Why did my car's value tank?

Barely 2 years ago, I bought a 2000 Mazda 626 LX 4cyl with 110k mi for $4,000, which was below market value; I think KBB was $4600.


Now when I'm selling it, KBB is $3,000! (Private party value, good condition).





Is that how the used market is now? I thought cheap used car would sell just as well in these times. And it's not a Hummer...|||the economy is tanking, meaning the transaction price for everything is dropping.|||First of all, you went by the BOOK value. KBB prices are not even close. For a slightly more accurate number, use the NADA website. Although, even that is not very accurate anymore. Even dealers don't go by that. They typically see what your car would sell for at a local auction (in the past) so they know what they can get out of it if they have to unlaod it when it won't sell on the lot. Probably the most accurate VALUE is to see what they have actually been selling for at a local auction or Ebay - remember not the ASKING PRICE, or the price that it DIDN"T sell because the "reserve" was not met....but the SOLD prices. that tells you what someone would actually pay for it.|||Uh, open your eyes bud.





All new cars have gone down a minimum of like 10 grand, so why should your used car stay the same value.








and QQ. your losing 1600. Your lucky you aren't losing half of it.|||2 years is a long time for an older vehicle, keep it for another 2 and it will be worth next to nothing.