Staggering inflated used car prices!

All the more reason to just nix the dealers, and let us buy straight from the manufacturers, dealers are a racket, they exist as a completely unnecessary middle man, and they have too much power to control the used market in addition to the used market, either dealers need to go and allow buyer to buy direct, or they need to be forced to only sell new and CPO cars of their principal brand all trade-ins that aren't going to be CPO should have to be auctioned off and they must be purchased by someone with no affiliation to the dealer.
 
If you have a trade in you get way more money so when you buy inflated it can wash. The winners are people buying out lease at deflated buyout then selling it and then getting new vehicle.
 
are these people who are willing to pay these markup prices able to finance these cars the same as before or do you need to come up with a huge down payment/trade to bring the financing in line for bank approval?

Each loan is created individually; however, the rule of the thumb for our underwriters states the one should be less than 50% of his monthly gross DTI obligations in order to be approved

On Monday I’ll go and look for a bill of sale that in a way stood out among others; he got into a 22 BMW X7 model for a pocket change of $110K OTD price
 
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I know, thinking of ditching our 2015 Rogue since it has a ton of lingering suspension issues and clunks that warranty has paid out something like 5k on at this point and getting a motorcycle for me to use (wife would use the truck) until prices get back to normal. I think I’d get back pretty much what I paid for it in 2017 and 45,000 miles ago. My truck is worth 4 grand more than what I paid for it in 2018 and I’ve puts 38,000 miles on it. I work from home and live in a mild climate. Of course the moment I do that I’ll end up needing to drive a bunch and will get annoyed with just using a motorcycle.
2015 Rogue with suspension issues in this market? Surprised you still have it!
 
2015 Rogue with suspension issues in this market? Surprised you still have it!
Plenty of reasons. One, the entire market is inflated, I live in the suburbs of north Scottsdale and we only have two cars, I would need another vehicle and would have to over-pay to replace the paid off vehicle that I have.

Two, the car has a Carmax warranty for 30,000 more miles, I have to talk my Indy guy into signing up with them so he can do the diagnostic and warranty work, we talked about it before and he’s fine with signing up with them, I just didn’t look into it on my end. Mostly laziness. My wife has been using the truck so it hasn’t been an issue and the car drives fine it just makes a metallic clunk noise on specific expansion joints on the road likely from CV Axle half shafts that are shot.

And finally and most importantly, there are literally zero cars for sale now that really interest me, I kind of like the Maverick, the CX-5 is nice, but nothing I’m willing to take out a loan or use savings on to be honest. That’s why the motorcycle idea came to mind, not ideal but worst case I “lose” 2 grand in value or so and can punt it when something catches my interest.
 
I don't even open the offers anymore. What good is a massive trade in if everything you'd replace it with is so overpriced?
I have wondered the same thing. What is the point of selling your old car for profit when you will have to buy something that cost even more to get an equal replacement?

Had a co-worker that had bought a new F150 about 18 months ago (he said sticker was $45,000+, but he got it for $37,500 or so), but had kept his old truck as a beater to take to his deer lease.
Recently I had seen him driving his old truck to work again Asked what the deal was and he said when he went in for some warranty work (something with his radio was messed up) a few weeks ago, dealer offered him the original sticker price. Said he called his wife to come pick him up from the dealer.
He can hold out for a year or two and keep driving what he has. So for him, I don't blame him.
 
I was at a local Toyota the other day very reputable in the area; very few used cars for sale up front, and new cars for sale basically none, maybe few corollas here and there; I drove to the back of dealership and stumbled upon these

in ordinary time, none of the reputable dealerships would consider cars like these IMO; on the contrary, in these extraordinary times they scramble for anything these days

nuts!

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I was at a local Toyota the other day very reputable in the area; very few used cars for sale up front, and new cars for sale basically none, maybe few corollas here and there; I drove to the back of dealership and stumbled upon these

in ordinary time, none of the reputable dealerships would consider cars like these IMO; on the contrary, in these extraordinary times they scramble for anything these days

nuts!

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Yeah, it's a amazing. Cars that in 2019 would have been donated or parts cars or a few hundred dollars, are making their way onto the markets for a few thousand dollars as "mechanics specials" or "Runs great, just needs a transmission and total makeover of interior and electrical," or "Reliable, but leaking oil, transmission fluid, and hesitates on shifting...". Incredible.
 
Hugs Project Milan :D
Remembers DD Camry is overdue for timing belt, and needs engine mounts/control arms 😬
Praying I don't get rear ended for the fourth time, and wind up car-less :eek:
I mean, I'm in work, have savings, and superb credit, but I wanna buy a new car on my terms, not someone else's
 
Used car prices have been high since the great recession, I have not seen many 2-3 year old cars at a discount high enough to be worth buying over new for well over a decade. .
Gotta thank our policy around 2008 to just export all our used cars overseas for that one, you would hope will the port blocked this would stop but nope, gotta fill empty boats with something for the return trip.
 
Gotta thank our policy around 2008 to just export all our used cars overseas for that one, you would hope will the port blocked this would stop but nope, gotta fill empty boats with something for the return trip.

No...due to the economy cratering, new car sales plummeted 2008-2012 which impacted the used car market for years. I don't think it will ever return back to normal especially with what we're experiencing now.
 
No...due to the economy cratering, new car sales plummeted 2008-2012 which impacted the used car market for years. I don't think it will ever return back to normal especially with what we're experiencing now.

There were over 1 million used+junk car exports in 2020 but only 3.4 million new ones created. When you consider how many cars end up taken off the road in addition to those exported we are NET negative which isn’t sustainable and leads to the car crisis we have now.



Things like this could help but weren’t followed through


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There were over 1 million used+junk car exports in 2020 but only 3.4 million new ones created. When you consider how many cars end up taken off the road in addition to those exported we are NET negative which isn’t sustainable and leads to the car crisis we have now.



Things like this could help but weren’t followed through


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Your data overlooks the number of light trucks and SUV's that were also sold during that period. The actual number is closer to 14.5 million.

I still agree we have an issue at the moment, but I'm not sure how much the exporting of those vehicles really comes into play.

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Your data overlooks the number of light trucks and SUV's that were also sold during that period. The actual number is closer to 14.5 million.

I still agree we have an issue at the moment, but I'm not sure how much the exporting of those vehicles really comes into play.

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7 percent of all production is massive, small changes of 1 or 2 % domestic demand is considered monumental so. 7% is like a landslide.

Considering 12 million cars are junked every year that 1 million + exports represents the fringe of affordable cars that normally would re enter the market or be used to keep other vehicles useable.

The concept of exporting more than a couple used cars or junk cars overseas was once a foreign concept
in the last 12 years it’s continued growing at an exponential rate keeping our used market inflated and moving “affordable “ cars ever more aged.

1 million cars being produced in excess of scrap is not sustainable as the “market” is not 100% efficient, attrition and other forces consume this number easily moving us into the red.
Also inferred but not mentioned is that exporting “newer better examples” makes it so cars that normally would be scrapped cannot be scrapped because too few newer examples exist to move into.
 
I have wondered the same thing. What is the point of selling your old car for profit when you will have to buy something that cost even more to get an equal replacement?

Had a co-worker that had bought a new F150 about 18 months ago (he said sticker was $45,000+, but he got it for $37,500 or so), but had kept his old truck as a beater to take to his deer lease.
Recently I had seen him driving his old truck to work again Asked what the deal was and he said when he went in for some warranty work (something with his radio was messed up) a few weeks ago, dealer offered him the original sticker price. Said he called his wife to come pick him up from the dealer.
He can hold out for a year or two and keep driving what he has. So for him, I don't blame him.
If you have another vehicle to use I can see the temptation. My 2020 Tundra has an MSRP of $55K and I got it 02/20 for $47500 OTD. Now it's my only vehicle so no desire to sell it back but I'm guessing I will be keeping this truck for awhile - at least until the craziness calms down.

I've seen too many people on the FB Tundra group get all excited because the dealership called them and offered something ridiculous but then (with little thought) they blurt out the new vehicle they want to purchase which of course you either can't get or it has a $20k market adjustment.
 
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