Hey everyone, I was hoping to get some advice about car depreciation and how it affects the value of my loan. I recently bought a car with a loan, and I’m hearing a lot about how quickly cars can lose value, which has me a bit worried. If the car’s value drops significantly, does that mean I could end up owing more than the car is worth? I’d love any tips or insights on how to avoid this situation or if there’s anything I should keep in mind about managing my loan as the car depreciates. Thanks in advance!
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I hadn’t thought too much about how depreciation affects loan value before, but it makes sense now that you mention it. It's eye-opening to realize how quickly a car can lose value and the impact that can have on financing. Seems like there are a lot of details to think about with loans that go beyond just interest rates and monthly payments. Thanks for the link! I’ll definitely take a look—it sounds like they’ve got some practical tools for understanding these financial aspects better. Looking forward to learning more about this.