Latest news with #KellyBlueBook
Yahoo
29-05-2025
- Business
- Yahoo
This Missouri man bought a trailer online — but says ‘the only way' to get the title was to sue the state
Ben Shakman, a Wildwood, Missouri resident, purchased a trailer on Facebook Marketplace for $3,500 years ago and thought all was fine. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) But when he went to the license office to register the vehicle, the title was deemed incomplete because the sale price was missing. He told FOX 2 the state took 294 days to notify him of the problem. Despite his best efforts, Shakman wasn't able to add his name to the title. Strangely enough, he claims he was eventually asked by the state to take extreme measures against the state itself. 'I went to the courthouse in Clayton, and I did something I've never done. I sued the state of Missouri,' he said. A skip title is when someone purchases a vehicle and doesn't get the title in their name before selling it to someone else. This, FOX 2 says, was the issue facing Shakman. A person who is involved in this sort of 'title jumping' bypasses requirements like paying title transfer fees, taxes and registration fees. There ends up being a gap in the vehicle's history. According to Kelly Blue Book, a title proves ownership, while a car's registration allows a vehicle to be legally driven. You usually can't register a car without a title. Shakman told reporters that his initial check to register the trailer was cashed. However, he didn't find out about the deficiency in his paperwork — there was no sales price in the title — until almost a year later. When he attempted to provide more paperwork, the Department of Revenue told him he needed affidavits. 'And then after I talked to the state, it was now the only way you're getting a title is by suing us, and here's how to do it,' Shakman said. Shockingly, state government officials instructed him to sue the state in order to get his title. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it In November, Shakman filed a petition asking for the state of Missouri to give him his title and to pay back some of the fees he paid. On April 1, he appeared in court and was finally awarded his title. In mid-May he was in court again and was awarded $100, a portion of the fees he had paid for the registration. 'I can't believe the man-hours that must've gone into processing that action I submitted,' he said. 'It just doesn't make sense.' To avoid purchasing a vehicle with a skip title, do your research. Verify the identity of the seller and ask them to provide proof of ownership history. The documentation could include copies of registration documents, the title in their name and any maintenance records. You'll also want to verify whether there is still a lien and how this person intends on settling the debt. If you're purchasing a car from a dealer, keep all documentation as they're obligated to ensure a proper title transfer. Usually the dealership will also register the vehicle for you. Whether you purchase from an individual seller or a dealership, register the vehicle as soon as possible and verify that the title has been transferred in your name. If you realize you have been title jumped, you may have to take legal action. Consult an attorney about next steps. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Entrepreneur
21-05-2025
- Automotive
- Entrepreneur
Tesla Taking Cybertruck Trade-Ins, Staggering Depreciation
Tesla has reversed course and is now accepting Cybertruck trade-ins. When Cybertruck deliveries began rolling out in late 2023, Tesla said it would not accept trade-ins. Now, things have changed, reports EV news site Electrek, following what it calls "a commercial flop" for the electric truck's sales. Related: A Tesla Executive Received a Record Pay Package, and It's Not Elon Musk In the lead up to vehicle sales and deliveries, Tesla said it had over one million reservations, but per Electrek, only about 40,000 of those reservations became actual orders. The newly announced trade-in program offers a bleak picture for Cybertruck owners when it comes to trade-in value. Cybertruck Owners Club reports that a 2024 Cybertruck AWD Foundation Series, which sold for $100,000, with 6,000 miles on the odometer, could be traded in for just $65,400. That's a 34.6% depreciation in just a year. According to Kelly Blue Book, most new vehicles lose about 20% of their initial value in the first year. Elecktrek blames the steep dropoff in value on overproduction (what they call a lack of "scarcity") and the underwhelming performance of those trucks that did find buyers. Inside EVs notes that 46,096 Cybertrucks manufactured between November 2023 and February 2025 were recalled due to an "adhesive issue" that led to pieces of the metal trim coming off the vehicle while it was driving. Related: 'Not a Money Thing': Elon Musk Says He Is Committing to 5 More Years as Tesla's CEO. Here's Why. During an interview at the Qatar Economic Forum this week, Tesla CEO Elon Musk seemed undeterred by the company's struggles. "You can just look at the stock price if you want the best inside information," he said. "The stock market analysts have that, and a stock wouldn't be trading near all-time highs if it was not, if things weren't in good shape. They're fine, don't worry about it." Tesla's chief executive also said he'd be staying with the company for at least another five years.
Business Insider
21-05-2025
- Automotive
- Business Insider
Tesla is now accepting Cybertruck trade-ins. 2 owners showed us how much their vehicles have depreciated.
Tesla's Cybertruck launched with some asterisks. Owners technically weren't allowed to resell the vehicle for a year — if they did, Tesla said it could sue for damages and blacklist the owner from buying future Teslas. Tesla also didn't offer Cybertruck trade-ins. Now, more than a year and a half since the first Cybertrucks were delivered, the company is allowing owners to trade in the electric pickup for credit toward a new Tesla, offering a glimpse into its depreciation rate. Two Cybertruck owners shared the estimated trade-in values that Tesla offered them after they requested a quote: one who owns the all-wheel drive model and the other who has a top-of-the-line Cyberbeast variant. Despite a difference in mileage of more than 10,000 miles, both vehicles showed a similar depreciation rate of around 37% to 38%. The all-wheel-drive owner told BI he spent around $100,000 on the Cybertruck about a year ago, including add-ons. After driving 19,623 miles with the vehicle, his trade-in estimate came in at $63,100, a roughly 37% depreciation. The Cyberbeast owner said he purchased the vehicle in September for around $118,000 plus tax, which took the total cost to roughly $127,000. The owner received a trade-in estimate of $78,200, also representing around a 38% decrease in value in 8 months of ownership. Tesla's trade-in estimates are just that — estimates. Tesla notes in the fine print under the estimate that the value is "based on current market conditions and vehicle details," and that the estimate could differ from the final offer. In other words, the final amount Tesla is willing to credit to the owner could end up being less. EV news website Electrek reported earlier on Tesla beginning to accept Cybertruck trade-ins. Vehicles famously begin to depreciate as soon as owners drive them off the lot, but Tesla's trade-in estimates give a glimpse into how the company values used Cybertrucks at a time when some car dealers have shared struggles to sell used models. The trade-in estimates shared with BI suggest the Cybertruck has a higher depreciation rate than the average vehicle. Kelly Blue Book estimates that new cars depreciate about 30% on average over the first 2 years and lose an added 8% to 12% each year after that. But it's important to note that EVs tend to depreciate at a higher rate as used models have increasingly hit the market amid the EV buying slowdown in recent years. An iSeeCars study that analyzed over 800,000 5-year-old used cars sold from March 2024 to February 2025 found that EVs lost the most value, depreciating 58.8% in five years. The study found that trucks and hybrids retain the most value, with trucks losing 40.4% of their value in a five-year period. Still, the rates that Cybertruck owners shared appear steeper than similar models like Rivian's all-electric 2023 R1T, which depreciated about 29% in the last two years, according to Kelly Blue Book. Not all Tesla models depreciate at the same rate. While the iSeeCars study revealed that the Tesla Model S ranks among the top depreciating vehicles, with an average five-year depreciation rate of 65.2%, the Model 3 holds the lowest five-year depreciation rate among EVs at 55.9%. While depreciation rates can vary based on several factors, including market conditions and mileage, the Cybertruck's decline in value comes amid wider pressures on the brand. Amid political backlash over Tesla CEO Elon Musk's involvement in DOGE, Cybertruck owners have faced harassment and vandalism. Some owners have expressed interest in selling their vehicles, with one telling BI earlier this year that he returned his Cybertruck soon after purchasing it due to concerns about his kids getting bullied. Despite Musk saying Tesla had over 1 million reservations prior to its release, a March recall filing revealed Tesla delivered fewer than 50,000 Cybertrucks. BI also earlier reported that the automaker has scaled back Cybertruck production in recent months, dropping targets for several Cybertruck lines.
Yahoo
06-05-2025
- Automotive
- Yahoo
Here's How Much Cybertrucks Have Depreciated Since They Were New
Vehicles lose value the more they are driven. No surprises there, right? However, there are Cybertruck owners who appear to have thought they were buying money-printing machines. In fact, very early in its pixelated life cycle, someone actually flipped and sold a limited edition Foundation Series Cybertruck for nearly twice its MSRP at $244,000. The Cybertruck's value wasn't meant to last, though. The controversial truck from a controversial company run by a controversial man is subject to the law of gravity of depreciation as much as the next set of wheels. The question is, though, how much has it depreciated since the first geometric truck hit the streets? We reported in 2024 that the overall Cybertruck depreciation curve is really quite poor. Now, CarGurus is showing even more of a drop in the past year from April 28, 2024 to April 29, 2025, which is the day of writing this article. In that time, Cybertruck prices went from $168,543 down to $84,470 -- a 49.96% decline. The past 30 days have seen a 5.51% drop. So, not great! Read more: These Are The Fastest Depreciating Cars, So Buy Them Used And Save Thousands Digging in a little further, according to TopSpeed, the average depreciation for all cars across three years (longer than the Cybertruck has even been out) is just 30.5%, and among pickup trucks specifically, it's just 23.7%. That puts the Cybertruck's near 50% decline in the last year in the far bottom tier for the category. By contrast, according to Kelly Blue Book, a 2022 Rivian R1T, also an EV pickup truck, has only lost 39% of its starting price. KBB also says that the 2023 model of the great-granddaddy of all pickups, the Ford F150, has dropped a mere 33% in the same amount of time the Cybertruck has been around. Predicting where prices will be in a few years is a bit tricky here, since unlike the F150, the Cybertruck is too new to have hard data on how it usually performs over the long term. However, TopSpeed estimates that it will fall by 59.5% in five years, and a whopping 72.5% in 10. Those numbers aren't surprising given the current state of the company's sales. There are more storm clouds on the Cybertrucks' horizon, too, and they don't look good for resale value. Thanks to a recall earlier this year, we know that Tesla has only delivered around 46,000 Cybertrucks to date. While that number doesn't look too bad in a vacuum, CEO Elon Musk was initially claiming that he had over a million preorders for these low-res-looking trucks. Worse, Tesla dealerships appear to be sitting on over $200 million worth of Cybertruck inventory that they just can't shift. Word is that things have deteriorated to the point where said dealerships won't even take Cybertrucks -- their own vehicles! -- as trade-ins anymore for fear they won't be able to sell them again. None of that is good for resale numbers, and pushing it down further is the simple fact that Tesla keeps slashing the price of new Cybertrucks, down to around $75,000 for a base model from an original price of $100,000. Furthermore, the fact that political backlash against Musk's handling of the federal government bureaucracy has led to vandalism against Teslas, and particularly Cybertrucks, across the country. If a potential buyer is worried that a Tesla might be a target, they're not likely to buy a used one for a high price, if at all. Want more like this? Join the Jalopnik newsletter to get the latest auto news sent straight to your inbox... Read the original article on Jalopnik.
Mint
28-04-2025
- Automotive
- Mint
Tesla's 2025 sales started out slow. A new lease deal could change that.
Tesla is looking to sell more cars in the second quarter after a difficult start to the year. A new lease it is offering should help. It's a pretty good deal. Tesla is offering a long range rear wheel drive Model 3 for $349 a month for 24 months with no money down. That's pretty good considering the average new car payment is roughly $750 a month, according to data provider Edmunds. The deal is new. It wasn't on the website a few days ago. Tesla didn't respond to a request for comment about when it went live. Auto makers always offer deals in the form of cash back, subsidized leases, or below market interest rates. The average incentive amounted to about 7% of transaction prices in March, according to Kelly Blue Book. The average EV incentive amounted to 13% of the transaction price. It takes a little extra to get drivers in a battery-powered car. (That is an industrywide number, not specifically for Tesla.) Tesla sold about 337,000 cars in the first quarter, down 13% from the same time a year ago. It was the worst quarterly drop in the company's history. Elon Musk's position in the Trump administration turned off some buyers. Even the company mentioned brand damage on its first-quarter earnings conference call. An upgrade to the Model Y was also responsible for some of the decline. Buyers typically wait for new models. Investors are looking for any evidence of a recovery. Slower declines, paradoxically, offer some hope. Tesla's European sales fell 28% in March from a year earlier. That was actually an improvement from February and January, when sales were down 43% year to date. Eventually investors want to see positive numbers. Whatever the causes, Tesla is looking to rebound. Wall Street projects some 410,000 vehicles sold in the second quarter, according to FactSet. The increase is despite tariffs and trade wars increasing prices for consumers. In Canada, a Model Y now costs about $85,000. That's up about $11,000 from 2024. Tesla's Canadian website still lets buyers search for inventory that was available there before Canada put retaliatory tariffs on cars imported from the U.S., which was a response to President Donald Trump's tariffs on cars imported to the U.S. New cars coming into the U.S. face a tariff of 25%. Imported parts face a 25% tariff beginning in May. It won't be easy to grow and grow profitably amid tariffs, trade wars, and weakening consumer confidence. Tesla reported a first-quarter operating profit of $399 million in the first quarter. Regulatory credit sales amounted to $595 million. Tesla earns credits by producing more than its fair share of zero emissions vehicles, so it sells credits to other auto makers that are looking to avoid fines. Still, it was the first quarter that credit sales exceeded net income since the second quarter of 2020. Since then, Tesla has sold $9.2 billion in credits amounting to almost 25% of reported operating income. Coming into Monday trading, Tesla stock was down 29% so far this year, about 23 percentage points behind the S&P 500. Write to Al Root at
