Vietnamese people in the US mainly choose to buy Camry and Accord because well-calculated, cheap depreciation but durable use does not have to think.
Read the article ‘Refer to Korean cars and then I buy Japanese cars’, I have the same opinion. Me too, in the US, although I also wish to own a Mercedes, BMW or Audi… but I see that the majority of Vietnamese people here choose to buy Camry or Accord, so I ended up choosing Camry. The price of this car here is “cheap” compared to my income and I “use it like a cow” not afraid of lying on the road.
When I bought a car, at the beginning of the year, the price of the Camry SE was 28,000 USD, if I bought it at the end of the year and bought it at the right time to reduce the price to clear the shelves, the price could be only 20,900 USD (no interest on installment loans – even though I have 100% money left over). I paid it off in one year even though I signed up for a 3-year installment and my credit score increased to over 800. I have a cheap car and I’m in the number one exemplary citizen group in the US.
If after two years I exchange a new car and sell the used car to the Toyota dealer where I bought it, they will buy back my car for about $17,000. So I became a loyal customer of the agent and if there were any incentives, shocking discounts, they would notify me. They even advised that in my case, I could not buy a car but could sign a car rental contract in the form that I contribute 500 USD per month and every year I will be able to change a new car.
But I calculate 500 USD multiplied by 12 months is 6,000 USD, so I use the car a year only lose about 2,000 USD, still better than 6,000 USD loss a year.
If temporarily calculating a loss of $2,000 a year, dividing it by 12 months is about $166 and then dividing it by 30 days, so every day I lose 5.5 USD. Thus, one day I only lost 5.5 USD for car rental which is too cheap (excluding insurance and petrol). While you go to a car rental company, if you rent a Camry “lowest price” it is also 50 USD a day.
After 10 years of buying a car worth $28,000, you’ve only sold it for $6,000 – a loss of $22,000. And if after 10 years, every year I lose $2,000, the total loss will be $20,000. But the important thing is that the car I will sell for $ 15,000 – $ 17,000, you can count – Who loses more than who?
Readers Hung Tran