Where is the used car price going?

[Mark2024]

About 10 years ago, we purchased our current European car at about 60% of the window stick price. The one year old car had about 9000 miles on it.

Since it is getting harder to get in and out of the car, we are looking to get a mid size SUV.

To my surprise, those about 1 year old with less than 10K mile cars are all at MSRP or slightly lower. The old saying that you lose 10% of the value the minute you drove the car out of the dealer parking does not seem to apply now.

We saw a certified BMW X5 xDrive 40i with M package and about 6000 miles at merely $2000 below sticker price. It was sold within 24 hours.

I know there were a period that there is relatively low inventory due to the lack of chips. What is the reason for current high used car price? If we wait 6 months, do you think the price could go down? Many on YouTube are saying the used car market is crashing. I don't see it.

 

[Car-Guy]

I'm almost always in the market for new or slightly used vehicles but I'm not buying now. Stupid/crazy pricing for what I'm looking for! I'll wait.

 

[foxcreek9]

I'm almost always in the market for new or slightly used vehicles but I'm not buying now. Stupid/crazy pricing for what I'm looking for! I'll wait.

It's about to get a lot worse, buckle up.

https://twitter.com/x/status/1705278160865038678

 

[Midpack]

New and used prices went crazy following the pandemic supply chain disruption. They are always make/model dependent, but they have been coming down slowly. However, the UAW strike will probably send prices up again.

 

[W2R]

I can't get my driver's license renewed due to poor vision, so I want to sell my 2009 Venza, with only 38,500 miles on it. I haven't ever sold a vehicle privately and don't know how, so probably Frank will sell it for me or else buy it himself.

Looks like a good time to sell. I only want what kbb dot com says it's worth.

So, since I want to sell, prices will probably drop steeply very soon. Y'all can thank me later.

 

[Mark2024]

New and used prices went crazy following the pandemic supply chain disruption. They are always make/model dependent, but they have been coming down slowly. However, the UAW strike will probably send prices up again.

Thanks for the data. Only the UAW are on strike. many other car brands are not. Hopefully we will not see a big price spike again.

 

[aaronc879]

Thanks for the data. Only the UAW are on strike. many other car brands are not. Hopefully we will not see a big price spike again.

I have heard that the UAW strike IS likely to decrease the amount of vehicles on lots and therefore increase the cost of both new and used cars. It should only impact brands under UAW but we all know that if those prices go up then others will follow. I'm glad I bought last spring because I don't think there will be a good time in the next year if you are looking for a good deal. Good luck

 

[Car-Guy]

Thanks for the data. Only the UAW are on strike. many other car brands are not. Hopefully we will not see a big price spike again.

Unfortunately for me, the only vehicles I'm really interested in are made by Stellantis and GM. The plants that make the ones I'm interested aren't out just yet but as I understand it, they have voted to go out if necessary.

 

[Midpack]

Thanks for the data. Only the UAW are on strike. many other car brands are not. Hopefully we will not see a big price spike again.

If the strike goes on long enough, a shortage in any make creates more demand for all brands. The people who really need a car and want a GM/Ford/Stellantis will have to buy something else, driving up all prices. Not everyone can wait, though some can. And people who just want to buy a car and have UAW and non-UAW makes on the radar may go ahead with the latter. Many used car buyers are less sensitive to make/model as well, versus new car buyers.

 

[Chuckanut]

According to the car Dealership Guy, the auto auctions for used a cars are already seeing increased prices as dealers stock up on used cars fearing the strike could be a long one.

 

[CaptTom]

My unofficial indicator of the automobile market has been ticking down lately. About twice a week I drive by an auto auction lot. During the shortage, it was virtually empty. It's been slowly filling back up since then.

The theory about the impact of the strike may be accurate. Last time I went by on an auction day, the whole area was packed with buyers' vehicles, parked all along the street and up the next one. So maybe they're all stocking up before the strike.

 

[Mark2024]

I also noticed that the interest for used cars loans are super high now, starting around 9%. Coupled with high price and high interest, it is going to be hard to buy a car now.

Well, is there anything easy to buy?

 

[COcheesehead]

I bought my truck at the end of a lease three years ago. Today according to KBB, the trade in value is still higher than what I paid for it. 2018 Jeep Wrangler Rubicon Unlimited.

 

[Koolau]

About 10 years ago, we purchased our current European car at about 60% of the window stick price. The one year old car had about 9000 miles on it.

Since it is getting harder to get in and out of the car, we are looking to get a mid size SUV.

To my surprise, those about 1 year old with less than 10K mile cars are all at MSRP or slightly lower. The old saying that you lose 10% of the value the minute you drove the car out of the dealer parking does not seem to apply now.

We saw a certified BMW X5 xDrive 40i with M package and about 6000 miles at merely $2000 below sticker price. It was sold within 24 hours.

I know there were a period that there is relatively low inventory due to the lack of chips. What is the reason for current high used car price? If we wait 6 months, do you think the price could go down? Many on YouTube are saying the used car market is crashing. I don't see it.

When all is said and done, it still comes down to supply and demand. Nothing has changed about that.

 

[jollystomper]

I am considering purchasing a Toyota Highlander Hybrid. While they are in high demand, I am not in a rush, and about 1-2 times a month I get notified by a dealer that one is available.

The dealer has a used 2021 model with 33K for about $47,000. But they notified me of a new 2023 model they have available for $49,000. With that small a spread, I am thinking I may as well just go for a new model.

 

[COcheesehead]

I am considering purchasing a Toyota Highlander Hybrid. While they are in high demand, I am not in a rush, and about 1-2 times a month I get notified by a dealer that one is available.

The dealer has a used 2021 model with 33K for about $47,000. But they notified me of a new 2023 model they have available for $49,000. With that small a spread, I am thinking I may as well just go for a new model.

That’s what lead me to buy new. In our case a ‘24 Bronco. Used $57k. New $60k. Why bother with used? You are not being compensated for the risk.

 

[Mark2024]

I am considering purchasing a Toyota Highlander Hybrid. While they are in high demand, I am not in a rush, and about 1-2 times a month I get notified by a dealer that one is available.

The dealer has a used 2021 model with 33K for about $47,000. But they notified me of a new 2023 model they have available for $49,000. With that small a spread, I am thinking I may as well just go for a new model.

may be the trim level is different? A 21 GLE 63 will be a lot more than a 23 GLE 350.

 

[JoeWras]

I am so tired of this shortage sh

 

[Koolau]

I am considering purchasing a Toyota Highlander Hybrid. While they are in high demand, I am not in a rush, and about 1-2 times a month I get notified by a dealer that one is available.

The dealer has a used 2021 model with 33K for about $47,000. But they notified me of a new 2023 model they have available for $49,000. With that small a spread, I am thinking I may as well just go for a new model.

That’s what lead me to buy new. In our case a ‘24 Bronco. Used $57k. New $60k. Why bother with used? You are not being compensated for the risk.

Ghaaaakkkk! I can't even imagine a car for $50K or $60K. I could afford one (heh, heh, still can't get that C-8 Corvette out of my head - and it'll be $100K easy with the stuff I'd want in it.)

BUT I just won't ever pull the trigger on such a big purchase. I make no judgement on anyone else who wants a new vehicle. They can be a very useful (and fun) BTD experience. Enjoy your purchases and be sure to let us know your experiences with them when you can finally find exactly what you want.

 

[street]

I believe prices will increase and be there for a while. Until supply meets demand it won't be a stable market.

I ordered one a couple months ago but did contact a different dealer about a used small 4x4 pickup to buy to hold me over. I had my son go look at it and he said not to buy it looks like a lot wrong with it. I know now why the price they had on that vehicle.

My thinking was but it now could always sell out right when the new one comes and still get what I paid for that used one.

 

[Chuckanut]

I’ve heard some of the first versions of certain EVs are selling for low prices due mainly to very limited battery range.

 

[REWahoo]

I can't get my driver's license renewed due to poor vision, so I want to sell my 2009 Venza, with only 38,500 miles on it. I haven't ever sold a vehicle privately and don't know how, so probably Frank will sell it for me or else buy it himself.

Looks like a good time to sell. I only want what kbb dot com says it's worth.

FWIW, I'd see what local dealerships would offer you for it. Lots of TV ads here from auto dealers offering to buy your car and they might give you a good price for your low mileage Venza without the hassle for your or Frank having to try to sell it to Joe Q. Public. CarMax is a good place to start as they buy a lot of cars and have a streamlined process. Been a while but I think it only takes about 30 minutes for them to do an appraisal and make an offer.

 

[rodi]

I can't get my driver's license renewed due to poor vision, so I want to sell my 2009 Venza, with only 38,500 miles on it. I haven't ever sold a vehicle privately and don't know how, so probably Frank will sell it for me or else buy it himself.

Looks like a good time to sell. I only want what kbb dot com says it's worth.

So, since I want to sell, prices will probably drop steeply very soon. Y'all can thank me later.

Is that the used car equivalent of WHEEEEE?

*****

We'll be in the market for a *cheap* used car in November/December. We promised younger son he'd get the truck his older brother is using when he comes back from his semester abroad. We promised older son we'd get him something better than the truck since he met various goals we set (grades, life skills, he's been slow to launch).

But it's not the same market that you-all are looking at. We're looking at reliable beaters with highish miles... and both kids drive stick so there are some bargains to be had for the unsellable manual transmission beaters. Probably get a 2008ish minivan or 4 cylinder truck... This is college transportation... doesn't have to be sexy.

 

[JoeWras]

Is that the used car equivalent of WHEEEEE?

*****

We'll be in the market for a *cheap* used car in November/December. We promised younger son he'd get the truck his older brother is using when he comes back from his semester abroad. We promised older son we'd get him something better than the truck since he met various goals we set (grades, life skills, he's been slow to launch).

But it's not the same market that you-all are looking at. We're looking at reliable beaters with highish miles... and both kids drive stick so there are some bargains to be had for the unsellable manual transmission beaters. Probably get a 2008ish minivan or 4 cylinder truck... This is college transportation... doesn't have to be sexy.

Good luck.

I was in the market for the same last March. A reliable beater minivan.

It was very difficult. The whole market is in turmoil from top to bottom.

Because of the shortage, Toyota Siennas and Honda Odysseys are in demand. You may find they are not cheap.

I was hoping for a 2008 in the $4k range but they were surprisingly difficult to find. I was late on one by a few minutes, with the other buyer arriving right before me.

After more searching, I ended up going with a 2011 with 200k miles for $7k+. I wasn't happy about that but am currently happy with the purchase. I also ended up with top of the line which goes for a little bit more than base purchase. I am, however, enjoying the top of the line amenities which blow away anything I've had in the past, but would be dismissed today as trivial (blind spot detection, for example). I've already put 5k miles on it and it has served well. This same vehicle would have cost less, with less years and less miles in early 2020.

The beaters were really beaters. The good cars demand a price. I went with a private sale.

 

[ncbill]

I can't get my driver's license renewed due to poor vision, so I want to sell my 2009 Venza, with only 38,500 miles on it. I haven't ever sold a vehicle privately and don't know how, so probably Frank will sell it for me or else buy it himself.

Looks like a good time to sell. I only want what kbb dot com says it's worth.

So, since I want to sell, prices will probably drop steeply very soon. Y'all can thank me later.

Go for multiple offers...local dealers & the nationals like CarMax, Carvana, etc.