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Used car market gets even more bizarre

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Re: Used car market gets even more bizarre

#61

Post by lastofthemojito »

avn2109 wrote: post #53
OldHand2018 wrote: post #38

One of the other oddities of this market is that prices for "normal" cars have increased at a higher rate than prices for "upmarket" cars. There is now some pricing overlap that never used to be there.

This is interesting, can you give some examples?

It's interesting to browse Carvana - many of their listings include a link to a window sticker, which includes the original MSRP.

Some normal cars, especially ones in high demand like the Kia Telluride, are quite marked up. Here's an almost-new Telluride listed for $46,990, but if you look at the window sticker, the MSRP when new was $35,770. https://www.carvana.com/vehicle/1936818

One the other hand, the Mercedes GLC isn't at the top of most people's lists. Here's an almost-new one listed for $49,990. According to the window sticker, original MSRP was $51,125. https://www.carvana.com/vehicle/2059912

MSRPs $15k apart, but now listed for a just a $3k difference.

Re: Used car market gets even more bizarre

#62

Post by Hamuko »

pengaru wrote: post #45

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…

NA Miatas are becoming rarer, especially if yours is not modified to hell and back. And collector car prices have been climbing a lot recently.

Re: Used car market gets even more bizarre

#63

Post by Hamuko »

Apparently the Honda e is bucking the trend. I could buy a brand new Honda e Advance from Honda for 39 886 €, or I could buy a 2020 model with 2000 km on the odometer from a car dealership for 29 800 €.

I'm guessing its subpar battery range doesn't do wonders for values.

Re: Used car market gets even more bizarre

#64

Post by larrydag »

wpietri wrote: post #29
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...

Wow, those are some terrible incentives. I've never had a loan, so maybe I misunderstand the experience. But I'd hate to owe money to somebody that is hoping I fail badly enough that they take my stuff and while keeping my money.

It's in the best interest of a bank not to repossess because there are operational expenses and the bank will get more return if the loan goes to completion.

Re: Used car market gets even more bizarre

#66

Post by pengaru »

Hamuko wrote: post #62
pengaru wrote: post #45

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…

NA Miatas are becoming rarer, especially if yours is not modified to hell and back. And collector car prices have been climbing a lot recently.

Sure, but mine is a ~350k mile piece of shit with a salvage title after someone T-boned it at low speed, and I haven't made any real attempt to repair that damage. Nobody in their right mind looks at my Miata and thinks "collector car!"

Re: Used car market gets even more bizarre

#67

Post by carabiner »

lastofthemojito wrote: post #55
carabiner wrote: post #48

Earlier quoted context omitted.

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

I entertained the idea of selling my '16 Mazda6 during all this madness so I filled out the online appraisal forms for Carvana, CarMax and Vroom. CarMax's offer was the highest - more than I paid for the car in 2018. Carvana and Vroom's offers were a bit lower. If you get serious about selling, you should obviously get multiple offers.

Interedasting. I just tried Carmax, Vroom, and KBB. Carmax gave $16k (so about what I originally paid), Vroom gave $12k about the same as Carvana. KBB said it was worth $17k.

Re: Used car market gets even more bizarre

#68

Post by mdoms »

willis936 wrote: post #37
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…

My SO's Subaru Outback's engine died recently. It would be $5000 to replace it. Not being able to justify the cost when it had an engine replacement 2 years ago, was already 9 years old, had 160k miles on it, and us not needing a second car, we decided to just sell it. A dealer bought it for $6500 knowing that the engine was shot. I was expecting like half of that with an optimistic estimate.

An engine replaced 2 years ago should absolutely not fail and should be under warranty.
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