Insane Used Car Prices (KIA is even participating)

rob1715

rob1715

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Feb 15, 2020
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Florida
For gits and shiggles I poke around KBB every so often. This time I looked up my 19' KIA Sorento LX with 40k miles. About 1 year ago the KBB trade-in was about $14k and some change. Today I looked at couldn't believe what the trade in was. Average is $21,346 with the low-end being $20,263. What does this mean? We purchased the vehicle in October 2018 for $24,650, if I recall, and it's been paid off since April 2021. KIA's depreciation has been historically terrible (trrrble), but what is our world coming to when a KIA only loses $3,000 value in 3 years?
 

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Used car prices have gone through the roof because of the shortages of new cars. Used truck prices are absolutely insane. One of my used car dealer customers was telling me he was at the auction a few weeks ago and a 2001 Dakota with 61k went wholesale for 16k. That means its gonna retail for 20-21k, for a 20 year old dakota in the northeast.
 
rob1715 said:
For gits and shiggles I poke around KBB every so often. This time I looked up my 19' KIA Sorento LX with 40k miles. About 1 year ago the KBB trade-in was about $14k and some change. Today I looked at couldn't believe what the trade in was. Average is $21,346 with the low-end being $20,263. What does this mean? We purchased the vehicle in October 2018 for $24,650, if I recall, and it's been paid off since April 2021. KIA's depreciation has been historically terrible (trrrble), but what is our world coming to when a KIA only loses $3,000 value in 3 years?
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If I took this exact same vehicle to a dealer in my area they would probably offer me $5000 straight sale for it, if the dealer was in a good mood. Sure am glad I don't need another vehicle at the moment.
 
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The 2006 Corolla on my sig I purchased , used, in 2015........the Dealership sent me a Postcard saying they would buy it back from me for about $2000 less than what I purchased it for......
 
rob1715 said:
For gits and shiggles I poke around KBB every so often. This time I looked up my 19' KIA Sorento LX with 40k miles. About 1 year ago the KBB trade-in was about $14k and some change. Today I looked at couldn't believe what the trade in was. Average is $21,346 with the low-end being $20,263. What does this mean? We purchased the vehicle in October 2018 for $24,650, if I recall, and it's been paid off since April 2021. KIA's depreciation has been historically terrible (trrrble), but what is our world coming to when a KIA only loses $3,000 value in 3 years?
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If you are not going to trade it and buy another it doesn't mean anything.
 
As odd as it seems it's a pretty good time to trade a truck for something new even if you pay sticker. The stupid high trade-in value and tax advantage are hard to ignore.

Used car prices will follow what dealers have to pay for them.
 
pbm said:
Is the consensus that these high used car prices are temporary or are they the new norm?
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When new supply picks up, most of those new sales will have a trade in to be dumped onto the market. Overpaid existing used inventory is in danger of losing money. I think the dealers know this and will adjust their offers downward in the near future if they have not already.
 
pbm said:
I don't see how so many people can pay huge car loans, mortgages etc...on stagnant wages...
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Who said wages are stagnant? My wife works as a Technical Recruiter. Salaries for anything IT technical are skyrocketing right now. Almost impossible to find qualified people in higher end positions like architects in cloud or cyber security.

Even at my own work, we are selling more X3M, X5M, M5 and M8 Competitions than low end X1 etc.
 
mightymousetech said:
Who said wages are stagnant? My wife works as a Technical Recruiter. Salaries for anything IT technical are skyrocketing right now. Almost impossible to find qualified people in higher end positions like architects in cloud or cyber security.

Even at my own work, we are selling more X3M, X5M, M5 and M8 Competitions than low end X1 etc.
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Yep. I am overpaying market rate gladly just to get good people in the door.
 
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