“Dem cars nice, but dey have NOOO resale value!”
We hear those words daily in Trinidad and particularly about Kia Cars. But what is resale value?
“The trade value of a good that has already been purchased. If the original owner of a car wishes to resell the car to another party, this would be the amount of money made from the transaction. If the money made is relatively close to the original price paid, that’s considered high resale. The converse is true.”
What’s the reality in Trinidad?
We have too many tomatoes on the market. When there are too many tomatoes, the price is low. One flood … tomatoes scarce … prices skyrocket! Same with cars. Think of the traffic burgeoning new and used car lots and the pages and pages of auto classified ads both in print and online. As a result, resale value of all cars, whatever the brand, is lower than it used to be. And don’t expect any scarcity in the auto market. The Asian boats arrive every 2 weeks.