We’re all familiar with the depressing phenomenon where your brand new car loses 50% of its value as soon as you drive it off the lot. From then on, you simply assume the car slowly depreciates in value, and if you ever plan on selling it, you’re just trying to make sure that depreciation happens as slowly as possible. However, something amazing has happened over the last year — used car value has actually gone up. Kelley Blue Book found several examples of cars that gained in value from last year to this year, including the Chevrolet Malibu and Kia Sorento.
“It does happen from time to time,” KBB analyst Alec Gutierrez said of the anomaly. “In any given calendar year, there are times when used-car values are appreciating.” Now just happens to be one of those times—which means it’s a great time to bring your old vehicle in to Pfeiffer Plainfield Used Cars for a quote. Or, even if you’re not looking to sell, you can at least be excited that you’re driving a car that’s actually gaining value as you cruise around town.
While used cars only appreciate in value in unusual situations, pick-up trucks generally hold their value really well, and you can find great used pickups like the F-150, Sierra, and Silverado all here at Pfeiffer. Whether you’re buying or selling, it’s a great time to come see us!