Our cars are devalued significantly.

[Geniusk24]

I just noticed the pricing on the Canadian Ford website. The 2023 model now starts at $46.1k (Select). I understand you need to clear out your older models but that is a huge drop. In comparison, the 2024 model starts at $57.6k

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[mkhuffman]

Regarding resell value, modifications don't help. I have never modified a vehicle like I have my MME.

When I check the car buying sites, they all ask if it is modified. So I expect when I am ready to sell, since I am not going to return it to stock, my MME will be worth less than others that are stock with similar miles.

That said, I love the modifications I have made and I would not change that either.

 

[MightyMike]

Regarding resell value, modifications don't help. I have never modified a vehicle like I have my MME.

When I check the car buying sites, they all ask if it is modified. So I expect when I am ready to sell, since I am not going to return it to stock, my MME will be worth less than others that are stock with similar miles.

That said, I love the modifications I have made and I would not change that either.

What modifications have you done? I'm considering getting a hitch added (which I guess is a modification).

 

[Mach1E]

I'm not sure the comparisons on reduction in value are necessarily correct. If I price a used fully loaded Ford Edge (2021 model year) with 25k miles on it, I get a KBB cost of 27k (52% of replacement value)

A brand new 2024 loaded edge goes for about 51k

A brand new mustang mach e, fully loaded goes for 61k (not the rally edition, just the GTPE)

My GTPE with 25k miles on it goes for 29.5k ( 48% of current replacement value)

I paid about 62 for the car (after 8k in rebates), so the current cost is slightly below what I paid, although I did lock in a price before Ford raised the prices.

So we're really talking about a depreciation of about 3% worse for an electric mustang vs. a fully loaded ford edge (the closest to what we have).

Not terrible. Basically all cars lose a lot when you drive them off the lot. Buy them because you want them, and drive them until you don't. And don't worry about the rest.

All this means is that the Ford Edge buyer gets to complain as much as we do.

Never understood the “other people are suffering too” argument to try to make people feel better.

The used car market was amazing and now it sucks.

Yes, we aren’t alone in this regard.

 

[helium89]

Keep the car for 7 to 10 years and the weird price swings of the past few years become irrelevant.

I suspect that there are a number of us who bought our cars with the intention of keeping them through the end of the battery warranty but are now considering selling after seeing how Ford is handling out of warranty vehicles broken by its software updates. It’s frustrating to have to choose between taking a financial hit by selling now or putting up with Ford’s unwillingness to do right by its early adopters and stand behind its products.

 

[Sikkun]

All this means is that the Ford Edge buyer gets to complain as much as we do.

Never understood the “other people are suffering too” argument to try to make people feel better.

The used car market was amazing and now it sucks.

Yes, we aren’t alone in this regard.

Because if everyone is around the same amount your left just complaining that cars depreciate. Not that yours did something different than expected.

 

[Scooby24]

Because if everyone is around the same amount your left just complaining that cars depreciate. Not that yours did something different than expected.

Except they are never all the same. There are always vehicles that retain their resale better than others. Often times significantly so.

 

[Dear_OP]

I keep my cars so long that they are going back up in values.

 

[mkhuffman]

What modifications have you done? I'm considering getting a hitch added (which I guess is a modification).

1. Like you, a tow bar for my tow hitch mounted bike rack (this was the first mod, and I use it sometimes multiple times a week).
2. Eibach front sway bar, and Steeda rear sway bar (the most awesome mod you can do from a handling perspective).
3. Koni rear shocks to reduce rear bounce.
4. Pedestrian speaker volume control (I just leave it turned off, but I can turn it up if needed).
5. Rear hatch button on the light switch assembly (I use this all the time).
6. I am sure I am forgetting something. ?
7. Yep: pin stripes on the exterior. It really makes the car look personalized. I guess I could take those off...

 

[devmach-e]

Except they are never all the same. There are always vehicles that retain their resale better than others. Often times significantly so.

But those cars do end up depreciating. Just not at the same rate/level as others.

 

[Scooby24]

But those cars do end up depreciating. Just not at the same rate/level as others.

Which I don't think anyone here is arguing against? Ah forget it, this is pointless.

 

[mkhuffman]

Which I don't think anyone here is arguing against? Ah forget it, this is pointless.

I think all arguments have been made.

Horse. Dead.

 

[devmach-e]

I suspect that there are a number of us who bought our cars with the intention of keeping them through the end of the battery warranty but are now considering selling after seeing how Ford is handling out of warranty vehicles broken by its software updates. It’s frustrating to have to choose between taking a financial hit by selling now or putting up with Ford’s unwillingness to do right by its early adopters and stand behind its products.

If I was one of those people who traded in their car as soon as the warranty expired, I'd have bought a lot more cars. And taken huge financial hits in the process. We keep our cars for a minimum of 6 years. Sometimes as long as 12. Yes, when the warranty is up I have to pay out of pocket for some repairs. Even when the '04 Sienna required $4K worth of repairs in a 2-year period it was significantly cheaper to pay than to have top go out and buy a new mini-van. Or even a used one with less miles on it (over 180K at the time).

To me, I'd rather put up with Ford's growing pains here as they figure out the best way to handle this stuff than to take a huge financial hit because I couldn't be a bit flexible. I get that everybody's tolerance for crap from the manufacturer is different, and others have clearly chosen a different path than me. I currently have my car stuck at the dealership because the required software updates associated with the HVBJB recall seems to have gone awry. My warranty just expired. But I have no doubt that the dealer will make things right, and the car will give me plenty of trouble free driving as it did for the first 36K miles of its life.

 

[devmach-e]

I think all arguments have been made.

Horse. Dead.

You are clearly new to the internet if you think that's the end of it...

 

[Mach1E]

Because if everyone is around the same amount your left just complaining that cars depreciate. Not that yours did something different than expected.

But this wasn’t expected. My value rose for a year and half then got cut in half in a single year.

That’s unprecedented. No one here predicted it either (feel free to scroll the posts for the last few years) until after it happened.

It’s easy to predict a storm after it starts raining.

And being the guy that says “well it rains sometimes, should have been holding an umbrella” doesn’t help when you’re already wet. ?

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