When Richard Walsh took delivery of a Toyota RAV4 hybrid early last year, he had visions of it being part of his garage for years to come. The car was to be predominantly driven by his wife, and the sensible size and fuel-sipping petrol-electric drivetrain made plenty of sense to the Sydney butcher.
Within months, Toyota announced an updated model with new features, including a larger 10.5in infotainment screen and 12.3in digital instrument cluster. “I’d been planning to hold onto the car for years, but I found the smaller screen a disadvantage … I wanted the new tech,” says Walsh.
Even though there had been price rises with the updated model, Walsh investigated the cost of trading up.
Solid demand for used hybrids meant he was able to sell the then nine-month-old car for a fraction more than what he paid for it.
He ordered a new one of the same model and colour. And while it’s been delayed, he is lucky to have other modes of transport. “I’ve got a few older cars in the garage, so my wife is driving one of those until the new RAV4 arrives.”
As it turns out, he timed the sale almost perfectly.
Unprecedented surge
Used car values have been at record highs since Covid changed the world, with many buyers selling near-new vehicles above the price of a new one.
But market volatility is subsiding and prices are finally coming off their highs.
When the pandemic hit in 2020, it caused mayhem with both supply and demand.
Some car makers slashed production while others were forced to temporarily shut plants. And booming global demand for semiconductors – of which there can be hundreds in a modern car – led to a worldwide shortage that impacted most brands.
Denne historien er fra May 2023-utgaven av Money Magazine Australia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra May 2023-utgaven av Money Magazine Australia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.
