Posted on 11/09/2021 8:53:51 AM PST by Red Badger
I keep hearing this story about how used car prices are surging, but a couple months ago I took a good-condition decade-old, 60k-miles car I wanted to get rid of around to CarMax etc., and their offers weren’t very enticing. They were about what I’d expect them to be in “normal times.” Granted, they still need to turn a profit so maybe they offer 30 cents on the dollars for what they think they can resell it for. I don’t know.
and so on...
and so on...
and so on...
the only real defense is owning assets, not cash.
get a little silver
Have your stock market/investment money in the market but ready to move into cash.
Melt ups and downs create and destroy wealth, depends on which side you are on. I am in the market but in defense mode.
They must be talking about barely used cars that are only a few years old. I see plenty of 4cyl cars, 1998-2014 for less than $5k near me on craigslist.
Right after biden’s coronation, we went out and grabbed a 2005 Ford Focus, 30mpg car for $3k. Depending on how high gas prices actually get, it will pay for itself in 2-3 years compared to driving the F150 @ 15mpg.
At 18,000 miles per year, we’ll buy 1,200 less gallons of gas in a year. With gas about $1.50 higher than pre-biden, that’s $1,800 in one year. Car had 151,000 miles on it and now has 160,000 miles and those Focuses will go 250,000 miles easily.
I suppose some people make perpetual car payments and always have a car less than 5-6 years old. That must be who’s paying 9.2% more.
I also just bought a completely fine 2000 Toyota Rav 4. I paid $700 for it.
That’s a steal!
So my ‘97 ranger is now worth $25,000!
Yeah I think I’ll sell that old Tahoe and retire.
CarMax is buying WHOLESALE........................
And they just posted record profits and the stock price went from 90-100 to over 300 in a few weeks. BTW all 3 of the major rental car companies in this country are all controlled by the same company. Trades under the ticker symbol CARS. check out the chart on yahoo finance. That’s what the start of a melt up looks like.
That certainly put a lot of poor people out of a car.
You might.......................
I had some cars here that were not really needed, an old Honda and a Chevy tracker.
Gave them to friends that could use them...
The gifts that keep on giving... and appreciating :-)
My Grandpa’s old car he left me 30+ yrs ago may even be worth something... it’s been rusting in a shed about 50 miles from here..I guess it’s still there.
I needed a car for nearly a year. Prices were crazy on the used car lots. Lucky for me I found a guy who had a decent car just sitting in the street. His family had several others in the garage and driveway so maybe it was more of a nuisance for him. We made a private party sale at a fair price. Cost me a little more to get everything we could find into top shape (all new fluids, filters, brake pads, a few other parts and labor of course) but she runs like a peach. 22 years old. Mechanic I trust says she’ll run another 100,000 miles easy. And my commute to work is only 6 miles ;-)
Yup. We have a 1965 Ford Galaxie and a 1978 Ford Pinto both in close to showroom condition and we’ll never part with them.
Ford has been trying to buy my ‘17 F150 for $8K more than I paid as well.
Our local Ford Dealer lot is practically EMPTY...............
Same, and that was my retort when they made an offer last time I was in for a recall repair. I told them exactly what I wanted, and they didn’t have it (and likely never will).
“Hyperinflation” is the most ridiculous exaggeration being used about today’s inflation.
Supply and demand is what is going on.
Silver hit it’s last high in 1980. I have a little, and it’s “littler” than when I bought it.
I’m doing fine with 98% of my investing (at the moment, no bets on tomorrow!).
Correction:
A year of very foolish decisions are now starting to catch up with us in a major way...
Yeah, I hate all those sharks too. People get taken by them daily.
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