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re: Dang was hoping to wait out the high car market
Posted on 7/24/22 at 4:00 pm to BengalBlood81
Posted on 7/24/22 at 4:00 pm to BengalBlood81
I don't know how many of you believe in God but check out this perfect timing...
Bought in Feb 2020.
20 Tundra 4x4 w/leather...$43,500.00.
Now, that...is a walk-off.
Bought in Feb 2020.
20 Tundra 4x4 w/leather...$43,500.00.
Now, that...is a walk-off.
0
Posted on 7/25/22 at 12:31 am to Sput
quote:
This is true, cut through the Nissan lot in Monroe last weekend and they had three cars on the back lot with Repo and a last name wrote on them
I’ve been saying this. Too may millennials (my peers) with Joanna Gaines inspired mortgages and car seats for Brinley and Jaxton in $50k vehicles. Lots of 35 and under who’ve never been slapped in the face from a financial standpoint. Curious to see how it shakes out if this truly gets bad
Posted on 7/25/22 at 12:56 pm to I Love Bama
How does one go about purchasing a good quality repo? Is there a marketplace?
Posted on 7/26/22 at 8:45 pm to cadillacattack
quote:
The timing is a bit uncertain but it looks like it's going to unravel in the next 12-18 months.
Along with the rest of our economy.
Buckle Up!
Posted on 7/26/22 at 8:52 pm to I Love Bama
quote:
Soon. Repos are way up.
I'm not buying a ragged out repo
Posted on 7/26/22 at 8:58 pm to supadave3
quote:
J.D. Power, “used-vehicle values will begin their descent to more normal levels by late 2022 and into 2023.”
Posted on 7/26/22 at 9:30 pm to BengalBlood81
Spring 2023
Posted on 7/26/22 at 9:47 pm to supadave3
quote:
I'm not buying a ragged out repo
Hell some of them probably haven’t been owned long enough to be ragged out
Posted on 7/27/22 at 7:31 am to BengalBlood81
i dont think prices are going to go back down. imagine buying a new truck for 60k and then a couple weeks later the prices magically drop....now you're underwater on 2 week old truck
Posted on 7/27/22 at 8:04 am to Pezzo
quote:
i dont think prices are going to go back down. imagine buying a new truck for 60k and then a couple weeks later the prices magically drop....now you're underwater on 2 week old truck
Prices are absolutely going way back down eventually, this current model is not sustainable.
Also why buying something right now or in the last year or so was a bad idea unless you really needed it, because the depreciation hit is going to hurt that much more when prices do start to normalize over time.
The repo market right now is red hot, way too many people are way behind on their payments. Too many people got into too juiced up car loans they cant afford with all the money printing going on over the last 2 years. Combine that with layoffs happening and way more coming up.
There are already huge lots of repo cars waiting to go back on the market right now.
Posted on 7/27/22 at 8:07 am to Pezzo
quote:
i dont think prices are going to go back down. imagine buying a new truck for 60k and then a couple weeks later the prices magically drop....now you're underwater on 2 week old truck
But how can everyone afford a 60k truck? If they can't, can they afford a used 30k truck?
I know I wouldn't buy my 2017 F150 for 60k today, and I bought it for 39k then.
There is going to be a correction somewhere.
Posted on 7/27/22 at 9:34 am to thunderbird1100
quote:
Also why buying something right now or in the last year or so was a bad idea unless you really needed it, because the depreciation hit is going to hurt that much more when prices do start to normalize over time.
I paid my truck off about 6 months ago. I feel pretty fortunate that it's still running strong and in generally good shape. 2015 Tundra. I want a new truck, but when I see prices, I just close down the browser. This truck is fine. Don't need a new truck.
The wife's Jeep will be paid off by the end of the year. Hoping prices start to drop again by the mid 2023. I'll consider buying then if they come down.
Posted on 7/27/22 at 11:02 am to WhiskeyThrottle
I have $12000 left on my 2021 F150 and I’m gonna hold on to it for awhile. I was at the dealership today for service and walking around the lot I noticed their markup used to be $2500 but now it’s $3995. They went UP not down.
Posted on 7/27/22 at 11:28 am to Hamma1122
quote:
Salesman told me a month ago the way you shop for cars has changed forever this is the new normal
This salesman and many others will be looking for new jobs within the year and they did this to themselves.
This post was edited on 7/28/22 at 12:24 pm
Posted on 7/27/22 at 12:38 pm to thunderbird1100
quote:
There are already huge lots of repo cars waiting to go back on the market right now.
Where and what are they waiting for?
Posted on 7/27/22 at 12:50 pm to go ta hell ole miss
Banks run them through the auction but the prices are too high. Dealerships don’t need more cars they’re deep in because they see what’s coming. A lot of dealerships are buying private sales off Facebook and the like.
Posted on 8/10/22 at 9:43 pm to BengalBlood81
Bump
Black Book market insights
Wholesale prices continue to trend down
Is it happening? Should I buy a used car in the next few weeks or continue to wait?
Black Book market insights
Wholesale prices continue to trend down
Is it happening? Should I buy a used car in the next few weeks or continue to wait?
Posted on 8/23/22 at 9:34 am to BengalBlood81
Used car market imploded yet?
Posted on 8/23/22 at 10:06 am to notiger1997
quote:
I would think any company would want to sell more vehicles if they had the chance. Maybe they wouldn’t get as much mark up, but volume would make up for it. More cars sold also means more extended warranties sold as well as more cars to finance through dealers/their financial institutions
Yes you’re correct. Manufacturers make money on production volume and sale volume. Plus things like warranties like you said. They’re insulated from decreased or elevated prices mostly. Dealers make money on prices being elevated
Posted on 8/23/22 at 10:20 am to Upperdecker
I took my wife's MDX in for an oil change last Saturday. While I was there, I checked out the new Integra. I have a teenage daughter who will be looking in a couple years. I'm not in the market, but I was wasting time.
Salesman tried to tell me that I would be better off buying it now and holding it for two years because "car buying has changed forever."
I seriously almost had a Ron Swanson "I know more than you" moment.
Salesman tried to tell me that I would be better off buying it now and holding it for two years because "car buying has changed forever."
I seriously almost had a Ron Swanson "I know more than you" moment.
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