Posted by admin | Posted in Uncategorized | Posted on 16-01-2011
Tags: auto, car, cars, reference, rv resale values, rv sale values, shopping, used rv resale values
Please help with this math problem?
On October 9, 2006, U.S. News & World Report discussed resale value of Recreational Vehicles. Jim Clinnin purchased a used RV with 19,501 miles for $57,484. Originally the RV sold for $80,000 with a residual value of $10,000. After subtracting the residual value, depreciation allowance per mile was $0.88.
How much was Jim’s purchase price over or below the book value?
80k – 10k = 70,000
19,501 * .88 per = 17,160.88 depreciation
70,000 – 17,160.88 = 52,839.12
57,484 – 52,839.12 = 4,644.88 over book value
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