Is there really NO car depreciation in Ecuador?

 

Today I sold my car in Ecuador.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

Proudly serving Ecuador Expats since 2008, My Services, web links, contact info tel. #'s - US, CAN & EC. are all below: Thank You, Jack Abercrombie, Cumbaya, Quito- ECUADOR S.A. [email protected] [email protected] #StrategicRelocationEcuador "May your strategy be as dark as night and as swift as a boulder rolling down a mountain." ~ Sun Tzu "I'd rather prep 10 years too early than 10 minutes too late." Strategic Relocation Ecuador: http://JourneymanJack.com/ Ecuador Real Estate: http://EcuadorRealEstate.org Call Toll free from U.S. & Canada: Mnts: 770-828-7913, & Coast: 770-988-4492, EC. Off: 02-380-4088, Ec. Cel Claro: 098-828-8953, WhatsApp, Zello, Telegram, Viber, Signal, WIRE, Element, Sessions: +593-98-828-8953, For Virtual Real Estate Tours, PreTrip Planning Video Conference via Zoom, jitsi, "skype" user name: "Jack.Abercrombie"- https://join.skype.com/invite/B4plcVLSCGWk Someone once said that Ecuador is a country that is: •EASY to love- •HARD to understand- •Impossible to forget- 'All the Very Best on Your Endeavors in Ecuador-