I'm looking for a new to me truck.. (was going to pull the trigger, but want to see if I have a job at the end of the month). Anyway.. found this cool used car price tracker from Car Gurus.. (It uses listed price data from Cargurus). Looks like we are on an upswing in used prices as the factories for new cars were slowed/shut . I don't think we are out of the woods yet due to supply chain issues, but neat info none the less.
I am going very few places right now, but the chevy dealer that i go by that usually has 4-5 30 car long rows of used cars has one, and they have an empty space between each one
In reply to Patrick (Forum Supporter) :
Yeah.. I might just sell my rav4 privately now.. Disclose the oil burning but could make $2k over trade in.. which is nearly 100%... Time to get it detailed I think..
Prices are up...a lot.
On May 30th, I bought a 2019 Grand Caravan w/ 42k mile from Hertz in Cleveland, OH for $15,090. Today, the same offering with same miles at same place is $17,690 (when you deduct the $300 AAA discount I got off mine.) That's $2,600 more!
Another at $17,000 and $18,210
Sure, that is one example and some special circumstances with bankruptcy and all but a noticeable delta in price.
Other issues. I buy some salvage from IAA. My Cleveland, OH lot used to run 500+ pars per week. This week, like many post-covid, they have only 282. Some weeks in the past they have had less than 200. Gone seem to be the days that I drove sub-$1k cars off the lot. Everything is selling for a lot higher than my comfort level. I need to wrap my head around the idea that I can pay more for the car because the car will sell for more, but, I am slow to accept the change/risk. Moving from the gambling table with a $500 ante to a table with a $1k or $2k ante is a big change for me personally. That might not be a perfect analogy because with a bigger bet then conversely the winnings are bigger. This so far seems like a bigger ante with the old winnings. More risk, same old smaller reward.
I said before in other early threads about covid that $55k trucks might come down to $45k but that is still a huge purchase. On the other hand, $3k drivables are going to become $5k drivables. Fear of public transportation and increased desire for self reliance is going to push a lot of people to car ownership that previously were not owners. Unemployment and under employment is going to push people to older cars too. Prices at the bottom will be on the rise.
In reply to John Welsh (Moderate Supporter) :
Plus, remember that people who have been continuously employed through all this Covid stuff, were given a bonus check $$$ from the Government. That has to play into the market too.
Taking your "gambling table" analogy, everyone has at least an additional $1200 to gamble at the table (some households with two adults and kids have more than that)
I have been keeping a watchful eye on 2006+ Nissan Titan 4x4 trucks. I'd like to find one w/ 150k or less for under $8K. They have not been easy to find. I think my price point is reasonable but my pricing might be stuck in a pre-covid mindset.
It's like CFC part deux.
Yeah - the stimulus checks have heavily driven up a lot of prices. Used cars, performance parts, motor bikes, etc.
Yeah, used prices are in the "stupid" category around here. We're getting more of those "please trade in your car" mailers from the local Mazda dealer lately for the wife's CX-5.
I was hoping prices would go down, since people are driving a lot less, and hoping to maybe score a deal on something absurd like a Scat Pack Challenger for cheap. But alas...
I was contemplating replacing the GTI with a 2016-2017 Lexus IS pre-rona, and saw lots of possible cars to buy at reasonable looking prices. Selection is much thinner now, and prices up by thousands. Damn ... missed again.
John Welsh (Moderate Supporter) said:Prices are up...a lot.
Sorta. Depends on who the buyer is. Manheim price index is historically high, up 6% year-over-year. This is bad if you're buying from an auction, supply is low and prices are eye water. According to JD Power, the used car index is up only 1-2%. As dealer lots thin out and they're unable to resupply, I suspect you've already started to see them jack up pricing on their dwindling inventory. My suspicion is that retail pricing will continue to rise as dealers attempt to recover profits.
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