OMG used car prices

Discussion in 'Bad Dog Cafe' started by tfarny, Oct 21, 2021.

  1. tfarny

    tfarny Poster Extraordinaire

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    So our 07 Honda Odyssey is reaching the end of it's useful life span (I don't wrench). We went shopping today for the typical "off lease three year old quality car" at around 60% the price of the new model - ZOMG!
    43k for a loaded Honda Passport with 33k miles, two years old. A three year old Ridgeline with 56k for - 39 grand! And that was all they had at the Honda dealer basically. The Ford guy had a nondescript 3 year old Escape for 30k. These are the prices I would expect for a brand new car...wow. Except they literally did.not.have.any.new.cars. The Ford Maverick is a months-long wait, and I suspect my wife would hate it. She thinks a truck has to be an F250 6liter v8 or nothing.
    A Honda salesman even advised us to hold on to our current vehicle for a while longer - imagine a car salesman giving you that advice. Crazy times we live in. Anyhow that's what we decided to do, fix up its issues and keep it on the road for one more year.
     
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  2. INFANT

    INFANT Tele-Holic

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    They can't build cars because there's a microchip shortage and so suppliers aren't able to supply parts. Even here in Canada, the car lots are looking sparse for new vehicles so the prices of used ones are skyrocketing
     
  3. Chuckster

    Chuckster Tele-Afflicted Silver Supporter

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    Try looking at a Toyota and bring the defibrillator. We saw a used Tacoma with 97,000 miles for 32K.

    My local Toyota dealership offered me 17K for my Tundra with 139K hard miles on it.

    Good luck... we got lucky and scored an amazing barn find for my son's first ride. Just keep looking on CL and FB Marketplace.
     
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  4. Tele-friend

    Tele-friend Tele-Holic

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    Yep, same here in Europe. If you dont need a new ('new used') car real bad, wait a year or two before things settle down a bit.
     
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  5. El Marin

    El Marin Friend of Leo's

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    Is depends on what you look for.

    I just got a Renaul Scenic 2009 for 2K. But must be said that is the more expensive car I have ever bought, really.

    A car is the worst money spent ever. I just buy old cheap cars and drive until wheels fall off. Then I wreck it and get another... every five or six years I wreck one... 100€ or 200€ a year for a car is OK for me. More is waste it.
     
  6. HotRodSteve

    HotRodSteve Poster Extraordinaire

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    According to this guy the chip shortage is because car manufacturers are still building cars that use old chip technology and chip makers have moved on to new technologies.

     
  7. Skyhook

    Skyhook Tele-Afflicted

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    "Car prices now at Fender levels. If we can't freeze the market we'll be seeing Gibson levels soon, an anonymous spokesman said". :)
     
  8. imwjl

    imwjl Doctor of Teleocity

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    This is all kind of funny and not for us right now. My mother has a lease that will expire, they offer great deals to get that trade but have little.

    The dealer who sold me a new car last year is constantly sending promos to buy it. Thing is they have little inventory and mostly what I chose not to buy only recently.

    Last night's latest promo in email was a bargain where the dealer would eat the delivery fee - that's on cars sold at sticker with other crap added.

    If there are car and real estate bargains right now, they seem to be estate sales.
     
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  9. gpw5150

    gpw5150 TDPRI Member

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    This is a conundrum that resonates with us in the uk too.

    As a family we have;
    2010 Ford Galaxy MPV diesel with intergalactic mileage
    2020 Range Rover SVR - 3000 miles

    we want to keep the Galaxy as it is so useful, cheap to run and seems to be indestructable and sell the RR and get a small EV. The RR was an extravagance, but is costly and not great in terms of reliability.

    The small EV we want is the Honda E which is £30k new….! I was expecting to pay £15k to £20k, but £30k is a bit bloody steep for a small car!
     
  10. bettyseldest

    bettyseldest Friend of Leo's

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    Bought my current car ('09 Ford Focus Estate, with 70k miles) for £5k in '12. Most money I've ever spent on a car. It now has 196k miles and I was thinking of getting another a couple of years ago when my wife wrote off her car, but sat on it for a while. In those two years we have only driven to and from the doctor or hospital, a total of under 1,500 miles. As things don't look like changing anytime soon we can wait. It passed the annual MOT with no problems, and even on shortish runs is giving over 60 miles per (imperial) gallon so why change to have something sat doing nothing.
     
  11. bgmacaw

    bgmacaw Poster Extraordinaire

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    The good news is that your very used Odyssey is also worth more now.

    At some point, maybe prices will stabilize but that may take a few years and will be at a higher level. Inflation with very low interest rates may not be sustainable for very long though. You don't want to wait and find good interest rates on auto loans to be at 15% like they were in the late 70's.
     
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  12. Maicobmw

    Maicobmw Tele-Meister

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    I bought a brand new Subaru Crosstrek in April from the dealership where my brother used to work, my first new car purchase in twenty years. They still had a decent inventory at the time. Zero cash down, more than bluebook max trade in value on my 2011 Outback, dealer invoice price plus $300 on the Crosstrek and 2.9% APR. I actually had equity when I drove off the lot. They now have a total of four new vehicles on the lot. I thank my lucky stars for that deal, sure wouldn't happen today.
     
  13. jkingma

    jkingma Super Moderator Staff Member

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    I just bought a new pickup. With all the discounts and cash incentives, etc. I paid less than what a couple used equally equipped pickups on their lot were priced at.
     
  14. stormsedge

    stormsedge Poster Extraordinaire Gold Supporter

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    We have the cash for a new car...but, not what we started saving for to replace hers. The ones we have are fine. No point in throwing the money away.
     
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  15. goonie

    goonie Friend of Leo's

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    I'm due to change to a new company car early 2022. Not looking forward to it. Not only is there little to choose from and no value, the rise of SUVs is making it increasingly hard to find a nice sporty wagon.
     
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  16. MarkieMark

    MarkieMark Friend of Leo's

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    My auto services business shifted to the inspection and prep of used cars shortly before both the pandemic and ship shortage, because I saw it was where the biggest demand was even then.
    Needless to say, it has been (and continues to be) quite a ride. And keep in mind, over the last few decades, getting skilled/experienced help has also shifted from difficult to impossible. I am often finding myself running a one man "superman" show here.
    Demand is so high, units are literally selling not only "sight unseen" but before i can lay eyes on them. I had someone fly in from many states away, to buy a unit they, nor I had even seen yet. I hadnt even established that it wasnt a wholesale/salvage unit. (Luckily it wasnt)
    And this isnt just economy class vehicles by any stretch. Its across the board,, low to the very high end, selling faster than we can inspect and prepare them. This morning I have 12 units in que, all needed yesterday. Toyota Corolla to Mercedes Benz.

    All the local dealership new vehicle lots are near empty, and used business is the hustle of the day.

    Some predictions to consider-

    The chip shortage issue isnt going to be disappearing suddenly. I expect it to impact new production through the '22 model year, possibly beginning to taper off for '23

    Elevated prices may level off and settle down some at a later date, but I expect a "new normal"

    Similarly, fuel prices are likely to remain at a "new normal" and create a shift in demand. If and when more economical models become more widely available, the gas hogs may come rolling into inventory.

    New car prices will remain at shocking new levels, and used car demand will thus remain high.

    Low interest loans arent likely to be a sustainable model, unless companies roll more cost into the buying price.

    I dont see us going back to the "way it used to be" and I am wondering how the average Joe is going to afford the change.

    Beyond those opinions I shall not go.... As it is a step to far for this setting.
    But we are living in interesting times and it is fascinating and worrisome at the same time to watch it unfold.
     
  17. Tarkus60

    Tarkus60 Tele-Holic

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    My local Ford dealer was bare last month. This month full of new trucks, so something is happening.
     
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  18. Old Deaf Roadie

    Old Deaf Roadie Friend of Leo's Gold Supporter

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    Our local dealers lots are empty save for demo vehicles they will not sell you. They are happy to order whatever you want, and let you wait....and wait...and wait. Locals realize they can get more for their car by selling it themselves, so there are few used vehicles at the dealership, as well.
     
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  19. Bluego1

    Bluego1 Friend of Leo's

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    Their ship came in. Literally.
     
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  20. hd09

    hd09 TDPRI Member Gold Supporter

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    My Wife's car a 2018 Hyundai Kona under 5000 miles, lease ends in 3 months. I am not sure what to do turn it in or buy it. Probably buy it but i was thinkig of trying to sell it also but not sure how to go about that. Todays market sure ain't right.
     
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