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Used car market gets even more bizarre

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Re: Used car market gets even more bizarre

#41

Post by hourislate »

dlmiller wrote: post #10
Syonyk wrote: post #6

Earlier quoted context omitted.

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.

Stop buying shitty GM's. I learned my lesson back in in the late 90's when I couldn't keep a GMC Sonoma running long enough to sell it (was like 3 years old). In 2000 I became part of the Toyota family (worked for FORD at the time) and never bought anything else since.

The 2 Toyota and 1 Lexus we own are between 14-11 years old and look and run like they came off the assembly line yesterday (all 3 were bought used). I figure I am still good for another 5 years minimum on all of them.

Re: Used car market gets even more bizarre

#42

Post by devilbunny »

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've done significant work to a 20-year-old car recently. Over $4k. It's easy to justify when you consider how much replacing it right now would cost.

Re: Used car market gets even more bizarre

#43

Post by throwaway0a5e »

mrfusion wrote: post #28
post_break wrote: post #22

Earlier quoted context omitted.

A tacoma is one of the few vehicles that don't depreciate. My 2017 Chevy colorado I just offloaded for 3k less than I paid essentially, that's crazy.

I wonder why their lease prices don’t reflect the low depreciation?

Because why would they when they can just not and make even more money.

It all makes sense when you realize that luxury car brand economics apply to pretty much every Toyota (other than arguably whatever their most subcompact hatch offering of the year is) because that's who their buyer demographics are.

Re: Used car market gets even more bizarre

#45

Post by pengaru »

I daily drive a beater NA Miata, and throughout the past year or so I keep getting harassed to sell it. In the parking lots of grocery stores, post office, home depot, you name it and someone has literally camped out waiting for me to return just so they can try pressure me to sell, often quite rudely too.

From my perspective it's pretty crazy, the car appears neglected with a very rough exterior... it doesn't scream "buy me, you won't regret it". People are behaving desperately.

Re: Used car market gets even more bizarre

#46

Post by hedgehog »

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 bought a RAV4 over the summer. There was no inventory (hint: dealer web sites will lie to you about what's actually available to purchase), I ended up reserving one that hadn't been shipped to the dealer yet and waiting for around a month for it to arrive. Autotrader shows zero of the same trim for sale used within 500 miles so not even sure what it would sell for.

Re: Used car market gets even more bizarre

#47

Post by randycupertino »

ska wrote: post #19
kspacewalk2 wrote: post #13

Earlier quoted context omitted.

>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.

Perhaps you just get pickier about the jobs you take.

My mechanic does this! He loves to work on classic cars as a passion project and has a bunch of classics in his lot that he's slowly working on, however if you call him now, his voicemail says, "Please note if you are calling to inquire work on a model over 20 years old the waiting list is 5-6 months."

He's a great guy- if anyone is in Bay Area and needs a good honest mechanic for foreign or domestic, shout out to Jack at Tom and Jacks in San Bruno!

Re: Used car market gets even more bizarre

#48

Post by carabiner »

nathancahill wrote: post #40
carabiner wrote: post #9

Earlier quoted context omitted.

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.

Worth to whom? Have you listed it for sale? The market for used Tacomas and 4Runners is off the hook.

Carvana. Do you think it'd be much different if I tried listing it on Craigslist?

Re: Used car market gets even more bizarre

#49

Post by symlinkk »

wbsss4412 wrote: post #39
symlinkk wrote: post #15

Used car prices have doubled, yet the “official” inflation figure is only 6%?

What percentage of your personal monthly budget gets spent buying a used car? That is, not in servicing loan payments, but actually buying cars. Inflation is weighted for this reason.

It’s probably the number 2 most expensive monthly payment the average person has beyond a mortgage. What’s your point?

Re: Used car market gets even more bizarre

#50

Post by throwaway0a5e »

randycupertino wrote: post #47
ska wrote: post #19

Earlier quoted context omitted.

Perhaps you just get pickier about the jobs you take.

My mechanic does this! He loves to work on classic cars as a passion project and has a bunch of classics in his lot that he's slowly working on, however if you call him now, his voicemail says, "Please note if you are calling to inquire work on a model over 20 years old the waiting list is 5-6 months." He's a great guy- if anyone is in Bay Area and needs a good honest mechanic for foreign or domestic, shout out to Ja…

That message does nice double duty as a PC way of saying poors need not bother shopping him for a quote to replace something on their '99 Grand Caravan.
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