Looks like used prices are coming down

[somedude922]

Tell that to the goons trying to sell their 2018 “loaded” wranglers for 60k. . Just beacuse auction prices are coming down doesnt mean anything. The dealers will ride this wave as long as they can, private sales too.

 

[summer4x]

Tell that to the goons trying to sell their 2018 “loaded” wranglers for 60k. . Just beacuse auction prices are coming down doesnt mean anything. The dealers will ride this wave as long as they can, private sales too.

A lot of those people are trying to find a sucker. They'll never sell, they're just dreaming. You see it in the housing market, too - houses priced $250,000 higher than the neighbor house which just sold. Meanwhile, house prices are starting to come down in many areas, too. Greed knows no bounds.

 

[SilverBug86]

A lot of those people are trying to find a sucker. They'll never sell, they're just dreaming. You see it in the housing market, too - houses priced $250,000 higher than the neighbor house which just sold. Meanwhile, house prices are starting to come down in many areas, too. Greed knows no bounds.

Yeah, housing prices unexpectedly got out of control. I don't think anybody saw this coming when they shut the entire world down. And here we are today, fighting to END moratorium...

 

[cobra]

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.

I have a buddy who is living in the Charlotte NC area sold his 2010 Wrangler Sport Unlimited, 100,000 plus miles, same options as yours, 2 months ago to a dealer for 22,500. I know some people who have sold to Carvana. I'd say your offer is good.

 

[Ja87sm]

Not that it’s worth it’s weight in anything.. but I track my cars maintenance through the my carfax app.

In the last month the trade in value for our 21 jlu islander has gone up almost 5k. In fact right now it is reading 3k over msrp. Just throwing a guess maybe people are paying more for the remaining ones on Lots? Not sure.

The carvana offers have gone down and vroom offers have gone up.

we have a 2019 vw golf sportwagen as well. That vehicle has been flat. Our 2 older Honda’s have gone up.

 

[Ridgway Jeeper]

I think you are dreaming and reading fiction if you think the bubble has popped. The car lots here are EMPTY, almost completely empty. My new truck will take 16+ weeks to produce. Until supply of new vehicles catches up with the demand, which it most certainly has not, used prices will remain inflated. I find it hilarious to debate something most of us can see with our own eyes everyday, the lack of supply, by using a news article. You go ahead and bank on that. I will still get a BIG premium for my used truck when the new one shows up this October. That I will bet money on.

 

[summer4x]

I think you are dreaming and reading fiction if you think the bubble has popped. The car lots here are EMPTY, almost completely empty. My new truck will take 16+ weeks to produce. Until supply of new vehicles catches up with the demand, which it most certainly has not, used prices will remain inflated. I find it hilarious to debate something most of us can see with our own eyes everyday, the lack of supply, by using a news article. You go ahead and bank on that. I will still get a BIG premium for my used truck when the new one shows up this October. That I will bet money on.

Your emotions mean nothing, nor does your anecdotal evidence. Manheim auctions ARE the data. You can choose to bury your head in the sand and act the fool, but it doesn't change reality.

 

[aldo98229]

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%.

Price of food, fuel and other necessities have NOT increased nearly to the same degree as vehicles.

Price of gasoline has gone up from the lows during the lock downs, but they are not at their highest levels ever. Price of prepared foods have gone up, but the price of groceries are pretty stable. I attribute the former more to COVID-related precautions restaurants are having to take with than to anything else.

So no, the sky is NOT falling. Used vehicle "inflation" is transitory and traceable to well-identified causes.

 

[Ridgway Jeeper]

Your emotions mean nothing, nor does your anecdotal evidence. Manheim auctions ARE the data. You can choose to bury your head in the sand and act the fool, but it doesn't change reality.

Like I said, YOU go with that... It isn't my emotions, it is obvious, in your face facts and dealers buying cars off craigslist for full retail. I had that happen. Data lies buddy, the last 18 months is sure proof of that. Two months from now my worn out old trade with be worth thousands more than it should be. The FACT is, new vehicle production is hurting BAD, inventories are hurting BAD, inflation is real and happening right in front of you as well. None of that is changing for the better anytime soon so again, go ahead and mistake the blip you are seeing as the trend.

 

[summer4x]

Like I said, YOU go with that... It isn't my emotions, it is obvious, in your face facts and dealers buying cars off craigslist for full retail. I had that happen. Data lies buddy, the last 18 months is sure proof of that. Two months from now my worn out old trade with be worth thousands more than it should be. The FACT is, new vehicle production is hurting BAD, inventories are hurting BAD, inflation is real and happening right in front of you as well. None of that is changing for the better anytime soon so again, go ahead and mistake the blip you are seeing as the trend.

You offer nothing but hot air. You can't refute data with blowhard, as much as you want to.

 

[Ja87sm]

A local kia dealership which I purchased 2 Honda’s from.. one in 2012 and one in 2018.. same road as a military base always had over 70 or so used cars on the lot at all times, back corner lot filled with recent trades and auction vehicles… plus the new kias… now there’s 7 used vehicles on their lot… 7. New vehicles.. appears to be around 15 at most. The lot is empty. Even the Honda dealer thst usually has over 200 new Honda’s in stock year round as staggered their lot to make it appear full. But the reality is, they’re drying up too.

 

[Mike8194]

Like most of us, I have been keeping up with the price trends. At one point, my Carvana offer was more than I paid new. Just checked Carvana and Vroom, and my offers were both about 3k less than last month. Still not many JL’s on the lots around me though, new or used.

 

[bjm00se]

https://qz.com/2046081/us-inflation-data-show-the-used-car-bubble-has-burst/

As BulletBill previously posted, the graph in the article you linked only shows that prices have stopped going up. They haven't started dropping. If there's any evidence of that, this article didn't state it.

What you're looking at is NOT a graph of any kind of prices - it's a graph in the RATE OF CHANGE of the prices. For prices to drop, that graph has to go negative.

For the bubble to have "burst" it has to go negative by a lot.

 

[summer4x]

Just checked Carvana and Vroom, and my offers were both about 3k less than last month.

Which is an absolutely massive decline. Think about it, that would be a decline of almost $10,000 in 3 months. That's what happens when bubbles pop - it's quick.

 

[summer4x]

As BulletBill previously posted, the graph in the article you linked only shows that prices have stopped going up. They haven't started dropping. If there's any evidence of that, this article didn't state it.

What you're looking at is NOT a graph of any kind of prices - it's a graph in the RATE OF CHANGE of the prices. For prices to drop, that graph has to go negative.

For the bubble to have "burst" it has to go negative by a lot.

Apparently you didn't read all the links. Manheim is also reporting price declines. Further, you are misunderstanding the data and price trends. In order for prices to fall, they first have to stop increasing, which is what that chart shows. Going from an increase of over 7% month over month, to no increase at all month over month, is a massive stall. Like the article said, prices are "rolling over."