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We had a whiplash effect in the US. In late 2020 and early 2021, Used car prices plummeted due to so many people trading in 2nd vehicles. I remember tire kicki
by whaleofatw2022 1y ago
We had a whiplash effect in the US.
In late 2020 and early 2021, Used car prices plummeted due to so many people trading in 2nd vehicles. I remember tire kicking a 2008 vehicle that was 2000$ then...
Whiplash on used cars started later in 2021, as people were starting to go back out more and in some cases beginning to RTO.
The combination of rising new car prices and rising interest rates in 2022 only further hurt the market. On top of that the newer cars are in many cases less reliable so people are holding on longer.
Fwiw I just double checked and For reference that same 2008/make/mileage is now more like 5000$...
- grepfru_it 1y agoJust to be Mr pedantic here, the same mileage means you have a much better vehicle 5 years later. I would add 25-40k extra miles to account for typical mileage added per year
- whaleofatw2022 1y agoSorry im not following; unless it is a 'special' car, a 2008 car with 120k miles, except accounting for inflation and market dynamics, would be worth less in 2025 with the same mileage. Except of course for the factors I mentioned (as well as inflation)
- grepfru_it 1y agoOp was comparing the same mileage 5 years later. Being pedantic about an apples to apples comparison would require adding additional miles. Sorry that was difficult to grasp I will try to be clear in the future!