Car Depreciation in T&T

[hustla_ambition101]

So I browsing the Car Classifieds and some other used car sales websites and asking myself if some people really serious about car prices in this country.

Why is it that cars that were selling for 45000 3-5 years ago being sold for 60k+ in 2009 after the owner racked up miles, wear and tear and heaven knows what else.

This is d first place where I see cars from the 90s holding crazy high prices and d only thing changed in most is the fluids and the tyres.

I was looking to beg out a case to meh moms for a loan to buy a car so it would be a little easier to get ah job since most places who hiring want you to have a car but looks like I hadda salt....

[ZeroOne]

If you interested in a car make sure and appraise it. That way you know what parts are good or bad and how much the car is worth.

[G-T]

I always believe if ppl must buy a car, it is better to buy a brand new car from a show room, IMO buying a second hand car for over 40k is not cutting it...it is better to save your money, so that you will have a really good downpayment to be able to take a loan...less stress..

[Hook]

^^^ not everyone has those perfect circumstances, some may have access to much less cash and need a car urgently

[r3iXmann]

I always believe if ppl must buy a car, it is better to buy a brand new car from a show room, IMO buying a second hand car for over 40k is not cutting it...it is better to save your money, so that you will have a really good downpayment to be able to take a loan...less stress..

i guess for some people,it's better to let the candles cost more than the funeral

[hustla_ambition101]

Well the thing is a lot of people can't buy a new car right off the bat as a first car, I fall into that catergory. I job hunting AKA unemployed so I can't save so my best option right now is used and I'm not in any position to be owned by any bank.

[Captainzaak]

Nissan FTW

[G-T]

Well the thing is a lot of people can't buy a new car right off the bat as a first car, I fall into that catergory. I job hunting AKA unemployed so I can't save so my best option right now is used and I'm not in any position to be owned by any bank.

ohh..ok ok..well good luck in that...

[kiamotors]

hustla_ambition101 what eaxctly is your price range? and you have to be very realistic.

[Freelander]

i see it as because of the import rule. with most desired classic JDm sports cars cannot be imported anymore, and if u have a desired model they feel they can charge whatever Plus we live n an island with limited number of vihicles.

[hustla_ambition101]

Why wasnt a blue book type valuation system never created?

[SR]

reduce import duty on new cars and roro and you will see a drop in prices of local used

however new car compnaies continue to put pressure on the roro market as they are feeling the loss of profits

if new car dealers drop thier prices then it will in turn reduce used car prices


so dont blame a seller for trying to get a higher price for thier used car

and as freelander states
you cannot import a used car beyond a certain age which in tunrs makes that "older" model car increase in value for the seller once there is a demand

[Sequel]

used cars is the way to goooooooooooooooo

[pete]

I'd say it's mainly because of the high cost of new/foreign used vehicles.

In foreign countries the price drops because cars usually need to pass stringent tests to be road legal. i.e. emissions testing etc.

Also, they have better public transport so people who have no car are less inclined to buy an old car and simple supply and demand reduces the prices.

[hustla_ambition101]

hustla_ambition101 what eaxctly is your price range? and you have to be very realistic.

my intended budget would be anywhere from 20k to 35k but look at what is available in that range......my cuz sold a b13 for 25k it had rims, powered everything annd the engine and tranny was recently changed, fresh paint job with a new deck and music, i didnt know he was calling so low for it or else I would have asked for it. I have no issue with people asking for what they think is a fair price but some if not most prices are downright rediculous.

[ek4ever]

I always believe if ppl must buy a car, it is better to buy a brand new car from a show room, IMO buying a second hand car for over 40k is not cutting it...it is better to save your money, so that you will have a really good downpayment to be able to take a loan...less stress..

Well let's see...my dad paid $130K for his car from the showroom....I bought a 3yr old car for $73K....4 yrs later I sold my car for $45K and my dad's car was valued at $70K......so in the same period of time I lost $28K and my dad $60K

Additionally my vehicle never gave any problems with the only main repairs being to change a rear engine oil seal and replace front rotors

So buying a good used vehicle can save you alot compared to a new one....in fact most financial pundits will tell you that buying a new vehicle is equivalent to throwing away money....remember a car is not an asset...it's a cost since it always depreciates in value

[varung]

G-T, I WORKING IN A NEW CAR COMPANY AND THAT COMMENT -

G-T wrote:
I always believe if ppl must buy a car, it is better to buy a brand new car from a show room, IMO buying a second hand car for over 40k is not cutting it...it is better to save your money, so that you will have a really good downpayment to be able to take a loan...less stress..


IS A BIG PILE OF TOOTS

[bluefete]

Is a used Hyundai Tucson with about 110,000 kilometres a good buy at about $120k?

[hustla_ambition101]

I always believe if ppl must buy a car, it is better to buy a brand new car from a show room, IMO buying a second hand car for over 40k is not cutting it...it is better to save your money, so that you will have a really good downpayment to be able to take a loan...less stress..

Well let's see...my dad paid $130K for his car from the showroom....I bought a 3yr old car for $73K....4 yrs later I sold my car for $45K and my dad's car was valued at $70K......so in the same period of time I lost $28K and my dad $60K

Additionally my vehicle never gave any problems with the only main repairs being to change a rear engine oil seal and replace front rotors

So buying a good used vehicle can save you alot compared to a new one....in fact most financial pundits will tell you that buying a new vehicle is equivalent to throwing away money....remember a car is not an asset...it's a cost since it always depreciates in value

and your resale price was reasonable as you sold it at a lower value than you paid, but why d hell people want to sell an AD wagon that they paid 45k for approx 55k with over 100k miles on it and not even some rims self

[pete]

Because they think someone will buy it for that price. Thing is they're probably right. They don't want to sell for less because they look at it as an investment, want to make money from selling as the car is probably working fine and they see no need to sell it apart from making $.

[ek4ever]

apparently crims supposed to add value to a car

[G-T]

G-T, I WORKING IN A NEW CAR COMPANY AND THAT COMMENT -

G-T wrote:
I always believe if ppl must buy a car, it is better to buy a brand new car from a show room, IMO buying a second hand car for over 40k is not cutting it...it is better to save your money, so that you will have a really good downpayment to be able to take a loan...less stress..


IS A BIG PILE OF TOOTS

lol, alright I hear yuh...

I have a second hand car for over 5 yrs now...sometimes I find myself crying with all the cost of repairing it, buying new engine, fixing over aircondition etc...can't blame me for looking for a better option, better option by means of just getting a new car...

[varung]

ok buying a used car over 9-10 yrs you looking for some headache. used from 4-8 yrs, yuh safe unless yuh get a bad lemon

[honda hoe]

depreciation does not apply to evo 7's apparently

[kiamotors]

Some people hold on to there cars for years refusing to reduce the price, usually more than they paid for at the beginning.

hustla_ambition101 25K TO 30K bracket is not bad and you could get a car for that price, however there will always be hiccups something to change, repair, upgrade etc. People up the price because they invested money in the car. Smart people look at mileage but in most cases it is hidden by glossy paint and fancy fittings.

Carry your mechanic when you go and check cars out. Some people who really want to sell there car will negotiate, may not be a big thing but they may give in a little.

I bought a second hand car it was what i could have afford, the cost to maintain it was so expensive and burdensome I may as well spend the extra and get a brand new car, run it for three years or more and sell it after...

However, i did not have that luxury...

[ingalook]

Everyone's first car should be second hand... that way you learn to fix it and what repairs cost

So when you buy your new car and the firm charge you $3000 to change brake pads you can cuss them out with authority!

[xtech]

So I browsing the Car Classifieds. I was looking to beg out a case to meh moms for a loan to buy a car so it would be a little easier to get ah job since most places who hiring want you to have a car but looks like I hadda salt....

Sir if you was really looking hard your mom would of done get you your 1st car.

Just a sample

http://forums.trinituner.com/forums/vie ... highlight=
http://forums.trinituner.com/forums/vie ... highlight=
http://forums.trinituner.com/forums/vie ... highlight=
http://forums.trinituner.com/forums/vie ... highlight=

[ek4ever]

G-T, I WORKING IN A NEW CAR COMPANY AND THAT COMMENT -

G-T wrote:
I always believe if ppl must buy a car, it is better to buy a brand new car from a show room, IMO buying a second hand car for over 40k is not cutting it...it is better to save your money, so that you will have a really good downpayment to be able to take a loan...less stress..


IS A BIG PILE OF TOOTS

lol, alright I hear yuh...

I have a second hand car for over 5 yrs now...sometimes I find myself crying with all the cost of repairing it, buying new engine, fixing over aircondition etc...can't blame me for looking for a better option, better option by means of just getting a new car...

Just wait until you have to service the car to keep the warranty and the dealer buss price on you....I have a co-worker who bought a Corolla from TTTL and the service costs are killers...what he's been paying i never did for my almost 10 yr old Civic

[VexXx Dogg]

simple
supply and demand.
example with local s13's aka 200sx's
5 years ago, you could have bought a stock used one for 40K
now its over 60K, for a close to stock one.

[Mini Charles]

I always believe if ppl must buy a car, it is better to buy a brand new car from a show room, IMO buying a second hand car for over 40k is not cutting it...it is better to save your money, so that you will have a really good downpayment to be able to take a loan...less stress..

I happen to own a new car from the showroom and got into a fender bender three years later and when met with the depreciation costs of the vehicle, I over the three year period, 183k was met with 97k, the justification was appalling as our laws do not seek the interest of the purchaser, but only that of the government (central bank and insurance companies), perhaps if one has the money at hand , it may be wise to weigh both before make the judgement call because your warranty always has clauses at any rate, obviously not to you advantage, so you drive in fear of some thing breaking.

Ministry of Consumer Affairs, should be renamed Ministry of no-ones affairs, it only seeks to appease your troubled soul when they put it on paper , but noting ever comes of it.