Did Used Jeeps Drop By 23%?

[Dadawada]

I just checked the value of my fully loaded JLUR. According to the various value sites my Jeep has dropped about 23% compared to last year this time. The average for used vehicles year over year have dropped between 5% and 15% according to the latest data.

What are you seeing in your area?

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[Ratbert]

There was a massive spike in used vehicle values due to supply constraints impacting the ability to build new vehicles. A 23% drop while that attempts to return to something more realistic doesn't seem that out of line.

 

[five9dak]

KBB Data imported by Mint. Peak was 36,900, lowest was 28,817, currently is 31,967.

Peak to low is 21.9% decline. I would expect your higher trim four door would see a bigger swing.

This is all not considering we were piling on the mileage the whole time, and updating it in mint periodically. 2020 sport S (freedom) 2dr with lots of options (MSRP was $43k) I paid 31,700 used in Feb 2021. Even though the valuation is nearly flat over this period, keep in mind the dollar is worth substantially less now.

 

[Old Jeeper]

I just checked the value of my fully loaded JLUR. According to the various value sites my Jeep has dropped about 23% compared to last year this time. The average for used vehicles year over year have dropped between 5% and 15% according to the latest data.

What are you seeing in your area?

Home prices have dropped 7 months in a row...recession is here and unless something radical happens I suspect we may see things get a LOT worse.

 

[COJeeper]

I wish the price of a gallon of Horizon milk would drop 23%.....

 

[Dadawada]

My home has dropped $20k in the past couple of months. I hope we all make it...or at least reach some soft landing when it is all over with. Batten down the hatches...

 

[aldo98229]

Used vehicle values peaked in Q4 2021; they’ve been coming down since.

Between December 2021 and 2022, Vroom’s offer for my 2018 JL fell by 50%. Apparently Vroom’s algorithm had been up-bidding out of control.

Meanwhile, MSRP for a new JL went up 14%.

Yeah, I’m not buying a new Wrangler any time soon.

 

[Dadawada]

I looked at a new JLUR yesterday while having service done to mine. Exact same features except I have a new Warn winch with the steel bumper and Jeep roof racks. They were asking $69,000.

 

[aldo98229]

Yeah, I looked up on the online configurator the MSRP on the exact Sahara I have: it would be $63,400 now.

A couple months ago Vroom offered $24,000 for my fully-loaded Sahara with only 16,000 miles. The Jeep is in mint condition.

Yeah, I don’t think so...

 

[rcadden]

Feeling REALLY good about selling our home at the end of September and living with my parents for 5 months before buying a slightly smaller home right about now. We gave up a KILLER interest rate but we netted out pretty damn good. And we got rid of the pool.

Pools are fun but damn if they don't suck money faster than a Jeep does.

 

[LCW]

My home has dropped $20k in the past couple of months. I hope we all make it...or at least reach some soft landing when it is all over with. Batten down the hatches...

Please bro...

 

[failsafe306]

Home prices have dropped 7 months in a row...recession is here and unless something radical happens I suspect we may see things get a LOT worse.

A market correction back to sane prices does not equal recession, IMO. GDP growth and strong job market suggests otherwise.

 

[failsafe306]

My home has dropped $20k in the past couple of months. I hope we all make it...or at least reach some soft landing when it is all over with. Batten down the hatches...

How much did it astronomically JUMP over the last year or two? Now when it corrects back towards normal, it’s all “ batten down the hatches” ?

 

[Jiggs1960]

a big factor in our decision for my wife to get a Jeep last summer is that we got such a rediculously high trade-in for her 2018 Subaru Crosstrek. had 60,000 miles on it, and got $3000 less than we originally paid for it, but don't have any current feed back for you.

 

[Shibadog]

There was a massive spike in used vehicle values due to supply constraints impacting the ability to build new vehicles. A 23% drop while that attempts to return to something more realistic doesn't seem that out of line.

This-not too long ago used Jeeps were selling for more than new sticker price. Obviously that’s not a sustainable situation. I’d say this year vs last that the 23% sounds about right. Remember, in “normal” times a vehicle will lose 10% or so of sticker price when you drive it off the lot. Jeep resale is, and has traditionally been, Very good. Not to worry?

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