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Why haven't used car prices gone down?
Posted on 11/18/11 at 7:31 am
Posted on 11/18/11 at 7:31 am
I started looking at vehicles back in June. I did some research and decided to save up for a descent down payment. I also took into consideration that by the time I would actually start looking, new models would have released and prices should drop. or thats what I thought at least. Since that time, I've watched prices for a few different vehicles. It's now months later, new models released and I have yet to notice any reduction in prices.
I mentioned this to a coworker, one that I initially discussed vehicles with back in mid summer. He just happened to look recently, as he did in mid summer, and noticed the same thing. We were both looking at differenct vehicles, but basically the same type.
Am I just wrong in thinking prices would reduce?
I mentioned this to a coworker, one that I initially discussed vehicles with back in mid summer. He just happened to look recently, as he did in mid summer, and noticed the same thing. We were both looking at differenct vehicles, but basically the same type.
Am I just wrong in thinking prices would reduce?
5
Posted on 11/18/11 at 7:59 am to NOLA Bengals
supply and demand. Economy sucks for some people and more people are buying used cars out of necessity. Therefore, prices are not gonna drop.
Posted on 11/18/11 at 8:06 am to NOLA Bengals
People I know in the used car/bodywork/restoration business tell me it's backlash from the Cash for Clunkers program.
A lot of good, working vehicles were crushed and/or completely disabled by pouring sodium silicate (liquid glass) into the engines then running them till they seized.
There are or least there were many videos on youtube documenting the 'engine disable' process.
Tragic IMV.
One of many, here's a 7 series Beamer meeting its demise
A lot of good, working vehicles were crushed and/or completely disabled by pouring sodium silicate (liquid glass) into the engines then running them till they seized.
There are or least there were many videos on youtube documenting the 'engine disable' process.
Tragic IMV.
One of many, here's a 7 series Beamer meeting its demise
Posted on 11/18/11 at 9:19 am to NOLA Bengals
There's been a shortage of new Japanese cars due to the earthquake. This drives up the price of late-model used cars.
Posted on 11/18/11 at 9:45 am to NOLA Bengals
Like the first poster said, there is more demand now for used cars.
Posted on 11/21/11 at 1:00 pm to NOLA Bengals
My neighbor has made a small fortune running a Buy Here - Pay Here used car dealership here in Tampa.
The reason used cars are in such demand is because the economy stinks and peoples credit has been wrecked. Most banks and dealers will laugh these people out of the building, thus used cars are their best(if not only) option. Demand for used cars went up, and so too did the price.
Financing at 25-30% interest and then selling the loans off has made the guy a mint since 2008..
The reason used cars are in such demand is because the economy stinks and peoples credit has been wrecked. Most banks and dealers will laugh these people out of the building, thus used cars are their best(if not only) option. Demand for used cars went up, and so too did the price.
Financing at 25-30% interest and then selling the loans off has made the guy a mint since 2008..
This post was edited on 11/21/11 at 1:03 pm
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