I didn't realize a P5's resale drops like a rock! According to Kelley's Blue book, My 2002 P5 with 5500 miles on it, went from a new price of $18,300, to around $13,500 used retail price. That's almost as bad a drop in price as my Neon took after a year!

I didn't know Proteges had such bad resale. Wha happened???

 

Thank god!

 

drops of 30% are pretty common especially in this used car market. (0% killed it) We got a really good deal on ours so we went from 14800 to between 9925 for Kelly Blue and 12300 for NADA. Different dealers do differet things so standards are different. Trade in really sucks right now. Just be glad you didn't get a focus or other domestic car. (contours got hit really hard especially fter being disconintued The SVT's went from 25k new to about 13k in about 3 years.)
By the way NADA was at 14k for you. (didn't know if its and ATX or MTX)

 

Dont rely just on the books... trust me. Its all in appearance and how well you maintain your car. I bet if you tried to sell yours for 15 you would get it. (hopefully you babied your car like some freaks do)



I do

But then again, I dont plan on selling my car, so i could care less what the resale value of the car.

 

Hold on to it until the economy starts to kick back up and then get a good value selling it (but not as many incentives at the dealership) or sell it now (not really recommended so soon after you bought it) and get really good incentives. The values will stop falling so fast when the economy gets better and more people are shopping used.

 

Exactly true. The late-model used car market is in a major slump right now due to aggressive pricing and incentives on new cars.

Let's do some payment calculations... let's say that the dealer gives you a $1,000 discount and 0% interest on a new car with an MSRP of $18,300.

$17,300 at 0% interest for 60 months = $288.33 per month

Now let's say you buy a $13,500 car on a typical late-model used car note with an annual interest rate of 8%.

$13,500 at 8% interest for 60 months = $273.73 per month

*This* is why your resale value is low. However, don't feel bad: this is hitting EVERYBODY right now, with the exception of carmakers that sell very high-dollar products with no incentives (Porsche, Ferrari etc.) and carmakers that don't usually offer incentives (Honda and Saturn).

My advice: keep your car for a while before you think about selling it.

 

You drove it off the lot.

The second you drive it away, it drops like a rock. No joke you could take the car back 10 minutes later and the trade in would be like $5000 less It's like that with most cars.

 

I've owned several new cars, and the only one that I've had drop that much was a 99 Neon R/T that my son now drives. I never thought I'd see a Japanese model drop that much.

 

yup, the resale market on nearly-new vehicles sucks right now...

the good news that if you're looking to buy, it's great.

I just picked up my 2002 P5 20k miles, springs, $1k in stereo, shifter, exhaust etc etc etc for right at $11k.


just keep your car.

 

Proteges have pretty high depreciation for the time being it seems..

I'm looking at a 1999 DX for $3500 in my area to get a second Pro with.. but I'm pretty torn on if I really want/need another DX.. 91k miles on it.

 

I like the car, it's just that I have a need for speed that the P5 doesn't provide. I thought I could do without it when I bought the car, but I was wrong.

I also have a 93 Corvette that I was disgusted with at the time of the P5 purchase. It was costing me a bundle in repairs and I was sick of being without a car when it was in the shop. My plan was to sell it in the spring of this year. But now I feel better about putting more money into it, or possibly still selling it and getting an RX-8 or a new Mustang Mach1. Trouble is, either way I go, I have to sell the P5. I don't want to have a car payment AND put money into the Vette. Nor do I want 2 car payments.

BTW, I might be in better shape if I had just financed the P5 by itself. Unfortunately, with the temptation of 0% financing, I also included the tax, title, license, etc. in the loan. Even with S-Plan pricing and 0% financing at 4 years, I'm still upside down.

 

You got screwed! I got my 2002 with all options except for auto and the 6-disc changer (I was gonna change the system anyway), list price was $18,200 and I got it for $15,000! However, I have 16,500 miles on my car so my resale value is probably lower than yours anyway.

 

No, I didn't get screwed. The $18,300 was the LIST price, not what I paid for it.
Since I am eligible for the S-Plan price, I paid in the mid $16's for it. Not as good as your price, but still a good discount for a small car.

Did you get a rebate along with 0%? Or maybe the dealer just wanted to unload it?

 

Wow!!Great deal!! Did you get it at Fairbanks?
When did you get it. I got mine there for 16 with auto(sport) and sunroof in July and I thought I got a good deal. Maybe I should have waited a few months. Is yours an original or mid year refresh?

 

I dont know why your surprised? New car values have always dropped like a rock after the first and second year. Buying a 4 year old car generally gives you a good compromise between vehicle age, condition and depreciation.

I bought my 2000 ES for $7200.00 in 2002. It was exactly two years old according to the original sales date. The car cost new around $14-$15K.
I saved 1/2 by buying two years old, and from private owner, not to mention i happened on a good deal.

If you dont want to thow your money away, consider buying used next time.