Cheap cars are back, but...

[GR_CoB]

I scroll through FB marketplace and Craigslist daily in hopes to spot a once-in-a-lifetime deal, as I'm sure many of us do. Recently I have noticed an abundance of cheaper cars, with tons of useful life left. Yet they just sit... Sellers drop prices even more, yet still no takers... And I'm talking good cars: Panther platforms, proven Toyota, all kinds of GM 3800 offerings, and so on. I'd think that with higher prices on new cars people would wise up and turn to used market, but doesn't seem that way yet.
And here is an honest dealership that recently posted a video on the topic, as they're seeing and feeling the same trend.

What do you think is going on here? Are people so used to high prices that they're afraid of seeing pre-2019 prices again? Or is everyone just holding on to their money due to uncertainty and economic tensions? Would this situation cause the new cars to be sold below MSRP eventually? Thoughts?

 

[SaberOne]

Well, I don’t think it’s entirely back but it’s getting there. I really miss the days of the $750 beater.

 

[AZjeff]

Panthers and GM3800 cars aren't what the general public is looking for. Cheapskate BITOG buyers yes. You're probably on track that low price buyers are nervous about spending.

 

[Chris142]

I have been looking for a quad. Nothing running under $3k! Same ones running were $1500 5 years ago.

 

[bdcardinal]

Well, I don’t think it’s entirely back but it’s getting there. I really miss the days of the $750 beater.

My Silverado is about as close as I think I will get. It was $1500 when I bought it almost 5 years ago.

 

[rstcso]

What do you think is going on here? Are people so used to high prices that they're afraid of seeing pre-2019 prices again? Or is everyone just holding on to their money due to uncertainty and economic tensions? Would this situation cause the new cars to be sold below MSRP eventually? Thoughts?

I think many people are tapped out and can't afford $2500 cash for a car. They don't have any money to hold onto. Credit card debt is well north of a trillion dollars and banks are tightening credit/limits. Some expecting tax refunds didn't get any because they were behind on student loans and their returns were seized/garnished. Etc., Etc., Etc.

If you're filling your tank and see someone buying $5 or $10 of gas, offer to finish filling their tank if you're in a position to do so (unless they're driving a Suburban or Expedition ). It can make all the difference in their lives.

 

[SC Maintenance]

What exactly are you seeing - can you be more specific. Maybe post some examples?

I am still seeing 20 year old Camry's and old Scion's in the 5-6K range. Better than it was, but not exactly great for 20 year old cars.

Panther and 3800 - aren't those more than 20 now?

 

[WobblyElvis]

I think it's obvious....people are scared with the current trade/tariff and world affairs situation. There is a lot of bad news out there. As people put off discretionary spending sales plummet leading to more layoffs...leading to more bad news. It snow balls. Things might get a lot worse.

 

[rstcso]

My wife is a hiring manager at her company. They recently opened two positions for business analysts. Within two hours, she had over 160 resumes/applications. Two years ago, those positions were open for extended periods of time.

 

[GR_CoB]

What exactly are you seeing - can you be more specific. Maybe post some examples?

I am still seeing 20 year old Camry's and old Scion's in the 5-6K range. Better than it was, but not exactly great for 20 year old cars.

Panther and 3800 - aren't those more than 20 now?

Most examples of what I'm seeing are cars similar to the ones in video I referenced. But here are some in my areas, all under 200k miles:
- 2010-ish Panthers, Crown Vic or Grand Marquis mostly, in sub $4k. Town Cars are a bit higher on price.
- 2003-2008 Corolla, Matrix, Vibe in sub-$3k range.
- Camrys and Scions with the 2.4L, where oil consumption is easily fixable with VRP 5W-30. I know because it completely fixed oil consumption on my 2008 Scion xB.
- Smaller Scions with the immortal 1.5L from Yaris, all sitting in $2k-$4k range.
- Lower mileage Buicks, and Impalas, with the 3800.
- Minivans, bunch of minivans. Odysseys are cheapest, because all are due for a transmission, or timing job, or VCM related issues. But lots of reliable Siennas and Sedonas under $4k. There was a great 3.3L Sienna with 160k miles sitting for sale at $3200 forever. Finally sold recently. Lots similar ones.
- Highlanders, including the first gen Hybrid ones. We had two 2006 models and loved both.
- Volvo XC70 or XC90, with the 3.2L. Lots of cheap ones in good condition. We had a 2010 Volvo XC70, AWD and 3.2L. Got 31MPG on long trips, and we sold it at 280k miles with zero oil consumption still.

And the list just goes on and on. Lots of rust free GMT800 offerings for all budgets. Tons under $4k and sub-200k miles.
And most pre-2000 cars sit at $2000 and no one wants them even with low mileage. Yet I see repos happening because people can't keep up on payments. While these older cars are perfect solutions for reliable transportation without monthly payments.

 

[eljefino]

I think it's obvious....people are scared with the current trade/tariff and world affairs situation. There is a lot of bad news out there. As people put off discretionary spending sales plummet leading to more layoffs...leading to more bad news. It snow balls. Things might get a lot worse.

Some stuff does better in bad economic times though and I figure beater cars should be one of them. Must vary regionally. Locally to me things are slightly better than last spring as far as finding a decent $2000 car needing $1000 (retail) worth of work.

 

[Oillover]

If you're filling your tank and see someone buying $5 or $10 of gas, offer to finish filling their tank if you're in a position to do so (unless they're driving a Suburban or Expedition ). It can make all the difference in their lives.

I've noticed it's usually the folks with big SUV's who are struggling financially.

 

[GR_CoB]

I've noticed it's usually the folks with big SUV's who are struggling financially.

I drive a 50MPG Toyota Prius C, and an 80MPG Kymco Scooter, so that my wife and kids can roll around in much safer 16MPG Nissan Armada. I can see how having just one guzzler as the main vehicle can empty the wallet pretty quick.

 

[GSCJR]

Test drove a 2011 Escape V6 yesterday. No rust, but high mileage (160k), asking $1200, as it needs a rad. Drove smooth and nothing unusual stood out.

 

[rstcso]

I've noticed it's usually the folks with big SUV's who are struggling financially.

Look for the younger woman driving an old car with a carseat in back pumping $5. The ones with the big SUVs are loud, but the others are probably not, but struggling the most.

 

[factorytuned2012]

Test drove a 2011 Escape V6 yesterday. No rust, but high mileage (160k), asking $1200, as it needs a rad. Drove smooth and nothing unusual stood out.

160 ain’t bad for a 2011… I’ve seen 5 year old vehicles north of 200

 

[SC Maintenance]

Most examples of what I'm seeing are cars similar to the ones in video I referenced. But here are some in my areas, all under 200k miles:
- 2010-ish Panthers, Crown Vic or Grand Marquis mostly, in sub $4k. Town Cars are a bit higher on price.
- 2003-2008 Corolla, Matrix, Vibe in sub-$3k range.
- Camrys and Scions with the 2.4L, where oil consumption is easily fixable with VRP 5W-30. I know because it completely fixed oil consumption on my 2008 Scion xB.
- Smaller Scions with the immortal 1.5L from Yaris, all sitting in $2k-$4k range.
- Lower mileage Buicks, and Impalas, with the 3800.
- Minivans, bunch of minivans. Odysseys are cheapest, because all are due for a transmission, or timing job, or VCM related issues. But lots of reliable Siennas and Sedonas under $4k. There was a great 3.3L Sienna with 160k miles sitting for sale at $3200 forever. Finally sold recently. Lots similar ones.
- Highlanders, including the first gen Hybrid ones. We had two 2006 models and loved both.

And the list just goes on and on. Lots of rust free GMT800 offerings for all budgets. Tons under $4k and sub-200k miles.
And most pre-2000 cars sit at $2000 and no one wants them even with low mileage. Yet I see repos happening because people can't keep up on payments. While these older cars are perfect solutions for reliable transportation without monthly payments.

Much cheaper than here. Maybe we haven't caught up. I searched Camry here in Charleston craigslist and there is 1 under 5K. No Crown / Marquis, One Scion. Guess we didn't get the memo.

I have been looking for another Xterra for about a year. I do notice many more of them for sale in Charlotte / Hickory (I see your from Albermarle maybe?). Possibly ours stay high because no inspection of any kinds here? I am trying not to spend days chasing used far away, but I guess I might just have to.

 

[GR_CoB]

Much cheaper than here. Maybe we haven't caught up. I searched Camry here in Charleston craigslist and there is 1 under 5K. No Crown / Marquis, One Scion. Guess we didn't get the memo.

I have been looking for another Xterra for about a year. I do notice many more of them for sale in Charlotte / Hickory (I see your from Albermarle maybe?). Possibly ours stay high because no inspection of any kinds here? I am trying not to spend days chasing used far away, but I guess I might just have to.

Yup I'm in Albemarle. My search criteria are set to anywhere between Raleigh and Atlanta. Basically a 2-4hr driving range from Charlotte. Not afraid to drive a little for a good deal.

 

[SC Maintenance]

Test drove a 2011 Escape V6 yesterday. No rust, but high mileage (160k), asking $1200, as it needs a rad. Drove smooth and nothing unusual stood out.

Thats with the Duratec right? Sounds like a deal. 160K doesn't seem high at all - 11K miles a year?

 

[GSCJR]

I believe so @SC Maintenance, it's a 3.0L. I guess it's the age that really concerns me, living in the rust belt.