The dealer auctions are shocking the hell out of me.

[nthach]

All of that junk will end up on Buy Here Pay Here lots across the country. They get about half the car's purchase price in bi-weekly payments before they have to repo it when Chump number 1 can't afford 20 percent interest. Then they put it back on their lot and get another chump to sign and agree to an even more absurd and borderline illegal loan term. Then it's rinse and repeat for pure profit until the car is stolen or crashed. It's how that $4000 PT Cruiser can get you $8000 if you're lucky.

Yep, I drove by a local CarHop a few weeks ago. It looks like a sordid scene. If you live in a city with decent public transit, there’s little reason to deal with those loan sharks. But not everyone does/want to live in a city or ride the bus and has a decent credit score to land a loan from a credit union or the automaker’s finance division.

there was a rather sad looking Journey and Caliber on their lot and lots of used German luxury cars that will be on their last legs.

 

[Supersonic]

Watch the local smaller dealers around here get their inventory from large dealer trade-ins, huge price increases, once a Pontiac Vibe went from ~$1k to ~$6k, won't be shopping there but it is enlightening to see how they operate. I also did the see-the offer, went from $1k to $3.5k on my 2005 4Runner, 302k, tempting but it's from New Mexico, solid frame, and runs great, stubborn or enlightened, I'd want double that, build quality, reliability and replacement parts and that 4Runner could last me forever. And they ask and get that much from previous Generation 4Runners that are rusted with low coolant levels, one dealer was even advertising as 'no rust' and you could see the rusted frame at the rear wheel well without getting under them, yes, they had 2 advertised that way...

I could see prices not going down even as good build quality and reliability factor is variable. Many folks are not servicing their auto's - likely just warranty work and oil changes, and the new supply is increasingly expensive. Other thing is buying used out-of-warranty and repair cost is ever increasing makes upkeep difficult, so the demand for another affordable priced, likely financed auto is more frequent.

 

[Spyderman24_7]

You always see the dogfights and helium high valuations, but a few from yesterday really took the cake.

15 year old base model 2006 Toyota Sienna CE sold for $10,400 plus the $400 buy fee. It did have only 28k miles but where is the profit from here?

19 year old 2002 Chrysler PT Cruiser with 67k went for nearly double the price of one I bought last month. About $4000 when you add the buy fee. It wasn't anything special other than a documented timing belt replacement.

Finally, this is the one I wrote about 24 year old Jeep Wrangler with the tin worm that has spent its entire life in Massachusetts. Sold for nearly $10,000 even if you include the auction's buy fee. A rust free example from down south would have been worth at least $5,000 more. This one will need rose colored glasses once it's put on a lift.

Still, a Sahara with the 5-speed, four-wheel-drive and hard top is a great overall package. I rarely see these TJ models on the road anymore. Most spend 97+% of their time in a garage.

Dealers Duke It Out Over Rusty 24-Year-Old Jeep At Auction

The used cars cost more right now than they ever have before because of dealers clamoring to buy normal rides like this one at auction.

www.motor1.com

I'd have to ask who in the hell would want a PT Cruiser to begin with?

 

[Rmay635703]

I'd have to ask who in the hell would want a PT Cruiser to begin with?

No idea but they seem to be every other car around here

 

[duck__dodgers]

These crazy car and truck prices will not continue forever. It's only a matter of time and there will be some steals out there again. I believe they are going down in price right now and will continue a downward trend. The auto makers need parts to complete the new vehicles which is half the problem.

not forever, but long enough for people to hustle some good $$$$.

Let's say 5% of people can afford whatever @ new car dealership will ask for a daily driver....their biggest obstacle to buying is: is it in the right color.

at the other end of the spectrum, 5% of people HAVE to buy a car cuz they got in a wreck and/or there is no decent public transit and/or there old car has a terminal failure.

just between those 10%, that is a lot of money.

then throw in the 20% of people who have to drive a newer car even those their current car is functionally just fine, but (gasp) it doesn't have wireless Apple carplay or the right badge or whatever.

 

[CKN]

not forever, but long enough for people to hustle some good $$$$.

Let's say 5% of people can afford whatever @ new car dealership will ask for a daily driver....their biggest obstacle to buying is: is it in the right color.

at the other end of the spectrum, 5% of people HAVE to buy a car cuz they got in a wreck and/or there is no decent public transit and/or there old car has a terminal failure.

just between those 10%, that is a lot of money.

then throw in the 20% of people who have to drive a newer car even those their current car is functionally just fine, but (gasp) it doesn't have wireless Apple carplay or the right badge or whatever.

Some people who like to drive new vehicles are not stupid. And buying a new vehicle in this market is just that. I have a 2018 Silverado w/41,000 miles on it. I'm patiently waiting (12 to 18 months) for things to get near normal so I can upgrade. SO yea-you want Apple Car play right now you pay MSRP or more-pretty stupid.

 

[nwjones18]

Had a cash offer for '18 F-150 in sig from a Ford dealer through KBB service for what I paid 3+ years ago. CarFax thinks I deserve even more.

Same story for me with my Ram. Tempting except a new one would still be another 20-25k..

 

[AZjeff]

. SO yea-you want Apple Car play right now you pay MSRP or more-pretty stupid.

Your truck would bring stupid trade in money so msrp might not be so bad. Only the bottom line matters.

 

[CKN]

Your truck would bring stupid trade in money so msrp might not be so bad. Only the bottom line matters.

True...bu the new Tundra isn't available yet.

 

[PandaBear]

All of that junk will end up on Buy Here Pay Here lots across the country. They get about half the car's purchase price in bi-weekly payments before they have to repo it when Chump number 1 can't afford 20 percent interest. Then they put it back on their lot and get another chump to sign and agree to an even more absurd and borderline illegal loan term. Then it's rinse and repeat for pure profit until the car is stolen or crashed. It's how that $4000 PT Cruiser can get you $8000 if you're lucky.

That's how Wall Street make double the money off some LBO investment too

 

[PandaBear]

A lot depends on where you are. A 170K Volt in a Cali dealer sale sold for $6,400 yesterday.

At $5/gal, you make your money back in less than a year.

 

[PandaBear]

I gotta wonder if every flood damaged 1982 Celica will be a $15000 vehicle

would be interesting to make a site that aggravates all the copart end sales amounts during this time, too bad the export status is so manual to determine

It is only worth that much if you find the others at night and sabotage them all, so yours will be the last one standing.

 

[Accent Abuser]

I'd have to ask who in the hell would want a PT Cruiser to begin with?

One of the worst cars ever designed.

 

[Doc8404]

It seems like the new favorite BITOG pastime is using the "online vehicle buying services" to find out what your vehicle is worth-and doing absolutely nothing/taking no action with the information.......

Just like the stock market!

If you don’t sell it, you didn’t make anything.