Jeep Values - Massive Decline

[Fatbob Frank]

FWIW- our 2022 Grand Cherokee 4XE depreciated about 50% in 2 years and 34K miles...

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[alphawolff]

Yeah the market does suck. But this reminds me of car buying before Covid. I was luckily got out of my glad before it really went to crap and back into a JLU.

For comparison I can get used ‘24 JL with less miles for less than I paid for a ‘21 JL that was almost three years old when I bought it.

Shit I think Stellantis is doing a flat -20% under MSRP rebate at the moment for gladiators. If you were ever interested in snagging one I'd say now is the time. Most are seeing 13-15k in rebates + dealer discounts.

 

[jjvincent]

Maybe it's the Bronco Effect. I never thought I'd see that because the Bronco doesn't have a solid front axle and we all knew (as Jeep owners) that it's superior and the only product you could ever buy. Yet the people outside of this bubble just don't care and now have a similar choice, thus can cross shop.

I'm not saying Bronco sales are through the roof but pre Bronco, people pretty much just bought a Jeep. Now, that product has probably cut into the Jeep sales, so not being the only game in town, Jeep will have to try harder.

 

[whitechocolate]

Do folks buy Jeeps with the intention to retain a lot of value and to trade up? So much energy has been put into MallCrawler cant imagine trading it unless something was terrifically fucked on it. MallCrawler has dropped 10% since purchased and has stayed steady at the same price and continues to retain value with only a 10% drop.
In checking Jeeps CPO site, there are a shit ton of sweet CPO JLs so that's a plus for anyone looking for a good deal. There are some new 2023s that are stupidly priced just to move them. Stallanis really over built and now they are seeing that backlash in pricing.

 

[Blues Fan 30]

Wait until it happens with home prices and stonks.

Stocks need to actually continue to balloon upward. I invest so I hate to admit but it's all just made up numbers and you really truly own nothing. However, it's a fantastic tool for the govt to print their own money. Stocks soar up, people sell, people pay tax on gains.

 

[rayzjeep]

More supply than demand....I have a 2019 Rubicon and during COVID could've sold it for more than I paid...now it's 12k less than I paid if I'm lucky. Over supply at the dealers, less demand due to Stellantis dropping the ball.

 

[jmill012]

I guess the whole point of my post is something more is happening in the market or is expected shortly. I just checked cars.com and within 250 miles of my location there are now 3 2024 Rubicon's listed close to my build.

First - $59,995 and no X package (leather), no sky one touch or winch
Second - $60,995 no sky one touch or winch
Third - $61,995 no winch otherwise the same as my Jeep

So going back to what I said earlier, the listings are lining up with what one would expect given the current discounts in my area for a new one.

Ultimately, I think it comes down to dealers being really cautious on Jeep right now. Usually that means a bigger correction (more factory incentives) are being predicted.

Hopefully those looking to trade can ride the wave and see stabilization come spring/summer.

 

[Jeeps2Little]

KTM group(moto), Polaris, Harley Davidson, the whole RV trailer market, the bicycle industry....they are all experiencing the same thing. They all had a misstep and didn't dial production back after the covid explosion quickly enough.

 

[LDSSILLS]

Exactly, great time to buy. In November I bought a 2021 392 with 10k miles, never been offroaded and had very good upgrades (they planned to become 'jeepers' then they decided it wasn't for them). Perfect pre-owned Jeep. Sticker was 93k, upgrades of probably 12k, lightly used I paid 68. Could the price keep falling sharply, certainly could, but I'm loving my 392 and have no plans on selling!

Now if only housing would become affordable...

My error, I had 13K miles!
-Grandpa Larry

 

[Twisted10]

covid glory days for high priced vehicles seem to be coming to an end.

unless you have a diesel truck. still nuts.

 

[jmill012]

covid glory days for high priced vehicles seem to be coming to an end.

unless you have a diesel truck. still nuts.

Agree. and... where did you get a "wench" for your 392

 

[hoch]

I guess the whole point of my post is something more is happening in the market or is expected shortly.

You’re trying to time the market as a guy who buys cars every 1-2 years?
Brother, if that’s been your mo, you should know that sometimes you win (which I’m assuming you did when you bought last go around with trade in’s being at an all time high) and sometimes you lose.
If you’re waiting for the bottom to fall out like in 2008, first, let’s pray that doesn’t happen because the few dollars you’re worried about on your jeep will be the least of your worries. Two, there’s nothing indicating a catastrophe in the market, unless someone decides to drop a nuke. Housing, stocks, etc are all doing well.

This isn’t some investment vehicle for you. You obviously do this for the enjoyment and thrill of getting a new car every year or two, and can afford to do so. Just do it and have fun.

 

[jmill012]

You’re trying to time the market as a guy who buys cars every 1-2 years?
Brother, if that’s been your mo, you should know that sometimes you win (which I’m assuming you did when you bought last go around with trade in’s being at an all time high) and sometimes you lose.
If you’re waiting for the bottom to fall out like in 2008, first, let’s pray that doesn’t happen because the few dollars you’re worried about on your jeep will be the least of your worries. Two, there’s nothing indicating a catastrophe in the market, unless someone decides to drop a nuke. Housing, stocks, etc are all doing well.

This isn’t some investment vehicle for you. You obviously do this for the enjoyment and thrill of getting a new car every year or two, and can afford to do so. Just do it and have fun.

No, not trying to time it at all. I am happy to keep it if needed and can sell it and take the hit if I want to. The point of the post as I just said was the "market" seems to think Jeep is in for even darker days ahead. Generate a discussion on Jeep in general. What's next? And like I said in the original post, maybe the rumors of a massive price cut are true. The used car market is a great leading indicator of the market/dealers perception of what's to come. Seems Jeep may be in trouble.

BUT, yes I enjoy a new car every year or two. I understand I am fortunate to have the ability to do so. As I tell my wife, I could be addicted to worse things than new cars

 

[BobW]

Maybe so in general.
Still, my jeep's just as valuable to me as ever.

 

[bthomp]

This has always been true, not just with Wranglers. It applies to all popular, mass produced vehicles. The top trim levels depreciate faster, though Rubicon was an outlier for awhile until they took the base models away. This is especially true in pickups and SUVs, where luxury trimmed models age poorly, and where condition and miles mean more on the used market than options or supposed rarity.

Rubicons, Raptors, TRXs, 392 Wranglers, etc tend to not devalue as bad, until a new or significantly updated model comes out.

The auto industry is in a maor shakeup right now, so it’s not just Wranglers suffering value loss. Vehicles that are needed are selling slightly better than the rest of the industry right now. Even then, owners are hanging on to what they have longer. I have a 10 year old pickup I bought new. Low miles, great shape. I only use it for truck stuff, but it has no real trade value right now. I’d like a new one, but can’t justify the want vs the need given the $70k it would take to replace my half ton 4x4 with something similar, an XLT F150. Local dealermis marking them down $10k though, and I find that price is still unjustifiable for a half ton truck with a cloth interior.

Here’s something else to consider. No one actually needs a Wrangler, and Stellantis has done a great job of not making people want one, or making current owners trade for another. Wranglers, Corvettes, Porsches, Harleys and other bikes, are wants not needs. And just look at boat and RVS. The sales of those are off a cliff. I’d hate to work at at one of those dealers now.

Things wont be better anytime soon just becuase there is a new president. A lot of painful changes are coming, whether they are for the better or the worse depends on your point of view and financial situation. Think of it like this. A new pair of boots need to be broken in, until then they make you uncomfoortable and hurt your feet, making you wonder why you got rid of the old ones that were falling apart, but were comfortable. It’s a never ending cycle.

Agreed with all of these points. I will say that the tempering (eliminating) of the EV mandate is bullish for the auto-industry, at least for the survival of combustion engines. Will things wildly swing back in 4 years and we'll be headed back for all EV by 2030??? Anyones guess....

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