Who took the worst hit from the crash of the automotive market? Arguably, it wasn't the automakers - they called Washington and got a taxpayer bailout. No, those affected most may well have been those who recently bought or leased a new car. They saw the resale value of their cars plummet through no fault of their own.
But for who've watched a fairly new car's value crash, there is good news. A rebound may have begun.
The Detroit Free Press reports, "Automotive Leasing Guide, a Santa Barbara, Calif., research firm that automakers and finance companies rely on for pricing new car leases, has raised the residual, or resale, values (a vehicle's estimated value at the end of a lease) for Chrysler vehicles with leases ending this month and in August." Chrysler vehicles saw a 3.7 percent increase in resale value from just two months ago, while Dodge resale values increased 3.5 percent and Jeep resale values jumped a full 5 percent. The estimates affect the price consumers can expect to get when they sell their cars.
Kicking Tires notes that "the company's prices have stabilized at an average transaction price of $25,200," as the company "managed to get its inventory down from a 114-day supply when it entered bankruptcy to just a 71-day supply at the end of June (an ideal number is about 60)." A smaller oversupply of new Chryslers is good news for those who already own or lease one.