Poll of the Day > Used car prices are insane right now.

(+) Yeah! (+)

I haven't had to buy a car in a decade because i've been using a hand me down from a family member that passed for a while, but holy shit.

I see 10 year old cars with over 100K miles going for close to 10 grand. Back when I remember looking a decade ago those same vehicles(granted, 10 years old 10 years ago with less tech) would go for a few thousand at most.

Damn

It's been insane for over a year, was hoping things would start to lighten up.
I'm going to need another car before long, literally just trying to keep it alive for at least another year and hoping I can outlast this chip shortage.

I know, I ended up financing a car at the beginning of last year (already have it paid off) because prices just kept going up, glad I did because it just got worse since then

Honestly its probably better to bite the bullet and get a new car right now if you can get it for MSRP.

Good luck. Interest rates are going up again in August.

Nw cars are going for $5-$10k over MSRP I know I sell them, and its all because of the chip shortage. So used cars have also gone up as a result.

So come see your boy, HornedLion, on the strip today!!! Lets get you into a nice certified, pre
owned vehicle!!!

The whole thing feels so fucking scammy

It's b/c car rentals sold off their cars early in the pandemic and now are desperately buying up any car they can, combined w/ the chip shortage impacting supply of new cars.

But...if rentals sold off their fleets early in the pandemic...those cars should have flooded the used car market and increased supply there (normally, rentals replace cars every 2 years, so there should've been a ton of "certified pre-owned" vehicles). I've heard that apparently a lot of used cars get sold to Africa b/c of some probably fishy setup where they get more money selling there than from selling domestically. Not sure if that's true, but not many seem to be asking that basic question of "where the fuck did all those rental cars go in 2020?"

yeee, my bro just sold his already heavily used car before he got it mini cooper for a profit - noice

dude tell me about it, i was car shopping last week and 3-4 year old cars are almost at MSRP of the newer models. ended up leasing a new one. Itll cost more in the long run if i end up outright buying the car but the payments were nearly identical on financing a used car

i heard used car prices are 44% higher right now than they were a year ago at this time.

To some degree it's due to diminishing returns, companies aren't making better cars, just ones that meet the next set of regulations with a new face. A 2012 BMW isn't meaningfully worse than a 2022 BMW.

Its been insane for awhile.

My 2012 honda civic w/32k miles i bought it in 2015 for 15k.

Iv seen my car today with over 100k miles sell for 12k

I can sell my current vehicle for more than I paid for it new in 2008*.

*Family member worked for one of the big-3 so I had a family discount.

I bought my 2014 Dodge Ram in 2017 for $22000. I could sell it today for $30000 easily. One of my biggest fears right now is having something go wrong with it.

prices are insane right now

Fixed

Used cars have basically completely gone of the deep end since the pandemic.

I remember buying my last used car in 2006. It was 3 years old, had 50K miles on it, and I got it for under $7K. My current car I bought new 9 years ago for about $20K. Looking up the blue book value, it is worth about $15K now.

Shit, it doesn't even have the standard "lose half it's value when you drive it off the lot" price...

All prices are nuts right now, dont even get me started on meat prices

everyone should just steal everything

Car ownership is a scam ain't it?

More frequent and severe natural disasters are also messing with the supply.

St_Kevin posted...

Car ownership is a scam ain't it?

Where do you get that idea? It's cheaper than leasing, and you actually own it after payments are done, also a shit ton more convenient than public transport, public transport is the real scam. I had planned on taking a train to go to the city for RATM but the show ended at 11 and the last train left for the suburbs at 10:40, like wtf kinda bs is that? You got a big event going on and don't even add a train for when it's done? And I shouldn't even have to mention the fact that you don't have to wait a long time for your car unless things magically line up.

Muscles posted...

Where do you get that idea? It's cheaper than leasing, and you actually own it after payments are done, also a shit ton more convenient than public transport, public transport is the real scam. I had planned on taking a train to go to the city for RATM but the show ended at 11 and the last train left for the suburbs at 10:40, like wtf kinda bs is that? You got a big event going on and don't even add a train for when it's done? And I shouldn't even have to mention the fact that you don't have to wait a long time for your car unless things magically line up.

Sure if you're public transit is absolutely crap

But car ownership

$40,000 to $50,000 purchase price including interest

Hundreds of dollars in monthly insurance
Hundreds of dollars in monthly gasoline
Hundreds of dollars in upkeep, oil and tires

It's like the average person is paying 1/4 of their pay check just for transportation

Oh and licensing and registration fees

Bought a brand new car a few months ago. There was used model of that car, but 5 years older with 100,000 kilometers on it. Exact same price.

Used car market is completely fucked

St_Kevin posted...

Sure if you're public transit is absolutely crap

But car ownership

$40,000 to $50,000 purchase price including interest

Hundreds of dollars in monthly insurance
Hundreds of dollars in monthly gasoline
Hundreds of dollars in upkeep, oil and tires

It's like the average person is paying 1/4 of their pay check just for transportation

You aren't spending that much on a car unless you are buying a "status symbol" car.

In the 9 years I had my car, I probably spend $50 a year on upkeep (or I would have if I didn't get free oil changes for life), gas at my heaviest driving was probably $80 a month (before insane gas prices we have now, but I also only fill my tank once every 3 months now so it is way less), and insurance is $40 a month because I don't get into accidents, am not in the "danger age group" (16-25), and I bundle with homeowners insurance for a discount. Plus, my car cost $20K because I bought it new. I could get a car for way less used.

I'm not saying driving is "so cheap that even those in poverty can do it", but it is much less then you are making it out to be. We pay way more for rent, which is a real scam.

St_Kevin posted... Oh and licensing and registration fees

That is like $80 a year at most.

Fair enough

A lot of people are not in your situation