Used car prices rising?
Driver School Candidate
Joined: Aug 2020
Posts: 18
Likes: 5
From: CA
Regardless, the fact of the matter is that they came out on top with their previous car.. what they chose to do with that money is their business.
But thank you for reaffirming my point that it IS a sellers' market right now. Everything is overpriced.
Lead Lap
Joined: Apr 2002
Posts: 4,892
Likes: 14
From: Virginia
Did a quick write up on our experience with the "carbitrage" of 2021.
Traded up for the 2021 PacHy thanks to fed credit, and then was able to pocket $5K profit just the other month as we sold it to a dealer.
No discounts on new cars and inventory shortages are pretty nuts, as everyone is seeing.
https://carsplain.com/carbitrage-202...-the-minnyvan/
Considering flipping our e-tron as well. Last buy bid was nearly $60K. Our lease cap cost last year was in the mid $50k...
Traded up for the 2021 PacHy thanks to fed credit, and then was able to pocket $5K profit just the other month as we sold it to a dealer.
No discounts on new cars and inventory shortages are pretty nuts, as everyone is seeing.
https://carsplain.com/carbitrage-202...-the-minnyvan/
Considering flipping our e-tron as well. Last buy bid was nearly $60K. Our lease cap cost last year was in the mid $50k...
Lexus Test Driver
Joined: Mar 2013
Posts: 5,450
Likes: 949
From: IL
CL Community Team
Joined: Mar 2017
Posts: 9,304
Likes: 3,959
From: USA
Lexus Champion
Joined: Aug 2006
Posts: 12,497
Likes: 251
From: Illinois
For the past 3 months or so I've been checking offers from CarMax, Carvana and Vroom on our '19 BMW X3 and the prices have been all over the place but continue to go up. Between 9/21 and 10/26 the offer from CarMax went up $6,400 (17%). The others were up too but not as much. I'm close to pulling the trigger once I get past the thought of going to one car.
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Lexus Test Driver
Joined: Mar 2013
Posts: 5,450
Likes: 949
From: IL
Lexus Champion
Joined: Aug 2006
Posts: 12,497
Likes: 251
From: Illinois
Lead Lap
Joined: Mar 2014
Posts: 3,825
Likes: 1,328
From: NY
My co-worker had a 2013 BMW 535i GT with a major air suspension problem: dealer wanted $2900 to fix it. He got a quote two weeks ago from Carvana to sell (not disclosing it had an issue) and they were offering $17,900 as-is.
He ended up fixing the problem at an indy mechanic for around $700 bc its his daily and he needed it to run properly (he said with the suspension problem, it looked like the car was purposely dropped with lowering springs).
He got another quote last week from Carvana (again not disclosing any issues) and they offered him $18,800. He sold it immediately to Carvana. They picked it up, he said they barely even looked at the car, took the title, gave him a check for $18,800 and drove off.
For no reason at all, his used car carried an extra $900 in value in a 2 week period. Used car prices are through the roof!
He ended up fixing the problem at an indy mechanic for around $700 bc its his daily and he needed it to run properly (he said with the suspension problem, it looked like the car was purposely dropped with lowering springs).
He got another quote last week from Carvana (again not disclosing any issues) and they offered him $18,800. He sold it immediately to Carvana. They picked it up, he said they barely even looked at the car, took the title, gave him a check for $18,800 and drove off.
For no reason at all, his used car carried an extra $900 in value in a 2 week period. Used car prices are through the roof!
Pole Position
Joined: Sep 2006
Posts: 2,669
Likes: 223
From: DE
a forum member reached out to buy my 2018 LX, I have 16k on it black on read every single option. I can't make up my mind to sell it or not. the prices are all over too, seems like KBB data is not what the cars are going for on dealers. Carvana/Vroom never got back with the offer. I want to get the new LX but not the first cycle, But getting some cash would be nice. I just dumped a bunch on money on home renovations.