located a 2008 Mercedes ML 350 that a husband bought for his wife for Christmas. She doesn't like it and now they want to sell it. The car has 1,250 miles (bought new Dec. 12). They paid $58,000 after taxes and title. They are asking $48,000.
Could a car have depreciated $10,000 in just a month?
Yes, it could have depreciated that much. New vehicles usually fall as much as 20 percent to 25 percent after they are sold. In the case of SUVs in this era of high gas prices, depreciation can be even more. If this is a vehicle you want, $48,000 is not a bad price.
Here are this week's reader questions:
- 'Feebates' target gas-guzzling drivers
- How can I get my name off a loan?
- Can a car depreciate $10,000 in a month?
- Do all major retailers sell top-quality gas?