Used vehicle prices will still remain high for the next several months

[CKN]

Quote-

Black Book still expects used cars to be valued 30 to 40 percent above their pre-COVID levels for the next 12 to 24 months. That’s great news if you’re planning on selling and a nightmare if you’re looking to buy.
"We are in this elevated price environment for the foreseeable future," Yurchenko said. "The main reason is inventory. We're not going to have the same level of used inventory coming back to the market in the next several years."
"Depending on how long the chip shortage or overall supply chain issues last, we might see this limited used-inventory environment for three, four or five years, depending on how fast we can get back some normality in the new market."

 

[Andrew1972]

I cannot imagine used car supply will come back as before because we simply did not have that many cars produced 2020-2022.

 

[JustinH]

or we can wait for more to go BK on car payments, and supply will increase?

 

[SC Maintenance]

Manheim published the monthly price of used cars. This is wholesale at auction, and they have some sort of process to normalize the price based on mileage, age, etc. Its come down from its peak but has a long way to go.

https://publish.manheim.com/content/dam/consulting/ManheimUsedVehicleValueIndex-LineGraph.png

 

[01rangerxl]

Yes, even for BITOG beaters the price is very high. My friend was going to look at a $3k 181k mile 98 Explorer 4x4 this morning, but it was already sold. Granted these are the finest of dinosaurs.

 

[CKN]

or we can wait for more to go BK on car payments, and supply will increase?

There still hasn't been that many sold/lease relatively speaking.

 

[CKN]

Manheim published the monthly price of used cars. This is wholesale at auction, and they have some sort of process to normalize the price based on mileage, age, etc. Its come down from its peak but has a long way to go.

https://publish.manheim.com/content/dam/consulting/ManheimUsedVehicleValueIndex-LineGraph.png

It had the biggest year to year (August to August) decrease it's ever had.

 

[zzyzzx]

Well since the sellers are setting to high reserves the cars aren't selling at auctions. Reminds me of a certain 500,000 mile Toyota...

 

[linuxology]

It seems interest rates will eventually have a cooling of the market.

 

[Lubener]

It seems interest rates will eventually have a cooling of the market.

That's the purpose of the rate hikes.

 

[01rangerxl]

2003 *Ford* *Ranger* *SUPER CAB* BLACK - cars & trucks - by dealer -...

2003 *Ford* *Ranger* SUPER CAB Truck - $5,280 Call Us Today! Ford_ Ranger_ For Sale by Automart South Vehicle Description For This *Ford* *Ranger* JUST GOT THIS IN!!! Black Ford Ranger comes NICELY...

bham.craigslist.org

2003 2WD Ranger, 278K miles, pretty basic...over $5K.

I was thinking of selling my 2002, but it's dented up real bad and looks pretty rough, plus I still like driving it a couple times a week.

 

[linuxology]

That's the purpose of the rate hikes.

The purpose of the rate hikes is due to inflation.

 

[M56959]

Folks being civil to each other is not optional.