Crazy Used Pricing - any end in sight?

Kind of late for a April fools joke

 

My mom's first brand new car was a 1985 Ford Escort; She was living in Northern California at the time and she decided to save money by not getting A/C (which she quickly regretted). The car was like $5,600 and my mom had good credit, but with interests being what they were in 1985, the finally price of the car when my mom
paid it off was like $9K; My mom found the original bill of sale and that's how I know this. I can't remember what the interest rate was, but it was something like 9%. That piece of paper also had the VIN, which I ran through Carfax just for grins...

My mom sold the car in 1990 when my parents moved to Pennsylvania for the first time in 1990; Carfax shows that the car ended up in Truckee, California and was on the road until 1997. It failed a smog test in 1997, and the trail goes cold after that; This leads me to believe that it was sold to a salvage yard, because who wants a 12-year old Ford Escort with no A/C that won't pass smog?

 

And anyone willing to pay that for a Bronco is also smoking it...

 

Generally what you mention is great advice. Unfortunately, kbb, and the other websites are reflecting the craziness.

I’m another idiot here. I bought my ‘17 3 weeks ago and paid what I thought, a fortune for a used truck. Looking used, my purchase price was $4000-$6000 less than comps I could find. $4000 less than kbb value. I love my truck but still suffer a bit of buyer’s remorse….. I look every couple of days at the used offerings out there and compared to what I paid, there’s very little. Best advice would probably be wait. If nobody was buying, where would the price go. I’ve had a great couple years of business and needed a vehicle like this in the fleet so I’m justifying it. I’m glad I didn’t follow the kbb or other market indicators because I would have grossly overpaid above what I already did.

 

I won’t use the word idiot again. So it’s dopes smoking dope.

 

So you won’t buy from a dealer that has “high” prices but you’ll gouge your friend and a dealer yourself?

I wouldn’t feel bad at all if you like your truck but I agree if you can wait it will likely save you some money. Counterpoint is that money won’t buy back your time not driving the truck and we’re likely years from cheap car prices again and inflation might blunt the cheapness.

 

That’s pretty much where my head space is. Talking with some friends in the business, they think we’re at least a couple of years before we start coming out of this. I’m truly curious. The manufacturers Im sure are watching what people are paying for used vehicles. We might just be seeing the new standard as long as units are selling. As long as I’m not thinking about what I could’ve gotten mine for when new, I’m ok! Lmao

 

Thought I could wait, but ended up finding + buying a lunar pro for +$1500 MSRP. My reasoning was, I did have a dealer with deposit on a loaded AG Off-road but when adding the advanced package, skid, exhaust and TRD lift + install there was only like a $500ish diff between the Pro that was in stock at one dealer and the OR that I had a deposit for and didn't know when it would ever be filled. It was worth the extra to just get the Pro even if over MSRP...plus I didn't have to worry about the dealer installing the TRD lift.....yes, yes I know I could have just got a stock AG suspension and had something else installed. But I didn't want to deal with them bitching about warranty, especially with random shortages over the next year.

Long story short, I paid over MSRP and think it was the best move all things considered.

 

Currently at the local Toyota dealer (Thompson Toyota in Doylestown, PA) waiting for a free VIN etching; Can't help but wonder if these are trades, waiting to be put on the lot at exorbitant prices...

 

I have seen both old and new Tacomas sitting in people's driveways next to their motorhome. With enough room to get their more expensive SUV out of their garage so they can drive to work, or where ever they go during the day. Plenty of millionaires also drive Tacomas.

Apples to oranges.

I could see spending lotto money, or market earnings on an inflated retail item for no other reason than being able to afford something you want.

I can also see a business owner not wanting to spend a penny more than they need to on a depreciating asset.

 

VIN etching?

 

They etc the VIN into the windows; Makes it easier to track the vehicle if it's stolen...

 

Got it, thought they might be doing cats. Interesting, didn't know they did this in windows

 

Supply and demand. Rental car companies are paying high prices for used vehicles due to a lack of new inventory and a need for vehicles to rent. Lack of inventory increases the number of people who need a new car (totaled, blown engine, Etc.) who buy used rather than new. So, if you want a vehicle you either have to pay in time or money. I chose to wait 2 months and take a Taco in a color I don't love, so I payed in time. It sucked only having one vehicle, but was workable for my household.

I also flew to a dealership and drove the truck 2300 miles back home. My time was worth less than the local premium. However, in a different work situation that would not be the case.

 

if you think waiting a few months will mean lower pricing sure but we’re likely years out. You might be able to get a lower price but you’re not driving the vehicle you want that entire time too. There is value in enjoying what you want especially if you the extra cash you pocket isn’t going to buy you something you enjoy more. The millionaire next door type isn’t buying a new truck regardless as it’s rarely the best $ value so I agree with you there.

 

If there was "no market" for a manual transmission, that one wouldn't have a $49k price tag on it.

 

The truck I sold to my friend was paid for with dealer money - truck sold within the month for around 45k. The dealer made money - friend got paid for the buy, is happy and wanted to buy the GMC too. The offer, was HIS offer, not my request. The 50K paid for the GMC was 6k under MSRP - again - the dealer’s offer. I suppose I could have said no, 60k? Or put it on CL for sale, but wanted to offer the dealer that gave me a fair deal the same respect. Truck was sold within 2 days to someone who had a new one on order, but order couldn’t get built due to constraints so dealer was happy, customer happy, I’m happy. The SR5 I just traded back to this dealer also was sold, actually leased within a couple days of my dropping it off. Oh yeah - they paid me a bit more than I paid to cover the small percentage of tax that Oregon charges. Their offer, not my request. If they (a dealer) make the offer to purchase, and they make money (as they should) so be it. These dealers would gladly purchase again from me, and I’ll do business again with them and send customers to them if and when the opportunity arises. A dealer can ask anything they want, and apparently here in the states, the manufacturers won’t step in and limit ADM’s.
Bottom line? We ALL get to vote with our wallets on anything we buy, or choose not to buy.

 

Oh mannnnn - I remember that commercial, early 70’s or so? Does that make me old?