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?

[banjo joe]

I'm with you cousin. Bought a '99 F150 XLT XCAB 4x4, 37k miles for 17k. This thing is loaded. Half the price of new, and interest rate 5.75

I run these full sized American pups for at least 250k miles.

[Crusher138]

Buy used. Pay cash.

Sure, eat up your liquidity with a depreciating hunk of iron with little or no warranty.

If you depend upon your vehicle, consider leasing a car that includes maintenance.

If the vehicle is not critical to your day to day life, buy a used car with a good repair history and cross your fingers.

Like my accountant told me, on big ticket items you buy things that appreciate (real estate for instance) and lease or rent things that depreciate (boat or car). Unfortunately there are many who buy their car on a five year note and rent an apartment to keep their monthly expenses low and never figure out why they never get ahead.

[Alex Murphy]

Let me give you a sound bit of advice then...DO NOT...I repeat DO NOT buy anything from Dodge/Chrysler/Plymouth. I learned the hard way. The '97 Voyager was my first minivan and my first Dodge...never again.

Ditto - and add Jeep to that. Quite literally EVERYONE I know who has a Chrysler-built vehicle (incl Jeep) has had to replace their transmission within seven years or 70,000 miles. I'm talking about four very different cars (Intrepid, Voyager, Cherokee, and Neon) who have all had to rebuild or replace their automatic transmission before the car hit 70,000 miles.

If I buy a minivan, it's going to be a Honda or a Toyota.

[HELLRAISER II]

I work in a Bank where we had a dealer go under and got back approximately 35 Used Cars of which about 5 actually ran. I'm talking about cars like a 96 Chevy Cavalier with a blown head gasket or Convertible 97 Sunbird with blown motor. I sold these cars for $300.00 each, the unpopular cars that wouldn't run i'm selling for $25.00-50.00 each. Your right the used car sales are in the drink and getting worse, it was a hell of a wake up call for me to find out just how much these cars that dealers sell for thousands are actually worth pennies on the dollars. Unbelievable.

[Ditto]

The '97 Voyager was my first minivan and my first Dodge...never again.

Hmmmm? I had one for over 10 years with no problems to speak of. It was still in great shape when we sold it.

[weikel]

Yeah im right North of it apparently.

[Semaphore Heathcliffe]

If you're willing to look out-of-state, check out southwestauto.com. Haven't looked at the site in a while, but the place is nothing but a Volvo shop/dealer.

[woodyinscc]

"Just wait 'til the Dealership slams you on the back end of that loan! Hope you read the fine print."

The dealership can't slam anybody on the back end of a contract. They submit the contracts to either FMC, Chrysler Credit, or GMAC. These are the companies that are putting out the 0% and low int. contracts. Pick up payments or back end (Balloon payments) are illegal in most states. The aforementioned credit companies do not write them in any State.

[AppyPappy]

I disagree on the 1 year cars. I find the best deals after the warranty has run off. For instance, I bought my 95 Continental in 2001 for $15k. It retailed for $32k. It is identical to the 2002 model in appearance and there is probably no discernable difference in driving. The Caddy's were running about $18k. I could have bought a 95 Crown Vic for about $11. That's a big drop.

Yes I might need some work done but you can do a lot of work for $17k.

[AppyPappy]

Mopar Minvans are a crap shoot. They are known for transmission problems. Change the fluid more frequently.

Jeeps are the same.

[philosofy123]

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

[Semaphore Heathcliffe]

Buy used. Pay cash.

...sleep like a baby.

[baseballmom]

I have a 96 Chrysler Town & Country LXi. It has @ 87K miles and has been a great van. It doesn't have 4WD or sun roof, but all the other bells and whistles. My fave bell is the compass. Saved me in more than a few situations. I love this car - the best part, is that it's paid for.

Baseball boy (16) is hoping Mom will get her new dream car soon - a Jeep Cherokee.

We also have a 98 Chrys. Cirrus and a 2000 Chrys LHS. We've been very happy with Chrysler.

[Willie Green]

Soft market on the left coast.

If they don't build Maglev, high-speed rail or other modern mass-transit systems, Kalifornicators will eventually be reduced to traveling in rickshaws.

[Aggie Mama]

I'm really glad you brought this up. DH and I are looking in to purchasing a Yukon XL b/c our family is growing yet again. I absolutely love our minivan -- 2000 Mazda MPV, but we are quickly running out of room.

If we bought used, is it better to buy through a dealer or private sale? What about a dealer demo? Does that qualify as a new car or a used car?

[hopespringseternal]

The 2-3 used car market right now is flooded, and that is where the best buys are.

Both markets are flooded. In some cases, dealers had used and new cars of the same year model and they were asking more for the used car than the new.

Only by going to a three year old car does the difference in price look attractive, except when I compared mileage.

I never thought I would buy a new car, but I found that I was paying chicken feed for two years newer and 30k fewer miles.

[banjo joe]

...have to borrow money to go on vacation.

about the most jackassed idea yet.

[gridlock]

Check out the prices on used Ford Expeditions.

You can pick up really nice ones with low miles and great condition for around $10,000. If you are interested in a tow vehicle, a 1999 2WD Ford Expedition with 35,000 miles, with all the extras, should set you back significantly less than 10 grand.

Pound-for-pound, that's cheaper than hamburger!

[woodyinscc]

"I find the best deals after the warranty has run off."

You are right on target in getting the best "bang for the buck" but I was referring to the new car buyer who basically buys for ego and peace of mind.

[gridlock]

Oh yeah. Pay Cash.