Donna Bordeaux explains why now is the time to check what your car is worth. Used vehicle prices are unusually high. She shares a story about a truck that sold back to its dealer for $5,500 more than the owner paid two years earlier, and recommends checking Kelley Blue Book or Edmunds to find your car's current value.
Foreign. I don't know if you've noticed, but the cost of used and new cars is very high these days. So I want to mention a little story here. Take a look at your vehicles. Are you using them? Do you have extras or would you like to change out a vehicle? Give you a little story. I have a friend of mine who owned a GMC truck. He bought it two years ago from the dealer and he negotiated to a really good deal. He bought that truck and still has it now and he has 26,000 miles on it. After two years, he just sold it back to the same dealer he bought it for that he bought it from for $5,500 more than he purchased it for after two years. So negative depreciation. His truck was an investment that went up in value and gave him a vehicle to drive in the midst of all of the two years that he owned it. So take a look at your vehicle structure. In his case, he actually had a very heavy duty truck that he did not need one to be that heavy any longer. So is there a way that you can downsize? Is there a way that you can sell a vehicle that you might make a good bit of money on? Also, if you have a leased vehicle, there have been a lot of cases where leases have expired and usually a lease will have a buyout clause. Or you can just hand the keys back to the dealer and walk away. Don't walk away until you look at the value. It may be more valuable to you to buy that car out of the lease at the fixed price that was assigned to it when you signed the lease and then resell it or keep driving that car. So check those lease vehicles out because a lot have a lot of room that was in there when they locked in the price two or three years ago that are now way more valuable than they were then. So check out the vehicle values. If you don't know where to look, go on to Kelley bluebook or edmunds.com check out the value of your vehicle. You'll probably be surprised. I'm Donna Bordeaux with pyopaccounting.com Please follow us on Facebook and Instagram. Make sure you check out our blog and our website from the link below. Subscribe to our YouTube channel and hit the bell to be notified when we post. To contact me, email me at Donna.
