During the Corona 19 pandemic, used car transactions are recording the highest price ever, but used car prices vary widely by vehicle type. A used car price comparison site (iSeeCars.com) compared the depreciation rate according to the year and year and announced the ranking of used cars in the Washington area that do not drop in price over time and, on the contrary, used cars whose price plummets.
The most popular used car was the Jeep Wrangler, and the price of the Unlimited model did not drop by less than 10% even after 5 years. A three-year-old Wrangler sold for 1.3 percent more than a new car.
This is because the number of people looking for used cars has increased due to a lack of supply compared to demand. In particular, the Jeep Wrangler is an iconic off-road model, and it is analyzed that it is loved regardless of the model year because there is no significant change in the design of used cars or new cars.
On the other hand, the worst used car was the BMW 7 Series, which received less than half of the purchase price after 5 years of purchase. The 2017 7 Series sold for $83,000 at the time, but now, five years later, it’s selling for less than $41,000. A five-year-old BMW can extend the warranty, but it was not reflected in the used car price.
In addition, the reason for the high depreciation rates of Cadillac Escalade and Mercedes S-Class is that people who pay a lot of money to buy a luxury car are not interested in used cars and want a new car again.
In addition, there is not much demand for relatively expensive used cars, so high-end used cars that are constantly on the market are sold at a bargain price that is less than half of the purchase price after 5 years, regardless of the condition of the car. The average depreciation rate for 5-year-old used car prices in the Washington area was 32.5%.