Used car prices rising?
Lexus Test Driver
Joined: Jan 2003
Posts: 5,059
Likes: 546
From: Maryland
There’s a local dealer outside of Boston that is running an ad that if you turn in your lease to his dealership, whether you leased it from him or not, he will give you $500 on the spot. Real shortage of used cars around here for sure. Seeing 10 year old cars for sale on big dealership lots, that’s pretty unusual.
Hopefully my new X7 will be here soon while the prices of used cars are up so I get a good trade in. Unfortunately I ordered the X7 a month too late. I got about $10k off MSRP and had I ordered a month earlier people were getting about $13k off. Of course even the discount I got is probably not there anymore.
Yeah I'm at a similar dilemma, don't have access to another vehicle to use for a few months so I would need to replace right away.
Always liked those GS's!
Temping numbers when looking at resale and trade-in values....but the cars I would replace with are selling for top dollar as well.
I took a peek at trucks last week, just an old beater F-150 or similar to keep around...prices real high on those as well.
Always liked those GS's!
Temping numbers when looking at resale and trade-in values....but the cars I would replace with are selling for top dollar as well.
I took a peek at trucks last week, just an old beater F-150 or similar to keep around...prices real high on those as well.
Hopefully things calm down but it looks like it could be a while.
Lexus Test Driver
Joined: Jan 2003
Posts: 5,059
Likes: 546
From: Maryland
I just got a quote from Vroom and Carvana on my Durango. Vroom was over $55k and Carvana was over $49k. It’s too bad my order won’t be completed for a few weeks, the market can change quickly.
Thread Starter
Racer
Joined: Mar 2018
Posts: 1,589
Likes: 317
From: SoCal
Entirely speculation of course but a couple articles were saying they thought prices were still on the rise and would continue to be high for a while.
Driver School Candidate
Joined: Apr 2021
Posts: 2
Likes: 0
From: Texas
Used cars price rising
You are told inflation in anything is only temporary. Why would anyone buy that? In Medicare($3 monthly premium in 1965) and Postage, the price rises are permanent and they never look back. Modern Monetary Theory (MMT) can keep running because it can get away with printing. Every crisis comes with print solution. But people are talking about recovery, chip shortages and etc. now as good excuses for rising prices of everything. I have not seen car prices, used or not coming down in my life. I remember in late 70s I can buy a good used car for $450 ( 70 Chevy Nova), or $500 for something else. What can you do with that now? Finance department of dirty car dealers(stealers) want to steal from you an extra $500 by keeping you there for 4 hours. That was my last new car buying experience in 2014. No matter how tough you are, they are DIRTIER.
Thread Starter
Racer
Joined: Mar 2018
Posts: 1,589
Likes: 317
From: SoCal
You are told inflation in anything is only temporary. Why would anyone buy that? In Medicare($3 monthly premium in 1965) and Postage, the price rises are permanent and they never look back. Modern Monetary Theory (MMT) can keep running because it can get away with printing. Every crisis comes with print solution. But people are talking about recovery, chip shortages and etc. now as good excuses for rising prices of everything. I have not seen car prices, used or not coming down in my life. I remember in late 70s I can buy a good used car for $450 ( 70 Chevy Nova), or $500 for something else. What can you do with that now? Finance department of dirty car dealers(stealers) want to steal from you an extra $500 by keeping you there for 4 hours. That was my last new car buying experience in 2014. No matter how tough you are, they are DIRTIER.
My neighbor mentioned thinking about selling his home while the price was so high...I asked him since when would ever get "so low" in comparison moving forward? Never. Of course he thought "anything can happen" which is kind of true but no generally speaking it's only going to go up.
I've arranged deals with dealers over the phone prior with a signed sales sheet before j arrive. Have also left them sitting in the office asking they not call me unless they have a question and until they're are done, ready for me to sign and hand over the keys. Didn't really work lol, they take forever.
Lexus Champion
Joined: Apr 2007
Posts: 11,118
Likes: 123
From: Southeastern PA
You are told inflation in anything is only temporary. Why would anyone buy that? In Medicare($3 monthly premium in 1965) and Postage, the price rises are permanent and they never look back. Modern Monetary Theory (MMT) can keep running because it can get away with printing. Every crisis comes with print solution. But people are talking about recovery, chip shortages and etc. now as good excuses for rising prices of everything. I have not seen car prices, used or not coming down in my life. I remember in late 70s I can buy a good used car for $450 ( 70 Chevy Nova), or $500 for something else. What can you do with that now? Finance department of dirty car dealers(stealers) want to steal from you an extra $500 by keeping you there for 4 hours. That was my last new car buying experience in 2014. No matter how tough you are, they are DIRTIER.
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Lexus Champion
Joined: Apr 2007
Posts: 11,118
Likes: 123
From: Southeastern PA
My neighbor mentioned thinking about selling his home while the price was so high...I asked him since when would ever get "so low" in comparison moving forward? Never. Of course he thought "anything can happen" which is kind of true but no generally speaking it's only going to go up.
Driver School Candidate
Joined: Apr 2021
Posts: 2
Likes: 0
From: Texas
Prices may fluctuate downwards but I agree, the value will never go BACK to what it once was or anything. Used cars being over MSRP however should be corrected in time. If your car or home value goes up 20% during inflation it may drop later but never the whole 20%. It is a different kind of market than healthcare or postage though.
My neighbor mentioned thinking about selling his home while the price was so high...I asked him since when would ever get "so low" in comparison moving forward? Never. Of course he thought "anything can happen" which is kind of true but no generally speaking it's only going to go up.
I've arranged deals with dealers over the phone prior with a signed sales sheet before j arrive. Have also left them sitting in the office asking they not call me unless they have a question and until they're are done, ready for me to sign and hand over the keys. Didn't really work lol, they take forever.
My neighbor mentioned thinking about selling his home while the price was so high...I asked him since when would ever get "so low" in comparison moving forward? Never. Of course he thought "anything can happen" which is kind of true but no generally speaking it's only going to go up.
I've arranged deals with dealers over the phone prior with a signed sales sheet before j arrive. Have also left them sitting in the office asking they not call me unless they have a question and until they're are done, ready for me to sign and hand over the keys. Didn't really work lol, they take forever.
Last edited by DaveGS4; May 26, 2021 at 03:05 PM. Reason: No politics discussion on our community
i sold my tacoma for almost the same price (within $1k) i bought it for 6 years ago! then bought a used sequoia for more than i wanted to spend because of this weird market we have. i really wanted a tundra but trucks are even more inflated than i wanted to spend! lesson: should have kept the taco haha!
Thread Starter
Racer
Joined: Mar 2018
Posts: 1,589
Likes: 317
From: SoCal
Lexus Champion
Joined: Jan 2012
Posts: 17,316
Likes: 557
From: Knoxville, TN
People are cleaning out the last of the 200 series Land Cruisers this year bc the 5.7 V8 has been dropped, I think sales are up 30-40%? I'm on Ih8mud and people are snatching up them up fast.
Pole Position
Joined: Mar 2014
Posts: 3,354
Likes: 555
From: fl
New car prices are rising as well - the cost of goods is increasing. I read an article on Bloomberg yesterday about what's happening with new car prices. Due to this, used car prices will remain high for a while IMO. A guy I know does very large volume in helping a dealership with their used car inventory and does a lot of buying and off loading of their inventory at auction. He said he's paying 20+ percent more for a used Camry now than he was 6 months ago - and the dealership is selling these 2-3 year old Camry's for very close to sticker of a brand new Camry (same line). He's been in this business over 30 years and says he's never seen it like this. The dealers are doing very well.
Lexus Champion
Joined: Jan 2012
Posts: 17,316
Likes: 557
From: Knoxville, TN
I don't get this either. I have amazing equity in my house and could make a huge return, but I'd just have to "buy right back into the market" effectively erasing my wealth.