Archive for September, 2013
According to an article that appeared in the Wall Street Journal on September 4, 2013, auto sales are at their highest level since before the “Great Recession.” In fact, auto sales are on a pace to exceed the 16 million autos sold during 2007 by approximately 400,000 vehicles. While it is good news to know that auto sales are up, the rising costs of new automobiles are anything but good news.
On September 5, 2013, USA Today reported that the average cost of a new car is 31,252 dollars. When you factor in 10 percent annual depreciation, this means that the average new car will only be worth around 16,600 dollars in five years; and that is if the vehicle has low miles, and is in pristine condition inside and out. Even if the vehicle were in mint condition after five years, the owner would be lucky to get more t