A few months ago (has it been half a year already?) I bought a new car. Paid around $14k. Since getting it, I’ve saved about $1000 in reduced monthly payments and fuel consumption. With fuel prices skyrocketing and no end in sight, demand for high-efficiency vehicles like mine has gone way up. Used Priuses are selling for more than new ones. Car companies are taking major hits on sales (except Honda, which, not surpsingly, saw a huge spike in Q2). And, as I expected, AutoTrader is filling up with low-mileage high-MPG cars. And they’re selling at a premium:
I’m seriously thinking of selling mine for a $2k markup and buying something at auction for $2k cash. I only drive 14 miles to work — soon to be 5 — so the prospect of puttering around in a ’98 Intrepid isn’t exactly awful. Especially when it frees up a few hundred bucks to put into killing those student loans a few years early.
According the the aggregation of KBB, Edmunds, and NADA, my car is worth about $15900 in private sale. And that’s using the 2007 model, because neither Edmunds nor NADA have figures for 2008 on my car yet. That’s also not taking market demand into account. Interesting.