Also a pretty bad time to check used car values as they have been declining over the past several months and returning to normal.
Chrysler Pacifica is highest priced & has higher depreciation versus minivan competitors
I don't buy a brand new vehicle believing it's a good investment (no one should). They all lose $5-$10,000 in value as soon as you drive off a new car dealers lot. My one gripe with buying a new Chrysler Pacifica is the astronomical depreciation it has versus the competition. Don't get me wrong I love my new 2022 Pacifica & would buy it again. But it really is a wake up call to realize that in only one month after purchase (with only 244 total miles) it's value has dropped $20,000 from its selling price! That's by far the highest depreciation of any new vehicle I've ever purchased in 46 years and a real eye opener for sure. Luckily for me I keep my new vehicles for over 10 years on average but if I had one complaint about the Chrysler Pacifica it has the highest depreciation rate by far of all the minivan competition.
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Many articles out there about dropping prices, and at least in my area dealer lots have gone from empty to full. At the start of 2022, I was fortunate to flip a few cars because of used car prices, but have struck out since Fall 2022. Some areas may be different, but overall it seems things are normalizing in the car space. Here is a quote from a cars.com post:Haven't seen anything like that. Everything I have seen is sky-high compared to three years ago.
"After reaching a peak of $25,721 in February, average used-car prices among Cars.com dealers have been on the decline, with more substantial drops seen in recent months: In October, the average price for all used vehicles was $23,499 — down 3.4% compared to one year prior and 7.8% compared to April 2022. The trend continued in November with an average used-car price of $23,000 — a nearly 8% drop from the same time a year prior."
I didn't say it tanked, just said it is declining and returning to normal. Overall, the price of vehicles has been declining, and yes there are exceptions, but basic economics are at work as supply returns to normal and demand softens. (Maybe Canada is different, as I do not shop or live there).Market hasn’t changed that much , and the pricing decline is based on what vehicle you have . Talk to the Tesla fan boys about the price cuts and then talk numbers . Sold my 18 ehybrid what I paid for it 3 years after I purchased it and my 21 pinnacle ehybrid is on cash positive side for value in trade or private sale . So generalizing that whole market has tanked as a blanket statement is just plain nonsense
@snobrdrdan is right, you cannot include the add-ons in the depreciation calculation. But, if you did buy the max care warranty and add-ons from the dealer you likely overpaid by a lot. There are dealers you can purchase through separately and save a ton. I just purchased my max care through Tom Winkels ([email protected]) after cancelling the original one I purchased. Tom saved me more than 50% of the original plan purchased from the dealer. Max care is fully refundable if cancelled within 60 days from purchase, so you can likely cancel from your original dealer and it won't cost you a cent.
To put it in perspective, I paid less (including the Max Care warranty) for my 2022 Touring L Hybrid with S Package and U Connect Family Theater (so "fully loaded" Touring L Hybrid) than you did. (Also not factoring in the federal tax credit). $6500 in add-ons is a lot of money, more than 10% of your vehicle purchase.
You signed your deal on the car, so be happy with it and enjoy it, but you can likely unwind the add-ons (if they are the warranty and service coverages) and get them from cheaper.
Lots of good info on this forum!
To put it in perspective, I paid less (including the Max Care warranty) for my 2022 Touring L Hybrid with S Package and U Connect Family Theater (so "fully loaded" Touring L Hybrid) than you did. (Also not factoring in the federal tax credit). $6500 in add-ons is a lot of money, more than 10% of your vehicle purchase.
You signed your deal on the car, so be happy with it and enjoy it, but you can likely unwind the add-ons (if they are the warranty and service coverages) and get them from cheaper.
Lots of good info on this forum!
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