I work at a car dealer & have been watching the value of full size SUV's like the Ford Explorer etc plummet in value recently because of fuel costs.
We had a customer come in this morning with a 2006 Explorer that is a beautiful loaded Eddie Bauer model. He had considered trading it in on something smaller probably a year ago & decided to wait until he had paid off a little more of the balance he owed on the loan.
That was a HUGE mistake on his part. Last year, he could have easily traded & gotten around what he owed on his loan in trade value. Now, because these trucks have dropped so much in value, he is in a bad negative equity situation (meaning he owes way more on the vehicle than it's worth).
He was absolutely horrified when one of our buyers told him what it's worth in todays market............
~John
We had a customer come in this morning with a 2006 Explorer that is a beautiful loaded Eddie Bauer model. He had considered trading it in on something smaller probably a year ago & decided to wait until he had paid off a little more of the balance he owed on the loan.
That was a HUGE mistake on his part. Last year, he could have easily traded & gotten around what he owed on his loan in trade value. Now, because these trucks have dropped so much in value, he is in a bad negative equity situation (meaning he owes way more on the vehicle than it's worth).
He was absolutely horrified when one of our buyers told him what it's worth in todays market............
~John