29 ms·
Used car market gets even more bizarre
- narrator 5y agoNo one has mentioned that people don't want to take public transport because of pandemic risk. Public transport ridership is down by a lot and hasn't recovered.
- Hamuko 5y agoApparently the Honda e is bucking the trend. I could buy a brand new Honda e Advance from Honda for 39 886 €, or I could buy a 2020 model with 2000 km on the odometer from a car dealership for 29 800 €. I'm guessing its subpar battery range doesn't do wonders for values.
- eof 5y agoanecdotally; the lower end of the car market doesn't really seem affected. prices for 10+ year old cars that aren't "nice" but are easily reliable with regular maintenance still seem widely available and cheap. tangentially; I have always seen the premium for a nice car to be a really low value at normal income levels.
- djrogers 5y agoWidely available and cheap doesn’t equate to ‘as cheap as last year’. I bought a fairly well used 2006 Honda in Jan of 2020 for $5k. After denting the rear fender badly and putting 20k miles on it, it’s worth $7-8k. A vehicle like that has never appreciated like that. Cash for Clunkers had an impact on availability of $1000 beaters, but nothing like what we’re seeing now.
- olyjohn 5y agoI used to be able to pick up decent cars (something that needs a little work but runs and drives) for like $500-1000 all day long. Those days are gone. If it runs and drives, you're lucky to get it under $1500-2000.
- yawnxyz 5y agoI'm trying to get rid of a 2007 Civic as I'm moving, and can't really seem to get a very good price for it anywhere...
- wrs 5y ago“The strongest months are always during tax refund season, so late fall usually represents the lull in the market…” I’m sure this isn’t the full explanation, but the IRS is so messed up this year that this is tax refund season. I didn’t get my refund until a month ago, and my accountant says many others have waited this long.
- dlmiller 5y agoMy car died, needing a new engine, so I was forced to get one in October. I usually only buy used, but prices are so inflated it didn't seem worth the premium. Used 2017-2020 Toyota Rav4's with 30-60k miles were the same price as a new 2021 model, if you could get one. I knew it was bad, but I was shocked of how bad it was. I went to multiple mega dealerships with 500-1000 cars that were all spoken for. Most had 0 new cars available.
- kybernetyk 5y agoSame here. For just 10k euros more I got a current year new model vs a used 2016. Used car market is crazy.
- Syonyk 5y agoAt that point, why not just put a new (junkyard from a wrecked one) engine in?
- dlmiller 5y ago$7,000 to put a new engine in a 2011 GMC Terrain that was worth maybe $8000. The engine was recalled by GM for excess oil consumption, my engine had the fixed installed and still died 30k miles later. I went with a new one because that particular vehicle ended up costing me more monthly than a car payment.
- mytdi 5y agoI think OP's advice is good, that's what I would do, but I think for this particular vehicle it's not a good idea to replace the engine with a used one from a junkyard, because they have a lot of engine problems and the replacement engine wouldn't last long either. A friend of mine found out the hard way. Other vehicles though, I think it would be worth it replacing the engine with a used one in good condition.
- syshum 5y agoMy truck is worth more today then when I bought it 4 years ago... Crazy that automobiles are now an appreciating asset...
- carabiner 5y agoMy truck, a 2015 Tacoma, is worth $4k less than what I bought it for 3 years ago. So totally normal depreciation in my case.
- post_break 5y agoA tacoma is one of the few vehicles that don't depreciate. My 2017 Chevy colorado I just offloaded for 3k less than I paid essentially, that's crazy.
- mrfusion 5y agoI wonder why their lease prices don’t reflect the low depreciation?
- throwaway0a5e 5y agoBecause why would they when they can just not and make even more money. It all makes sense when you realize that luxury car brand economics apply to pretty much every Toyota (other than arguably whatever their most subcompact hatch offering of the year is) because that's who their buyer demographics are.
- technothrasher 5y agoA quick look has the three year lease residual values on a Tacoma in the 75-80% range. That's higher than other trucks in its class (such as the Chevy Colorado at like 64%). With seemingly similar money factors and sticker prices, that will absolutely reflect in a monthly lease payment.
- deleted 5y ago[deleted]
- larrydag 5y agoHere's the flip side of that from auto lenders. They are seeing a huge recovery benefit from repossession of vehicle after chargeoff. Lenders portfolios are seeing a net benefit in chargeoffs which has hardly ever happened in recent history. Even more bizarre. https://www.yahoo.com/now/ally-financial-ally-beats-q3-124512821.html https://www.yahoo.com/now/ally-financial-ally-beats-q3-12451...
- latortuga 5y agoAnother flip side effect. My dad is a CFO at a car dealership and tells me that the banks are having problems due to the lack of cars as well. A dealership will normally float all their inventory on a big bank note but they basically have no cars on the lot to sell which means the banks underwriting those notes are making no money on interest. Multiply it by thousands of dealerships nationwide and this has big impacts on revenue to those banks.
- shard 5y agoCould you clarify what this means for a layman? AIUI you are saying that a car dealership will borrow money from the bank to purchase their inventory, but nowadays with no inventory, banks are not getting payments from the dealers for the money they've borrowed. 1. With no inventory, why does the dealer need the money from the bank? 2. If the dealer is still borrowing money from the bank despite having no inventory, don't they still need to pay interest? I think there is something fundamental that I am misunderstanding here.
- skybrian 5y agoIt sounds like dealers choose how much to borrow. If they borrow less, banks get less interest, meaning less income, unless they replace it by finding other people to make loans to.
- mdavis6890 5y agoDealers have a line of credit, like a credit card, that they use to purchase inventory. They pay it back as they sell cars, and run it up as they buy new inventory to replace it. So the overall loan balance roughly represents their current unsold inventory. No inventory means no loan balance, which means no interest payments to the bank.
- speedgoose 5y agoIn Norway it's relatively normal. Plenty of used cars at normal prices and if you want a new car you can buy a Tesla and get it next month.
- rupi 5y agoUSA here - ordered a Tesla Model Y in July 2021. Estimated delivery was October 2021. A couple of weeks ago, that date changed to April 2022.
- speedgoose 5y agoYes the Tesla cars we can buy without too long wait are from the Chinese factory. I ordered my Model Y late August and got it beginning of September.
- mrfusion 5y agoYou can choose the factory?
- chrisjc 5y agoConfiguration probably dictates origin.
- wbsss4412 5y agoAnd tariffs. USMCA heavily biases car manufacturing towards North America.
- speedgoose 5y agoIts not explicitly said but Long range is from China, and Performance is from USA.
- mrfusion 5y agoSo you can get a long range a lot sooner?
- symlinkk 5y agoUsed car prices have doubled, yet the “official” inflation figure is only 6%?
- alphabettsy 5y agoIt’s based on weighted numbers.
- erehweb 5y agoThe average selling price may have doubled, but this is affected by the mix of cars that get sold, as outlined in https://publish.manheim.com/en/services/consulting/used-vehicle-value-index.html https://publish.manheim.com/en/services/consulting/used-vehi... - correcting for that says prices went up 38% Y/Y
- baggy_trough 5y agoWho are you going to believe, your wallet or a government stat laundered by bureaucrats who want it to be as low as possible?
- wbsss4412 5y agoWhat percentage of your personal monthly budget gets spent buying a used car? That is, not in servicing loan payments, but actually buying cars. Inflation is weighted for this reason.
- symlinkk 5y agoIt’s probably the number 2 most expensive monthly payment the average person has beyond a mortgage. What’s your point?
- wbsss4412 5y ago“Not servicing loan payments, actually buying cars”. The average family isn’t but a whole new (used, but new to them) car every month. The percentage of people actually buying cars right now is a small fraction of the population. For everyone else, the price they bought their car was set when they bought it, and inflation has no affect on their loan payments.
- acd 5y agoIt would be interesting if house and car prices counted when reporting inflation figures.
- baq 5y agohousing and rent is ~1/3 of CPI. used cars are ~2.5%.
- Scoundreller 5y agoSo if used cars double in price, then that's 2.5% of absolute inflation before anything else moves.
- alphabettsy 5y agoThey do afaik. https://www.bls.gov/cpi/factsheets/used-cars-and-trucks.htm https://www.bls.gov/cpi/factsheets/used-cars-and-trucks.htm There are different CPIs and debate over accuracy.
- mrfusion 5y agoI found the key to getting a new car is being flexible with the make and model. I found a few males that had a nearly reasonable level of inventory. They still wouldn’t negotiate price but at least I got a vehicle.
- OldHand2018 5y agoOne of the other oddities of this market is that prices for "normal" cars have increased at a higher rate than prices for "upmarket" cars. There is now some pricing overlap that never used to be there.
- avn2109 5y agoThis is interesting, can you give some examples?
- lastofthemojito 5y agoIt's interesting to browse Carvana - many of their listings include a link to a window sticker, which includes the original MSRP. Some normal cars, especially ones in high demand like the Kia Telluride, are quite marked up. Here's an almost-new Telluride listed for $46,990, but if you look at the window sticker, the MSRP when new was $35,770. https://www.carvana.com/vehicle/1936818 https://www.carvana.com/vehicle/1936818 One the other hand, the Mercedes GLC isn't at the top of most people's lists. Here's an almost-new one listed for $49,990. According to the window sticker, original MSRP was $51,125. https://www.carvana.com/vehicle/2059912 https://www.carvana.com/vehicle/2059912 MSRPs $15k apart, but now listed for a just a $3k difference.
- el_benhameen 5y agoAs another poster noted, Kia is a particularly good example. I am trying to buy a Kia suv and would normally have thought of it as a mid- to lower-level consumer brand, but there’s insane markups and competition for them right now. The Sorento tends to be marked up $3-8k over msrp in the bay area, and I’ve seen the Telluride marked up $10k+. I went to test drive a Telluride; the first one was bought as I was getting in and the new owner shouted me out of the car, and the salesperson told me to decide whether I wanted the second one before I got back or he’d have it sold. Anecdotal, but he told me that folks who would usually go for a Range Rover like the style, so they’re happy to pay $60k for a marked up Kia versus $100k for whatever else they would have bought.
- OldHand2018 5y agoI had an article that had a big list, but unfortunately I can't find it any more. You can do some web searches and see that the brands with the largest price gains are "normal" while the brands with the smallest price gains are "luxury" cars. You may do best with some anecdotal evidence, however. I moved from the city to the country this year and needed to buy a 2nd car to get me to/from the train station once work went back in person. We were targeted for an October return, so my plan was to buy a cheap used car starting around July. I quickly found that cheap used cars don't exist, but certainly the ones that were the least overpriced were luxury makes, which I associated with concerns over long-term reliability - but I now think that was incorrect. Once I gave up on used cars, I started looking at new cars. "Normal" dealerships were an incredible pain, especially once they found out that I was not going to trade in the car I arrived in. They all wanted high prices above sticker price, long waits, all sorts of games with add-on packages, etc. The two closest dealerships to me were Mercedes and Audi, and when I went to them I found no games, no markups, no giant crush of buyers clogging everything up, etc. I ended up with an Audi Q5 at ~$2k below sticker price (~$46k), the same price range I was being quoted for a Honda Ridgeline (well over sticker - and not even the top model). In normal times it probably would have been $5k below sticker, but whatever. The return to office got delayed again - maybe early 2022 - so it now just sits in the garage getting dusty. Still has the new car smell.
- pengaru 5y agoI daily drive a beater NA Miata, and throughout the past year or so I keep getting harassed to sell it. In the parking lots of grocery stores, post office, home depot, you name it and someone has literally camped out waiting for me to return just so they can try pressure me to sell, often quite rudely too. From my perspective it's pretty crazy, the car appears neglected with a very rough exterior... it doesn't scream "buy me, you won't regret it". People are behaving desperately.
- Hamuko 5y agoNA Miatas are becoming rarer, especially if yours is not modified to hell and back. And collector car prices have been climbing a lot recently.
- pengaru 5y agoSure, but mine is a ~350k mile piece of shit with a salvage title after someone T-boned it at low speed, and I haven't made any real attempt to repair that damage. Nobody in their right mind looks at my Miata and thinks "collector car!"
- culopatin 5y agoNo rust? In todays Miata market? 3k. Back in 2016, 3k was a clean sub 100k mi Miata
- olyjohn 5y agoSomeone wants to build an Exocet or a Miata-kart out of it. I think that's where a lot of them have gone.
- pengaru 5y agoThese are usually quite obviously parents with a newly licensed kid anxiously watching the interaction from the back seat. But yeah, occasionally it's a gearhead who wants to do something like that - it's the exception though. Those instances we end up talking shop, and that's kind of always been a thing (I've driven Miatas for over a decade, this is my third). The ~recent thing is the parents harassing me, it's like they can't find cheap first cars for their newly licensed children.
- stillbourne 5y agoI bought my car, a 2015 Toyota Rav4, in 2017 for 18.5k It is now has a resale value of 20.6k.
- andrewmunsell 5y agoThe MSRP for my Tesla Model Y, which I got May 2020 and has 17k miles now, was ~$54k. For kicks I asked Vroom for a quote and they were willing to pay $61.5k in my area... If this weren't my only car, I would probably be taking them up on it.
- grubbs 5y agoCarmax was willing to pay a couple grand more than I paid brand new for my 6-speed manual Golf Alltrack (10k miles).
- atarian 5y agoSo is this a good time to sell my car if I don't really use it or should I hold onto it?
- jzymbaluk 5y agoProbably the best time in history to sell a car you don't need
- obmelvin 5y agoI think it depends on how long you can wait until you would need another car. Yeah, you can potentially lose little to none in depreciation (or gain in some situations) selling your car currently. If you have another car or just don't need one, can be quite nice to get great value + reduce your insurance/gas etc. But if you will need another car again in 12 months I think it's a bit unclear whether it's worth it & where the market will be (granted - i'm no market analyst). If it's no issue to wait 24+ months I definitely think it's an amazing time to sell cars that get little use.
- codegeek 5y agoFor sure. My 2010 used Acura has never been valued so high even though I am not looking to sell.
- dionidium 5y agoI explored trading in my car a couple months ago and got lowballed by the dealership. I wonder if it's time to try again.
- _fat_santa 5y agoIf you have another car you can use then it's a good deal. The problem now is any profits made from selling your car will be eaten up by the inflated price whichever car you are trying to buy.
- dionidium 5y agoI don't have another car, but I have a flexible remote work arrangement, so I might be able to float a few months without one, if trading my 2017 for a 2021 makes sense financially (i.e. if the increase in the value of my used car offsets enough of the purchase price of a new car to make it worth it).
- _fat_santa 5y agoI bought a 2009 4Runner back in March for $15k. Back then $15k would buy you the nicest 4th Generation (03-09) 4Runner. Now days that seems to be the average asking price, most 4Runners from that generation are going for at least $12k (with over 200k miles) and the nicest ones (with low 100k miles) are fetching over $20k. That's 15k to 20k for a car that is 11 years old at it's youngest and mileage under 150k is considered "low mileage"
- skt5 5y ago4Runners are notorious for holding their resale value well since they're known to be very reliable vehicles that can run 400k miles+ if you take care of them. You can put Land Cruisers in this category too.
- AutumnCurtain 5y ago09 Accord with 70k miles, bought in 2012 for 15k. Appraised in September 2021 at $6800 at Carmax and then sold to them in November 2021 for $7900. Dealership had offered $5000 for it in 2020.
- hermanradtke 5y agoI found a 2008 4Runner v6 engine with 4 wheel drive some years back. People ask me all the time to sell and I never will because that platform is so solid.
- lotsofpulp 5y agoDoes the 4 in 4Runner not mean they all have 4 wheel drive?
- arh68 5y agoNope! Many are 2WD (RWD), perhaps even most depending on the area. Some are full-time 4WD, but many have the manual 4WD selector 2H-4H-4L.
- 5y ago
- boringg 5y agoIs this across all makes and models?
- Digory 5y agoSo the working explanation is that the disappearance of new cars (due to chip shortages) has doubled the price of used cars? How long can that bubble last? Is it the same globally?
- toxik 5y agoIn northern Europe, it’s business as usual. Maybe our volumes are so small that the market need for new cars is still met?
- Digory 5y agoInteresting. A doubling in the US seems bigger to me than just the chip shortage. I wonder if the US tax incentives/spending policy this year are increasing demand at the same time supply is short?
- tonyedgecombe 5y agoMy wife's car has gone up in value by 20% since we bought it two years ago. This is in the UK.
- jedberg 5y agoI just priced out my minivan -- only down 20% since I bought it 4.5 years ago. Crazytown.
- azinman2 5y agoI sold my car to Carvana after buying it used 3 years later for $700 less than I had bought it for, and that was months ago.
- CoastalCoder 5y agoAnyone know if this is happening with used cargo vans, e.g. the Amazon-branded delivery vans, or something larger e.g. the smallest Ryder box trucks? I was considering getting a new or used pickup in the next year or so, but one of those babies would serve me even better.
- RandallBrown 5y agoI've been trying to buy a new cargo van from Ford since May. They originally told me it would be ready in November but then there were so many orders mine got pushed to the next model year. I'm hoping to get it before the end of winter... I'm not super sure about the used market but these vans have been very in demand for things like camper conversion.
- hbosch 5y agoI think so. Trying to find a Transit or Sprinter right now is hard enough.
- 0xFreebie 5y agoMight their be some need to legislate chip allocation? What would sink GDP more: one year of no new cars, or one year of no new phones? Which would have the greater domino effect on the economy? Because auto manufacturers are such low margin, they can't buy chips reserved by monopoly businesses. But what happens when people can't afford a new phone because they can't get to work?
- nemothekid 5y agoI'm not sure that would help at all; the issue isn't that Apple used up all the capacity, it's that the auto makers scaled down a process that needs months to scale up.
- baggy_trough 5y agoIf you wanted to stick a knife in this already reeling economy, centralized planning of chip allocation would be an excellent way to finish it off.
- tobyjsullivan 5y agoWhat would it look like if asset speculation hit the used car market? Would it look much different than this? Normally that would be a poor investment because same-car prices steadily trend downward. But if the market changed such that used car prices were increasing - say, due to a shortage of new car availability - then would some investors be inclined to start hoarding used cars?
- mpol 5y agoIf prices are increasing faster than the maintenance that is needed :) Hoarding used cars for a slightly long time will have them deteriorate somewhat. Some will have small issues, some might have bigger. Theoretical value might be higher, but when selling time comes the practical value might be a disappointment. Getting them ready for sale will have costs. Car dealers just go for fast profit, like they always did.
- rossdavidh 5y agoAll true, but I feel compelled to point out that houses need maintenance as well. But, as a percentage of the price, probably not as much.
- neogodless 5y agoAll I can offer is an anecdote. I have a 2015 Mazda 3 (top trim level, with 34,000 miles on it.) Purchased 4.5 years ago with 8k on it for just under $20k. Well over a year ago, I started checking KBB.com values to either trade it in or sell it. Back then, trade was close to $12k, and private party was a bit over $13k. I've checked several times since then, and the price has basically grown and grown. As of today, it's showing $18k trade-in and $18.5k private party. As little as I drive, I'm very tempted to sell. But at the same time, I could drive this car for the next 10 years easily. With remote work being a permanent fixture for me, I don't really need the car, but I'm still a bit emotionally attached to it. But am I more emotionally attached than I would be to $18,000? I am curious, though, how well KBB aligns with real world transactions and what dealers are willing to pay. (It's always been a hassle negotiating dealers to give you anywhere close to KBB trade-in values.)
- axiosgunnar 5y agoWhat would you do after selling? Go by foot? Or buy another car at similarly inflated prices?
- neogodless 5y agoAs I hinted, I work from home, as does my spouse. We could share her car, as we often do now. My car is just a luxury/convenience item at this point, not a necessity. (Though I have an irrational desire to eventually get a truck to help with my chores around the property. But no rush on that.)
- capableweb 5y agoThey said themselves that they don't really need the car anyways. Is walking (or bicycling) to places really such a foreign concept to so many people?
- peteradio 5y agoYou are in a good position to wait for a sweet private party deal. I'm not sure if you will ever get KBB at a dealer but many private buyers will use it as a reference point so you should be able to get close to that asking as long as you have assessed its condition properly.
- cmckn 5y agoI bought a new car in 2019 and it has about 10,000 miles on it. I could sell it for what I paid for it, which is completely absurd. If I knew I’d be able to buy another car in ~6 months, I’d sell it in a second. But the auto industry backlog is looking more like 12-18 months to me.
- sushsjsuauahab 5y agoThese are micro-optimizations that aren't very meaningful. It's more important to simply just have a car, than it is to have a car for a very specific price. It's the same reason why people would pay $12 at an airport for what they could get in bulk for $0.50
- jmspring 5y agoRecently had a car totaled. Blue book was about 19k private party sale in excellent condition. Insurance gave me $27k. So yes it’s nuts.
- speeder 5y agoAnything that depends on Silicon right now is heavily warped. For example my GPU used is seemly now more valuable than I paid for it new, I will soon attempt to sell it. Meanwhile new GPUs area crazy expensive too, people like to blame miners but even GPUs terrible for mining are crazy expensive, I actually then considered mining to pay a new GPU, only to find out that mining is not being too profitable either, the most profitable GPU I could find visiting mining calculators would be whatever one in my country would take me 2 YEARS to pay off, so I doubt miners are actually that hot for GPUs... I also need a SSD ( don't have any, I still use HDDs), found out my mobo has poor suport for one. Calculated price for new computer assembled from parts, found out it is not even POSSIBLE to build one, a lot of parts are 100% out of stock, for example every single website I entered has mobos with AMD X570 chipsets sold out, sound cards, even crap 5 USD ones to plug on USB? sold out. SSDs bigger than 500gb? Sold out. GPUs? Mostly sold out excepting really crap ones (those tiny boards that fit in a 1x slot) or really good ones (those that cost as much as a motorcycle). CPUs? A bunch of them sold out too, one I actually saw with plenty of stock is EPYC 7742 that has the same price as a SUV here O.o (I am not even sure what someone would use that CPU for... seriously what you do with 128 threads???) Also my wife wanted a TV (we didn't had one, we were using a borrowed one). We visited a lot of stores before we found one in stock, and when we found it and purchased it, it triggered multiple stores from the same franchise to start to angrily message each other arguing about who should have the last pieces in their storefront...
- traceddd 5y agoI agree it’s shortages and not really miners to primarily blame for the GPU issues… but the type of mining you are doing is not the same as professional miners. There is tons of demand.
- gigel82 5y agoGPUs are bad, CPUs are getting better, but the rest (except for RAM during mid-2020) are in plenty supply... I'm also looking for a SSD and there's quite a few options going on special (well below MSRP) these days. I'm waiting for Black Friday to pull the trigger, but maybe I shouldn't if things continue going this route. FWIW, I just extended the lease on my Leaf for the 2nd 6-month term because there is simply no new Leaf in stock anywhere within 100 miles of Seattle; at this rate, I might as well buy it out (even though when I got, I negotiated for a great monthly rate and didn't care about the residual).
- AtlasBarfed 5y agoA huge price inflation in ICE is perfect for making EVs more affordable from a perception standpoint. When the drivetrain cost drops well under ICE (pre-inflation, which should happen with Tesla in about a year depending on 4680 production) and charging takes off, ICEs will look completely noncompetitive. If solid state batteries become feasible and/or LFP hits the magic density number of around 200-250 wh/kg? Look out. The bottom is going to fall out.
- RC_ITR 5y agoThe real problem will be when supply normalizes, used cars return to their sub-20k wholesale price, and a bunch of people are underwater on bad loans for (once again) depreciating assets. Have fun with that everyone!
- Skunkleton 5y agoI wonder what gap insurance is like these days. I can't imagine that it hasn't gone up in price significantly.
- chadash 5y agoProbably the opposite. If the car is worth more than you owe you shouldn’t need gap insurance.
- BoorishBears 5y agoYou're thinking too short-term. If you accept the thesis we're in a bubble that will deflate, soon cars will be worth even less than they were during the run-up, so the difference will go from positive to deeply negative in a hurry.
- eru 5y agoPresumably, people know about this possibility, and it's reflected in prices already? For many people a car is a productive asset. As in, they need it to do their jobs. Even if it's just to commute to work. So 'overpaying' for a car now might still be the right thing to do, even if you know full well that it's gonna lose a lot of value in a year or less.
- 1vuio0pswjnm7 5y agoAnyone have more details on specifically what these chips are and what they are used for in the "modern" automobile.
- sagarkamat 5y agoPretty much everything. Every electronic system in your car pretty much has its own small brain. Different manufacturers are missing different chips and hence being affected differently. For some it's their seat adjustment system, for some its fuel management, for others its touch screens.
- llamataboot 5y agoI am out of the country for a few months and was going to sell back my car but decided that at 0% financing it was actually an investment to let it sit. Not often does a used car become an appreciating asset, but here we are.
- shostack 5y agoWhat is a good strategy then if one expects to need to buy a vehicle in the next 6mo?
- gao8a 5y agoI feel like my Lexus is300 has actually appreciated the least out of all the vehicles I’ve looked at. So there’s that :(
- snug 5y agoBuy a new one
- baggy_trough 5y agoWhy wouldn't they have similar markup due to the same forces?
- tonyedgecombe 5y agoMake sure it really is a need and not just a want.
- tnel77 5y agoI know this is anecdotal, but I ran a Carvana offer today just to see what they’d give me for my one year old Subaru Forester. Their offer is $2,000 higher than my payoff quote from the bank. I haven’t tried shopping around to see how that offer compares to Carmax or a dealership. I still need this vehicle, but it’s crazy nonetheless.
- Jxl180 5y agoCarvana is offering me $7k over my payoff quote on my 2.5 year old lease.
- digianarchist 5y agoMy lease ended recently and Subaru cut me a $5k check to take it back. They gave me another lease on a new vehicle for a lower payment. It's 2.5 years but I only need it a year. They suggested I bring it back in then and they'd likely buy it back off me if things don't improve.
- sdenton4 5y agoTime to ditch cars and switch to e-bikes...
- tonyedgecombe 5y agoPrices of e-bikes have been shooting up as well. I bought mine for £2100 four years ago, the current equivalent is now £3000.
- rootsudo 5y agoIt's interesting as this is mostly an American phenomena. In other places, where cars are ordered weeks/months out, the price is set and the dealership does a flat value add on at best. In USA, it is common to have hundreds, if not thousands via floor financing - too bad for FIAT. If they could've held on they probably would be having a good year. I've seen the trend of cheaper to buy a new car then a used one for 1-3yr old models for a while but now it has fully encompassed the whole market it's bizarre. 10yr old cars selling for 50% still. With high usage, 100k+ on odometer in miles. I'm still confused if it's a sign of inflation/weak money or just true demand. Where are all these cars going?
- authed 5y agoI don't use my car much.. thinking about selling my 2019 and buy back a 2022 for the same price in a year, if I get lucky.
- King-Aaron 5y agoA brand new 2020 Toyota Landcruiser is worth a lot less than a second hand one in Australia right now. $160k+ for a second hand one :(
- l8rlump 5y agoRelated: https://www.motor1.com/news/521995/2022-toyota-land-cruiser-resale-forbidden/ https://www.motor1.com/news/521995/2022-toyota-land-cruiser-...
- m0zg 5y agoI wonder where all this market has gone. I've looked into selling my 7 year old BMW, and best I can tell by surveying craigslist, the prices are not substantially higher than they were before COVID. I looked at how little I'd get and decided to keep the car. It's probably like with any other market - low end is super volatile, higher end much less so.
- Elora 5y agoEverybody's discussing the effects of what's happening, but where did this demand come from? Sure, a bunch of people sold cars during Covid last year (but those cars went to someone else, they weren't destroyed), but lots of people who WFHd last year are still WFH this year. Why does everyone suddenly need a car? Cheap credit is definitely at least in part fueling it.