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Trade in Values tanking

commbubba19

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Due to just needing a larger vehicle, I've been researching replacements for my 22 Wranger Rubicon XR. Stickered for 62k and I bought it for 58k last year.

I was offered 46k for trade from the same dealership I purchased from. That's painful depreciation for 7 month old vehicle.

The days of high used car values seem to definitely be over.
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Punknhed

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very true, koons told me 23 for my trade, sport s 6spd punkin, but, they are 6%under, plus tread lightly, plus another 1k off. so, while yes i was hoping for closer to 30 for mine, Im happy with the price i have locked in for my rubi xr. just have to wait and see when the damn thing gets built, and how horrible interest rates are.
 

rcadden

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Honestly I'm surprised it took this long for things to start to return to normal. When it's cheaper to custom order than it is to buy a <3-5yr old used vehicle, you know things are bananas.
 

No IFS

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Wait! Are you trying to tell me that I can’t retire off the sale of my 392 wrangler? I was told that prices can only go up never go down. I was flamed here hard for even suggesting that prices will drop.
Interesting that another conspiracy theory turns into reality once again.
 

CarbonSteel

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Wait! Are you trying to tell me that I can’t retire off the sale of my 392 wrangler? I was told that prices can only go up never go down. I was flamed here hard for even suggesting that prices will drop.
Interesting that another conspiracy theory turns into reality once again.
No conspiracy at all. This fake overinflated bubble was going to burst at some point and it has. Used car values (aside from collectibles) have never gone up, only down through all of my years of driving. Crazy to think it was not going to go back to that.

It is standard MO for a dealer to steal your car and sell you theirs...
 

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guarnibl

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20% depreciation when factoring wholesale to retail is completely normal for a 7 month old vehicle. So book being 48 and original retail 62 — my guess is retail value now is somewhere in low mid 50’s. Interest rates aren’t helping and will continue to push down prices as supply side catches up and dealers run more deals on new ( not there yet ).
 

Hpc3

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Due to just needing a larger vehicle, I've been researching replacements for my 22 Wranger Rubicon XR. Stickered for 62k and I bought it for 58k last year.

I was offered 46k for trade from the same dealership I purchased from. That's painful depreciation for 7 month old vehicle.

The days of high used car values seem to definitely be over.
Sell it. You never want to give a dealership more tools to work with in a transaction anyway.
 

SouthernJL

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Took delivery of my ordered '21 JLUR in April of '21 for 7% under invoice. Didn't trade my 2014 JKU in the deal but I did sell it to another entity. for 2k more than I paid for it. Mind you, this was after putting 30k miles on it during my ownership.

Didn't understand at the time why they were offering me more for my '14 than I paid for it. True, I lifted, re-geared and put 35s on it but I was told you never get any of your mod $$ back. Of course the 2k didn't cover all I spent in mods but was assuming the extra $$ was because of how nice/tasteful the mods were. I thought I was 'special' and had bucked the trend of not getting any return on money spent for mods.

Little did I know, I was at the beginning of what was turned out to be this crazy run up in used car prices. I consider myself lucky. I got a ton for my trade and bought new for 7% under invoice before Wrangler prices spiked.

I got the best of both worlds. But I admit I was salty when I found out they sold the '14 for 6k more than they paid me for it.

Bought it for 27k in 2018. Sold it for 29k in 2021 and it was sold again for 35k like a month later. I bet it's only worth like 23k now. I'll run the VIN in Kelly Blue Book and see. The poor soul that purchased the '14 with 70k miles for $35k has to be wayyyy underwater right now.

Edit: I just checked. Assuming the new owner has put at least 10k more miles on it in the last 2 years, KBB says the Jeep is now only worth 20k. Wow.... 15k drop in 2 years. Man they have taken a bath....
 
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aldo98229

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A year ago, Vroom and Carvana let their stupid algorithms drive used-vehicle prices through the roof. Since then, both have had to face the reality of the market and mounting losses. Carvana might still go out of business. Carmax, too, is seeing its profitability plummet.

Such is the used car business.
 

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