Insane Used Car Prices (KIA is even participating)

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carvana will buy my 99k mile ex cpo 2013 vw passat s for $5200. passat resale values are never high. except the lack of a rear view monitor, i am content with it, n.a. engine, no cvt, no electric gizmos, solid roof, cloth seats, roomy, great outward visibility. it’s been meticulously dealer maintained and runs great, with new brakes/tires/battery. the problems with selling in a seller’s market are: what comes next and for how much?
 
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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.
IT wages have been skyrocketing for 40 years. You get paid a lot for very little work. For low quality work as well.
 

AZjeff

$50 Site Donor 2023
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in Az where the Deer and Antelope play
The new norm.....pretty sure they enjoy the profit.....

When they have to pay what was retail or above to get something to sell not sure how high the profit is. If these high prices continue after new supply comes back then yes it would be gouging. Hard to imagine car dealers being able to fix prices for long considering how competitive they are.
 
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Apr 24, 2018
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Wisconsin
When they have to pay what was retail or above to get something to sell not sure how high the profit is. If these high prices continue after new supply comes back then yes it would be gouging. Hard to imagine car dealers being able to fix prices for long considering how competitive they are.

Maybe we might stop exporting millions of used/junk cars overseas?
 
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Feb 14, 2017
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iowa
fil just sold a 2013 ram 2500 laramie cummins 4wd 8' bed 20k miles for 53k.....i think the MSRP was in the low 60k back then....unreal...and the buyer came from hundreds of miles away as his search for such said vehicle was impossible to find...dealer said 48k trd in...
 

pbm

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New York
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.
I had a friend in IT whose job was outsourced to India....
 
Joined
Feb 23, 2009
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Michigan
I don't see how so many people can pay huge car loans, mortgages etc...on stagnant wages...
Sadly, it is amazing how many folks will try. Thinking they either “earned it” or “deserve it”. Most folks won’t by what would really get through the times. Proof is when most folks might need nothing more than a sedan, but choose to get a truck or SUV anyways. Short of the need to rent a truck for a big house project, my Equinox can do 95 percent of what I need it to do......
 
Joined
Feb 23, 2009
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When they have to pay what was retail or above to get something to sell not sure how high the profit is. If these high prices continue after new supply comes back then yes it would be gouging. Hard to imagine car dealers being able to fix prices for long considering how competitive they are.
For the most part I would agree. My local Chevy Dealer actually lowered the prices of their used stock this week. And should drop lower as new product rolls in. But I am still seeing a few dealerships with their prices up there! This one particular dealership has a 19 Equinox for almost 4 grand more than my local dealership for the same car/miles. So hopefully folks catch on.....
 
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Jan 3, 2020
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YYC
I literally can't imagine a 2001 Dakota selling for 16K, I would almost need to see the bill of sale to believe it. I just checked and the most expensive early 00's Dakota I could find in Alberta (aka Canada's Texas) was going for under 6K Canadian and even that was overpriced.
 
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I literally can't imagine a 2001 Dakota selling for 16K, I would almost need to see the bill of sale to believe it. I just checked and the most expensive early 00's Dakota I could find in Alberta (aka Canada's Texas) was going for under 6K Canadian and even that was overpriced.
Neither can I. What is interesting is that we have one of these, a 2000 RWD, with 60K miles and the 3.9 V6. It's not a very good truck and not one that we would have picked (it's inherited).
 
Joined
Oct 8, 2006
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All of today's jacked up prices, I.E. gas, lumber, vehicles, meat, etc, are all temporary. When prices go up like they have people quit buying, then prices HAVE to come back down to normal...
 
Joined
Nov 27, 2018
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All of today's jacked up prices, I.E. gas, lumber, vehicles, meat, etc, are all temporary. When prices go up like they have people quit buying, then prices HAVE to come back down to normal...
Well the FED is signaling inflation in the near term sooo… maybe not.
 
Joined
Oct 8, 2006
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OH
Well the FED is signaling inflation in the near term sooo… maybe not.
Like I said, everything that's had insane price hikes will see lower sales. Happens every time. Prices go up, people quit buying, prices come back down...it's the ol' supply and demand thing...
 
Joined
Nov 27, 2018
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Like I said, everything that's had insane price hikes will see lower sales. Happens every time. Prices go up, people quit buying, prices come back down...it's the ol' supply and demand thing...

Over a long enough time frame you bet. I was just referring to the short term.
 
Joined
May 18, 2012
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Baltimore, Maryland, USA
All of today's jacked up prices, I.E. gas, lumber, vehicles, meat, etc, are all temporary. When prices go up like they have people quit buying, then prices HAVE to come back down to normal...
True, but people are still buying cars. Even people who don't need a car. They are using inflated values for their trade in as justification.
 
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