Are people really paying insane prices for used cars?
- Thread starter leadcounsel
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What's insane about that? It's one year old and a brand new one will set you back nearly twice that. A low mileage example will be a lot more. Here is a 2020 for $75K https://www.facebook.com/marketplace/item/574658341039566/?ref=
That’s a base model Tradesman with the gas 6.4. Not diesel. A new one is probably $50K.
Be that as it may, used buyers mainly see 2022, not trim levels or engines. And I'd take a gas engine over an out of warranty modern diesel any day.
As someone else noted, you shouldn't confuse used cars with classic older cars. If I'm looking for a "used car" to get around, I'm not looking for a potential collectible. Those are not practical as daily drivers.
The 1980s Monte Carlos with the soft GT front end were always popular. Same thing for the El Caminos with the similar front end. Ditto for Fox–body Mustangs. All of these are scarce on the roads today, again because they are not now good as daily drivers. Vehicles do age.
For vehicles that meet my definition of used cars, meaning everyday vehicles no more than about 20 years old, prices are coming down. This is the main reason companies such as Carvana are now in trouble. No one is willing to pay $20K now for a 2010 Ford Ranger. Things were different 18 months ago.
The 1980s Monte Carlos with the soft GT front end were always popular. Same thing for the El Caminos with the similar front end. Ditto for Fox–body Mustangs. All of these are scarce on the roads today, again because they are not now good as daily drivers. Vehicles do age.
For vehicles that meet my definition of used cars, meaning everyday vehicles no more than about 20 years old, prices are coming down. This is the main reason companies such as Carvana are now in trouble. No one is willing to pay $20K now for a 2010 Ford Ranger. Things were different 18 months ago.
That gray one is “Mullet” owned by Garret aka Cleetus McFarland. It’s basically “just” an El Camino skin on a tube chassis… And getting a Steve Morris SMx engine!A mid-size, RWD GM platform that will easily accept virtually any engine and transmission GM ever made and has the full support of nearly every aftermarket performance part manufacturer without the massive boomer price tag of a 67-69 Camaro?
Why would anybody ever buy a car like that?
People buy old G-bodies because they do this really well:
They do this really well too:
Maybe I’ll get a G body and turn it into an autocross monster
Equal amounts of Supply & Demand = fair market price.
Conversely, scarse supply + no demand = no viable market
Z
Conversely, scarse supply + no demand = no viable market
Z
... and sometimes it's just because they're fabulous and worth it.
$25,000 for sale in Cincinnati Ohio. 11,000 miles.
$25,000 for sale in Cincinnati Ohio. 11,000 miles.
Classic type cars not withstanding - around here anything in decent shape and running is $7-10K. Lots of 200K mile 12 year old cars listed for $10K. Some portion of the population (significant portion around here) simply can never afford $50K for a car. You got to get to work, so no choice.
The local Chevy dealer I drove through a couple saturdays ago had a lot full of Silverado's - wall to wall. All looked to be 4 door whatever they call it - crew cab, not the double cabs. Not selling apparently. The Nissan dealer had a bunch of new Frontiers as well - you couldn't get one of those last year and people were paying crazy prices. Toyota lots on the other hand are still empty - there still struggling or SE Toyota is more likely playing the game - keeping them on their lot instead of dealers to portray scarcity - maybe?
The local Chevy dealer I drove through a couple saturdays ago had a lot full of Silverado's - wall to wall. All looked to be 4 door whatever they call it - crew cab, not the double cabs. Not selling apparently. The Nissan dealer had a bunch of new Frontiers as well - you couldn't get one of those last year and people were paying crazy prices. Toyota lots on the other hand are still empty - there still struggling or SE Toyota is more likely playing the game - keeping them on their lot instead of dealers to portray scarcity - maybe?
Here's an interesting juxtaposition for you.
Two cars I sold recently...
2004 Honda Civic VP (Value Package) with 51,000 original miles. 5-speed manual transmission. Factory radio. Roll 'em up windows. Nice silver color with a few dings and dents. Pretty much a basic model that will last forever and it already had the timing belt done. No rust. One owner. 29 service records at the dealership. Sold for $7500.
2015 Mitsubishi Outlander Sport with 133,000 miles. Also a 5-speed manual. Power windows. Cruise. Bluetooth. Nice Chili Red color that makes it stand out. More options than the Civic but was treated like rolling leprosy by John Q. Public. Sold it for $6995.
I liked both cars. But I've seen way too many bad drivers here in metro-Atlanta to make the Civic my daily. The Outlander could be almost indistinguishable from newer entry-level crossovers if you just added a nice infotainment system to it for around $200. I think it took over two months to sell it.
Two cars I sold recently...
2004 Honda Civic VP (Value Package) with 51,000 original miles. 5-speed manual transmission. Factory radio. Roll 'em up windows. Nice silver color with a few dings and dents. Pretty much a basic model that will last forever and it already had the timing belt done. No rust. One owner. 29 service records at the dealership. Sold for $7500.
2015 Mitsubishi Outlander Sport with 133,000 miles. Also a 5-speed manual. Power windows. Cruise. Bluetooth. Nice Chili Red color that makes it stand out. More options than the Civic but was treated like rolling leprosy by John Q. Public. Sold it for $6995.
I liked both cars. But I've seen way too many bad drivers here in metro-Atlanta to make the Civic my daily. The Outlander could be almost indistinguishable from newer entry-level crossovers if you just added a nice infotainment system to it for around $200. I think it took over two months to sell it.
The Outlander took a while to sell because it had a manual and fairly high mileage for its age.
Really out of hand.
5,400 miles? Price is high but it is one of a kind, you'll probably never see another one that clean.
My father bought that exact car in that color but automatic. He knew nothing about cars and was just looking to replace his Aries that was falling apart. We went looking at a Chevy dealer and the Cavaliers looked nice. I mentioned he should get the V6 (knowing that would only be available with the Z24 package) since they would be more durable I said, so he agreed. Told the salesman to put Z24 on the order list and kept my fingers crossed he wouldn't mention that was the sport model. When it arrived he didn't seem too surprised, probably looked like any other 2 door compact out there to him, but I was pretty excited about it. The stying looked great especially in red with the stripes, the instrument cluster with the digital lcd display was cool, but the best part was the sound of the exhaust. Growled almost like a V8.
$11k for a Monte SS doesn’t surprise me at all. It’s crazy what is 45 year olds that long for our high school ride will pay to have that nostalgia again.
Same goes for old Jeeps, square body Chevy pickups, and any muscle car for the 69’s/70’s, even wearing primer and missing pieces.
Except for anything I own. I’d probably have the least expensive selling Jeep on the planet if I tried to sell, with my luck!
Same goes for old Jeeps, square body Chevy pickups, and any muscle car for the 69’s/70’s, even wearing primer and missing pieces.
Except for anything I own. I’d probably have the least expensive selling Jeep on the planet if I tried to sell, with my luck!
Am trying to remember... going into the 1990's, all the classic iron, were they still relatively cheap? end of the 90's, with evilbay and the internet now making it easy to shop, coast to coast, instead of the local ads, did prices spike then? I feel like prices went up around that time, and have just kept up there. As Gen X comes into money, they in turn go shopping, and thus prices keep climbing.
IIRC Gen Z (and Gen Y?) haven't been as big into cars. Just as well, who's looking forward to anyone pining for the Prius or Tesla of their youth?
This is one reason used-car prices eventually will crash (along with future restrictions on availability and use of fossil fuels). One guy at work (retired now) has a 1960 Chevrolet Impala wagon in excellent unrestored condition with the rare 348 V-8. He told me his son, now nearly 30, had already told him he wasn't interested in that car, but was going to sell it after inheriting it.Am trying to remember... going into the 1990's, all the classic iron, were they still relatively cheap? end of the 90's, with evilbay and the internet now making it easy to shop, coast to coast, instead of the local ads, did prices spike then? I feel like prices went up around that time, and have just kept up there. As Gen X comes into money, they in turn go shopping, and thus prices keep climbing.
IIRC Gen Z (and Gen Y?) haven't been as big into cars. Just as well, who's looking forward to anyone pining for the Prius or Tesla of their youth?
People in the 60's said the same thing about their parent's Model A. Means nothing. If the son doesn't want it, there are plenty of others that would.
Old G bodies and Fox Mustangs are up there.
You are not buying a decent one for 5. If you thought you could get one for 3 you are frankly clueless...
I agree with the poster who said he'd rather have a Cutlass (442) with the olds 307.
That Z24 is cool too, it is too much but it is not Crazy... I almost bought one new...
Regular old used prices are moderating though...
You are not buying a decent one for 5. If you thought you could get one for 3 you are frankly clueless...
I agree with the poster who said he'd rather have a Cutlass (442) with the olds 307.
That Z24 is cool too, it is too much but it is not Crazy... I almost bought one new...
Regular old used prices are moderating though...
