How much will this car depreciate?
So, I want to buy a 2004 Ford Escape XLT at $2500 which I could, but if it costs that much right now how much will it cost next year? $2300? I'm currently driving my step dads side car which is a 2004 Honda Accord… If I wait the price will go down, insurance will go down (i'm 16), and I will have more money and could possibly purchase a newer model… What should I do?
Added (1). I also have a part time job that I make about $2400 every month…
On old cheap cars the depreciation is small. Maybe 8-12% per year. And when they get to 15-20 years it doesn't really matter. My 94 models value is based on its condition or miles and it wouldn't be much difference between a 93 or a 95 model.
Much more important is the cost to maintain & repair to keep it in the same condition.
Depreciation is not something that should concern you anywhere near as much as the condition of the car you are contemplating buying. And having it checked by a mechanic.
Cool part time job at $2400 a month. Lots of full time jobs don't pay that.
It would most likely depreciate to $1800 depending on how much you drive
A car that old and that inexpensive is not going to depreciate in the market. If you like it, buy it now, It will appreciate over the summer as all the other parents buy their kids inexpensive cars.
- Why don't car companies remake some of their classic car models if people like them so much? Of course safety is in mind because everyone would freak out if they didn't have a seat belt and air bags in every inch of the car, but why can't some of the companies just remake their best selling car models? Dodge could remake their 1948 Sedan and Ford could remake their 1949 Custom. I could list more but I can't think of any more classics.
- What kind of car should I get? How much will it cost? I want a convertible and a truck. Don't go telling me that's too expensive because I just want to get a price range and opinions at this point. Convertible: Used or new. Red, white, silver, black, dark blue. TOYOTA, HONDA. Truck: Used or new. Sliver, red, black. TOYOTA, HONDA, CHEVY, RAM, FORD. Which is best? What are the costs on all of these BRANDS?
- Is it possible to get a new transmission for an older car, if so, how much would it cost? I'm looking at buying a 2003 Ford Taurus with 85,000 miles on it. No, there are no transmission problems. I'm just thinking that if it were done now, that could add a lot of life onto the vehicle. And it would make sense because my estimate is that a new transmission is less that what this car is worth. The car is 5K.
- How much money should i put away each paycheck for a used car? I'm 16 years old and I currently work at shop rite; I had a 1998 Ford Taurus for 7 months but i only paid $900 for it so i can learn how to drive but now it will not start at all! Now I desperately need a new car because I'm about to start college but i don't want to put that pressure on my parents because they need to pay for my college and nursing books! I work part time at shoprite and I get $100-150 every friday & I only saved up $200! Please give me advice!