Posted on 11/07/2022 9:29:05 AM PST by ChicagoConservative27
The wholesale price of used cars is falling off a cliff while the prices that car shoppers are paying is way up, suggesting dealers are making a killing while consumers are taking a bath.
Wholesale used car prices declined 2 percent from September in the first half of October and are down 10.3 percent from a year ago, according to The Manheim Used Vehicle Index published on Monday.
Wholesale used luxury car prices are down 13.5 percent while used sport utility vehicles are down 12.3 percent and pickup trucks are down 8.4 percent.
Meanwhile, the retail price that car shoppers are paying for used cars has increased 7.2 percent since last year, according to the Department of Labor’s latest consumer price index.
(Excerpt) Read more at thehill.com ...
I have had two 1970 LeSabres. Great cars that really ride smooth.
During Hurricane Ian there were house fires when Sanibel Island was literally under water! The cause?… EVs and electric golf carts.
Only the desperate are buying cars now.... Not really, I had a 2019 Ford Escape I bought new. Took it in for an oil change at 50k miles and it was running rough. Needed a new engine. Covered under warranty. After 5 weeks I get it back, no new warranty on the engine it’s only until the original warranty runs out.. transmission and electronics was acting up as well. Service manager said he’d recommend getting rid of it before the warranty expires at 60k miles.
Bought a 2023 Volvo that uses Google for everything. We don’t log in and everything google related is shut off, paused or not selected. F’n electronics has ruined everything in newer cars. You can’t just get in and drive.
I do all the maintenance on my other vehicles.
Got a 2008 Ford F250.. it’s the Windows XP equivalent and it’s been running strong. No S/W updates required. 9.2mpg but looks great.
Have a classic 75 C3 Vette.. 92k original miles with the original engine and transmission.. runs great. 11mpg. I could rewire the entire car with a 30’ extension cord. Simple, basic and fun.
I don't live in a hurricane zone or flood zone.
If you're saying EV's shouldn't be forced onto us, you and I are in 100% agreement. I never believe in one-size-fits-all "solutions", especially if pushed by the Dims. But I live in a good area for having an EV as one of my two vehicles. I'm too far away from the gulf to worry about hurricanes. And I'm far enough south to get plenty of sun for solar power. Since I added to my solar system and bought an EV, I've had to buy less than 10% of my power from the grid to power my all-electric, two-story home. That includes charging the EV at home (unless we decide to use it for a road trip).
Tomorrow I'll vote straight GOP in large part because I believe the Dims' energy policy is destroying America. But their energy policies impact my budget less than 10% as much as they used to (at least directly, obviously high energy prices increase the cost of things I buy). As I soon join my wife in retirement, one less thing I'll worry about eating up our investments is energy inflation. The EV is part of that.
I take my hat off to you sir.
4WD trucks have much higher than normal resale value than regular cars now.
A new Tacoma is over $40-45K.
My 2012 is still worth over $20K with 95m miles. I paid $30K.
It takes time for supply to catch up. The flood of the cheaper wholesale used cars has to get out to the lot.
Also consumer expectations have to change to force dealers to lower price. Right now a lot of people expect to pay more and are, when they could be holding off a little until the price dam breaks.
That would explain the constant emails I got from the dealer I bought my ‘18 PU from in ‘21 offering more than I paid for it!
No such thing as gouging ...
If you want a car, wait until the recession gets really bad in 2023. Cash is King.
The grid does not come even close to supporting the transportation sector. They are slowly figuring this out in California. Give them time. They are kind of dull.
I had a similar experience. Bought a new van in Feb 2021 and the timing was perfect. Covid dropped sales, a historically bad ice/cold snap hit us further depressing sales and the chip shortage hadn’t started affecting supply yet so I was able to get it new for a little over 10K below MSRP.
<>lack of inventory<>
I recently talked to a salesman at the Tallahassee FL Honda dealership.
He had seven new vehicles on the lot.
I should have asked how he makes a living.
Good. Have had my eye on a 1973 Lincoln Continental for some time now.
If it comes down to it, I can always convert it to EV. Plenty of room in the Front & Trunk for the battery ;)
The only '73 I'd be interested in: https://d39a3h63xew422.cloudfront.net/wp-content/uploads/2017/12/15095703/1973-porsche-911t-targa-83-1440x890.jpg
[...1970 model was prior to the rearward facing last seat that someone might need for the tail gunner.”
True, but the tailgate does hinge straight down, so you can still have a prone tail gunner in the rear.
What about the hot rod and muscle car market?
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