AMERICANS spend more of their disposable incomes on automobiles

I. CAR COSTS IN FINANCIAL PERSPECTIVE AMERICANS spend more of their disposable incomes on automobiles than on virtually anything else except shelter. But many people especially younger persons whose first major purchase may well be an automobile probably have only a vague notion of what the costs of owning and operating a car amount to over the course of their lifetimes, or of how their spending on automobile transportation compares with average U.S. expenditures for transportation and other items, or of how great the eventual costs of seemingly minor luxuries may be in terms of lost educational opportunities, inadequate housing, reduced retirement income or worse, the inability to acquire needed health care and dignified living conditions during one s later years. Even average car costs probably are far greater than most people suspect. As shown in Chart 1, Americans spend, on average, twice as much on transportation as they contribute to pensions and Social Security each year. These outlays including vehicle purchases, motor fuel, car insurance, maintenance and repairs, license and registration fees, and more are four times higher than their out-of-pocket outlays for health care. On average, consumers spend more than four times as much on transportation as they 35 Chart 1 SELECTED COMPONENTS OF AVERAGE CONSUMER EXPENDITURES (2002) 33% 30 25 20 15 10 5 Housing 18% Transportation 13% Food Pensions & Social Security 8% Health Care 4% Apparel & Services 6% Entertainment 5% Education 4% 0 Source: Report 974, Bureau of Labor Statistics, 2004. 1

do on education. Currently, the estimated average costs of owning and operating a motor vehicle during the course of an individual s expected driving lifetime, shown in Table 1, amount to $240,000 or more, depending on the size of the cars one drives. Consider that this amount represents the costs of owning and driving just one vehicle. Two- and three-car families have proportionally greater costs. These figures are not given to discourage car ownership or to imply that anyone who drives anything other than a clunker is in some way profligate. On the contrary, for most Americans today automobile transportation is a necessity. Only a small percentage of the workforce lives within walking distance of work, shopping, entertainment, and such. Similarly, for the vast majority of Americans, public transportation either is unavailable, inconvenient, unreliable, or too dangerous to patronize. Some indication of just how much we rely on cars in given by the fact that currently reported U.S. personal consumption expenditures for useroperated automobile transportation are about 50 times greater than for purchased local transportation via transit systems, taxicabs, and railways. Between 1990 and 2001, the number of registered cars and trucks in the United States increased from 135 million to 230 million, and the number of miles traveled by passenger cars, trucks and motorcycles increased from 2.0 trillion to 2.6 trillion. In 2000, there were 1.2 registered vehicles (automobiles, trucks, buses, and motorcycles) for every licensed driver in Table 1 ESTIMATED AVERAGE COSTS OF OWNING AND OPERATING AN AUTOMOBILE IN THE UNITED STATES FOR 50 YEARS (Current Dollars) Automobile Type Cost Small Medium-Sized Large Sport Passenger Category Sedan Sedan Sedan Utility Van Depreciation $ 72,304 $105,702 $129,568 $120,506 $ 94,494 Maintenance 30,000 56,250 50,250 39,750 47,250 Gas 40,500 50,250 56,250 63,000 52,500 Insurance 80,300 69,850 90,300 74,550 63,400 Taxes 17,600 21,050 23,600 22,700 20,000 Total: $240,704 $303,102 $349,968 $320,506 $277,644 Note: Based on 750,000 miles of travel over 50 years; 12-year, 100 percent depreciation on autos. Source: Your Driving Costs, American Automobile Association, 2004. 2

Chart 2 SELECTED COMPONENTS OF THE CONSUMER PRICE INDEX (1982-84=100) 325 300 Automobile Insurance 275 250 Maintenance & Repair 225 200 175 New Trucks New Cars 150 125 100 1985 1990 1995 2000 2005 Latest plots, July 2004. Source, BLS. the United States. Over the same period, however, the cost of buying a new vehicle has sharply increased. Between 1990 and 2002, the average expenditure for a new car (including leased cars) increased from $14,400 to $21,400. It is worth noting that this increase is not fully reflected in the Consumer Price Index (CPI), the most widely followed barometer of price inflation and price changes. The CPI is designed to measure the change in the price of a fixed basket of goods and services that is, a selected group of items whose quality does not change over time. In fact, the quality of the things we buy does change. In particular, the cars we buy today are vastly better than the ones we bought 20 years ago. They are designed and built better, have more features to ensure the comfort and safety of drivers and passengers, require less maintenance, and have better warranties. Often we pay more for these added features. But these additional outlays are not included in the CPI. When the CPI is calculated, any increase in car prices that is attributable to quality improvements is netted out. Consequently, even when sticker prices are increasing, the CPI may show that quality-adjusted car prices are unchanged or even decreasing. This is evident in Chart 2, which shows selected components of the CPI. According to the CPI, the price indexes 3

for new cars and trucks have been decreasing since the late 1990s even though sticker prices and the amounts that people actually pay when they buy cars have increased. Other costs of car ownership are easier to measure and Chart 2 shows that these have increased substantially in the past 20 years. The cost of automobile insurance, in particular, has soared. These upward trends show few signs of abating. The likelihood of further rises in automobile purchase and ownership costs would seem to make it imperative that car buyers (and other drivers in the family) become clearly aware of the longterm costs of owning and operating different types of cars. Cost Differences Can Be Great In this regard, the estimates shown in Table 1 only begin to reveal how great potential cost differences can be. As large as it is, the $109,264 ($349,968 - $240,704) estimated difference between driving a large sedan and a small sedan over the span of one s driving years ignores several factors that might increase that difference substantially. For example, that estimate omits any consideration of what the amount might accrue to if the annual difference were invested. Assuming that the average annual difference in depreciation over the 12-year life of the car ($1,145 between a large sedan and a small sedan) was invested each year and returned five percent per year, at the end of 50 years, the principal and interest on that investment would amount to $251,750. (At the end of 40 years it also would be a sizable sum, $145,267.) If cars are traded in during the years of their greatest depreciation (the first four years), or if they are purchased on credit instead of cash, then additional cost differences arise. Consider an extreme hypothetical comparison that takes into effect several such factors: that is, the potential investment accrual amounts resulting from the difference between (1) paying cash for the equivalent of today s average small sedan and running it into the ground before purchasing a similar new replacement for cash, or (2) purchasing a luxury automobile on credit with a history of rapid depreciation (see the rankings on pages 15-73) and trading it in every third year on a similar credit purchase of a new luxury replacement. In the first case, average annual costs (in 2004 dollars) based on our estimates would be roughly $4,820. Estimated annual costs (in 2003 dollars) for the luxury car, which include depreciation, gas and oil, insurance, taxes and fees, and interest on the car loans amount to about $7,620. The annual average difference of $2,800, invested each year at five percent, after 50 years would yield about $615,000. After 40 years, the amount would be $355,000 still a substantial sum for use in retirement, for estab- 4

lishing trusts for one s children or grandchildren, or for other purposes. The purpose of the foregoing illustrations is not to dissuade persons from purchasing luxury cars. Those who can afford such outlays without jeopardizing their other financial interests obviously will do as they choose. Nor should everyone run their cars into the ground (however, a number of independent studies have concluded and we agree that driving a car as long as possible probably is the most economical practice over the long run). Clearly, there can be substantial differences in car costs between the extremes given in the examples, and substantial long-term savings can be achieved without the necessity of driving a junk car and putting up with the annoyance and inconvenience such cars seem to occasion. Long-Term Costs vs. Short-Term Savings This introduction to car costs is intended to suggest two points that ought to be obvious but that many people seem to neglect (or were never aware of) when they start shopping for cars: (1) that seemingly minor short-term differences in outlays for auto transportation, say $40 or $50 per month, can become very great differences over the course of 10, 20, 30, or 40 years, and (2) that the long-term savings achieved through informed selections of the most economical cars suited to an individual s or family s needs far outweigh the onetime savings of $300 or $400 achieved through dickering in the dealer s showroom. With respect to the first observation, it would seem vitally important not only to the future financial security of many of today s adults, but also to the educational and other long-term prospects of their children, that they make informed choices about cars that acknowledge potential costs to the family s welfare. When they choose a particular costly option, they should be aware of the longer term sacrifices either their own or others that may be required. Consider, for example, that the estimated cost of four years of tuition, room, and board at a private four-year college is now in the neighborhood of $120,000. Highly-rated universities cost even more. Or consider that both Social Security and Medicare programs are actuarially unsound and simply will not, in all likelihood, provide benefits to the coming generations of recipients at anywhere near their current levels. With respect to the second observation, many car buying guides tend to emphasize the immediate potential savings to be achieved through a process of informed bargaining in the showroom which can indeed save you hundreds of dollars. There can be no question that it is important for buyers to ascertain such factors as (1) actual dealer cost of a car (as op- 5

posed to the sticker price ), (2) what dealer profit margin is acceptable to both buyer and seller, (3) what are the most economical ways to purchase desired optional equipment, (4) what sales tricks to be on the lookout for, (5) how to avoid dealer add-ons and packages (such as undercoating), (6) how to determine what is a reasonable trade-in amount for your old car, and so on. Using Consumer Reports These matters have been adequately addressed by other consumer economists in our view most successfully by those at Consumer Reports magazine and it is needless to try to duplicate their efforts here. Rather, we strongly recommend that car buyers consult the April Annual Auto Issue of Consumer Reports, back issues of which are available in most public libraries. This issue contains useful information on how to drive a hard bargain, the results of the magazine s test drives of new models, the frequency-of-repair records of older models, safety test results, and good bets in used cars. As important as such information unquestionably is for achieving immediate savings, however, it largely ignores matters related to the longterm, and much larger, costs associated with owning and operating a car. The advice in most car buying guides (including Consumer Reports) is most useful after a decision already has been reached as to what kind of car to buy. Factors relating to what car may be affordable for a particular individual or family, or what cars may represent the best longrun dollar value, tend to be ignored. In our view, the long-term financial aspects of car ownership are just as important as the dealing and mechanical aspects of auto purchasing. Many people have gotten a good deal on the purchase of an automobile only to see it repossessed one or two years later (or to find that they must make other substantial financial sacrifices if they are to keep the car). The danger seems to be that in striking what they think is a good bargain, many car buyers are lulled into believing that they have protected their financial interests when actually they may have committed themselves to long-term outlays that may seriously threaten their financial well-being. That is, many car buyers tend to be penny-wise and pound-foolish. An essential first step for individuals and families to take toward adopting a prudent long-term financial perspective with respect to automobile ownership is, very simply, to keep an accurate record of auto transportation costs. This involves more than simply recording car payments, gas purchases and such, and we describe the procedures for accurate record keeping in the section preceding the monthly ledgers (see Chapter IX). 6

Monitor your costs. Compare them with your expected income, with current and anticipated expenses, and with the data presented here. Then you will be better able to judge at a given time how much car is consistent with a prudent family financial plan. If your auto-related expenditures appear much larger in relation to your income than the national averages, then you may be mismanaging your financial affairs no matter how good the bargain you struck on the purchase price of your car. Such a record also can be a useful tool in alerting other drivers in the family especially younger people who may not have purchased a car previously as to the actual amounts involved, which may be far different from what they believe. 7

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II. RANKING CARS, SPORT UTILITY VEHICLES, SMALL VANS, AND LIGHT PICKUPS BY RESALE VALUE ONCE you have determined what is an affordable range of car costs, then, obviously, it is in your interest to own and operate a vehicle that provides the best overall value within that range. Again, we strongly advise that you consult carefully the judgments of Consumer Reports automotive specialists as to the roadworthiness and reliability of the models they tested. There is, however, an additional consideration that ought to enter into the selection of a particular model one that can result in substantial savings. Not all cars of similar size and original price that have been judged good cars with respect to driving characteristics and engineering features have retained value equally. Some of Consumer Reports recommended models have retained much more of their original dollar value than others. The accompanying tables rank models according to the ratio of manufacturer s suggested retails prices to average resale prices. We have provided these rankings of late-model automobiles as an aid in distinguishing which models currently seem probable to retain proportionally greater value and which models, on the basis of previous resale prices, are more apt to depreciate rapidly. Using the Tables The percentages and rankings given in the following tables are derived from the N.A.D.A. Official Used Car Guide, New England Edition, April 2004 (see Chapter VII). Percentages and rankings may differ somewhat from region to region. Cars are listed on pages 15-47. Sport utility vehicles and small vans are listed on pages 48-66, and light pickups are listed on pages 67-73. In each section, three values are given for each automobile: The Original M.S.R.P. is the manufacturer s suggested retail price. Unless otherwise indicated, it is based on the lowest-price bottom of the line version of each model. That is, it assumes no optional equipment was included. The Retail Price as a Percent of M.S.R.P. is the ratio of the average current retail price to the original M.S.R.P. A high percentage indicates the vehicle has retained relatively more of its value over the years. Unless otherwise indicated, the M.S.R.P. component of this ratio is based on the lowest-price version of each model. The average retail price 9

component, however, reflects sales of vehicles that may or may not have optional equipment. Typically, the average current retail price does not include the resale value of expensive options, such as a power sunroof, leather seats, aluminum/alloy wheels, or a premium audio system. (The N.A.D.A. Guide values these items separately). It does include the resale value of less-expensive optional equipment. However, according to the N.A.D.A., most optional equipment has little or no value on older cars, especially if the options cost relatively little to begin with or are likely to wear with age. The Retail Price minus Trade-In is the difference between the current average retail price and the average wholesale price received by dealers on the wholesale and auction market for cars they took in trade. The trade-in value reflects several adjustments from the retail value, such as the dealer profit margin, deduction for detailing costs, etc. If you are a seller, the retail price minus trade-in is a rough estimate of the difference between what you could expect to realize from a private sale of your car and what a dealer might offer to pay you for it in trade-in. The higher the amount, the more you stand to gain either by selling your car privately, or by bargaining with a dealer to pay you a trade-in price closer to the car s retail price. If you are a buyer, the retail price minus trade-in represents the difference between the retail price a dealer is likely to ask for his used car and the wholesale or trade-in price he might have paid for it. The higher the amount, the more room you have to bargain the price down. This amount also suggests how much bargaining leeway you would have with a private seller, who may ask the retail price but be willing to settle for somewhat less as an alternative to trading it in. Which Models are Listed There are hundreds of car and truck models on the road today. A particular vehicle (for example, a 2002 V6 Dodge Stratus) may have been manufactured in a half dozen different models (the V6 Stratus was available as a 2-door SE coupe, a 2-door R/T, a 4-door SE sedan, a 4-door SE Plus, a 4-door ES, and a 4-door R/T). To keep our lists manageable, we include only base models with some important exceptions. We include non-base models if their retail price as a percent of the M.S.R.P. is significantly different from the comparable percentage for the base model. Such differences indicate that a vehicle has depreciated significantly faster or slower than the base model. What qualifies as a significantly different rate of depreciation de- 10

pends on the model year. For 2003 models, we include a non-base model if the ratio of its retail price to its M.S.R.P. differs from the ratio for the base model by seven percentage points or more. For 2002 and 2001 models, the difference has to be six percentage points or more. For 2000, 1999, and 1998, the threshold is five percentage points, and for 1997 models, it is four points. The thresholds are smaller for older vehicles because differences in depreciations rates (for different versions of a given model) tend to shrink over time. For example, a four percentage point difference is fairly common for 2003 models, but it is unusual among 1997 models. The former does not merit a separate listing, but the latter does. An illustration may help. Using these criteria, our list of 2002 cars includes two of the six models of the V6 Dodge Stratus mentioned above: the SE coupe, which is the base model, and the 2-door R/T. The latter was included because its resale value is significantly higher as a percentage of its M.S.R.P. (62.3 percent) compared with the resale value of the base model (52.1 percent of its M.S.R.P.). The resale prices of the other four V6 Stratus models, relative to their M.S.R.P.s, were sufficiently close to the base model that they did not merit a separate listing. Models are most likely to have a significantly different retail price as a percent of M.S.R.P., compared with the base model, if they have a fancier trim package, a more powerful engine, a convertible top, or four-wheel drive. Sometimes these extra features enhance the resale value, relative to the M.S.R.P, but sometimes they reduce it. In other words, a car with premium trim might depreciate faster than the base model, or it might hold its value better. It depends on the model. In addition, our tables include every model that Consumer Reports has identified as either a reliable used car or a used car to avoid. In most cases, the editors of Consumer Reports do not make a distinction between the base model and other models, but sometimes they do. For example, the 1999 four-wheel drive Mercury Mountaineer is tagged by them as a used vehicle to avoid, but the two-wheel version is not. Although the resale values of these two SUVs are similar, relative to their M.S.R.P.s, we list the four-wheel drive SUV separately in order to highlight the Consumer Reports recommendation. What the Rankings Indicate Resale prices listed in the N.A.D.A. Official Used Car Guide reflect the collective judgments of market participants respecting the overall value of particular makes and models of cars. Inasmuch as these judgments are informed by many previous owners and operators experiences, they provide a strong indication of how a given make and model has withstood the 11

test of consumer use over an extended period of time. In some instances, such market determinations appear to coincide with the judgments based on evaluations of short duration of one or two test cars for a particular model by independent consumer services such as Consumer Reports. In other instances, they differ sometimes very considerably. Admittedly, the usefulness of the accompanying tables is limited by the factors described below. But in the absence of more reliable data, they provide at least some indication of expected performance from similar models now on the market. The ratios of average resale prices to original manufacturers suggested retail prices listed in the accompanying tables are not exact measurements of retained dollar value. The manufacturer s suggested retail price (M.S.R.P.) usually is not the actual retail sale price of a new car. The actual sale price is always open to negotiation, and in recent years has been subject to even greater fluctuations than usual. Unfortunately, there are no aggregate data reflecting actual sales prices of new cars. Hence, our rankings can be only roughly suggestive. For some models the original M.S.R.P. used in our tables may understate the actual price that car buyers originally paid. There are two reasons for this. First, the M.S.R.P. reported by the N.A.D.A. Guide excludes the cost of major options, but many car buyers do, in fact, purchase these options. Hence, they may pay more than the base model M.S.R.P. shown in our tables. This is especially likely with luxury vehicles such as Mercedes and Lexus, which often carry eye-catchingly low M.S.R.P.s for their entry level models, but which most customers buy as loaded-up versions at higher prices. Second, some models may sell for more than their M.S.R.P. due to strong demand. When the popular PT Cruiser was introduced a few years ago, some dealers were able to charge $2,000 or more above the sticker price. The rankings shown in the table probably exaggerate the retained dollar value of such models. This exaggeration is reflected in the fact that the average resale prices for some vehicles, particularly in the later model years, actually exceed their original M.S.R.P. That is, their retail price as a percent of M.S.R.P. is greater than 100 percent. In fact, these cars probably sold for more than the indicated M.S.R.P. when they were new, and their current resale value almost certainly is less than 100 percent of what they originally sold for. Conversely, the rankings probably exaggerate the loss of dollar value of other cars, namely those which originally sold for less than the M.S.R.P. The M.S.R.P. incorporates a dealer s profit margin, which differs ac- 12

cording to a particular dealer s requirements. This margin may vary substantially from dealer to dealer, depending on such things as carrying costs, availability of some cars, buyer demand, and so on. It is negotiable, and car buyers often pay less than the M.S.R.P. for all but the most popular models. In recent years, some models have sold for less than the M.S.R.P. for another reason. Car manufacturers, especially the Big Three (GM, Ford, and Chrysler) have been offering very large rebates to new car buyers, sometimes as high as $5,000. Hence, the actual sales price for these vehicles (especially for model years 2002 and 2003) may have been substantially less than the M.S.R.P. used to calculate our ratios. The resale value of such vehicles, relative to what they originally sold for, is greater than indicated in the tables. In other words, they have not lost as much value as the tables suggest. The net effect of these price distortions on our ratios and rankings is impossible to estimate. However, they seem unlikely to change the broad patterns in the rankings. The models that have consistently achieved high resale rankings over the previous seven model years would seem to have a greater prospect of retaining more of their dollar value than do those models that consistently have ranked below the average with respect to resale value. Two other observations are especially pertinent to the choice of a particular model. First, different models of roughly similar price and size may have substantially different resale values. When buying a car, if there is a choice to be made between similar size and style cars, and one has been shown in the past to retain substantially greater dollar value than the other, then it is a matter of common sense that the one with the demonstrated higher resale value probably will offer better long-run value. Second, and equally important, some good cars with respect to driving characteristics, safety testing, and expected frequency of repair retain less dollar value than other cars judged similarly roadworthy and reliable. The models recommended by Consumer Reports after hands-on testing are indicated by asterisks in the tables. Plainly, some recommended models have retained less resale value than other recommended models, and even rank lower with respect to retained dollar value than many models that Consumer Reports did not recommend. When buying a car, if there is a choice to be made between two otherwise similar recommended cars, it would again seem common sense to pick the one with a record of higher retained dollar value. 13

Of course, there is no guarantee that you will end up with a new car that is in every way satisfactory to you, no matter what procedures you follow. Occasionally, even the most promising vehicle turns out to be a lemon (see Chapter VI on lemon laws). However, in the absence of some crystal ball for predicting the future, taking into account both road-test results and actual resale performance would seem to be a useful way of judging the probable good buys in the automobile market today. 14

RANKING OF 1997 USED CARS BY AVERAGE RETAIL PRICE IN APRIL 2004 AS A PERCENTAGE OF ORIGINAL MANUFACTURER S SUGGESTED RETAIL PRICE Retail Price Retail Price Original as Percent minus Rank Model M.S.R.P. of M.S.R.P. Trade-In 1 Toyota Supra-I6 Liftback $29,920 68.9 $2,875 2 Porsche 911 Turbo 4 105,000 67.8 6,725 3 Toyota Supra-I6 Liftback Turbo 40,320 64.6 3,325 4 Porsche 911 63,750 52.4 4,550 5 Acura NSX 84,000 51.2 5,250 6 Chevrolet Corvette 37,495 51.1 2,925 7 Porsche Boxster 39,980 49.7 2,950 8 BMW 3 Series Coupe M3 1 * 39,380 47.1 2,875 9 Ford Mustang-V8 Convertible Cobra 28,135 46.1 2,250 10 Acura Integra Coupe R* 23,100 45.9 1,925 11 BMW Z Series* 29,000 45.8 2,400 12 BMW 3 Series Sedan M3* 39,380 45.5 2,825 13 Honda Del Sol 15,080 44.8 1,625 14 BMW 3 Series Convertible 318i* 33,150 43.4 2,550 15 BMW 3 Series Convertible 328i* 41,390 43.4 2,825 16 Volkswagen Golf GTI VR6 19,710 43.1 1,625 17 Honda Civic* 10,550 42.2 1,250 18 Toyota Celica* 17,128 42.0 1,650 19 Ford Mustang-V8 18,000 41.7 1,675 20 Toyota Paseo Convertible 16,728 41.7 1,500 21 Pontiac Firebird-V8 20,654 41.4 1,750 22 Honda Prelude* 23,300 41.2 1,825 23 Chevrolet Camaro-V8 Z28 20,115 41.0 1,725 24 Mazda MX-5 Miata* 19,125 40.4 1,700 25 Acura Integra Coupe RS* 16,100 39.9 1,550 26 BMW 5 Series 37,900 39.8 2,650 27 Mercedes-Benz E Class 39,900 39.4 2,700 28 Volkswagen Jetta GLX VR6 20,555 39.2 1,725 29 Lexus SC300 39,000 39.0 2,650 30 Mercedes-Benz C Class * 30,450 38.7 2,275 31 Volkswagen Golf 16,320 38.6 1,425 32 Volkswagen Cabrio 17,925 38.6 1,500 33 Eagle Talon Tsi Turbo 18,015 37.6 1,625 34 Subaru Impreza Wagon Outback* 17,995 37.5 1,625 35 BMW 8 Series 75,300 37.4 3,750 36 BMW 3 Series* 21,390 37.2 1,925 37 Honda Accord* 17,990 37.2 1,475 38 Toyota Paseo Coupe 13,208 37.1 1,275 39 Lexus ES300* 29,900 37.0 2,100 40 Mitsubishi 3000GT 27,050 36.7 1,800 41 Eagle Talon Tsi Turbo 4 20,271 36.0 1,650 42 Mitsubishi Eclipse 13,830 36.0 1,400 43 Mazda MX-5 Miata M* 24,485 35.8 1,775 44 Toyota Tercel* 10,648 35.7 1,175 45 Audi A4 Sedan 1.8T Quattro 5 24,590 35.4 1,925 15

RANKING OF 1997 USED CARS (Continued) Retail Price Retail Price Original as Percent minus Rank Model M.S.R.P. of M.S.R.P. Trade-In 46 Mercedes-Benz SL Class SL320 $79,600 35.4 $4,125 47 Toyota Camry* 16,398 35.4 1,500 48 Audi Cabriolet 6 34,600 35.0 2,175 49 Subaru Legacy Wagon Outback* 23,295 34.8 1,725 50 Toyota Corolla* 12,998 34.8 1,250 51 Volkswagen Jetta 14,570 34.7 1,425 52 Subaru Legacy Wagon Outback Ltd.* 24,195 34.6 1,750 53 Subaru Legacy Wagon Lsi 25,695 34.6 1,775 54 Volkswagen Golf GL 13,470 34.5 1,275 55 Lexus GS300 45,700 34.2 2,675 56 Audi A4-V6 Sedan 2.8 Quattro 29,030 34.1 2,000 57 Nissan Altima* 13,649 33.9 1,375 58 Pontiac Firebird 6 17,124 33.9 1,500 59 Chevrolet Camaro 6 16,215 33.8 1,450 60 Nissan 240SX 18,359 33.8 1,525 61 Ford Mustang 6 15,355 33.7 1,425 62 Subaru Impreza Wagon L* 16,295 33.6 1,450 63 Mercedes-Benz S Class 91,900 33.2 4,275 64 Lexus SC400* 50,800 33.0 2,750 65 Subaru Legacy Wagon GT 24,295 32.8 1,725 66 Lexus LS400* 52,900 32.5 3,225 67 Acura CL* 22,910 31.4 1,775 68 Volkswagen Passat 6 21,890 31.4 1,750 69 Volvo 850 26,710 31.4 1,900 70 Eagle Talon 14,059 31.3 1,350 71 Nissan Sentra* 11,499 31.3 1,175 72 Nissan Maxima* 21,499 31.3 1,725 73 Subaru Legacy Sedan Lsi 24,995 31.3 1,700 74 Subaru Legacy Wagon L 20,695 31.3 1,550 75 Jaguar XK8 64,900 31.1 3,450 76 Toyota Camry Sedan LE 5 * 19,868 31.1 1,525 77 Mercedes-Benz SL Class SL600 123,200 31.0 5,000 78 Volkswagen Passat 5 19,430 31.0 1,650 79 Saab 9000 Sedan Aero Turbo 41,675 30.9 2,250 80 Audi A6-V6 Wagon Quattro 36,890 30.8 2,250 81 Subaru SVX Coupe Lsi 36,245 30.6 2,100 82 Toyota Avalon* 23,538 30.4 1,775 83 Pontiac Grand Prix 18,809 30.2 1,475 84 Audi A4 Sedan 1.8T 5 22,990 30.1 1,750 85 Audi A4-V6 Sedan 2.8 27,430 29.8 1,875 86 Geo Prizm* 12,840 29.4 1,175 87 Saab 900 Convertible S 34,995 29.2 2,050 88 Infiniti I30* 28,800 29.0 1,900 89 Nissan 200SX 12,999 28.8 1,175 90 Dodge Avenger 5 14,620 28.7 1,300 91 Acura TL* 28,450 28.6 1,875 16

RANKING OF 1997 USED CARS (Continued) Retail Price Retail Price Original as Percent minus Rank Model M.S.R.P. of M.S.R.P. Trade-In 92 Chevrolet Cavalier-L4 $10,980 28.2 $1,100 93 Mazda Protegé* 12,145 28.2 1,150 94 Saturn Saturn 13,335 28.1 1,175 95 Nissan Altima GXE* 16,999 27.8 1,375 96 Subaru Impreza Sedan L* 15,895 27.8 1,350 97 Pontiac Sunfire-L4 12,059 27.4 1,125 98 BMW 7 Series 60,450 27.2 3,175 99 Nissan Sentra Sedan GLE* 15,649 27.2 1,225 100 Chrysler Sebring 16,540 27.1 1,350 101 Nissan Sentra Sedan GXE* 14,799 27.0 1,200 102 Subaru Legacy 19,995 26.9 1,450 103 Mitsubishi Mirage Coupe DE 10,400 26.7 1,075 104 Chevrolet Monte Carlo 6 17,445 26.5 1,375 105 Volvo 960 34,300 26.5 2,025 106 Buick Regal 20,545 26.4 1,450 107 Cadillac Eldorado 37,995 26.3 2,100 108 Ford Thunderbird-V8 19,015 26.2 1,400 109 Mercury Grand Marquis* 22,495 26.2 1,650 110 Saab 9000 31,695 26.0 1,900 111 Chrysler Sebring Convertible JX 20,150 25.9 1,425 112 Mercury Cougar 17,830 25.9 1,375 113 Nissan Altima SE* 19,299 25.9 1,400 114 Acura RL* 41,000 25.7 2,150 115 Buick Century* 17,845 25.6 1,375 116 Ford Thunderbird 6 17,885 25.4 1,375 117 Mazda MX-6 20,195 25.4 1,425 118 Hyundai Accent Hatchback GT 10,199 25.0 1,050 119 Ford Probe 14,280 24.9 1,250 120 Audi A6-V6 Sedan 32,600 24.8 1,950 121 Oldsmobile Cutlass 17,325 24.8 1,325 122 Chevrolet Malibu 15,470 24.7 1,275 123 Infiniti J30 33,500 24.6 1,900 124 Pontiac Grand Am 14,634 24.6 1,250 125 Cadillac Seville 39,995 24.4 2,075 126 Jaguar XJ6 54,400 24.4 2,400 127 Nissan Altima GLE* 20,999 24.4 1,425 128 Ford Crown Victoria* 21,270 24.3 1,550 129 Infiniti Q45* 48,000 24.3 2,275 130 Ford Aspire 9,195 24.2 1,000 131 Mercury Tracer* 11,145 24.2 1,050 132 Subaru SVX Coupe L 30,625 24.2 1,800 133 Dodge Neon 10,395 24.1 1,025 134 Ford Escort* 11,015 24.1 1,050 135 Mazda 626 15,695 24.1 1,275 136 Plymouth Neon 10,395 24.1 1,025 137 Saab 900 24,995 24.1 1,650 17

RANKING OF 1997 USED CARS (Continued) Retail Price Retail Price Original as Percent minus Rank Model M.S.R.P. of M.S.R.P. Trade-In 138 Buick Riviera $30,110 24.0 $1,850 139 Suzuki Swift 8,999 23.9 1,000 140 Mitsubishi Galant Sedan DE 15,420 23.8 1,250 141 Audi A8 56,900 23.5 2,725 142 Hyundai Elantra 11,099 23.4 1,050 143 Subaru Impreza* 13,795 23.2 1,200 144 Buick LeSabre 22,015 23.1 1,525 145 Mitsubishi Diamante 25,900 22.8 1,650 146 Oldsmobile Cutlass Supreme 18,950 22.8 1,325 147 Lincoln Mark VIII 37,280 22.7 1,975 148 Pontiac Bonneville 22,114 22.7 1,525 149 Hyundai Tiburon 13,499 22.4 1,100 150 Buick Park Avenue 29,995 22.2 1,775 151 Geo Metro 8,580 22.1 950 152 Mercury Mystique 5 13,960 22.0 1,100 153 Mitsubishi Mirage Coupe LS 13,210 22.0 1,075 154 Oldsmobile Regency 27,995 21.9 1,725 155 Saab 9000 Sedan CSE 6 40,495 21.9 1,950 156 Suzuki Esteem 11,899 21.9 1,050 157 Oldsmobile Eighty Eight 22,495 21.8 1,500 158 Oldsmobile LSS 27,695 21.8 1,650 159 Ford Contour 5 13,460 21.7 1,075 160 Plymouth Breeze 14,795 21.6 1,200 161 Mercury Mystique 6 15,975 21.4 1,150 162 Chrysler Cirrus 18,030 21.2 1,275 163 Kia Sephia 9,795 21.2 1,000 164 Dodge Stratus 5 14,960 21.1 1,200 165 Ford Contour 6 15,520 21.1 1,125 166 Ford Taurus SHO-V8 26,460 21.1 1,575 167 Cadillac DeVille 36,995 21.0 1,900 168 Hyundai Accent Hatchback L 8,599 20.9 925 169 Dodge Stratus 6 17,815 20.8 1,250 170 Chrysler Concorde 20,435 20.7 1,400 171 Mazda Millenia* 28,995 20.5 1,650 172 Cadillac Catera 29,995 20.4 1,725 173 Chevrolet Lumina 16,945 20.2 1,225 174 Buick Skylark 15,970 19.7 1,200 175 Oldsmobile Achieva 15,425 19.3 1,175 176 Hyundai Sonata 14,749 19.0 1,075 177 Dodge Intrepid 19,405 18.6 1,325 178 Mercury Sable 19,495 18.6 1,250 179 Mitsubishi Galant Sedan LS 23,980 18.6 1,350 180 Lincoln Town Car* 37,280 18.5 1,825 181 Eagle Vision 20,305 17.6 1,325 182 Ford Taurus 6 17,995 17.6 1,200 183 Oldsmobile Aurora 35,735 17.3 1,725 18

RANKING OF 1997 USED CARS (Continued) Retail Price Retail Price Original as Percent minus Rank Model M.S.R.P. of M.S.R.P. Trade-In 184 Chrysler LHS 6 $30,225 17.0 $1,625 185 Lincoln Continental 37,280 16.6 1,725 * Consumer Reports reliable used cars. Consumer Reports used cars to avoid. 1 Manual. 2 Automatic. 3 2WD. 4 4WD. 5 4 cyl. 6 6 cyl. 19

RANKING OF 1998 USED CARS BY AVERAGE RETAIL PRICE IN APRIL 2004 AS A PERCENTAGE OF ORIGINAL MANUFACTURER S SUGGESTED RETAIL PRICE Retail Price Retail Price Original as Percent minus Rank Model M.S.R.P. of M.S.R.P. Trade-In 1 Toyota Supra $30,918 72.3 $2,975 2 BMW 3 Series Convertible M3 45,900 56.5 3,625 3 Chevrolet Corvette 37,495 56.1 3,175 4 Porsche 911 63,750 55.4 4,650 5 Acura NSX 84,000 54.8 5,400 6 BMW 3 Series Coupe M3 1 39,700 54.3 3,200 7 Porsche Boxster 41,000 53.4 3,225 8 BMW 3 Series Sedan M3 39,700 52.6 3,150 9 Mercedes-Benz CLK Class 39,850 51.8 3,150 10 BMW 3 Series Convertible 323i 34,700 51.7 2,825 11 Acura Integra Coupe R* 23,500 51.3 2,075 12 Mercedes-Benz SLK Class 39,700 51.3 3,125 13 Volkswagen Golf GTI VR6 20,235 50.7 1,825 14 BMW Z Series* 29,425 50.0 2,625 15 Ford Mustang-V8 Convertible Cobra * 28,430 49.9 2,325 16 Volkswagen New Beetle 15,200 49.3 1,675 17 BMW 3 Series Convertible 328i 41,500 48.6 3,125 18 Ford Mustang-V8 Coupe Cobra * 25,630 48.5 2,200 19 Lexus GS300* 36,800 48.4 2,825 20 Honda Accord* 18,290 47.6 1,675 21 Honda Civic* 10,650 47.4 1,300 22 Honda Prelude 5 * 23,300 46.1 1,925 23 Chevrolet Camaro-V8 20,470 45.8 1,825 24 Toyota Corolla Sedan* 11,908 45.8 1,350 25 Lexus GS400* 44,800 45.7 3,125 26 Volkswagen Golf 16,670 45.4 1,550 27 Acura Integra Coupe RS* 16,200 45.2 1,650 28 BMW 5 Series 38,900 44.9 2,800 29 Subaru Impreza Wagon Outback* 17,995 44.9 1,725 30 Toyota Celica* 20,111 44.6 1,800 31 Audi A4-V6 Wagon 2.8 Avant Quattro 31,040 44.5 2,300 32 Mercedes-Benz E Class 41,800 44.5 2,875 33 Mitsubishi Eclipse Coupe GSX Turbo 25,320 43.8 2,025 34 Volkswagen Cabrio 17,975 43.8 1,575 35 Lexus SC300 40,900 42.9 2,800 36 Mercedes-Benz C Class 30,450 42.9 2,375 37 Subaru Forester* 18,695 42.9 1,725 38 Lexus ES300* 30,790 42.5 2,250 39 Subaru Legacy Wagon Outback* 22,495 42.5 1,825 40 Audi A4 Sedan 1.8T Quattro 5 25,440 42.3 2,075 41 Pontiac Firebird-V8 22,865 42.3 1,825 42 Volvo V70 28,285 42.3 2,175 43 Ford Mustang-V8* 19,970 42.1 1,750 44 Mercedes-Benz SL Class SL500 79,900 42.1 4,575 45 Toyota Camry* 16,938 41.9 1,650 20

RANKING OF 1998 USED CARS (Continued) Retail Price Retail Price Original as Percent minus Rank Model M.S.R.P. of M.S.R.P. Trade-In 46 Volkswagen Jetta $14,595 41.8 $1,525 47 Subaru Impreza Wagon L* 16,295 41.6 1,625 48 BMW 3 Series 21,390 41.5 2,025 49 Eagle Talon Tsi Turbo 18,460 41.3 1,675 50 Toyota Tercel 12,690 41.2 1,325 51 Mercury Mystique 16,235 41.1 1,950 52 Mitsubishi 3000GT 27,770 41.1 1,950 53 Chevrolet Camaro-V8 Conv Z28 27,450 40.5 2,025 54 Audi Cabriolet 6 34,600 40.2 2,300 55 Lexus LS-V8 LS400* 52,900 40.2 3,625 56 Toyota Corolla Sedan LE* 14,798 40.2 1,400 57 Eagle Talon Tsi Turbo 4 20,715 40.1 1,750 58 Subaru Impreza Coupe RS* 19,195 40.1 1,700 59 Volkswagen Passat 5 20,750 40.1 1,900 60 Nissan 240SX 18,359 39.6 1,650 61 Volkswagen Passat 6 23,190 39.6 1,950 62 Nissan Altima* 14,990 38.9 1,500 63 Acura CL* 22,310 38.0 1,900 64 Mitsubishi Eclipse Coupe RS 5 15,740 38.0 1,500 65 Nissan Maxima* 21,499 37.8 1,875 66 Chevrolet Camaro 6 16,625 37.4 1,525 67 Lexus SC400 52,700 37.3 2,950 68 Audi A4 Sedan 1.8T 5 23,790 37.1 1,950 69 Nissan Sentra* 11,499 37.0 1,225 70 Pontiac Firebird 6 18,015 36.9 1,600 71 Audi A4-V6 Sedan 2.8 28,390 36.5 2,050 72 Jaguar XK8 64,900 36.3 3,775 73 Mercedes-Benz CL Class 91,900 36.3 4,550 74 Volvo S70 26,985 36.3 2,000 75 Acura TL 6 * 33,150 36.2 2,175 76 Toyota Avalon* 24,278 36.0 1,925 77 Acura TL* 30,700 35.9 2,100 78 Mercedes-Benz S Class 64,000 35.9 3,750 79 Subaru Legacy 19,195 35.8 1,625 80 Ford Mustang 6 * 15,970 35.5 1,475 81 Subaru Impreza* 15,895 35.1 1,475 82 Volvo C70-5 Turbo 38,995 34.7 2,475 83 Mazda Protegé* 12,145 34.4 1,225 84 Volvo V90 35,850 34.4 2,325 85 Eagle Talon 14,505 34.3 1,400 86 Infiniti I30* 28,900 34.0 2,000 87 Saturn Saturn 12,595 33.9 1,225 88 Chevrolet Prizm* 12,043 33.8 1,200 89 Nissan 200SX 13,149 33.8 1,250 90 Nissan Altima GLE* 19,890 33.7 1,600 91 Dodge Avenger 14,930 33.5 1,400 21

RANKING OF 1998 USED CARS (Continued) Retail Price Retail Price Original as Percent minus Rank Model M.S.R.P. of M.S.R.P. Trade-In 92 Audi A6 $33,750 33.4 $2,250 93 Saab 900 24,500 32.7 1,875 94 BMW 7 Series 61,070 32.6 3,425 95 Mercedes-Benz SL Class SL600 125,000 32.6 5,125 96 Chrysler Sebring 6 17,670 31.8 1,475 97 Mercury Sable 6 19,445 31.6 1,300 98 Nissan Sentra GLE* 15,749 31.6 1,300 99 Chrysler Sebring 5 16,840 31.5 1,450 100 Ford Crown Victoria-V8* 21,905 31.4 1,750 101 Acura RL* 41,200 31.3 2,375 102 Pontiac Grand Prix 20,665 31.1 1,550 103 Volvo S90 34,300 31.1 2,150 104 Infiniti Q45* 47,900 30.9 2,625 105 Mercury Grand Marquis-V8* 21,890 30.9 1,300 106 Nissan Sentra SE* 16,749 30.9 1,300 107 Jaguar XJ8 54,750 30.8 2,775 108 Cadillac Eldorado 38,495 30.6 2,275 109 Chevrolet Cavalier-L4 11,610 29.7 1,150 110 Pontiac Sunfire-L4 12,495 29.6 1,175 111 Mitsubishi Mirage 10,830 29.5 1,125 112 Buick Regal 20,945 29.2 1,525 113 Ford Contour Sedan SVT 1 6 22,365 29.1 1,700 114 Mazda 626 5 * 15,550 29.1 1,375 115 Hyundai Tiburon 13,599 29.0 1,200 116 Dodge Neon 11,155 28.5 1,125 117 Plymouth Neon 11,155 28.5 1,125 118 Chevrolet Monte Carlo 6 17,795 28.4 1,425 119 Mitsubishi Galant Sedan 15,680 28.4 1,350 120 Pontiac Grand Am 14,874 28.1 1,300 121 Buick Century* 18,215 27.7 1,425 122 Hyundai Elantra 11,499 27.4 1,125 123 Audi A8 57,400 27.3 3,125 124 Hyundai Accent Hatchback Gsi 10,699 27.1 1,075 125 Buick Riviera 32,125 27.0 2,000 126 Cadillac Seville 42,495 27.0 2,250 127 Chrysler Cirrus 19,460 26.7 1,425 128 Mercury Tracer* 11,355 26.7 1,800 129 Mitsubishi Diamante 27,650 26.7 1,800 130 Suzuki Swift 9,099 26.7 1,025 131 Chrysler Concorde 21,305 26.6 1,625 132 Chevrolet Malibu 15,670 26.5 1,300 133 Oldsmobile Cutlass 17,800 26.4 1,375 134 Chevrolet Metro 8,655 25.7 1,000 135 Mazda Millenia* 28,995 25.6 1,800 136 Saab 9000 Turbo 38,580 25.6 2,000 137 Buick LeSabre 22,465 25.5 1,625 22

RANKING OF 1998 USED CARS (Continued) Retail Price Retail Price Original as Percent minus Rank Model M.S.R.P. of M.S.R.P. Trade-In 138 Cadillac DeVille $37,695 25.5 $2,075 139 Pontiac Bonneville 22,390 25.5 1,625 140 Lincoln Mark VIII 37,830 25.4 2,075 141 Cadillac Catera 29,995 25.3 1,875 142 Ford Taurus SHO-V8 28,920 25.2 1,800 143 Oldsmobile Intrigue 20,700 25.2 1,425 144 Hyundai Sonata 14,749 25.1 1,175 145 Saab 900 Sedan S 26,955 25.1 1,750 146 Ford Escort* 13,895 25.0 1,150 147 Lincoln Town Car* 37,830 25.0 2,050 148 Suzuki Esteem 11,999 25.0 1,100 149 Dodge Intrepid 19,685 24.8 1,500 150 Oldsmobile Regency 28,395 24.7 1,825 151 Plymouth Breeze 14,675 24.5 1,250 152 Buick Park Avenue 30,675 24.4 1,875 153 Dodge Stratus 14,840 24.4 1,250 154 Ford Contour 13,460 24.3 1,125 155 Oldsmobile LSS 28,095 24.3 1,750 156 Oldsmobile Eighty Eight 22,795 24.1 1,575 157 Chevrolet Lumina 17,245 23.9 1,300 158 Mitsubishi Mirage Coupe LS 5 14,330 23.6 1,150 159 Kia Sephia 9,995 23.5 1,025 160 Buick Skylark 16,230 22.8 1,250 161 Lincoln Continental* 37,830 22.7 2,000 162 Ford Taurus 6 18,245 21.9 1,300 163 Oldsmobile Aurora 35,960 21.7 1,900 164 Mitsubishi Galant Sedan LS 5 25,310 21.5 1,450 165 Hyundai Accent Hatchback L 9,099 21.2 950 166 Oldsmobile Achieva 18,340 18.8 1,225 * Consumer Reports reliable used cars. Consumer Reports used cars to avoid. 1 Manual. 2 Automatic. 3 2WD. 4 4WD. 5 4 cyl. 6 6 cyl. 23

RANKING OF 1999 USED CARS BY AVERAGE RETAIL PRICE IN APRIL 2004 AS A PERCENTAGE OF ORIGINAL MANUFACTURER S SUGGESTED RETAIL PRICE Retail Price Retail Price Original as Percent minus Rank Model M.S.R.P. of M.S.R.P. Trade-In 1 Mercedes-Benz CLK Class Conv CLK320 $47,200 68.9 $4,125 2 Honda Civic Coupe Si 1 * 17,455 64.2 1,925 3 BMW 3 Series Convertible M3* 45,900 62.9 3,800 4 BMW 3 Series Sedan 323i* 26,400 60.7 2,700 5 Chevrolet Corvette 38,591 60.7 3,325 6 BMW 3 Series Coupe M3 1 * 39,700 60.5 3,350 7 Acura NSX 84,725 60.4 5,675 8 BMW 3 Series Convertible 323i* 34,700 58.4 3,125 9 Mercedes-Benz CLK Class 40,600 57.5 3,300 10 Porsche 911 65,030 57.5 4,950 11 Porsche Boxster 41,000 57.1 3,325 12 BMW Z Series Roadster M 1 42,700 56.9 3,375 13 Lexus GS300* 37,305 56.8 3,175 14 BMW Z Series Roadster Z3 2.3* 29,950 56.3 2,775 15 Mercedes-Benz E Class Sedan E55 69,100 56.1 5,025 16 BMW Z Series Coupe M 1 41,800 55.9 3,300 17 BMW 3 Series Sedan 328i* 33,400 55.5 2,875 18 BMW 3 Series Convertible 328i* 41,500 55.5 3,300 19 Chevrolet Camaro-V8 Coupe 20,870 55.5 2,050 20 Mercedes-Benz SLK Class 41,000 55.1 3,275 21 Volkswagen Golf Hatchback GTI VR6 20,235 54.5 1,925 22 BMW 3 Series Coupe 328is* 33,200 54.2 2,850 23 Honda Accord* 18,390 54.1 1,800 24 BMW 3 Series Coupe 323is* 28,700 54.0 2,675 25 Honda Civic* 10,650 54.0 1,375 26 Audi A4 Wagon 1.8T Avant Quattro 5 26,440 53.7 2,325 27 Lexus GS400* 45,505 53.5 3,375 28 Volkswagen New Jetta GLS TDI 18,700 53.5 1,875 29 Mazda MX-5 Miata* 19,770 53.1 1,900 30 Honda Prelude* 23,800 53.0 2,150 31 Subaru Impreza Wagon Outback* 17,995 52.8 1,825 32 Lexus ES300* 30,905 52.2 2,475 33 Pontiac Firebird-V8 23,065 52.0 2,075 34 Toyota Celica* 21,750 52.0 2,025 35 Audi A4-V6 Wagon 2.8 Avant Quattro 31,040 51.8 2,475 36 Acura TL* 27,950 51.7 2,375 37 Volkswagen New Beetle 15,900 51.7 1,725 38 Mitsubishi 3000GT 25,450 51.0 2,075 39 Acura Integra* 19,200 50.9 1,850 40 Mercedes-Benz E Class 42,400 50.8 3,200 41 Toyota Corolla Sedan* 12,218 50.7 1,425 42 Volkswagen New Golf 14,900 50.7 1,550 43 BMW 5 Series * 38,900 50.6 2,950 44 Subaru Forester 18,695 50.1 1,825 45 Toyota Camry Solara* 19,058 50.1 1,825 24

RANKING OF 1999 USED CARS (Continued) Retail Price Retail Price Original as Percent minus Rank Model M.S.R.P. of M.S.R.P. Trade-In 46 Subaru Legacy Wagon Outback* $22,495 50.0 $2,025 47 Subaru Impreza Wagon L* 16,295 49.7 1,725 48 Audi A4 Sedan 1.8T Quattro 5 25,440 49.5 2,225 49 BMW Z Series* 36,200 49.5 2,825 50 Volkswagen Cabrio 17,975 49.4 1,675 51 Infiniti G20* 20,995 49.3 2,050 52 Ford Mustang-V8 * 20,870 48.9 1,900 53 Toyota Camry* 17,038 48.7 1,750 54 Volkswagen New Jetta 16,700 48.5 1,725 55 Nissan Altima* 14,990 48.4 1,650 56 Audi A4-V6 Sedan 2.8 Quattro 30,040 48.2 2,375 57 Volkswagen Passat Turbo 5 21,200 48.2 2,050 58 Volvo V70 28,685 48.2 2,300 59 Chevrolet Camaro-V8 Conv Z28 27,850 48.1 2,200 60 Chevrolet Camaro-V8 Conv SS 31,550 48.1 2,375 61 Chevrolet Camaro 6 16,625 47.8 1,725 62 Mercedes-Benz C Class 31,200 47.3 2,625 63 Volkswagen Golf Hatchback Wolfsburg 15,275 47.3 1,525 64 Lexus SC300 42,905 47.1 3,125 65 Volkswagen Passat 6 23,800 47.1 2,125 66 Acura CL* 23,555 46.9 2,100 67 Audi A6-V6 Wagon Avant Quattro 36,600 46.9 2,775 68 Volkswagen Golf Hatchback GL 13,495 46.9 1,425 69 Lexus LS400* 53,605 46.7 3,875 70 Pontiac Firebird Coupe 6 18,165 46.7 1,750 71 Volkswagen Jetta 14,845 46.5 1,625 72 Volkswagen New Cabrio 19,990 46.0 1,700 73 Toyota Corolla Sedan LE* 14,868 45.7 1,500 74 Nissan Maxima* 21,499 44.9 2,000 75 BMW 3 Series* 23,300 44.2 2,125 76 Mazda MX-5 Miata Anniversary 1 5 * 26,875 44.2 2,050 77 Mercedes-Benz SL Class SL500 81,100 44.0 4,675 78 Mitsubishi Eclipse 15,750 44.0 1,625 79 Subaru Legacy 19,195 44.0 1,750 80 Audi A4 Sedan 1.8T 5 23,790 43.8 2,050 81 Subaru Impreza* 15,895 43.7 1,625 82 Nissan Sentra* 11,799 43.6 1,300 83 Toyota Avalon* 24,568 43.6 2,075 84 Acura RL* 41,900 43.5 2,850 85 Audi A4-V6 Sedan 2.8 28,390 43.3 2,200 86 Ford Mustang 6 * 16,470 43.3 1,650 87 Saab 9-5 Wagon 31,850 43.3 2,500 88 Nissan Altima GXE* 17,190 43.0 1,675 89 Nissan Altima SE* 18,490 42.6 1,700 90 Volvo S70 27,385 42.6 2,150 91 Saab 9-3 Turbo Coupe Viggen 37,995 42.4 2,475 25

RANKING OF 1999 USED CARS (Continued) Retail Price Retail Price Original as Percent minus Rank Model M.S.R.P. of M.S.R.P. Trade-In 92 Mazda Protegé* $11,970 41.6 $1,300 93 Pontiac Firebird Convertible 6 24,785 41.6 1,900 94 Lexus SC400 55,205 41.4 3,275 95 Infiniti I30* 28,900 41.3 2,175 96 Nissan Altima GLE* 19,990 41.3 1,725 97 Jaguar XK8 65,750 41.1 4,050 98 Audi A6-V6 Sedan 33,750 39.3 2,400 99 Volvo C70 Turbo 33,925 39.3 2,400 100 Mercedes-Benz CL Class 91,900 39.2 4,700 101 Volvo S80 35,820 39.0 2,500 102 Mercedes-Benz S Class 64,750 38.9 3,875 103 Mercury Grand Marquis* 22,220 38.8 1,925 104 Mercury Cougar 16,195 38.7 1,525 105 BMW 7 Series 62,400 38.5 3,800 106 Chevrolet Prizm* 12,268 38.3 1,275 107 Cadillac Eldorado 39,235 37.8 2,625 108 Dodge Avenger 15,370 37.7 1,500 109 Saturn Saturn 12,805 37.7 1,275 110 Pontiac Grand Am Coupe GT 6 19,070 37.6 1,650 111 Jaguar XJ8 55,200 37.2 3,150 112 Infiniti Q45* 48,200 37.1 2,825 113 Saab 9-5 Sedan 31,025 36.5 2,250 114 Chrysler Sebring 17,800 36.4 1,550 115 Chrysler 300M 28,300 36.2 2,050 116 Chrysler Sebring 17,125 35.8 1,525 117 Hyundai Tiburon 13,599 35.7 1,275 118 Pontiac Grand Prix 21,145 35.6 1,675 119 Pontiac Sunfire-L4 12,745 35.5 1,250 120 Ford Contour Sedan SVT 1 6 22,665 34.5 1,850 121 Saab 9-3 Turbo Coupe 25,900 34.3 1,950 122 Mercedes-Benz SL Class SL600 126,900 34.2 5,275 123 Mazda Millenia* 26,545 34.1 1,950 124 Ford Crown Victoria* 22,625 33.7 1,825 125 Mitsubishi Mirage 11,150 33.6 1,175 126 Mitsubishi Galant 16,990 33.4 1,475 127 Chrysler LHS 28,400 33.3 2,050 128 Chevrolet Cavalier-L4 11,871 33.1 1,200 129 Hyundai Elantra 11,499 32.8 1,175 130 Mazda 626* 17,665 32.8 1,500 131 Mitsubishi Diamante 27,199 32.6 1,950 132 Buick Riviera 33,790 32.3 2,175 133 Chevrolet Monte Carlo 18,510 32.3 1,500 134 Dodge Neon 11,520 32.3 1,175 135 Mercury Tracer* 11,530 32.3 1,175 136 Plymouth Neon 11,520 32.3 1,175 137 Buick Regal* 21,665 32.2 1,625 26

RANKING OF 1999 USED CARS (Continued) Retail Price Retail Price Original as Percent minus Rank Model M.S.R.P. of M.S.R.P. Trade-In 138 Cadillac Seville $43,355 32.2 $2,500 139 Buick LeSabre 22,725 32.0 1,800 140 Hyundai Sonata 14,999 32.0 1,275 141 Mitsubishi Mirage Sedan DE 12,450 31.9 1,200 142 Pontiac Grand Am 17,470 31.8 1,475 143 Mercury Mystique 6 17,745 31.7 1,375 144 Buick Century 18,215 31.2 1,475 145 Audi A8-V8 57,400 31.1 3,275 146 Buick Park Avenue 31,100 31.1 2,075 147 Pontiac Bonneville 22,880 31.1 1,775 148 Chrysler Concorde 21,510 30.9 1,725 149 Cadillac DeVille 38,630 30.7 2,300 150 Plymouth Breeze 14,975 30.6 1,375 151 Chrysler Cirrus 19,460 30.4 1,500 152 Dodge Stratus 5 15,140 30.2 1,375 153 Oldsmobile Alero 6 18,985 30.2 1,475 154 Oldsmobile Alero 16,325 29.9 1,400 155 Hyundai Accent Sedan GL 9,899 29.8 1,075 156 Ford Escort* 13,290 29.7 1,200 157 Lincoln Town Car* 38,325 29.7 2,250 158 Suzuki Swift 9,099 29.7 1,050 159 Chevrolet Malibu 15,950 29.5 1,375 160 Oldsmobile Intrigue 21,175 29.3 1,525 161 Oldsmobile Cutlass 18,115 28.6 1,425 162 Dodge Stratus 6 18,960 28.5 1,450 163 Ford Taurus SHO-V8 29,000 28.5 1,900 164 Oldsmobile Eighty Eight 23,555 28.4 1,725 165 Oldsmobile LSS 29,105 28.0 1,875 166 Cadillac Catera 34,180 27.8 2,050 167 Chevrolet Metro 8,993 27.8 1,025 168 Mercury Mystique 5 16,390 27.8 1,250 169 Mercury Sable 18,445 27.5 1,425 170 Dodge Intrepid 19,890 27.4 1,575 171 Ford Contour 5 14,460 27.1 1,200 172 Suzuki Esteem 12,199 27.1 1,125 173 Lincoln Continental* 39,550 26.9 2,150 174 Mitsubishi Mirage Coupe LS 14,600 26.9 1,200 175 Chevrolet Lumina 18,190 26.8 1,400 176 Kia Sephia 9,995 26.8 1,050 177 Ford Contour Sedan SE 6 16,995 26.6 1,250 178 Oldsmobile Aurora 36,299 26.0 2,050 179 Ford Taurus 6 17,445 25.7 1,350 180 Hyundai Accent Hatchback L 8,999 24.2 1,000 181 Daewoo Lanos 8,749 22.3 950 182 Daewoo Nubira 12,250 19.8 1,025 27