You know gas prices are soaring at the pump, but what you may not know is how much it now costs to trade in your gas guzzler for anything getting better mileage.
Say you’ve got a 2006 Chevy Trailblazer. If you bought it new, you might’ve paid around $25,000. But, according to Edmunds.com, sell it today and you might get $12,000… less than half of what you paid. Tips for unloading a gas-guzzling SUV
But, if you went out today and bought a used, 2005 Toyota Corolla with 58,000 miles on it, you might pay upwards of $13,500 (we found one dealer with that as a “no-haggle” price). In fact, that’s almost what the car cost to buy brand new, back in ’05. Dealer retail should be closer to $10,000.
So if you’re thinking of trading in your gas-guzzler now, you might want to wait for gas prices to drop a little first in order to recoup some of your vehicle’s value. On the other hand, if you’re looking to buy a a big SUV, now is a great time! Edmund’s True Cost to Own Calculator