I just purchased a 2005 xB 5speed and was wondering if anyone has a sense of the resale value/depreciation associated with this model.

(the reason I'm asking is that the dealer if offering GAP insurance coverage and, at $600 after financing, I'm trying to determine if its worth it)

Any respose would be appreciated. Thanks.

 

I really dont think the value of the xb is really going to be deminishing because it is so much like Honda Civics when they first started.


I think if you plan to finance for more then 2-3 yrs you should get it just incase you have a bad accident.

Also if you getting extras on the car I would get it just becuase those dont gvie you value when it comes to insurance company..... i.e. Some people bought a xB for over $20k and well blue book in 1 year will probably be around 12k depending on the miles and if they wreck it say after they still owe $15k ($450 a month 1 year) They are going to be ____ out of luck.


I had gap insurance when I bought my sports car and it was well worth it becuase it was stolen and totalled and I only got $9k for a car I owed $17k on.
This was after paying for it for 3 years. The value of that car dropped so quick I couldnt keep up with the blue book.

 

My gap insurance was around 400 dollars and yes, it's worth it. Depending on how much you owe on the car, without gap insurance you could be responsible for thousands of dollars to pay off the loan in the case of a complete loss

 

I also have the GAP insurance and it's worth it. I mean if your Scion gets stolen or totalled in an accident, you wont have to pay anything, they will pay off what your insurance company doesnt. I got it cuz I dont wanna have to pay off my xB when I dont even have it anymore, such as if it got stolen. Def. worth the extra dollars.

 

hello,
as soon as you drove off tha lot you own a used car,i hope they hold their value,but doubt it,drive it for awhile and see,i will keep mine forever,toys rule!!!!

04 camo booox

 

What folks need to do is hold tight on their selling prices, this will cause the resale to hold on the higher side, if that makes sense !

 

So, will our Scions hold their values like a typical Toyota?

...I have mine for sale now, but heard Scions are not holding value

 

Well take a look at the other cars it's similar to. It's the "hot" economical car right now. Soon to be replaced by the next hot economical car. It's a supply and demand type thing. When they first come out, supply is low and demand is high and some places can sell for over sticker- that phase is passed. It's a niche vehicle. Once the people that want them, get them, the niche is filled, the next hot thing is out and it depreciates rapidly. It's planned obselescance, the same thing that has kept car sales going since the rapidly changing body styles of the 50's and 60's. If you think it won't depricate look at cars that came on the scene in a simlar way in the same price range. The first really hot car of recent time was the New Beetle. In 1998 every dealer had to have one on thier lot to lure in customers, there was a 14 month wait, and you were lucky to get one at sticker. Then the PT cruiser came out, experienced the same thing, and now the 98 beetle some sap paid $5k over sticker for can be had for $9K. Well guess what happened to the PT cruiser? (besides being a chrysler)- the Mini Cooper came out, now the XB, etc. Now it's not even getting hard to find used Mini's even the "s" model, but they havn't hit the rapid depreciatation stage yet. Like all others it's coming. Just watch the cooper and when they can be had for 9-12K you know similar depreciation for the XB is about a year away. That's how the auto industry works. If you want to kid yourself, go ahead. But your $14,000 car is only going to be worth about $8,000 two years from now. And if you paid $20K to have big wheels put on, and a bunch of lights, then the $14,000 car you paid $20,000 for will be worth $8,000 in 2 years.

 

hard to argue that point

 

just read in a mag a few days ago that the expected 5 year depreciation for a scion xb would be 53% of its original value. the tc and xb were 51%, meaning the value it would hold would be higher on the xb than the other types by 2 percent. i'll try to get the name of the mag when i can. the 3 year value was 23% of loss of value for the xb and 19 % for the tc and xa. the value again confirms that the APPRECIATION that the xb holds is grater than the xa or tc. just the facts mam.

 

It was also interesting that the considered the xb a wagon-minivan and not a suv that is typically marketed.

 

Are these numbers for the xB comparable to the Corolla, Camry, Civic, and Accord?
Just curious...

 

those numbers were a comparison for all cars, there were hundreds of cars in the mag, yes toyotas, civics et.,. i was just showing you the scion comparisons. i can try to find out where i saw it. can't tell you now how they compare off the top of my head with the rest of the rides. thot it was cool though that the xb held better than the other scions.

 

ask who you're getting your loan through. Mine included gap for free (I have no idea why a lender would ensure me from their loss free of charge, but that's what the load officer said).

 

check with your insurance. i pay 42 a year to add it to my insurance, in reality you only need it for a few years anyway. at 600$ i could have gap on it for 15yrs. i sure hope im still not paying on my loan by then

 

xb is on KBB now. Check it out, mine is worth more than i owe on it, and ive only had it for 4 months

 

Insurance only pays if you cannot afford to take the loss.

Remember, the insurance company takes your money and that of a lot of other people. They then pay off the claims that they have to and still have enough left over to buy those impressive office buildings, pay commissions to their agents, and fat salaries to themselves.

When you take out insurance,you're really gambling that you will have an accident while the insurance company is gambling that you won't. One rule of gambling is that the house always wins in the long run.

George

 

no, its not worth it. period. don't get taken, you can spend your money on better things. listen, cars depreciate, yours will to. they all do. your question... to answer it is an emphatic no. to pay for gap coverage is a freakin' joke. ALL 15K cars depreciate.

 

Just to give you an example ...

i bought a new Chevy cargo van in June for my X. No money down, and 0% interest on the loan. I paid just over 22K$.

I had to return it cause i didnt need it, nor could afford it. I returned it one month later, whith 600 miles on it. I ended up paying 7K$ just to break even.

GAP insurance is well worth it.

 

from my understanding of how it works is, lets say i buy a new xB, i decide to buy tons of overpriced stuff from the dealer and put it on my loan. i drive home with a 20k loan and on the way home i fall asleep and total the thing. theres no way the insurance company is gonna give me 20k for totalling it.

but with the gap coverage they pay off whatever i owe on the loan still. now if i bought it and put 8k or something down and only borrowed 12k it wouldnt be worth getting.