Crazy Used Prices....Again....

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dareo

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utah
Are you guys noticing used vehicle prices that just don't make any sense at all? I like to watch credit union repo sales, as they can have a slightly below market deal from time to time. Even at a repo sale i found the following:

2018 CR-V EX 50k miles Buy it Now 23.3k. This thing brand new is $29k.

2018 F150 XLT 4 door 4x4 2.7t 35k miles $35k. Again, nearly the brand new price.

This is not some unrealistic owner price opinion or greedy dealership trying for top dollar, just a big credit union liquidating inventory.

Crossovers and Trucks massively over valued right now? I guess!
 
Right now, at least in some areas, supply seems to be an issue.
Yesterday, I was at the dealership where we just bought our Pilot.
I was talking to our salesman about business in general. Their issue is not so much new car supply, it is used.
He was saying that they are way down on supply of used vehicles, and this is a fairly large dealership (Honda/VW/Buick/Cadillac/GMC/Nissan.)
According to him, they would have no issue selling them if they could get them.
I walked the lot. I'll bet they didn't have twenty used cars in stock.
 
This an also an issue with motorcycles and ATVs. The factories were shut down for a while, so no new units were hitting dealerships. With no new ones, the used market started going crazy.

In addition to the normal supply being disrupted, demand also increased because kids were suddenly out of school, home all day and parents were trying to find new things for the kids to do, all the while with a $1200 check in their pocket.
 
dareo said:
Are you guys noticing used vehicle prices that just don't make any sense at all? I like to watch credit union repo sales, as they can have a slightly below market deal from time to time. Even at a repo sale i found the following:

2018 CR-V EX 50k miles Buy it Now 23.3k. This thing brand new is $29k.

2018 F150 XLT 4 door 4x4 2.7t 35k miles $35k. Again, nearly the brand new price.

This is not some unrealistic owner price opinion or greedy dealership trying for top dollar, just a big credit union liquidating inventory.

Crossovers and Trucks massively over valued right now? I guess!
Click to expand...

You can't get a new truck (CURRENTLY) like that for $35,000.00
 
Rand said:
2020 ram 1500 quad cab 4x4 hemi are starting around 30-31k or were a couple weeks ago.
Click to expand...
Try finding a new Ford F-150 XLT that has an MSRP that will make the transaction price near $35,000.00 On a dealer's lot. It can't be done. An XLT is a pretty equipped truck.
 
The F150 comparable new is gonna run you 39-40k, but its brand new with full warranty.
 
CKN said:
Try finding a new Ford F-150 XLT that has an MSRP that will make the transaction price near $35,000.00 On a dealer's lot. It can't be done. An XLT is a pretty equipped truck.
Click to expand...

My boss at work just bought a 2020 F-150 XLT for under $35k a couple weeks ago. A quick KBB search turned up dozens of new 2020 XLT F150's for under $35k. The XLT is not exactly a premium trim level. You start adding options and you go beyond that $35k pretty quickly.
 
It's been a while since I've found used cars to be a value, I don't even consider them anymore...the flip side is I can get new car every couple of years and not spend a lot.
 
This is exactly why I'm so glad I just swooped my '01 Grand Cherokee for $400. Easily a $1,300 truck on a regular day, probably $1,900 now. Heck, a friend of mind just got $7k at the Ford dealer on trade for his '02ish CR-V with 200k on it. Granted, that was with trade incentives, but SEVEN GRAND for a 15+ year old Honda with 200k on it? And this was a manual trans AWD model, not exactly an easy sell (although very cool and somewhat rare).

I just stopped at a local Lincoln dealer yesterday to pick up a part and they have a giant white board of the top 20 models they're looking for on trade/sell. Desperation is high.
 
dareo said:
Are you guys noticing used vehicle prices that just don't make any sense at all? I like to watch credit union repo sales, as they can have a slightly below market deal from time to time. Even at a repo sale i found the following:

2018 CR-V EX 50k miles Buy it Now 23.3k. This thing brand new is $29k.

2018 F150 XLT 4 door 4x4 2.7t 35k miles $35k. Again, nearly the brand new price.

This is not some unrealistic owner price opinion or greedy dealership trying for top dollar, just a big credit union liquidating inventory.

Crossovers and Trucks massively over valued right now? I guess!
Click to expand...
They are trying to get the amount they are owed on it. Takes them a while to settle for less and then they will try to recoup it from the debtor.
 
Our CRV is currently estimated north of $17k but we paid in 2016 $28K OTD; Generally CRVs retains about 65% of its value after 3 years and that's exactly what it is in our case roughly

Also we bought Accord at the end of May and we scored a great deal as well; the end of May was the rock bottom prices for the used car market; since then, used car shoot thru the roof in $$$

There is a notion out there that the used market will be balanced toward the end of the year, if we don't see any more action from the government in form of another stimulants package, since the current funds allocated for unemployment insurance, forbearance and other things may soon dry out; in that case, the delinquencies on the car loans would increase and the market would be flooded with used cars again

also, its not a time to look after SUVs or trucks, try to look elsewhere
 
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Had some dealerships low ball prices on used through covid shut down, and now they cant find stock.
I have about 80 used in my inventory.
Used have definitely gone up in price, a lot get bought on auction in Canada and shipped to the US. 35% US$ dollar advantage makes it an easy buy decision.
We don't do well on Ford trucks. A broker was late on getting me a bill of sale for a 2019 F150. I asked her to look at the price again, 3 weeks later she got me another $1000. Its going to the US.
 
jhellwig said:
They are trying to get the amount they are owed on it. Takes them a while to settle for less and then they will try to recoup it from the debtor.
Click to expand...
This is how most credit unions work, but this one is probably the largest in Utah and has consistently sold nearly everything. They even repod and sold a 68 camaro for 45k. They will liquidate a utility trailer in hours for market value. So i have confidence in their pricing and watch their cars rotate out rapidly.
The little idaho CU i got my Sierra from wasnt even smart enough to list the 6.2 engine and max towing package in their ad, so it went cheap to me. Horrible pictures, no features, just bad marketing, and they took my offer.
 
Yes, I too have been watching used chevy truck prices. I bought a '17 certified Silverado LTZ back at the end of Feb before the country went into shut down due to C19 stuff. Now the same similar truck with less options & more miles is $2000 to $5000 higher & all truck inventories are very low. Supply & demand.
 
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