Used car values dropping due to new car incentives
02-20-2003, 05:50 PM
#1
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Used car values dropping due to new car incentives
Wholesale used-car prices slip 6.3% over a year ago
By Arlena Sawyers
Automotive News / February 17, 2003
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Forecast: Sales of used cars will rise in '03
Wholesale used-vehicle prices continue to be depressed.
According to data compiled by ADESA Industry Relations & Analytical Services, a division of ADESA Corp. of Indianapolis, January prices for all vehicles averaged $8,982, a 6.3 percent drop from the $9,589 in January 2002.
Tom Kontos, vice president of the analytical services division, says the traditional car segment was hit hard. That includes the Lincoln Town Car, Chrysler LHS, Buick Park Avenue, Oldsmobile Regency and Cadillac Fleetwood. Average wholesale price for traditional cars was $7,267, down 25.2 percent from the year-ago average price of $9,717.
The segment least affected was full-sized pickups. Their average price in January was $11,120, 1.7 percent below the year-ago price of $11,315.
The lower mid-range SUV segment was down 10.3 percent, with an average price of $10,479 in January compared with $11,677 in January 2002. The large SUV segment, with an average price of $15,706 in January, was down 6.2 percent from $16,740 in the year-ago period. The data are based on AuctionNet records.
AuctionNet is a network of auction sales and prices collected from large and independently owned auction companies. ADESA Corp. is the nation's second largest wholesale auto auction company with 53 locations nationwide and in Canada.
------------------------------------------------------------------------<ul><li><a href="http://www.autonews.com/article.cms?articleId=42552">See link for table</a></li></ul>
By Arlena Sawyers
Automotive News / February 17, 2003
------------------------------------------------------------------------
Advertisement
------------------------------------------------------------------------
Related stories
Forecast: Sales of used cars will rise in '03
Wholesale used-vehicle prices continue to be depressed.
According to data compiled by ADESA Industry Relations & Analytical Services, a division of ADESA Corp. of Indianapolis, January prices for all vehicles averaged $8,982, a 6.3 percent drop from the $9,589 in January 2002.
Tom Kontos, vice president of the analytical services division, says the traditional car segment was hit hard. That includes the Lincoln Town Car, Chrysler LHS, Buick Park Avenue, Oldsmobile Regency and Cadillac Fleetwood. Average wholesale price for traditional cars was $7,267, down 25.2 percent from the year-ago average price of $9,717.
The segment least affected was full-sized pickups. Their average price in January was $11,120, 1.7 percent below the year-ago price of $11,315.
The lower mid-range SUV segment was down 10.3 percent, with an average price of $10,479 in January compared with $11,677 in January 2002. The large SUV segment, with an average price of $15,706 in January, was down 6.2 percent from $16,740 in the year-ago period. The data are based on AuctionNet records.
AuctionNet is a network of auction sales and prices collected from large and independently owned auction companies. ADESA Corp. is the nation's second largest wholesale auto auction company with 53 locations nationwide and in Canada.
------------------------------------------------------------------------<ul><li><a href="http://www.autonews.com/article.cms?articleId=42552">See link for table</a></li></ul>
02-20-2003, 07:02 PM
#2
I checked Edmunds to see what my '02 1.8tqmx would be worth w/30k, $18,700. Paid $28,600 Sold @ $24k
so if I kept it another year and 20k miles more, I would have lost another $5000+ on top of the $4,500 in the first 6 months. When I check my '98 Avant that was at $19k a year ago, it is at $17.5k now, a loss of only $1500.
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