My 4x4 bought new in 2008 halved in value in 12 months!

iggy said:
I understand your position though, not nice to see value wiped out like that.
Think yourself lucky...you could have bought a house!!
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I bought a house in 2007 and have never felt unlucky for having done so!

To the OP: swings and roundabouts my friend! We all know how fast cars depreciate. Don't be too discouraged about your situation...it applies to most people.
 
One question
Did you think buying a new car was an investment
I never did hear of a car going up in value only down.
Even in the good times many car values were being halved within 3 years?

Cars de-value by at least 10% when you drive it out of the garage for the first time!
 
Swings and roundabouts alright with even a few arrows of outrageous fortune thrown in for good measure. My own little dose of life in a recession. Could be worse I guess.

Did I ever think that a new car was an investment? Obviously not. This is only the second car in 12 I've owned that I bought new and probably the last in fairness.

Ah well back to work tomorrow to pay the HP.:(
 
Ancutza said:
Sorry Paul. Yes I meant it's on hire purchase. All such contracts out here are generically referred to as leasing. Unfortunately I don't think it will last 10 years as I'm doing 60k kms per year which ain't funny on Romanian roads.
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With hire purchase agreements you can opt to terminate the agreement once 50% of the HP amount has been repaid. Might be useful if you want to get out early. Just be sure not to sign any 'Voluntary Surrender' agreement. That way they can't screw up your credit rating.
 
I can't see what the OP is complaining about, you decided to purchase a depreciating asset and you decided to pick an expensive one at that, furthermore you also decided to increase those costs by purchasing it through HP/Leasing. You would have been better off buying the Kia for yourself and your losses would be a lot less.
 
Thanks for that Bronte. I never expected it to hold it's value. It is, after all a car. What I'm upset about is the depreciation in such a short time. Usually you wouldn't expect that on Japanese cars (yes, I know this one is built in Spain).

As to the HP, it was my individual call on where best to employ my money. I decided that rather than plough the full amount into, what you correctly note is, a depreciating asset, that the rest of the money could be better employed in other areas of my business and would generate better gain than the loss on the HP. Hope you follow.

The Kia was for my other half to use around the city. My own personal vehicle, in the course of my business, has to take me places that no Kia is ever going to reach. I bought my car not because of how it looks, fuel efficiency etc. It's a work-horse. I took a tape measure and decided to buy it on the ground-clearance alone.
 
I dont think it is unique to Nissan or indeed Romania, just your figures are multiples because of the price of the vehicle. I bought a Yaris last year and it has depreciated quite a lot for a Yaris as I was looking to sell it - it will have gone down about 45% on what I paid for it. They usually hold their value very well. It has not made me say I will never buy another Toyota, as it is a grand little car.

These are unprecedented times in the world car market - coming from someone who works in it!
 
I could never see the sense in buying high priced cars ,a money box with no ass in it,i have a Renault Scenic cost around 12k have it 18 months now over20,000 on clock,a roomy car also and not even a puncture in that time, very economical also around 58 mpg and comfortable to drive a 1600 diesel so im sticking to Renaults
 
I have been driving Renaults for years never had a big problem with them yet
 
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