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re: Does car depreciation not exist anymore?
Posted on 5/24/24 at 9:07 am to LoneStar23
Posted on 5/24/24 at 9:07 am to LoneStar23
quote:
I'm seeing used cars on the lots with 15k miles selling for the same price as brand new ones.
No you aren't.
0
Posted on 5/24/24 at 9:07 am to lsu xman
quote:
I hope my truck last til I die so I don't have to deal with all this nonsense.
It's going to look like a little slice of Havana in my driveway in a few years
Posted on 5/24/24 at 9:07 am to Alabama Slim
quote:
Depends on the make and model obviously but good luck buying new in demand models at the advertised msrp.
It's not 2022 anymore.
Posted on 5/24/24 at 9:15 am to LoneStar23
quote:
Why on earth would you buy lightly used cars at this point if new is the same price?
Toyota discontinuing 4L, V6 engine. frick the EPA and frick Toyota for bending the knee.
Posted on 5/24/24 at 9:19 am to Boudreauboudreaugoly
My SUV is about to hit 200k mark and 12 years old. Seriously considering getting a 23/24 TRD pro 4Runner when the new 25 comes out. One owner under 25k miles would be slightly cheaper than a new one but worth way more in the long run having that v6 over the 4 banger turbo.
Posted on 5/24/24 at 9:19 am to LoneStar23
Depreciation only exists when the insurance company has to pay out on a totaled car from what I have seen.
A Blue Book value means nothing these days because the supply of used cars is so low due to new cars being so expensive.
A Blue Book value means nothing these days because the supply of used cars is so low due to new cars being so expensive.
Posted on 5/24/24 at 9:34 am to parrothead
quote:
23/24 TRD pro 4Runner
frick a
Turbocharged, 4 cylinder engine on a vehicle that size. In fact, frick ALL turbocharged, 4 cylinder engines that will be used in ANY towing application.
Posted on 5/24/24 at 9:35 am to baldona
quote:This was the position I was in buying a car for a teenager not too long ago. Original plan was to look for something 3-5 years old with around 50k miles, but the price difference between something like that compared to the same model brand new was only $6-7k. Wasn't saving enough on the vehicle price to justify the higher interest rate on financing a used car plus not having a factory warranty and having the more expensive maintenance items coming up a lot sooner.
I was helping a family member shop for vehicles, used with 1-2 years of use and 20-30k miles were $35-37k and brand new are $40-42k. The kicker is used financing is 6.5-7% while new offered 3.89% through the dealer. If you finance for 3-4 years then financially it’s damn near break even for a new vehicle.
Posted on 5/24/24 at 9:38 am to tigerfoot
quote:
there are laws concerning this. I don’t see how it is legal, who would the first owner be?
The dealers are getting a title on it. And the warranty is started from the date they do that. Then they put it on the lot for sale.
This post was edited on 5/24/24 at 9:41 am
Posted on 5/24/24 at 9:41 am to LoneStar23
quote:
I'm seeing used cars on the lots with 15k miles selling for the same price as brand new ones. Why on earth would you buy lightly used cars at this point if new is the same price? Cars used to drop like 10k price after being used.
Maybe not with used cars with 15k miles but I do know some dealers will buy a new car, put 1000 miles on it and sell it as used so that they can mark them up.
Posted on 5/24/24 at 9:43 am to GeauxTigers123
quote:
I have an old school relative who still thinks new cars have massive depreciation. It just isn’t that way on cars now a days
That has definitely changed.
Also, owning a vehicle for long periods of time is no longer economical. In the 80s and 90s, you could own a vehicle for 8-10 years to maximize value. Today, vehicles owned after the warranty are a $5-8k expense waiting to happen. Drive it another year after that expense and it is likely to have another major problem. All while depreciating.
This post was edited on 5/24/24 at 9:46 am
Posted on 5/24/24 at 9:43 am to LSU_postman
It needs a MSO and is good. I have a friend that used to own a GM dealership before he sold it to a big regional group.
Posted on 5/24/24 at 9:46 am to go ta hell ole miss
quote:
Today, vehicles owned after the warranty are a $5-8k expense waiting to happen.
That still pays for itself pretty quickly vs a $700 note.
Posted on 5/24/24 at 9:48 am to LoneStar23
Can't wait for states to get rid of the middleman law. Dealerships are an outdated model.
Posted on 5/24/24 at 10:00 am to Jack Bauers HnK
quote:
Because those new ones often have limited supply and carry dealer markups above MSRP.
There are plenty of dealers selling at MSRP
Posted on 5/24/24 at 10:12 am to LoneStar23
I bought my truck in 2021 for 34k. It has 60k miles on it and the dealership recently offered me 28k in trade.
I'd do it if a new comparable truck wasn't 40k
I'd do it if a new comparable truck wasn't 40k
This post was edited on 5/24/24 at 10:30 am
Posted on 5/24/24 at 10:16 am to LoneStar23
I own outright, but if I were in the market I would look into leasing if I were a low miles driver. The value proposition of owning is questionable right now, much like housing.
Posted on 5/24/24 at 10:17 am to LoneStar23
Yes. If you trade your vehicle in, they will offer you 20k then turn around and sell it for 29k because of the demand for used vehicles
Posted on 5/24/24 at 10:57 am to Loup
quote:
I bought my truck in 2021 for 34k. It has 60k miles on it and the dealership recently offered me 28k in trade.
I'd do it if a new comparable truck wasn't 40k
It's gone down a good bit now, but there were times during Covid where my 2017 truck was worth more than I paid for it 3-4 years earlier. It was tempting until you saw what the replacement would cost.
Carfax says it's worth a little over 20k now, but it's a 7 yr old truck I paid 32k for brand new. I still think that's stupid high.
This post was edited on 5/24/24 at 10:58 am
Posted on 5/24/24 at 11:07 am to WaydownSouth
Shopping for a minivan and saw a '23 Carnival on dealer site. Clicked and saw it was listed for only $3k below new price for a comparable '24 (after incentives) and nearly 50k miles. (I'm doubt they'll get that but why even list at that price? In a month or 2-3 it will be 2 model years old I'd expect them to be motivated to turn it.) Is it a ploy to convince new buyers that their purchase will retain value or even appreciate?
It's weird to me that we have more data as consumers than ever but enough people are out there just blindly buying it seems. Are they able to get higher credit risk buyers into these cars but not new somehow?
It's weird to me that we have more data as consumers than ever but enough people are out there just blindly buying it seems. Are they able to get higher credit risk buyers into these cars but not new somehow?
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