Looks like it’s time to sell my FR-S with 190k commuter miles on it. I won’t be needing it any more.
We were forced to purchase a newer car last week. The salesman told us the dealership is relying on trade-ins right now because prices at auction were outrageous.
Fix what ya got, folks!
So, they’re predicting a surplus in new vehicle inventory in the coming weeks? That certainly would cause lower prices for both used vehicles and excess new vehicle inventory that is soon to be mostly “last year’s” models.
This is not really what it seems, there can be higher priced cars on the resale market which would account for this. People who lose their newer cars because they can’t or don’t want to make the payments. Commuting is far less. So people may be just changing the cars they have.
People trading in their city bikes for suburban cars.
I thought some rental car company was dumping cars because of no business?
Just bought a used car and they were literally flying of the lots. I feel like we got really lucky getting the car we got at the price we settled on.
Hopefully I will get more for my 2015 Dodge Challenger when I Trade it in on the 2020 Corvette Convertible I have on order.
I’ll be stopping at CarMax on the way to the Dealer to see what they offer me.
Where I live the Trade In reduces the amount you are charged in Sales Tax on the new Car Purchase.
I expect a main part is slowdown/shutdown of manufacturing new cars for months. Desired new cars becoming unavailable means having to look back to used cars matching desired models, and willingness to pay more for them.
I bet vans are in huge demand.
Gold is up 30, 40%...
I suspect it is the Dollar that is now worth less.
Not that the used cars are worth more...
Used homes as well. In our market (Rio Rancho, NM) any homes listed between $150K and $250K are sold within 24 hours in bidding wars. I saw a 1,300 SF house in a dicey neighborhood listed for $155K, sell for $185K after 26 offers with the buyer winning the bidding by offering to pay the sellers closing costs. Word is that the house will not appraise out, but the buyer is willing to make up the difference out of pocket. Crazy.
Cheap money causes prices to rise. Basic economics.
I get dealers emailing me for my 2012 Honda Accord EX L V6 with 31500 miles all the time. It’s paid and cherry mint. Wondering about trading for a Lexus. I dunno.
New cars are in very short supply and dealers are not making deals: High prices, high interest rates, low trade in values, take it or leave it.