Used Car Market

[linus6948]

My wife`s pride and joy was a 2016 Hyundai Sonata Sport that we got new and paid 19k for along with the trade in of a worthless 04 Chrysler PT Cruiser that had mechanical issues. She loved the car but lately had been complaining that getting in and out of it was getting hard, I practically have to roll out of it myself it is so low to the ground. Last time I checked it`s value about a year ago it came up between 10500 and 12000.

She saw a neighbors well worn VW Bug Convertible leave on a roll back and asked the owner if she was having car trouble, the woman gleefully replied that she had sold it to Carvana for 15 thousand dollars. I then entered my wife`s car`s info into the KBB car price finder and also Carvana. It came back with offers of 15445 from KBB and 16669 from Carvana. I got a call almost immediately from Major Hyundai in Stroudsberg PA offering the KBB price. I said no I was taking the Carvana offer and after hearing them badmouth Carvana they begged me to bring it in for them to see.

I brought it in the following morning and after they inspected it on the ground and on a lift then they came out with an immediate 17 grand offer for the car. Needless to say we accepted their offer and they kept the car. The manager then asked me in earnest if I had any other cars I wanted to sell them or knew of anyone looking to sell a used vehicle. Of course this only works if you can get a deal on another vehicle to replace the one you are selling. In my wife`s case I bought a 2018 Hyundai Santa Fe Sport Ultimate Edition 2.0 Turbo with AWD that my friend`s wife had not driven in close to a year and was stored in his garage.

So if anyone wants to get out of a vehicle now is the time, I told my brotherinlaw and he entered a Toyota SUV he still owes 20k on that he doesn`t like and Carvana offered him 24556 for it, I think he is gonna let it go.

 

https://photos.app.goo.gl/mgS53LVfia8HgCUi8

Edited June 17, 2021 by linus6948

[Plymouthy Adams]

used cars have always been a market in flux.....right now the price of steel has jumped to an all time high......I foresee this translating to even higher new car prices and thus a trend to be a better return on the low mileage used car.  Unfortunately my cars by the time they need replacing.....they TRULY need replacing....extreme high mileage and body paint faded or in rough condition.   I probably would have to pay to have mine recycled....lol

[greg g]

Used car prices are nuts.  Most of it has come about through covid what with folks avoiding public transportation.  Probably we will see in cars what we unfortunately are seeing with adopted dogs coming back to shelters with virus restrictions relaxing, and people now wanting to return pets which are now becoming inconvenient.   My daily is an 07 Outlander.  I sold a piece of property last fall so I started looking around at suv, crossover, and 4wd

 

stuff.  FIRST ONE I looked at was a 2015 outback with 66k on it.  The price was 18700.  When the sales guy said that, I just looked at him and said, for a 6 year old car, you guys are nuts.  Apparently it's gotten worse since last October.   The Mitsu will stay in the drive way. It only gets about 4k a year on it, can't justify 15k plus dollars to replace it. All it costs me these days is insurance, maintenance  and fuel.  

 

Wife`s car is a leased Accord which we will need to replace in December 

, wonder what the market will look like then.  The paperwork says the lease end buy out will be just over 19k might be the cheapest 19000 mile 3 year old in the country.

[Plymouthy Adams]

first off dealers are OFF THEIR NUT on pricing....but on the same token they can and do tailor that financing to meet a persons budget and thus the sale is more on that than worth/value.    They have trouble when they ask how you want to pay for this and you say...one easy payment...

[Los_Control]

I have to admit I am terrible about cars, Possible I may need to buy the wife something, I just hate newer cars with all the electronics and 10k miles of wires and a spendy price tag .... they just do not impress me a bit. My cousin asked me to drive her new Ford whatever suv to connect a trailer and set it up .... I sat in it, saw it had no ignition just a start button, back up cameras and tv screens ... I pissed her off because not only would I not drive it, I would not ride in it. Los puts on his grumpy old man face. GRRRR!

 

Yesterday on Facebook market place I seen  a local Ford dealer advertise a 2001 1/2 ton 2 wheel drive truck for sale ... looked like a beater. I think it was black but all the clear coat was burned off and could have been blue or gray. If it ran well with high miles, probably a $1500 - $1800 truck. I clicked on the add to see what they wanted, I was shocked because next photo showed it with dirt, weeds, garbage in the bed .... not even cleaned out. They were asking $8k for it? A beat up 2001 ford 1/2 ton.

 

 

[Plymouthy Adams]

and........odds are some person may well pay that......it is obvious it is not you they are targeting with their ads.....lol  guess what...it matter not to them one bit....we got it..you want it...YOU pay....!

[plymouthcranbrook]

I am extremely happy that I traded in my 2001 Astro last June when most car  dealers weren’t selling very many cars of any type. I only got $800 for it but after 18 years of use I couldn’t complain. I paid about $13,500 for a 2016 Chevy Traverse that I have put almost 4000 miles on in the year since.  Rusty old truck still ran well but the body was slowly disappearing. Admittedly the newer car is complicated but I have figured out enough to let me drive it and choose to ignore the rest.

[Los_Control]

My used car market .... I took on a 1994 Dodge Dakota awhile back and went through it and did all the maintenance & repairs needed. Trying to do a favor for a buddy I sold it to him on payments ... I paid first month insurance for him, tried to help them out ... I was animate the first thing you have to do is change title over and get it out of my name ... I do not want a tow charge 3 years from now with the truck abandoned and sitting on the side of the road.

 

Been almost 2 years now, he burned up the transmission pulling a heavy trailer. Never paid me a nickle, never changed the title. Still in my name. I had $1k into it and sold it to him for $900. He is a double amputee with 2 fake arms, hooks. Been that way since 12 years old ... one time he owned a scrap yard buying and scrapping cars ... he uses his disability to play on your feelings.

Another buddy owned a casual mechanics shop ... friends hang out and work get done. Every day Charles would show up and want this fixed, then that then something else. Hundreds of $$ in debt

Eventually the mechanic after telling Charles to take a hike many times, he pulled a pistol on Charles ... get the F out you are trespassing & do not come back.

Charles went straight to police and claimed he was on public property, in the street. Truck was parked on street but he was on private property ... Went all the way to a jury trial. Jury took sympathy on the double amputee. My buddy lost his business, his home, 6 months in jail. Because Charles is a jerk.

 

Sorry for long story, just saying my next car may be a repo. Just get a replacement title and have his Cousin PJ who does all the local towing go pick it up .... PJ hates this guy. I now know why.

 

I just need to protect myself since they will not change the title over ... I wont help the guy cross the street.  I also need to clarify with local police / dmv to be sure not breaking any laws.  Looks like my wife is getting a 94 Dakota with cold air and decent interior 140k miles.

 

[greg g]

The last vehicle I ferried for the dealer here in town was a 21 Ram 1500 that had every option available. The sticker was just under 70k.  More than our first two houses combined.  Are they doing 10 year loans now?

[plymouthcranbrook]

On 6/15/2021 at 12:51 PM, greg g said:

The last vehicle I ferried for the dealer here in town was a 21 Ram 1500 that had every option available. The sticker was just under 70k.  More than our first two houses combined.  Are they doing 10 year loans now?

Four or five year leases I suppose. Then either turn it in and have nothing to show or buy it and pay another four years on it. The end result of dhopping for a monthly payment instead of a total price.

[MackTheFinger]

I've changed my view on vehicles in the last few years. With the inclusion of the expensive antique toys most of us on here own daily driven vehicles are an on-going expense like your utility bills.

 

If you can't pay cash for a new car then double or triple up on the payments so the car's not worn out before it's paid for and then trade for a new one. New cars come with great warranties and some dealers even throw in free oil changes. 

 

As counter-intuitive as it seems a lease may be the best way to go. Toss a couple of grand in up front and turn the vehicle back in before the wiper blades wear out. Sure, you'll never own the vehicle but most people end up with a monthly payment to someone whether it's a loan, a lease, or a mechanic's bill. Might as well have dependable transportation along the way. 

 

[Sniper]

Had a guy stop this week and ask me if I wanted to sell the 51, or my 65 Cuda. 

 

Came down from DFW looking to buy stuff, used car dealer.

 

I still have both as I am not selling them at his prices.

 

Though I did find a Desoto that is sorely tempting me.  But to do that one of the two existing ones need to go.

[pflaming]

Monday, in Maine, we purchased a very clean 2010 Subaru Impreza 4WD . Price of $3200. Possibly only a two summer car.  It is small and low in and out but will serve a temp need! 

[Los_Control]

Just now, pflaming said:

Monday, in Maine, we purchased a very clean 2010 Subaru Impreza 4WD . Price of $3200. Possibly only a two summer car.  It is small and low in and out but will serve a temp need! 

Sounds like a good deal to me ... that brand always seems to hold a high revalue ... assuming it will do what you need congrats!