NO MARKET FOR USED CARS

Vanity | 10 January 2003

[MeneMeneTekelUpharsin]

I've noticed that a lot of used vehicles are for sale everywhere. A LOT of nicer later-model vehicles are for sale and they're not moving very fast. SUVs sitting there week after week are NOT selling. Cars are NOT selling. One used car lot near here put out some used Mercedes Benz cars for around $4000 apiece and then moved them off of the lot and now has put them back on the lot (hoping someone would think they sold, I guess). What's the situation elsewhere?

[Mad Dawgg]

I've offered him the use of my copy as well as "The Richest Man in Babylon" he is not interested in reading , sez he did enough reading in high school.

(Sigh)

What is the saying? You can lead a horse to water...

[Mad Dawgg]

"That is primarily why I buy a vehicle and drive it until I can't fix it or it can't be fixed for less than the value of the car."

Words to live by my freind, words to live by.

[winodog]

I have always wanted a muscle car come to think of it. About a year ago I was looking for a used work truck mainly so I had a spare in case my truck had to go to the shop.
I was in a waiting room for my cellphone to be repaired making calls from a classified ad. The lady sitting there said her dad had passed away and she would sell her truck.
The truck is a 1972 ford F150 with 52,000 original miles on it.
It is in excellant shape.All the interior is still perfect, no rips, no holes worn in it, the dash is not cracked, the carpet shows hardly any wear. Everything works, the doors shut with a "firmness" that you can feel.The body has no dents. I paid 3,900.00 for it.She said it was stored in a barn in Iowa for over 15 years.
I have put new tires on it (it even has the original hubcaps), replaced some hoses and the battery. I gave it a tune up but I didnt have a timing light so I took it to my mechanic.
All the boys in the shop were just about drooling. They were impressed with how great it runs.
It only cost $70.00 to register it and $35.00 to re register it compared to almost 300 every year for my 97.
Anyway I am thinking of dropping some headers and a hopped up carb on it so "that old man in that old truck" can sneak attack youngsters from red light to red light and light up the tires on it.
I was just in the right place at the right time but I purchased a truck that is probaly gonna last me twenty years since I will just drive it once or twice a week.

[Afronaut]

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[Bella_Bru]

Is there a reason why you are puuting that on several threads?

[Mad Dawgg]

"Is there a reason why you are puuting that on several threads?"

Hmmm Interesting...

I would venture a guess someone is "Loading" this site with "Keywords" for the Search engines.

[A CA Guy]

New cars go for xxx dollars here in California with excellent financing for anyone with good credit from sustaining a job.
Used cars are asking very close to the New price, so everybody is buying new.

It's all relative. If you want to buy an older car, a five year old car is cheaper to get also compared to values 3 years ago. But you can't sell your own used car for any money either.

With low interest rates, it's a buyers market for cars, homes and a depression in CD rates for older or responsible folks who saved their money for retirement.

[A CA Guy]

Where did you get that?

[A CA Guy]

What auctions are available to the public?

[A CA Guy]

Under what conditions would people turn in one year old low mileage cars, or are those last years model still on the lot?

[winodog]

Here is a good thread related to the question you asked yesterday.

[fogarty]

That's the reason a lot of used cars are stacking up. But the laws of supply and demand will come into play soon enough. Prices on used cars, even luxury SUVs, are dropping quickly, because the supply far outstrips the demand. For those who don't mind driving 3-year old cars, a lot of money can be saved. When you buy a new car, it depreciates several thousand$ as soon as you drive it home.

My philosophy is, buy used, pay with cash, and drive it till it drops (hopefully some 10-12 years later).

[winodog]

I agree. And the secret is to be patient,have a loan (if needed) by your credit union ahead of time, watch the classified ads and be ready to pounce when you find a two or three year old model of the type you are looking for that has had one owner, low miles and a service record.
I have a feeling that some smoking deals will soon be appearing in abundance.

[rdb3]

I am actually looking to buy a Nissan Maxima 2000.. Hoping to pay below $15k for one with leather/sunroof,etc.

To bad you're in NY. I have an '01 Maxima with 22K miles on it. It's silver, has a sunroof, spoiler, 17" wheels, and leather.

Price? $14,995. It's still on my lot.

Birth of Tha SYNDICATE, the philosophical heir to William Lloyd Garrison.
101 things that the Mozilla browser can do that Internet Explorer cannot.

[rdb3]

I want to trade my Lexus LS400 for a Hummer H2?

We have a black '03 Hummer H2 with 100 miles on it (literally). It's fully loaded with the only thing "missing" are the hood flood lights.

Straight trade? Fuhgedaboudit. Depending on the year of your LS 400, it would probably provide a nice allowance for the trade.

Birth of Tha SYNDICATE, the philosophical heir to William Lloyd Garrison.
101 things that the Mozilla browser can do that Internet Explorer cannot.

[SamAdams76]

A car is a depreciating asset. That is why you should never go into debt for it. Cash rules (whereever possible). Peace of mind is another factor that is hard to quantify, but priceless. Repeat after me everybody: DEBT IS DUMB! (I know, I've BEEN dumb, just not anymore)

Interesting thread. Paying cash for a car is the only way to go. Yet it is seemingly beyond the reach of most people. But it's not. If you can afford to make a car payment each month, then you can afford to pay cash for your cars. Here is a fool-proof way to do it but it will require a little discipline:

Step 1: Pay off your current car.

Step 2: When your car is paid off, do not buy another car. Continue to run the car you just paid off for as long as you can. Instead, open a bank account at a bank separate from where you do your normal banking (to avoid the temptation of dipping into it) and deposit whatever you were paying per month for your car into it each month. If you can have it deducted from your check electronicially, this is the best way to go.

Step 3: When the time comes that you must replace your current car, take the money that you have been accumulating in the bank and use it to buy the best USED car that you can buy. Continue to make your "car payments" to yourself each month so that you replenish what you have taken out.

Step 4: Repeat Step 3 as necessary. Every few years, increase your "car payment" to yourself just as you would if you had continued to buy cars on credit.

My wife and I started doing this a while ago. It has worked out really good for us. We now have zero car payments but we have the peace of mind of having enough in the bank to buy a new (used) car when we need one. In fact, if we can run our current cars a couple years more, we'll be able to buy a brand new car for cash. But we probably won't do that as we've had very good luck buying them used.

We have been tempted to withdraw money from this account for other things but we have resisted. This is a very important thing that you must do if this program is to work.