Another take, more a recap of what's going on from one of the smaller economics blogs I read: https://wolfstreet.com/2020/04/24/used-vehicle-wholesale-volume-collapsed-prices-drop-mega-pain-for-automakers-leasing-companies-rental-car-companies-banks-bondholders-stockholders/
In reply to BoxheadTim :
Very interesting article
This just popped up on my local CL today. It is exactly what I was looking for in the Pre-Corona days. If nothing had changed I'd probably be rushing to buy it.
But, he's probably trying to offload it due to a big payment during uncertainty which is exactly what I should be avoiding too.
I am watching my local, repo, donation, seizure type action today. Things are going cheep. 06 crew cab 6.0 diesel $3,500. 09 Odysey 123k and clean $1,300. Bunch of ~10ish year altimas with 100k ish, ~1,100. Clean 06 Benz C-class with some kind of sport option (ground effects on it) 162k, $1,300. Police 03 crown vic, 153k no body damage or bad paint, $550.
Local anecdote
contacted 3 toyota dealers to trade our 2 door farm tacoma for a 4 door long bed
3 dealers in 250 mile radius has the exact truck in exact colour I want
average off msrp $4,500
2 dealers told me they don't want my tacoma in trade . They won't even low ball. Never in my life heard a dealer not want a tacoma trade - but sign of the times (fwiw tacoma is 2.5 years old, mint, with 28,000 miles)
3rd dealer lowballed be under $6,000 from kbb low trade in
I will keep the truck till next May and buy then
In reply to mr2s2000elise :
I'm not sure about your state but if the BMV is closed...
You trade in your truck but the dealership can not get the truck out of your name and into theirs. With the truck not in their name, they do not properly own in and until it is in their name they can not properly sell it.
The dealership might be wanting to avoid the waiting that might be required before they can even try to sell it
Here in Ohio if you buy a car they are not giving you grief about no plates or delays in getting it properly titled. That's fine if your buying. But, not a good time for buying to flip
In reply to John Welsh (Forum Supporter) :
No problems here. 3 colleagues bought cars since 3/18 when we had lock down. New Tesla Y, New G Waggen, and a CPO M3 sedan. No problems here at all with title or purchase or anything like that.
Reasoning from two dealers who don't want trade in, say no one is really buying, so they don't want to increase their inventory and don't want to insult with price. I respect it, as one dealer I have bought 11 new Toyotas (two new land cruisers) last 18 years, so they get my and family business all the time. I appreciate the honesty, in not wanting a trade.
"So, who’s out there buying these days? Compared to the younger crowd, buyers over the age of 55 continue to be absent in greater numbers — bad news for dealers and OEMs, as they tend to have the most spending power and are the most reliable customers. The over-55 crowd vamoosed during the Great Lockdown and, while last week saw sales attributed to this cohort climb significantly, they’re still down 37 percent compared to pre-virus forecast.
That’s 45,000 missing units caused by missing Boomers.
While oldsters remain reasonably missing in action, sales to the 35-and-under crowd are down by only a quarter — a phenomenon J.D. Power attributes to the greater draw of zero-percent financing and long loan terms, which attract the attention of Millennials far more than well-pensioned retirees whose homes are paid off."
John Welsh (Forum Supporter) said:Here in Ohio if you buy a car they are not giving you grief about no plates or delays in getting it properly titled. That's fine if your buying. But, not a good time for buying to flip
That is interesting to know because
A. We (my company) just bought a Sienna to use as a loaner vehicle and we don't want to drive it with no plates, and
B. The BMV up the street from us had the lights on and people inside, yesterday. And a late model Audi S4 with temp tags parked outside.
Came to this thread to grouse that FoRS values have gone up, not down. All the $26k cars are gone and the only things under $30k are high miles 2016s.
In reply to Pete. (l33t FS) :
I think BMVs in Ohio might be opening back up today. I have a 11:00 appt today to get a salvage vehicle inspected. The original date was March 20th and they closed all the inspection places and canceled appointments. On Friday May1st they opened back up the website to make appointments. The first I could get was today, March 12. The website is now down again stating they will schedule nothing more as they work through the backlog.
In other oddities in Ohio for C-19, if you bought a vehicle from a dealership the state was telling the dealerships to write the normally 45 day temp tags with an expiration date of 90 days out. If you bought from a private party they were telling you to drive with no plates and keep a copy of the signed title in the glove box (showing it was bought during C-19)
I sold a Sonic during this time. I made calls to find out what to do. What I ultimately did was sent the buyer on their way with my front plate on the back of their car. I then still have the rear plate (the one with the sticker.) They just look less weird driving a car with no plates. Instead, they are driving a car with no sticker. The reality is that plate comes back to that exact blue Sonic and technically the registration is valid. Later, Ohio will not require a front plate so I have all I need for the future. I told them to throw the plate away when they get their own.
While this applies more to "appliance type cars" rather than the special interest cars we tend to focus on, it's still interesting news:
Hertz may file for bankruptcy?
Although looking at the splash page - Hertz has/had rental Elises?
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