While Americans are keeping their cars longer (Experian Automotive says the average ownership length is now 7.75 years), there are some models that owners can't wait to get rid off within a year of buying.
iSeeCars.com recently compared new car sales against used-car purchases in 2014 to figure out which vehicles were traded-in the fastest. Their analysis showed that on average, around 2.7 percent of all new vehicles are traded in after only a year’s ownership. More surprising was the vehicles that had the highest amount of trade-ins. The expectation would be that the vehicles with the highest amount of trade-ins would be cheap. Not so fast. iSeeCars.com in their analysis the vehicles with highest trade-ins range from $18,000 to $45,000.
“iSeeCars.com analysts think the fact that consumers are giving more of these cars up than the average is directly linked to quality or perceived quality of the cars,” says Phong Ly, CEO of iSeeCars.com. “Because purchasing a new car is expensive and something most people tend to spend a lot of time on, it stands to reason they would make a change shortly afterward if they felt the quality was lacking.”
Here's the list of the vehicles with the highest trade-in amounts,
- Buick Regal - 10.7 Percent Traded-In
- Chevrolet Sonic - 8.9 Percent Traded-In
- BMW X1 - 7.8 Percent Traded-In
- Dodge Charger - 7.7 Percent Traded-In
- Mercedes-Benz C-Class - 7.4 Percent Traded-In
- Chevrolet Cruze - 7.2 Percent Traded-In
- Nissan Frontier - 6.9 Percent Traded-In