If true,my car is worth more today than I paid for it in 2005.
It is the fault of American consumers.
They should have been using bicycles instead of cars.
So spaketh the Bidet!
This sounds like a great opportunity for an enterprising young person to start a car alarm installation business. I would probably be their first customer.
There was a really stupid movie in the 1970’s called “Americathon” with John Ritter. These developments remind me of a combination of Americathon and Idiocracy.
From what I’ve been seeing, used pickups are leading the way.
“The industry’s key index of used vehicle prices jumped another 9.2% over the span of just a month. That puts the index 38% higher than a year ago — compared to “just” 27% for the same stat in September.”
I dislike how people have turned high inflation into hyperinflation. Hyperinflation means prices doubling in 1 day, and continuing to double every day. That’s 100% in one day, followed by 200% the next, followed by 400% the next. That’s 700% in 3 days!
It’s ridiculous BS to refer to today’s inflation as “hyper”. The fearmongers are going to need a new word for super-high inflation long before we get to what’s really “hyper”.
Wonder what my 2014 Regal GS with 48K miles on would fetch about now.....lulz
Since we’re not making cars because they can’t get chips, people cannot buy new cars.
I drive a company car. at 75,000 miles they send out a note to order a new one. Because they can’t buy new ones, I’m at 105,000 now.
I have the option tp purchase it when I do get a new one. I think the price is preset to a lease formula based on age and miles. I should get a really good price and be able to flip it for a lot more.
Did I mention it has 107,000 miles on it?
Did I also mention that I paid $21,550 for it as a two year old used vehicle in 2015?
It's crazy that it's "worth" over $14k as a trade-in right now. Keeping it. It's a great second vehicle. Don't want to pay anywhere near these hyper-inflated prices for anything right now.
Hi.
Went to the dealership last weekend (used to be Lokey).
I have a late model Q 50, and was thinking to buy the First lady a 2021 C 300.
Not happening.
5.56mm
$20,000 firm starting bidding price.
A few months ago, I was laughing at the double digit inflation costs of new cars and used cars, and said “Pretty soon you won’t be able to tell any difference between the US and Cuba by the cars we drive”.
I’m not laughing now.
Ordered a new vehicle last month..
Price is locked in, and it’s due to be built on the 22nd...
Let’s keep those used vehicle prices rising, so I get a real good price on my trade in
It’s true. I bought a 2007 Volvo XC90 in June for $7,000.
It’s actually in decent condition for having 130k on it.
I took it to my Volvo dealer expecting them to find a grocery list of things to fix and all they found was it needed a $22 gasket for the master cylinder. Their sales manager offered me $10,000 for the car.
This last week a dealer from Wisconsin emailed me and offered me $13,000 for the car. Which is crazy.
Oddly, this car has been my best investment this past year.
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.
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.
Yeah I think I’ll sell that old Tahoe and retire.
“Hyperinflation” is the most ridiculous exaggeration being used about today’s inflation.
Supply and demand is what is going on.
Correction:
A year of very foolish decisions are now starting to catch up with us in a major way...