Unreal depreciation

[Adamrx11]

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.

Sponsored

 

[jexsk]

I think the simplest answer is the demand just isn’t there. I just looked up my coupe and I get about the same value from KBB. Check again in the spring and it might go up a little bit but don’t expect a huge difference.

I’ve had a few Mustang GTs and honestly none of them have really held value that well. The exception being my 2011 that I sold in 2012 but that’s when the Coyote was new and everyone was after them.

 

[R3tro GT]

I see similar cars to mine, mostly without the PP or Magnaride, and with more miles, selling for way more.

You know they sold for more or that is what is being asked for?

 

[Q6543]

Options don’t add a ton to value after the initial buy, also convertibles in general are always hit the hardest…

my 24GT was 43k… so different options packages but it’s the same car.

also by trying to sell within the 1st few years, you are eating maximum depreciation.

 

[robvas]

I bought a convertible GT premium in mid May

for MSRP

I'm looking to sell it or trade it in

Yikes

Here's the most expensive ones within 200 miles of me

I just build a 2024 convertible GT with the performance package, high premium, magnaride, and active exhuast and it was 67,200

 

[LETHAL]

Sadly, many of us are upside down, and will be for a while. That's fine, I do not plan on trading mine for a long time.

 

[kinelisch]

Cars generally get depreciated 20% the first year and more if they are the convertible. Options generally do not help in keeping the price up.

 

[MegaMan]

The reality is that cars are not investments. Generally, they never go up in value lol. Nor do they deposit money into your bank account or increase your net worth! They are liabilities in every sense of the word. I buy these new cars being fully OK knowing Im going to eat the depreciation... I look at it as an entertainment/fun expense. Just my 2 cents.

 

[RaceRedder]

People that were buying and selling cars in the corona time thought it was something that would stay.

The shortage of computerchips and all those other restrictions were temporary. Brand new cars always lose an insane amount the first year. Driving it off the lot is already a huge depriciation.

A car is not an investment. Invest in gold if you want to hold your money, invest in bricks if you want to make more out of your money and use money to enjoy buying a brand new car.

If you can't deal with the depreciation, next time buy a used one.

 

[robvas]

I used to buy a brand new car ever year, or every other year. Manufacturer discounts, etc, I still lost my ass every time. Took me 7 cars and who knows how much money to figure out not to do that.

 

[JINX]

Yep, year one depreciation is always brutal. It will get better year 2 and so on

 

[Alan Applegate]

If it were an Eco-Boost, you might have gotten a bit better price as they make a good graduation vehicle. Doesn't matter, depreciation is the key word here, and it isn't COVID 2020!

 

[Upacurb]

Options don’t add a ton to value after the initial buy, also convertibles in general are always hit the hardest…

my 24GT was 43k… so different options packages but it’s the same car.

also by trying to sell within the 1st few years, you are eating maximum depreciation.

This 10000000%
When I was looking for a used F250 recently (wanted a 2022 as not a fan of some of the changes with the newer trucks) the used price for the base models was almost exactly the same as fully loaded trucks with MSRP 10K to 15K higher - I paid 1K more for a truck with over 10K more of options on a 2 year old vehicle

 

[Farmer Fran]

Mine came back 43 to 48k on KBB.

 

[DeluxeStang]

Yikes

Here's the most expensive ones within 200 miles of me

I just build a 2024 convertible GT with the performance package, high premium, magnaride, and active exhuast and it was 67,200

Yeah, it feels like now, or in the near future is the best time to buy a gt. These prices are actually pretty solid.

Sponsored