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| The Pub For General Automotive Related Talk |
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15-12-2017, 08:19 PM
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Regular Member
Join Date: Jan 2005
Posts: 83
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Hello All,
I am having a small issue with my Kuga resale. In summary:
My 5 year lease is 6 months away from finalising. it has a balloon of $12k. (It's not worth that now - i'd hate to imagine how much I'll be offered in 6 months) My questions: Has this car depreciated far more rapidly than other models/makes? Why are dealers so much lower than redbooks trade-in guide? I havent ruled out taking ford to VCAT for loss of value due to major faults (catching fire and no one wants them). I'd appriciate any words of wisdom or advice? Thanks all Last edited by jaytyn; 15-12-2017 at 08:28 PM. |
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15-12-2017, 09:37 PM
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#3 | ||
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Regular Guest
Join Date: Aug 2008
Posts: 3,015
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The Red Book value would be based on a car that has travelled about 20,000 km per year. Your car has done twice the average and that would have to reduce the value, notwithstanding the new engine. Those other factors you’ve mentioned are likely reasons for making it harder to find a buyer.
I hesitated a while before I bought my Escape due to the reputation of the previous models and my car will probably be harder to sell than a RAV4, CX5, Tucson or any of the other more popular models in the segment. In the end I decided to go with a car that I would enjoy driving for 4 years rather than one I didn’t even if it’s going to be harder to sell in the end. What price have you been advertising your car for? If you can cover the balloon payment you’re not really losing. Edit: Ah, Brazen got in first about the high kms Good luck with the sale though.
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2022 ZH Escape ST-Line AWD 2.0L Ecoboost Last edited by Trendseeker; 15-12-2017 at 09:42 PM. |
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15-12-2017, 10:31 PM
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#4 | ||
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Regular Member
Join Date: Jan 2005
Posts: 83
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Cheers guys for the comments. Yep it does appear the Ks are the killer.
Redbook and Glass's valuations were purchased with the exact KMs entered in. Doesnt seem to change much though. Last edited by jaytyn; 15-12-2017 at 10:38 PM. |
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16-12-2017, 09:13 AM
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#5 | ||
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FF.Com.Au Hardcore
Join Date: Jan 2010
Posts: 11,356
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Did you negotiate a prearranged surrender value on the vehicle?
Normally, there's a penalty for the excess kilometers but at least you can hand it back. I you're running the vehicle for business, you can take the accelerated depreciation as a tax deduction... Also consider checking out a new lease now, see who's keen to trade your vehicle on another vehicle lease.... Just a thought mate, otherwise you're stuck dealing with tyre kickers that want to low ball you.. |
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Ford Kuga Resale Value
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