Nora Eckert
speaker
116 appearances
2 recordings
1 series
first heard Feb 2022
last heard Feb 2022
Nora Eckert’s voice in public audio — every appearance, attributed to the second.
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Appearances
So if you have a model year 2021 vehicle, you've really only seen it increase in value.
But even for the older model years, you've seen that they had the typical, so say you had a model year 2016, it had that typical depreciation since purchase, but right around
April of 2021, there's this reversal where it sort of spikes up in value and in some cases is even worth more than what the buyer bought it for back in 2016.
Yeah, I think typically it's common knowledge when you're looking for a car that the minute you drive it off the lot, it's worth a lot less.
And now what we've seen is for some customers that's completely flipped in the months after they purchase it, they have this asset that's worth more than when they first bought it.
And there's sort of a weird power in that for people who have recently purchased vehicles.
It's like all the rules are flipped around.
So before the pandemic, in a typical year, and we know this from data from J.D.
Power, the first year drop in value is around 33%, about a third of the value of the vehicle.
And then every year after that, you have an average depreciation rate of about 14% each year.
Now, of course, that's completely changed in the last year or two.
So that trend line has flipped.
And so you have an initial depreciation
of just about 14%, I mean, less than that one third that we see in a normal year.
And then after that, you have an average appreciation rate of 12.9%.
So that actually means that that vehicle is gaining value.
Yeah, there are certainly customers who are taking advantage of this market and seeing a lot of value in their used cars.
There are people who are trading in their cars and getting more than what they initially paid for it.
Others who are buying out their leases and breaking even.
For example, I talked to a gentleman who lives in Florida and he was able to buy out his lease on his Hyundai Sonata and just about break even.
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