Used car market gets even more bizarre
1–10 of 340 posts
Re: Used car market gets even more bizarre
#2My car died, needing a new engine, so I was forced to get one in October. I usually only buy used, but prices are so inflated it didn't seem worth the premium. Used 2017-2020 Toyota Rav4's with 30-60k miles were the same price as a new 2021 model, if you could get one.
I knew it was bad, but I was shocked of how bad it was. I went to multiple mega dealerships with 500-1000 cars that were all spoken for. Most had 0 new cars available.
Re: Used car market gets even more bizarre
#3My truck is worth more today then when I bought it 4 years ago... Crazy that automobiles are now an appreciating asset...
Re: Used car market gets even more bizarre
#4Here's the flip side of that from auto lenders. They are seeing a huge recovery benefit from repossession of vehicle after chargeoff. Lenders portfolios are seeing a net benefit in chargeoffs which has hardly ever happened in recent history. Even more bizarre.
https://www.yahoo.com/now/ally-financial-ally-beats-q3-12451...
Re: Used car market gets even more bizarre
#5My car died, needing a new engine, so I was forced to get one in October. I usually only buy used, but prices are so inflated it didn't seem worth the premium. Used 2017-2020 Toyota Rav4's with 30-60k miles were the same price as a new 2021 model, if you could get one. I knew it was bad, but I was shocked of how bad it was. I went to multiple mega dealerships with 500-1000 cars that were all spoken for. Most had 0 ne…
Same here. For just 10k euros more I got a current year new model vs a used 2016.
Used car market is crazy.
Re: Used car market gets even more bizarre
#6My car died, needing a new engine, so I was forced to get one in October. I usually only buy used, but prices are so inflated it didn't seem worth the premium. Used 2017-2020 Toyota Rav4's with 30-60k miles were the same price as a new 2021 model, if you could get one. I knew it was bad, but I was shocked of how bad it was. I went to multiple mega dealerships with 500-1000 cars that were all spoken for. Most had 0 ne…
At that point, why not just put a new (junkyard from a wrecked one) engine in?
Re: Used car market gets even more bizarre
#7In Norway it's relatively normal.
Plenty of used cars at normal prices and if you want a new car you can buy a Tesla and get it next month.
Re: Used car market gets even more bizarre
#8My car died, needing a new engine, so I was forced to get one in October. I usually only buy used, but prices are so inflated it didn't seem worth the premium. Used 2017-2020 Toyota Rav4's with 30-60k miles were the same price as a new 2021 model, if you could get one. I knew it was bad, but I was shocked of how bad it was. I went to multiple mega dealerships with 500-1000 cars that were all spoken for. Most had 0 ne…
I was in the same boat.
I usually avoid buying new but used cars are nearly the same price as new (if you can find a dealer that hasn't done ridiculous 'market adjustments').
So we bought new. We had to buy a car that was just off the delivery truck before the dealership had it inspected. The one we'd looked at two days before was long gone and they expected the one we bought to be sold the next day.
My neighbor traded in his truck for more than he paid for it two years ago. It's bonkers.
Mechanics are about to make a killing.
Re: Used car market gets even more bizarre
#9My truck is worth more today then when I bought it 4 years ago... Crazy that automobiles are now an appreciating asset...
My truck, a 2015 Tacoma, is worth $4k less than what I bought it for 3 years ago. So totally normal depreciation in my case.
Re: Used car market gets even more bizarre
#10My car died, needing a new engine, so I was forced to get one in October. I usually only buy used, but prices are so inflated it didn't seem worth the premium. Used 2017-2020 Toyota Rav4's with 30-60k miles were the same price as a new 2021 model, if you could get one. I knew it was bad, but I was shocked of how bad it was. I went to multiple mega dealerships with 500-1000 cars that were all spoken for. Most had 0 ne…
At that point, why not just put a new (junkyard from a wrecked one) engine in?
$7,000 to put a new engine in a 2011 GMC Terrain that was worth maybe $8000. The engine was recalled by GM for excess oil consumption, my engine had the fixed installed and still died 30k miles later.
I went with a new one because that particular vehicle ended up costing me more monthly than a car payment.