Used car market gets even more bizarre

Post by baggy_trough » Wed, Nov 10, 2021, 5:18 PM UTC

clavalle wrote: post #8

dlmiller wrote: post #2

My 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 trad…

Post by kspacewalk2 » Wed, Nov 10, 2021, 5:21 PM UTC

clavalle wrote: post #8

dlmiller wrote: post #2

My 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 trad…

Post by symlinkk » Wed, Nov 10, 2021, 5:30 PM UTC

Post by oasisbob » Wed, Nov 10, 2021, 5:32 PM UTC

larrydag wrote: post #4

Here'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...

Post by ska » Wed, Nov 10, 2021, 5:33 PM UTC

kspacewalk2 wrote: post #13

clavalle wrote: post #8

Earlier quoted context omitted.

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 trad…

>Mechanics are about to make a killing. If you're a mechanic and already have plenty of business, I imagine it's a tough call: do you jack up your hourly rates and take advantage of the windfall, at the risk of customer loyalty in the future? This insanity will pass, after all.