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heavenlywild

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#33531 7-May-2009 17:52
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I cannot believe how much the price of my Honda Civic has gone up since I purchased it 14 months ago.  It has gone from $29,500 to $37,200 (~25%).

Would this mean the resale value of my car has also increased (not by 25% of course)?

If so, what would you think the resale value of my 14-month-old car be?

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zocster
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  #213253 7-May-2009 18:00
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depends on where you go dealers will always try to push you down to a lower price unless of course you are trading 'up' hence why I am still more than happy with my decade old car, until now I have to upgrade to a van/station wagon due to family growing.




 

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Adamal
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  #213312 7-May-2009 22:01
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Where are you getting the information of the current market price of your car? Never in history has a mainstream Japanese car price gone up. Especially that of a Civic, which are a highly common car.

itxtme
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  #213331 7-May-2009 22:27
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I believe he is talking about a new car of his type. I have an SX4 and it has also gone up in price by 11%. Technically my car would not be worth 11% more but a new replacement model would be!



tonyhughes
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  #213363 8-May-2009 04:45
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PM me the exact model, year, kms, features (engine, transmission etc) and I will give you an indicative value of what your car is actually worth, and what you would have to price it at to sell it within a month (two very different figures at the moment, as cars are just not selling).

I price our repo vehicles, and typically a car that is worth $10k, needs to be listed at $7k if you *actually* want to sell it at the moment.

Its not as bad for desireable economical popular cars in the ~$20k bracket, but still a difference.







heavenlywild

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  #213372 8-May-2009 07:19
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Adamal - Check Honda's website - it the pricelist has gone up and up over the past few months.

Tony - I will PM you, thanks!~

bazzer
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  #213377 8-May-2009 08:13
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I think definitely the price of new cars will affect the resale value of second hand cars, but not in as simple a manner as you've suggested.

Assuming the car is the same model just an earlier year, I would think the value of your car would increase similarly (compare the cost of new housing impacting on the price of existing housing). However, as Tony has indicated, this may be offset by the current market environment.

In a few years, for example, people are not going to say "Oh, a 2008 Civic is worth 20% less than a 2009 Civic because they cost less when they were new." However, they may still perceive new-ish second hand Civics as less valuable than their new counterparts (i.e. at more of a discount than historically).

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