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How much are these cars worth?

 
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amother




OP
 

Post Sun, May 15 2022, 5:50 pm
A 5 year old car bought for 9,000 and loaned to someone else for 6 years and then returned to original owner.
A 5 year old car bought for 17,000 and loaned to someone else for 6 months and then returned to original owner.
In each situation, how much should the borrower, pay for the use of the car?
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LittleDucky




 
 
 
 

Post Sun, May 15 2022, 7:02 pm
Usually these things are decided in advance. Along with who is responsible for oil changes, repairs etc. What if someone dinged the car? Drove a lot more than expected or assumed and it put wear and tear on tires/the car?
I prefer when dealing with financial issues to have it all clearly laid out so that there is no confusion or hurt feelings.

Or are you asking because you are trying to decide how much to charge someone? Remember that it is really hard to buy a new or used car right now and prices are extremely expensive if you manage to find one.
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amother




Purple
 

Post Sun, May 15 2022, 7:37 pm
amother [ OP ] wrote:
A 5 year old car bought for 9,000 and loaned to someone else for 6 years and then returned to original owner.
A 5 year old car bought for 17,000 and loaned to someone else for 6 months and then returned to original owner.
In each situation, how much should the borrower, pay for the use of the car?


That depends on the car, make, model, condition, miles used, depreciation rate for that specific car.

You can check Kelly blue book and edmunds.

How much the owner paid for the car has no bearing on how much the borrower should pay. What if the owner paid, etc.
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amother




Topaz
 

Post Sun, May 15 2022, 7:52 pm
amother [ OP ] wrote:
A 5 year old car bought for 9,000 and loaned to someone else for 6 years and then returned to original owner.
A 5 year old car bought for 17,000 and loaned to someone else for 6 months and then returned to original owner.
In each situation, how much should the borrower, pay for the use of the car?


I would think you’d have to use prices set 5 yrs ago and not current prices. The differences are huge.
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amother




OP
 

Post Sun, May 15 2022, 8:29 pm
First car was returned years before the pandemic. Second car was bought before the pandemic but used mainly during the pandemic. The loaner didn't charge me since it was a relative but I want to pay back anyway. I don't know how much to pay.
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amother




Powderblue
 

Post Mon, May 16 2022, 2:22 pm
If there are no expectations for payment from loaner, I would try to give something similar to lease price at the time, depending on your financial circumstances.
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amother




OP
 

Post Wed, May 18 2022, 9:02 pm
amother [ Powderblue ] wrote:
If there are no expectations for payment from loaner, I would try to give something similar to lease price at the time, depending on your financial circumstances.
These weren't new cars, these were about 5 years old cars.
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amother




Purple
 

Post Thu, May 19 2022, 7:16 am
amother [ OP ] wrote:
These weren't new cars, these were about 5 years old cars.



Like I wrote before, check Edmunds or Kelly Blue Book. Look up the depreciation for the specific car, make, model, condition, miles used. That should give you a pretty good idea.
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amother




cornflower
 

Post Thu, May 19 2022, 7:20 am
You could also go to a Carmax and ask what they'd be willing to pay for the cars. I found them to be honest and fair. They look at make, mileage, current car condition as well as current going rate.
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amother




OP
 

Post Thu, May 19 2022, 9:48 pm
amother [ Purple ] wrote:
Like I wrote before, check Edmunds or Kelly Blue Book. Look up the depreciation for the specific car, make, model, condition, miles used. That should give you a pretty good idea.
Doesn't that tell you the used car price? It won't tell me how much if you used it for a few months to a few years and then returned it.
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amother




OP
 

Post Thu, May 19 2022, 9:49 pm
amother [ cornflower ] wrote:
You could also go to a Carmax and ask what they'd be willing to pay for the cars. I found them to be honest and fair. They look at make, mileage, current car condition as well as current going rate.
These are for cars used a few years ago.
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