Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Used car market gets even more bizarre

axios.com

Post reply on HN
Print view View original

191–200 of 340 posts

Re: Used car market gets even more bizarre

#191

Post by TomJansen »

csteubs wrote: post #83
lastofthemojito wrote: post #21

Earlier quoted context omitted.

The narrative earlier in the pandemic was that the reduction in driving was brutal for mechanics as it meant a reduction in need for auto maintenance and repair. Fewer of us are staying at home these days, but it looks like we're still not quite back to pre-pandemic levels of driving[0]. I'd imagine it's probably a bit of a mixed bag for mechanics, depending on what sort of vehicles they specialize in, where they're…

Might be anecdotal but on top of that, I've noticed that many car owners who previously only had services performed by a shop began doing their own maintenance. A friend who works as a service manager at CarMax had similar observations in conversations with some customers, including one DIY-er who forgot to torque their oil drain bolt correctly, lost the oil, and is now the recipient of a refurbished engine. I had on…

Congratulations

Re: Used car market gets even more bizarre

#192

Post by sroussey »

gremloni wrote: post #160
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 new car about a year and a half ago. With 3 years 0% interest, I put the entire amount in an index fund and have been paying installments. At this point I’ve paid ~18,000 but because of market profits and taxes it has only been around $8000 I’ve really ended up paying.

This is the way.

Re: Used car market gets even more bizarre

#193

Post by Digory »

toxik wrote: post #168
Digory wrote: post #89

So the working explanation is that the disappearance of new cars (due to chip shortages) has doubled the price of used cars? How long can that bubble last? Is it the same globally?

In northern Europe, it’s business as usual. Maybe our volumes are so small that the market need for new cars is still met?

Interesting. A doubling in the US seems bigger to me than just the chip shortage.

I wonder if the US tax incentives/spending policy this year are increasing demand at the same time supply is short?

Re: Used car market gets even more bizarre

#194

Post by mark-r »

oceanplexian wrote: post #141
noduerme wrote: post #129

Earlier quoted context omitted.

I still won't even buy a car with GPS. Seems I'm in a vanishing minority. It won't pass, because people born after 1990 have spent their adult lives in a world with surveillance machines in their pockets at all times. Their cars are just big phones. By 2040 you probably won't even be allowed to drive your own vehicle.

This brings up an interesting point which is why I recently bought a used car. The late 90s, 00s are probably the last road-legal vehicles that won’t spy on you. I wouldn’t put it past lawmakers to make phoning home mandatory like they did with backup cameras. I’m guessing this will also cause prices to skyrocket since there is a sizable minority of people like us who will refuse to buy a car that’s plugged into the…

Worse yet, they'll make you pay for a subscription to the spy service! I've had my new car for exactly a year now, and I got multiple warnings that they were going to turn off the connection that they use for roadside assistance etc. unless I ponied up $8 a month.

Re: Used car market gets even more bizarre

#195

Post by propogandist »

satronaut wrote: post #179
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…

I bought a tesla about a year ago. I only had to wait a week for it. 0 down and something like 2% APR. I feel like I really lucked out there

we're talking about trends and the crazy car market this year, but thanks for telling us you got a tesla

Re: Used car market gets even more bizarre

#197

Post by yeetaccount2 »

NDizzle wrote: post #106
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.

Will the insanity pass, though? There's talk of putting cameras in all cars starting in 2026 to prevent... drunk driving[1]?! What's next? I can't be alone in never buying a car that has this feature. [1] https://www.latimes.com/world-nation/story/2021-11-09/congre...

Sounds like a violation of 4a.

Re: Used car market gets even more bizarre

#199

Post by muffinman26 »

NDizzle wrote: post #106
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.

Will the insanity pass, though? There's talk of putting cameras in all cars starting in 2026 to prevent... drunk driving[1]?! What's next? I can't be alone in never buying a car that has this feature. [1] https://www.latimes.com/world-nation/story/2021-11-09/congre...

For me it's the touchscreen tablet-like control consoles. The Tesla controls are essentially a laptop in the middle of the car. Given what we know about texting while driving, it is absolutely ludicrous to me that those things are even legal, let alone common.

Re: Used car market gets even more bizarre

#200

Post by ls612 »

vkou wrote: post #153
larrydag wrote: post #64

Earlier quoted context omitted.

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.

Aren't you on the hook for those operational expenses? The bank only loses if you default early in your loan, and the price of the collateral collapses.

The way this is set up if the first happens the second was likely the cause.
Post reply on HN