Today I sold my car
.A 2013 model Chevy N300 mini-van for $13,000 USD.
I bought it one year ago from a used car dealership here in Quito for $13,000 USD.
So, I used the car for a year, put 26,000km on the car (16,100 miles), scratched it up a bit and still didn´t lose a cent on it.
No big repairs were needed, just oil changes, new tires.
Is this normal in Ecuador? Why?
Actually, yes! Cars are so expensive here due to the import restrictions AND cars retain their value quite well.If you shop around a bit it´s common to buy a used car
at market price, use it for a year or two and then resell it for at or just below what you paid for it.
In my own experience, I´ve seen for most car types and models in Ecuador, cars depreciate about $1,000 per year of use.
It never ceases to amaze me when in Ecuador people will drive a new car off the lot and then try to resell it a short time later for $500 less than they paid for it!
In places like the US you´d lose 30% of the cars value instantly or more!
Not in Ecuador.
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Journeyman Jack Ecuador
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