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Location: In a perfect world winter does not exist
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Anyone else seeing a BIG decrease in the value of your cars. I just looked at KBB and I think my 16 Altima is worth 3 to 4k less in less than 6 months. Was something like 13k range now its 9 tops.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I just checked KBB for my 2017 F150, and it shows $25,924. I paid $36k for it 7 years ago so I'm happy with that, losing just a little over $1,000/year in value is pretty good. I also checked my wife's 2020 Outback. That one is showing $27,047. We paid $32k, so again, that seems good, losing only $5k in value in 4 years, also just over $1,000/year. Maybe 8 years old is some kind of major milestone that causes a big drop in the value of your 2016.
I even checked on my 1974 Nova, using Hagerty since KBB doesn't go that far back, and it shows the value as about $1,100 more than I paid for it two years ago.
A huge decrease. Bought an Expedition 9 months ago for $43K which was comparable to all others with that trim and mileage, have barely driven it and its worth maybe $36k now if I were to sell it private party...trade in is around $31K, ugh.
For a while, during the Covid crisis, and through it's aftermath, cars were hard to find, so pricing went up accordingly. The situation has eased, somewhat, factories are ramping up, again, so the new car supply is up, therefore the used market values are dropping. It's simple "supply and demand".......
No longer even 9k. My 16 Altima SR with 58k is worth around 7600 bucks says KBB.
There is no way I am letting it go for 7600.
From my experience, Nissan has never held their value very well. My wife leased a fully loaded Rogue in 2017 which had a sticker around a $33K. At the end of 36 month lease, it only had 16K miles and rarely left the garage, it was a nice as the day we got it. Thought maybe the buyout was going to be less than what it was worth in that condition in hopes that maybe we could flip it. The buyout ended up being more than what the current value was which was around $19K...couldnt believe the price dropped that much!
No longer even 9k. My 16 Altima SR with 58k is worth around 7600 bucks says KBB.
There is no way I am letting it go for 7600.
I don't know. Maybe it's because it's a sedan and a Nissan. No body wants either.
So...that's an unusually low mileage car for the year. 8K miles a year, not much. Which means that there isn't a great sample size to compare it to, so your number from them isn't as reliable as to what people will actually pay.
KBB is a guide, they don't buy or sell cars. What are people selling them for around you?
Also, one thing that might affect KBB's number...Your car went beyond the 7 year and newer sweet spot for best financing terms. That makes a difference sometimes.
Location: In a perfect world winter does not exist
3,657 posts, read 2,937,139 times
Reputation: 6739
Quote:
Originally Posted by JONOV
So...that's an unusually low mileage car for the year. 8K miles a year, not much. Which means that there isn't a great sample size to compare it to, so your number from them isn't as reliable as to what people will actually pay.
KBB is a guide, they don't buy or sell cars. What are people selling them for around you?
Also, one thing that might affect KBB's number...Your car went beyond the 7 year and newer sweet spot for best financing terms. That makes a difference sometimes.
Similar year 16 to 17 Altima SR is about 14 to 16k at a dealer.
I paid 16,500 for mine when it had 47k. Towards the end of covid peak used car prices
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,551 posts, read 81,085,957 times
Reputation: 57734
Quote:
Originally Posted by mustangman66
From my experience, Nissan has never held their value very well. My wife leased a fully loaded Rogue in 2017 which had a sticker around a $33K. At the end of 36 month lease, it only had 16K miles and rarely left the garage, it was a nice as the day we got it. Thought maybe the buyout was going to be less than what it was worth in that condition in hopes that maybe we could flip it. The buyout ended up being more than what the current value was which was around $19K...couldnt believe the price dropped that much!
Yes, even years ago. We paid $6,500 for a brand new 1980 B210 sedan, and traded it in 6 years later with 70k miles and got $300.
The fastest depreciation in cars are EVs followed by luxury, exotic cars and big SUVs. The Nissan Armada for example is #15. Oddly, the Nissan Kicks is on the list of best keeping their value, at #24. It's the only other Nissan on either list.
I found an article that specifically addresses the Altima depreciation, showing 35% loss after 5 years:
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