I have a new co-worker who drove an orange Dodge Challenger to work. After 2 weeks, he sold it so now his girlfriend is driving him to work. I asked why and he said he couldn't afford the payment anymore. He said he financed $65,000 for it. And he had to pay $2000 fine to be able to sell the car away. The dealership that bought it in paid $30,000. This is the first time I heard a car could depreciate that much within just a year.
To get to $65k, I wonder if he rolled over debt from a previous car loan. They are doing that these days.
That's nothing. A $25k loss is not that bad. Before the lockdowns permanently damaged the economy, depreciation rates could be about half the vehicle's value.
The worst thing you could of did was finance it. I'd outright by car from a private owner, or at least lease it. Dodges are not known for reliability. The charger and challengers models had problems with premature wear on suspension. They had engine problems, trouble with the transmission, PCM problems, alternators going out. The list goes on, but the new model like the hellcat and scatpack are super fun to drive though...
