Did Used Jeeps Drop By 23%?

[aldo98229]

Speaking of which, Stellantis just reported 2022 financial results: profits went up 26% while sales—including Wrangler— went down 14%.

As usual, North America region accounted for most of those profits, thanks to rising transaction prices at Jeep and Ram. Every UAW will be getting a $15,000 bonus check. All of which sounds wonderful. But the reality is that Stellantis is milking every last drop out of Jeep and Ram.

Jeep’s average transaction price in 2022 was $53,000; Ram’s was $57,000! Meanwhile, sales of affordable Jeeps, such as Renegade, Compass, Cherokee, continue to plummet. This places a greater burden on Wrangler, Gladiator, Grand Cherokee, Wagoneer, and Ram pickup to generate profits for all of Stellantis.

As sales of Wrangler, Gladiator and Ram continue to fall, Stellantis has to keep driving up prices so that executives can continue paying themselves those big fat bonuses.

Jeep has had several rounds of price increases in the first two months of this year alone. They will keep at it until they break the camel’s back.

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[Old Jeeper]

Here in Warren county Ky two months ago the Chamber of Commerce state that there were 4,000 open jobs-this in a county of a bit over 100,000 folks. Anyone here that WANTS a job has one

Yep, just looked at the list, 4013 openings, https://www.bing.com/jobs?q=Warren+county+Ky+job+openings&scp=0&rb=0&rc=20&L2=true&c=1''

You might want to up the pay a bit, school teacher $27k.

TRUTH: GOVT benefits pay more than most of these jobs. This is across the US. You cannot justify pay for many of the jobs because the requirements in knowledge, skills and talents and education is so low. But welfare, food stamps and free lunch, free medical, free housing, and free free free, why go to work?

Recently saw the news item on TV: SIngle woman, 2 school age, under 12 age children, Grandmother lives with her: Cash and benefits, $101,000. They asked her why she does not work? I don't need a job!

 

[Shibadog]

Yep, just looked at the list, 4013 openings, https://www.bing.com/jobs?q=Warren+county+Ky+job+openings&scp=0&rb=0&rc=20&L2=true&c=1''

You might want to up the pay a bit, school teacher $27k.

TRUTH: GOVT benefits pay more than most of these jobs. This is across the US. You cannot justify pay for many of the jobs because the requirements in knowledge, skills and talents and education is so low. But welfare, food stamps and free lunch, free medical, free housing, and free free free, why go to work?

Recently saw the news item on TV: SIngle woman, 2 school age, under 12 age children, Grandmother lives with her: Cash and benefits, $101,000. They asked her why she does not work? I don't need a job!

I’m an old guy. I never realized NOT working was an option. (One reason I worked for 52 years) I have no issue whatever with helping folks who are physically unable to work due to age, disability, etc. I have ZERO tolerence for supporting those who are able bodied but lazy. If they’re drawing relief/unemployment I’d say give them a job making tiny rocks out of big ones for 36 hrs a week, then let them have 4 hours to job hunt. No workie, no payee. Methinks most of these clowns would suddenly “find” a job Very Quickly

 

[Old Jeeper]

I’m an old guy. I never realized NOT working was an option. (One reason I worked for 52 years) I have no issue whatever with helping folks who are physically unable to work due to age, disability, etc. I have ZERO tolerence for supporting those who are able bodied but lazy. If they’re drawing relief/unemployment I’d say give them a job making tiny rocks out of big ones for 36 hrs a week, then let them have 4 hours to job hunt. No workie, no payee. Methinks most of these clowns would suddenly “find” a job Very Quickly

RIGHT ON.

I am on the down slop to 80 and still working because I worked hard all my life and I see no reason to quit and I assure its not for the money and is what makes it great, of course I do own my own company...

 

[rkwfxd]

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?

Don’t know and don’t care. My jeep is not for sale and probably never will be.

 

[euan2020]

Sold my March 19 Sahara Dec 21 to BMW for $47K (paid $44K including tax in 2019 )

I checked the value last week on Kelley BLue Book, and has dropped $14K in 11 months

April 22 - Used the $47K to buy a custom order Rubicon for $51K including tax (6% Discount to Invoice when ordered Dec 21) ` - have only driven it 2500 miles - maybe should have stuck to driving wife car

 

[Jebiruph]

Last June I got a Carvana quote for $37,302 on my 18 JLU Sport. Last week the quote was $28,844, but they sent me a new quote this week for $29,782. Looks like prices are on the way back up.

 

[dogbreath650]

Wonder if the paint issue will have an effect on the JL resale above the overall drop we're seeing. My guess is that it won't be reflected in the KBB (or other) estimates but may come into play when negotiating price on an individual basis.

 

[Bo Ran]

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

Used milk is heavily discounted.

 

[COJeeper]

Used milk is heavily discounted.

 

[rikity]

I've worked at a Jeep dealer for the last 11 years and the previous 3 have been crazy. I had a 2015 Rubicon with just short of 100k miles reached a book in the low 30k range in Dec 2020, I paid $39k for it new so I figured my plan to keep it forever with the Mopar Maxcare warranty didnt make sense anymore if I could use something for 98000 miles and only lose $8k in value, so I sold it and used the money to trade towards a super low miles nicely built 2018 JL Rubicon. I've been following the value of that since I bought it and it started at $50k, reached a high of $56k and late last year it had fallen down to $48k. I just checked the book again on it and its back up to $52k again.

A friend of mine is looking for a JL Rubicon and I searched around to see what I could find for him and it doesnt appear you can find one with under 80k miles and do better than $45k. From what I've seen, the Sports/Sahara's havent maintained a strong book like the Rubis do, which is surprising to me because the JL was a 20% MSRP increase from the JK's across the board in 2018.

You're not imagining things, the values have been dropping but we have seen a bump in value in the last couple weeks. Now keep this in mind, they've shipped a ton of them out and for the first time in a long while we have Rubicons on the lot but they are mainly 4xe versions, there's one diesel left and only one 3.6L. From what I understand, those are the last Wranglers we are getting until they open up the 2024 model year. So pricing might decline right now, but if thats the same story for inventory for other dealers, supply is likely to dwindle down and drive the used market back up in late Q2 and Q3 of this year. The market has taken a hit from interest rates, but the problem with vehicles is, a lot of times people dont have the convinence to wait for those to get better before buying. Many people that can afford the $700 a month can still pay the $900 a month so they get what they want.

 

[Opus]

Just saw this and thought it apropos:

https://www.axios.com/2023/02/27/used-car-prices-and-disinflation

 

[Spank]

I agree with everything you said here. This however has been a growing issue for the past 2 decades (at least). And it of course got even worse this past 3 years.

Yup. Every single day I see brand new vehicles on the road with expired plates and temp tags. People will take out an $80k loan on a vehicle they can't afford and as such, not insure it properly nor bother registering it.

Jeeps, and vehicles in general, are increasing in price not just because of production costs or shortages, but because more and more people keep blindly borrowing money.

 

[BrntWS6]

I recognized what was coming in the housing market. Went through the same thing in 06 when I sold my first house.

Sold my last house in 2021 for a crazy amount. Then bought a POS fixer upper on 3 acres. No more mortgage, HOA or neighbors to deal with now.

 

[MTBJer]

Bought my 21 JL 2 weeks ago basically because my observation was it was looking like a sweet spot. used Prices down but interest rates going up so hop on now before interest rated get to out of control.

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