Looks like used prices are coming down

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Trainman

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I wouldn't try to buy one at this time from anybody that has one to sell and expect for them to drop there price any. Everything goes up and down over time, but it still not time, maybe in 6 months you might start to see a drop, maybe.
 
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summer4x

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I wouldn't try to buy one at this time from anybody that has one to sell and expect for them to drop there price any. Everything goes up and down over time, but it still not time, maybe in 6 months you might start to see a drop, maybe.
I'm not sure what you're talking about. Prices are already dropping. In fact, there was a guy here who sells RVs for a living who was saying that used Ram diesel trucks at auction were already catching bids that were $5,000+ LESS than just a month ago. The bubble popped.
 

aldo98229

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I don’t see it on the ground yet. Judging by prices on cargurus and Cars.con, used prices remain high. My online JL trade-in value was at an all-time high last week.
 
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summer4x

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I don’t see it on the ground yet. Judging by prices on cargurus and Cars.con, used prices remain high. My online JL trade-in value was at an all-time high last week.
Asking prices don't tell the story, sold prices do. It's early, but the tide has turned.

I posted in another thread that I am now seeing dealers discounting new Wranglers. I haven't seen this for months. And, I have had 2 salespeople cold call me, seeing if I want to buy. One of them said "hurry up, these are going quick." I asked him why he was calling me if they were selling so fast. He stammered a bit, and didn't offer a good response.
 

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Well, it was bound to happen. The fact that it lasted this long is news. Experts were predicting the market would peak in June.
 

TheRealTVGuy

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Recent articles I’ve read said the wholesale/auction numbers are starting to stabilize/fall, but they estimated it could be up to six months before used car prices are “back to normal”, whatever that now means, lol.
 

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Yeah, automakers continue to have supply issues.

But if demand is all caught up now, that takes care of half of the problem.
 

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Still pretty strong. I have a 2010 Wrangler Sport unlimited with the only options being 4x4, air, and a tow hitch. It has 67k miles. I paid 27k for it in 2009. A month ago I asked Vroom how much snd they said 18k. The other day, the dealer said 15,500 on trade, vroom said 15,300 but Carvana offered me 21,300. They are supposed to pick it up Wednesday (getting a 2021 4xE Rubicon Tuesday). . Will see how it goes tho I am imagining they might try to change the deal in person as the price seems too good to me. We will see.
 

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Once prices start to come down, anyone who bought at the peak with little money down, and financed for 72 months or longer, is going to have negative equity for many years to come.

Anyone who paid a dealer markup is going to be upside down even longer.
 
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summer4x

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If I am reading the article correctly, it states that used car prices only rose .2% this month. The previous several months rose at 7.2%. Meaning prices are stabilizing, not coming down.
The statistics are a lagging indicator. From an increase of 7.2% month over month, to effectively flat in a single month, is a massive reversal. Just look at the graph on the article. They're basically in a freefall. The next month will likely reveal massive price declines.

This from Manheim:

The July Manheim Used Vehicle Value Index was recently published and shows that used-vehicle values are finally coming down off a record high. In the latest report, prices also continue to be up substantially year-over-year, and that’s across all major segments. However, prices in July were down, following most segments being down in June, says Smoke. As a result, all prices are well-off of the peak year-over-year increases, they had in the Spring.

https://www.cbtnews.com/what-the-la...-car-market-jonathan-smoke-of-cox-automotive/


The latest study from used car wholesaler Manheim found that the average price paid for a vehicle across 5 million transactions in July was $19,482, which is 2.6% lower than the previous month, following a 1.3% reduction in June.

https://www.foxbusiness.com/lifestyle/used-car-price-drop-accelerating

Lastly, I get automatic reports from Kelley Blue Book on certain used vehicle prices. They're reporting drops as well. It's over.
 

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Phew! My timing usually sucks, but this time it was perfect: I bought my JL in November 2019; 3 months before COVID hit. I got it for 22% OFF MSRP!!!

My goal now is to pay off the balance on the Jeep and enjoy having no payments for awhile.
 

signals34

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yeah, last week i went to the ford dealer just to see what they would give me for my 2019 rubicon to put towards a bronco....i brought my window sticker,55 something, he said he would give me that price, could not believe it, it has only 9500 miles on it , ...he said about 3-4 months, i'm not getting that....i'm happy with the jeep, not touching a bronco....
 

SilverBug86

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Once prices start to come down, anyone who bought at the peak with little money down, and financed for 72 months or longer, is going to have negative equity for many years to come.

Anyone who paid a dealer markup is going to be upside down even longer.
Everyone knows the price of used cars are outrageously overpriced. That is all you hear on news... INFLATION! USED CAR PRICES! INFLATION IS "TRANSITORY!" "See... look, used car prices have peaked! Don't look at food prices, look at used car prices!" A lot of people and companies had to settle on used vehicles because of lack of new vehicle inventory. If everything went back to normal *ROLLS EYES*, then I'd agree with you because history usually rhymes. But we're in unpredictable times. Our government is spending like a drunken sailor. We've never spent like this outside of a war. And it feels like they are building up momentum for more spending. What's coming next? January 1st, $7.2 Trillion package? Then $11.7 Trillion Summer 2022? All that debt being created is hurting your purchasing power. Venezuelans are now complaining about the U.S. dollar purchasing power. VENEZUELA! And until it's paid off (which will likely never happen), you shouldn't be thinking about the words, "I told you so". Waiting a bit longer just to maybe save $3,000 more on a new ride is a gamble. I just re-built my vehicle on the jeep website and it went up almost ~$250. I saved $250 in the last 4 weeks. The demand for new vehicles could be high. A lot of people anticipating prices to come down, expecting trains of new vehicles to roll into the lots once the chips are added to tens of thousands of sitting vehicles around the country. There could be enough demand to buy up that supply, especially with record low rates.

Between, congrats on the 22% off MSRP. You certainly did buy at the right time. I'm glad I got some kind of discount... 11%.

 
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