Your Car Is Now Worth Less Than You Think
A glut has used-car depreciation accelerating at a breakneck pace.
General Motors Co. (GM) Chevrolet vehicles are displayed for sale at Phillips Chevrolet car dealership in Frankfort, Ill., on April 30, 2015. Domestic and total vehicle sales figures are scheduled to be released on May 1.
Photographer: Daniel AckerThis article is for subscribers only.
Car sales in the U.S. have been rising for seven consecutive years now, and it’s denting the value of whatever is currently parked in your garage or driveway. With so many new cars rolling out of dealerships lots and instantly becoming used cars, the secondary market is glutted and the pace of depreciation is rapidly accelerating.
Your not-that-old car might not be a clunker quite yet, but it’s probably a lot closer than you think.