While you may view your pickup truck or SUV as a gas-guzzler, it’s probably not wise to trade-in or downsize to a smaller vehicle right now. Consider the current trade-in value of your truck as well as the absolute value of needing a vehicle to haul equipment and materials.
SUV and truck values are at their lowest in years and total S.U.V. sales were down 43.3 percent this July from a year ago, according to Autodata.
This calculator from Edmonds will help you determine if a trade-in of your vehicle is worth it. First, how much does fuel cost you now, and how much would it cost with a new car? Then, how much could you get for your old vehicle — and how much more money would you need to come up with to acquire a new one?
Some more sobering news.
Used S.U.V. prices were down 12 percent for the months of May and June, compared with the same period a year earlier, according to J. D. Power and Associates data. But certain models had even sharper declines. For instance, the price of the Ford Excursion was down 27 percent, Hummers fell 25 percent, while Suburbans dropped 24 percent.
[via New York Times]