4 ms·

Obviously most people can’t do this but a family member was recently approached by the dealer who sold him his most recent work truck. He’s driven like 30k mil

Obviously most people can’t do this but a family member was recently approached by the dealer who sold him his most recent work truck. He’s driven like 30k miles on it in the past 2 years and it was a $75k Chevy diesel. Dealer offered him $90k to buy it back from him (to sell to someone else) and my family member said “Sure”. So he made $15k on an asset that should have lost 1/2 its value by now. Obviously rare and hard to take advantage of but some people are absolutely capitalizing on the weirdness.

wonderwonder 5y ago
I assume that in most situations like this the original person with the truck would have to replace that truck. In this case he now has to pay 90k for the truck he originally paid 75k for.
- dahfizz 5y ago
  Or hobble along with a "free" $15k clunker until prices go back down.
- mikeyouse 5y ago
  Perhaps, but it's not uncommon for these places buying new-off-the-lot high end trucks (my family members' included) to have a dozen+ vehicles at their disposal. He's planning on using his 5-year old similar HD truck until the market thaws a bit, but it's also overkill for most everything he does. One of the many work vans his business owns can likely do 95% of the work. They're mostly just buying the big ones for clout and due to generous tax writeoffs.
alistairSH 5y ago
But what does he drive now? If the truck was just a toy that didn't need replaced, then good for him. But that's not the case for the majority of people.
- bluGill 5y ago
  There are lot of construction workers driving around 20 year old trucks. Those who own a company and don't use the truck as a limo to show off to customers value the extra money in their pocket. The more the truck is abused, the older it will be (concrete and rocks are abusive to the body of trucks so those industries get the oldest ones)

4 ms·

Obviously most people can’t do this but a family member was recently approached by the dealer who sold him his most recent work truck. He’s driven like 30k mil

by mikeyouse 5y ago

wonderwonder 5y ago
I assume that in most situations like this the original person with the truck would have to replace that truck. In this case he now has to pay 90k for the truck he originally paid 75k for.
- dahfizz 5y ago
  Or hobble along with a "free" $15k clunker until prices go back down.
- mikeyouse 5y ago
  Perhaps, but it's not uncommon for these places buying new-off-the-lot high end trucks (my family members' included) to have a dozen+ vehicles at their disposal. He's planning on using his 5-year old similar HD truck until the market thaws a bit, but it's also overkill for most everything he does. One of the many work vans his business owns can likely do 95% of the work. They're mostly just buying the big ones for clout and due to generous tax writeoffs.
alistairSH 5y ago
But what does he drive now? If the truck was just a toy that didn't need replaced, then good for him. But that's not the case for the majority of people.
- bluGill 5y ago
  There are lot of construction workers driving around 20 year old trucks. Those who own a company and don't use the truck as a limo to show off to customers value the extra money in their pocket. The more the truck is abused, the older it will be (concrete and rocks are abusive to the body of trucks so those industries get the oldest ones)