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Subscribe to this threadCost of owning a car crests $1/mile on some models
(Page 1 of 1)
BLS @ Dec 8th 2007 10:22AM
If there are incentives on your car wouldn't that offset the depreciation. I hate that depreciation is calculated off of the retail price. When Priuses were selling well above sticker they weren't depreciating, but obviously they aren't worth more than the price paid less any tax incentives.
I bought my care for ~10,000 new it stickered for ~16,000. Obviously, if I would have turned around and sold it for 9,000. I would have lost 1,000. But supposedly it depreciated 7,000?????
grant bender @ Dec 8th 2007 10:37AM
I'm sure I've lost less than $7K on my prius which I've owned for 18 months. Purchase price was $23K + $1500 tax, federal rebate = $2k, state rebate = $600.. net = 21,900.
Cost of insurance = about $1300
Cost of fuel = about $1300
Misc. = $200
Blue book for private party is about $19,500.
Cost for 18 months of ownership is $4.2k, 17 cents/mile.
EnviroBob @ Dec 8th 2007 10:48AM
You are correct. It's funny reading posts from people who use re-sale value as a percentage of MSRP as the best / sole basis to evaluate cost of ownership. There are frequent post about how an Impala is worth $3000 less than a Camry after several years, but these morons don't take into account that the original transaction price was $3000 less than the Camry to begin with. This is why Edmunds shows the true cost to own is less for an Impala than a Camry.
I hope the fools who can't understand this concept aren't finance majors.