Trade in Values tanking

[No IFS]

I'm in the same boat (kinda).
My jeep got wrecked on the freeway by an older couple in a big truck. So I am without a vehicle and need to get one asap.
Also, I'm only 41, but have a heart pump (lvad) and only have about 6 years to live, unless my miracle I am granted a heart transplant.
I was wondering if I should stretch out my finance to 84 months

Sorry about your health problems. It puts other problems in perspective. Thanks for sharing.

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[Tredsdert]

KBB says mine is worth 38k a little over a year later. Though I'm fairly certain no dealership would even give me an offer after taking one look at my Wrangler!

One of these days I'll take it in to see what a dealership would offer me, but I'd honestly expect an offer around $5,000! And even then I don't think they'd be able to sell it..

 

[Ratbert]

Call it whatever you want. Don't much care.

Zero sympathy for all the fools that paid 10k over msrp. In fact.

LOVE IT

Let it be a hard lesson for those that need it. I'm betting there will be some nice articles written about it over the next 3 years or so.

Ever heard of something that people call empathy?

 

[RubiSc0tt]

Oh yeah. Not only that, but these boilerplate dealer websites have BS marketing jargon such as "this vehicle is hot and is going to sell soon" when the picture of it has lush green trees in the background because it was taken six months ago.

Or they've still got stock photos of the wrong color and model and "call for pricing"

Call it whatever you want. Don't much care.

Zero sympathy for all the fools that paid 10k over msrp. In fact.

LOVE IT

Let it be a hard lesson for those that need it. I'm betting there will be some nice articles written about it over the next 3 years or so.

I don't disagree that people paying over MSRP and who are upside down are fools- but damn, bruh, who hurt you?

Pandemic and supply chain issues caused spikes in both new and used cars. Some people surely needed to buy vehicles over the last 3 or so years, and while it's not the smartest thing to pay over MSRP- it may be they didn't have a choice. Or the means/ skills to negotiate.

"Hard lessons" aren't always effective ways to learn, or improve.

 

[chicknwaffles]

Ever heard of something that people call empathy?

I don't feel bad for people that walk off a cliff while a large amount of people were telling them to not walk off that very cliff.

But thoughts and prayers is what I should be saying huh.

nope. No empathy or sympathy for the carnage they could cause themselves.

Who hurt me? no one. But some people hurt a lot of other people out there.

Who I feel bad for is everyone else they messed it up for. The people that are trying to be smart and have some common sense, but because of fools couldn't find a camry for less than 20k over msrp.

I bought two new cars over the past year. At MSRP and less than MSRP. I'm no expert buyer but made it through those troubled waters just fine. Wasn't for lack of running into crappy dealers though trying to give the big green weenie.

 

[40Caliber]

I paid 48k for my rubicon (which was sticker) . KBB said it's at $36K. while this stings a little to read, I had no plans to sell it so it really doesn't matter.

It's also a 25% reduction which is a little more than what "old world" depreciation was as I assume 20%.. I did however put 20K miles on in 14 months so probably fair pre covid

 

[commbubba19]

What color, I might be interested in this.

granite crystal

 

[Alan W]

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.

Because used cars have taken a 20-22% drop in the last 8 months, the best advice is to hold on to your Rubi and dont get rid of it.
Dealers are coming out with more incentives as interest rates are super high.
You don't want to invest negative equity into your new purchase, do you?

 

[SoK66]

They will attempt to sell it for more than its original MSRP. Always best to sell your trade in yourself.

 

[RobTrachtman]

Every deal is in that readjusting period, trade values are bouncing around thanx to Carvan and others just paying too much for cars and now they are crashing it the other way by dumping all the old overpriced trade on the market and deals on the new cars are really commonplace now.

 

[RamMan]

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.

Take yours to CarMax. They pay premium for one owner.

 

[graytag]

At least we aren't on the Tesla forum? Damn.

 

[22 High Tide Time]

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.

I went through the same thing a few weeks ago when I traded in my 2019 Rubicon. My dealership was able to get me more money because they shopped the Rubicon around to multiple Jeep dealerships. Price fluctuations still exist, but not to the level seen this time last year.

There are more used Jeeps out there and the chip shortage seems to be improving so we’re seeing new Jeep inventories getting a bit better (I was offered $3,500 off MSRP for a new Rubicon which was unheard of not too long ago).

I think rising interest rates are also contributing to price reductions on both new and used Jeeps.

 

[CarlosMOtoCO]

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.

Are you interested in selling to an individual? I've been pricing a new 2023 Rubi XR but if there is a lightly used 2022, I'd be interested.

 

[WorkingMan]

Too bad used car prices haven't started to come down yet.

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