What's the deal with the fawwken used car market???

[DIBBS]

I've been looking at used vehicle prices for the last week, and it seems that all dealers, and most private parties are listing and selling vehicles for 2K over blue book values, for ordinary cars and trucks. WTF gives? I made what I thought was a reasonable offer on a toyota pickup on Friday, contingent on a mechanics checkover today, and the guy sold it on Sunday to a doomkopf that didn't even have it checked. Guess I'm out of touch with reality, eh?

 

[Cobracutter]

Welcome to 2010, There is this new show called True Blood, you should check it out.

 

[JMGlasgow]

Obviously people are willing to pay 2k over book price. There is a sucker born every minute.

 

[jrassy]

Can you say"cash for clunkers"? Residual effects are here. When car dealers offer to buy your used car, things have pretty much gone to shit.

 

[shoot4fun]

Recently got $8500 for my wife's ten year old Nissan Murano with 95,000 miles on it.
Didn't seem that long ago that a ten year old car was called "scrap iron".

 

[rjacobs]

Used market has been nuts since 2011ish. I have bought 3 or 4 cars since then and I ended up buying 2 new and 2 used. The 2 new were so close in price to the used that it was hard to not pay another 2k or so on the new vs. the used. The other 2 used were a 10 year old Jeep for a toy and a 2011 Camaro SS after I decided I wouldnt pay MORE today for a 2008 Corvette than I paid for a 6 month old used Vette in 2008. 08 Vette's were going for 32-35k depending on options and in late 2008 I paid 31.5k for a 6 month old 2008 Vette with 5k miles on it. The Camaro was a 11 with 10k miles on it that was WAY LESS than the 08 vettes were going for and I figure 90% as much performance.

 

[Shoottothrill]

1. 1st problem is that Kelly Blue Book is out of touch with reality. Their prices are too low. Most used cars on Craigslist are not from private parties, but from car guys who bought them at the auction and are selling them private party. Problem is its very difficult to buy good used cars at auction for much below KBB it too competitive at the auctions, and prices get driven up. Now the car guy has to make a profit and the only way to do that is put the car up for sale over KBB. Private citizens who have cars on Craigslist or in the newspaper for sale often end up selling to these same car guys, because they have cash and show up fast. Then car guy has to put car up for 1,000 over KBB to make a profit. If you find a car you really like and it is really clean, don't be afraid to pay a little over KBB, if you don't you will probable end up paying KBB for a piece of shit.

2. Expecting to pay KBB for any Toyota truck is insane thinking, they always bring 1000 to 2,000 over KBB. Same for Jeep Wranglers, best resale value of any vehicle in the country some say. Also if you find a car or truck for sale and it has really low mileage for the year and is a 1 owner vehicle, except to pay 1000 to 2,000 over KBB.

3. Everyone seems to have it their mind that KBB is the bible, it is not. It is simply a guideline to go buy, but many factors effect the final value of a car. For one thing Kelly doesn't buy or sell cars. An individual owner, whether a dealer or a private party has the right to set the price on their personal property that they are selling. You as a consumer can either reach an agreement with the seller or choose not too. I will tell you this: Nice used cars sell very fast and if you find something you really like you better buy it because if you need time to think about it or take it to a mechanics the buyer right behind you may not and then you just lost out on a nice car or truck because of indecision. I'm not saying not to do you due diligence but if it feels right, pull the trigger.

 

[sqidd]

Since the housing crash a lot of people went to buying used opposed to new. This has driven the used market through the roof!

I'm constantly getting emails from my dealer offering to buy my F-150 and Mustang (both 2yrs old) for stupid money. Problem is I love my truck and don't want a different one. And I'll just add another Mustang to the fleet before I sell the ones I have.

I could be interested in the new aluminum EcoRaptor. But i'm not paying reatail or over for anything, and they will go for at least retail.

 

[Trevor300wsm]

Is KBB just a regional thing??? I ask because I have bought and sold 23 vehicles since 2007, some new and some used, and I have never once used KBB. Their shit is so far off I can't imagine anyone using it. I've always used NADA and the 3 credit unions and 4 banks that I deal with ALL base loan value off NADA. Nobody in my area uses KBB, atleast not for lending purposes.

Nice Used vehicles are hard to come by these days. It seems like people drive so much more now days and neglect their vehicles badly. It's not uncommon for a 3-4 year old truck to have close to or over 100,000 miles on it. That's just insane. I stopped buying and selling ~ 2yrs ago as I just lost interest in it and the thrill of the hunt was gone.

 

[rgrmike]

I never buy new vehicles but decided to buy my wife a new Honda Pilot based on the costs of used SUV's. They were so high it was unbelievable. It seemed like anything under 20K was junk or had a TON of miles. I have a 2005 Double Cab 4x4 V8 Toyota Tundra. I purchased it used in 2010 for 20K. It currently has 100K and having owned it for 4.5 years I'm not sure how much value it has really lost. Mine is in great shape and it would be really hard to replace it for 15-17K. Everything is getting more and more expensive. Fuel, vehicles, food, clothing, taxes etc.

 

[rrflyer]

Car companies moving to 7 year loans in new vehicles?!?! People can't afford them and don't want to blow the money after the last 7 years of recession.

I looked at a new Toyota the other day and it was pressing 60K for a new 4wd.

 

[proneshooter]

New Suburban: $75K LOLGTFOOH

It's almost to the point that I'll just buy a horse and ride it everywhere.

 

[DIBBS]

Thanks for your thoughts, feedback, and insight. Don't like the prices I'm seeing, but who does. Scrap metal is expensive these days!

 

[rgrmike]

New Suburban: $75K LOLGTFOOH

It's almost to the point that I'll just buy a horse and ride it everywhere.

Man you're not kidding. I wanted to get my wife a Tahoe. I'm still pissed at GM for taking "bail out money" but that's another story. Anyway, you can drop 50K on a Tahoe easily. I bought my wife a 2013 Honda Pilot, brand new, AWD with low 4x4 gear, leather, sun roof etc for 33K OTD. I never thought I would spend that on a vehicle but we had a kid on the way yada yada yada. I get the whole profit to foreign companies thing but it was "made" in the US just like my 2005 Tundra…hell my Harley might as well be made in Mexico. It has a ton of Mexican parts and Chinese actually.

 

[proneshooter]

I get the whole profit to foreign companies thing but it was "made" in the US just like my 2005 Tundra…

American made Hondas have typically MORE domestic content than most US branded cars. I used to work for a Honda supplier and I live in Western Ohio. The countryside in this part of the state is littered with American, European, and Japanese companies making parts right here out of US raw materials to supply the Honda assembly plants in the US and Canada.

On top of that, Honda has huge engine and transmission assembly plants here (Anna and Russells Point). Both of which machine and cast the great majority of components in house using American Honda workers and American raw materials.

American Hondas are not "made" here, they are truly American made.

 

[100meterpeter]

American made Hondas have typically MORE domestic content than most US branded cars. I used to work for a Honda supplier and I live in Western Ohio. The countryside in this part of the state is littered with American, European, and Japanese companies making parts right here out of US raw materials to supply the Honda assembly plants in the US and Canada.

On top of that, Honda has huge engine and transmission assembly plants here (Anna and Russells Point). Both of which machine and cast the great majority of components in house using American Honda workers and American raw materials.

American Hondas are not "made" here, they are truly American made.

That is really correct. A lot of GM'S parts are sourced out. When I do my brakes, you cannot get American made rotors. The ones I get from GM are Chinese. As far as used cars, the dealership I work for offers warranties for life on most used cars. With a new car, you lose 5 to 6 grand in value the minute you turn the key. As far as Pilots, it is the nicest riding and the quietest suv made. The brand new 2014 Tahoe is a close second and way more money. I suppose they gotta pay back that gubment!!

 

[xs hedspace]

Might be a backlash on all the "new" technology crap the cars come with now. Touch screen? Screw that, just give me a radio/cd player with knobs and buttons, and a HVAC system with the knobs.

 

[lash]

As mentioned above, the cost of new vehicles is so high that it drives the used market up for everyone else that is trying to avoid that high new car price tag. A guy here at work just bought a new F250 diesel 4WD loaded with every-freakin-thing you can imagine. $65K!!! I about choked!

No wonder my 5-year-old basic Silverado extended cab has an estimated used value almost as high as what I paid for it 5 years ago.

 

[rgrmike]

Man I'm really happy with my Honda Pilot family mobile. It drives really nice and does really good in snow. It has 3rd row seats in case you need them but they fold down flat so it's like a normal SUV. The seats are nice and comfortable, pretty quite, kinda has an SUV look comported to most SUV's these days other than maybe a 4 Runner. I like the AWD and if you need a low gear you can put it in 1st, hit a button and you have a low 4x4ish gear. It's no off road machine but my wife is totally happy with it and it's all we use on long hauls.

 

[Cobracutter]

Obviously people are willing to pay 2k over book price. There is a sucker born every minute.

OR, perhaps in a free market then maybe the book price could be you know......wrong.

 

[JMGlasgow]

What I meant was... what people are willing to pay dictates the market. For example... A truck will sell for more money here in Cheyenne as opposed to let's say Washington, D.C. Reason being that they are in higher demand. I just bought a used Explorer Sport Trac, it's resale value is higher than KBB. Reason being is demand. Maybe more so in my area.

You don't have to come off being a dick. Chill out.

 

[Switchblade]

Want to see drift tax, look for a 1989 - 1998 Nissan 240SX. Want to see cultist JDM tax, look for a 1997 or 1994 Honda Civic. Want the same for a Toyota, go after a Supra(any year) Celica, or AE85/6/7 Corrolla with RWD.
The fact that dealers essentially shit on people looking to trade or sell a car has made this happen. Black book values are shit so Blue Book is used with percentage added usually based on interior condition.
If the exterior is rust free at ten years, big plus, but no individual in tehir right moind will trade that car to a dealer knowing they will probably get shafted in the process on it's value, even if the dealer does make a profit on it(which they will)

 

[Maggot]

Might be a backlash on all the "new" technology crap the cars come with now. Touch screen? Screw that, just give me a radio/cd player with knobs and buttons, and a HVAC system with the knobs.

And no chip that the cops can track, or even switch your vehicle off if they deem necessary.

 

[Switchblade]

They don't need a chip to shut it off when they can shoot a sticky GPS tracker onto it...of course that new FT1 Cleaning Wax, NOTHING sticks to it...hint hint

 

[Cobracutter]

What I meant was... what people are willing to pay dictates the market. For example... A truck will sell for more money here in Cheyenne as opposed to let's say Washington, D.C. Reason being that they are in higher demand. I just bought a used Explorer Sport Trac, it's resale value is higher than KBB. Reason being is demand. Maybe more so in my area.

You don't have to come off being a dick. Chill out.

They why did you say what I quoted from you "Obviously people are willing to pay 2k over book price. There is a sucker born every minute."

What about paying market price makes them a sucker? You make contradictory statements.

 

[Trevor300wsm]

As mentioned above, the cost of new vehicles is so high that it drives the used market up for everyone else that is trying to avoid that high new car price tag. A guy here at work just bought a new F250 diesel 4WD loaded with every-freakin-thing you can imagine. $65K!!! I about choked!

No wonder my 5-year-old basic Silverado extended cab has an estimated used value almost as high as what I paid for it 5 years ago.

That was the window sticker price for that vehicle.....and if that's he paid, he is a fool. I own a 2014 Platinum F250 4x4 Powerstroke that I built online with every option available that Ford offers. The only thing I didn't add was the rapid cab heater. The window sticker on mine was ~$65K, but once at the dealership, I got $13K off sticker. Most dealerships are offering anywhere from $9K-$13K off sticker right off the bat.

 

[JMGlasgow]

They why did you say what I quoted from you "Obviously people are willing to pay 2k over book price. There is a sucker born every minute."

What about paying market price makes them a sucker? You make contradictory statements.

Because people are willing to pay over book price. Otherwise the item wouldn't sell. I just sold a Ford Expedition for more than what is is worth. Would I have paid the amount I sold it for? He'll no. So guess what, buyer paid more than he should have.

I may have made contradictory statements, but you spout off about free market this and that, when did I ever say anything against free market? The book is a guide, it isn't set in stone. If it was, that wouldn't be free market would it.

 

[xs hedspace]

I'm really happy with my Honda CRV with 143K miles on it--hardly any rust underneath. Only thing I did to it was put on fog lights and wired the relay into the fuel pump circuit, so I have running lights now, and the fogs don't go off when hi beams are on--much nicer. 5 CD player gives me choice between James Brown, Ray Charles or Benny Goodman== Happy Happy!
PS: My dad used to say only a fool pays retail, and a new car loses thousands of dollars the minute it crosses the curb of the dealers lot.

 

[lash]

That was the window sticker price for that vehicle.....and if that's he paid, he is a fool. I own a 2014 Platinum F250 4x4 Powerstroke that I built online with every option available that Ford offers. The only thing I didn't add was the rapid cab heater. The window sticker on mine was ~$65K, but once at the dealership, I got $13K off sticker. Most dealerships are offering anywhere from $9K-$13K off sticker right off the bat.

No doubt. It would surprise me if that is what he paid, but he is one of those guys that likes to brag about how expensive the things he has are. I didn't say that he was a friend.

 

[T J]

That was the window sticker price for that vehicle.....and if that's he paid, he is a fool. I own a 2014 Platinum F250 4x4 Powerstroke that I built online with every option available that Ford offers. The only thing I didn't add was the rapid cab heater. The window sticker on mine was ~$65K, but once at the dealership, I got $13K off sticker. Most dealerships are offering anywhere from $9K-$13K off sticker right off the bat.

True that. Luckily enough the company I work for offers the X-plan. That usually nets me 10-15K right off the top, I can't remember if I got the factory incentives as well or not. I bought a 2011 Lariat F250 crew, that 6.7L spoils me!



t

 

[crane op]

I'm looking for used car now and I went on car gurus and everything I found in my state my was about two or three thousand dollars higher with more miles than what I found in surrounding states can't figure that one out I'm looking for 2011too 2013 Chevy equinox any one on here have any input on how good they are they claim twenty two city and thirty two highway

 

[Delta4-3]

I'm looking for used car now and I went on car gurus and everything I found in my state my was about two or three thousand dollars higher with more miles than what I found in surrounding states can't figure that one out I'm looking for 2011too 2013 Chevy equinox any one on here have any input on how good they are they claim twenty two city and thirty two highway

My wife has a 2012 Equinox. I live in the Ozarks so mileage is pretty much always between road and city averages. We get 25ish, on nothing but curvy, hilly roads, and usually very short trips.

 

[crane op]

My wife has a 2012 Equinox. I live in the Ozarks so mileage is pretty much always between road and city averages. We get 25ish, on nothing but curvy, hilly roads, and usually very short trips.

I live in some hilly area but I drive a 130 miles one way to work I'm hoping to get at least 25 miles per gallon hopefully better is 95% highway that I travel thanks for the info have you had any mechanical issues out of it?

 

[DIBBS]

Most dealerships are offering anywhere from $9K-$13K off sticker right off the bat.

Don't "sticker" prices have about 25% markup automatically built into them?

 

[Oakflat]

This started when the gas prices skyrocketed several years ago. Just when people started trading in their low MPG cars/trucks for more efficient vehicles the prices of the used cars went higher.