If you took the exact same car but sold it as a Honda or Toyota it would have a higher resale value.
Seeing as how the comparably equipped Toyota or Honda will typically sell a few thousand more than the Sonic, it only makes sense that they would have a higher resale value.
The perception that today's Toyota or Honda is significantly better than a GM vehicle is wrong. Currently, GM's quality is among the best in the industry and this reality will change the perception eventually.
GM took a big hit because of the ignition switch recall last year. The ensuing recalls hurt the stock price with all the media attention to the record setting $35,000,000.00 fine by the government.
Funny thing, Honda was recently was fined $70,000,000.00 for their cover-up of the air bag problems - double GM's former record setting fine.
GM and Honda stock were both trading near the $40 mark a year ago.
Today GM is trading at about $36 per share while Honda is hovering around $30. GM stock is going up and Honda is going down.
If you buy your cars right, and keep them a reasonable length of time, buying new costs less than buying used.
When you buy a 3 year old used car with 45,000 miles on it to "save" the depreciation - you end up with very little, if any warranty left on many cars. You also need tires in the very near future, your shocks and struts have already served over half of their service life, etc...
You also don't really know how the previous owner took care of the car. They traded the car away - so maybe they had issues with it.
I think the biggest mistake people make when buying a car (new or used) is when they look at the monthly payment as the biggest criteria.
Financing any depreciating item for a period longer than you intend to own it is a mistake. If you only plan to keep the car 24 months, then you need to have it paid for in 24 months or less. Otherwise you can't afford the car.
who knows it may all work out.
