A new statistic reveals that these days if Americans want a new car, truck or utility vehicle, they’ll do just about whatever it takes to get a deal done — including taking a huge hit on their trade in.
According to Edmunds.com, about 32% of all vehicles traded in on a new vehicle through September this year were “upside down.” That is to say, the owner owed more on the vehicle than it was worth, and the number is rising. It was 30% for the same period last year.
That negative equity averaged $4,832. In short, add $5K to the price of that next vehicle being purchased. (more…)