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PSA - The used car market right now is ridiculous
Posted on 7/21/20 at 10:18 pm
Posted on 7/21/20 at 10:18 pm
I buy cars wholesale at auction for a regional dealer, and I am just giving a friendly PSA - don’t let friends, family members or anyone you care about buy a used car right now. I’m sure there are exceptions, but I watch dealers consistently pay NADa retail for cars day in and day out for the last 2 months.
Many vehicles have an average MMR (Manheim average wholesale value) 1000/2000 above NADA trade. Manufacturers shutting down and repossession forbearance has limited supply at auction... which leads to outrageous auction pricing.
Unless you luck out, if you buy a used car right now you will get gouged. Wait a couple months until rentals defleet and repos start coming back through the pipe again.
Many vehicles have an average MMR (Manheim average wholesale value) 1000/2000 above NADA trade. Manufacturers shutting down and repossession forbearance has limited supply at auction... which leads to outrageous auction pricing.
Unless you luck out, if you buy a used car right now you will get gouged. Wait a couple months until rentals defleet and repos start coming back through the pipe again.
25
Posted on 7/21/20 at 10:24 pm to Retrograde
If you think used cars prices are ridiculous, go ahead over to the New Orleans housing market thread.
Posted on 7/21/20 at 10:35 pm to Retrograde
Funny you say that, I received his email earlier tonight 
Posted on 7/21/20 at 10:39 pm to castorinho
quote:
Funny you say that, I received his email earlier tonight
They are not lying. If I was trading a paid off vehicle right now, I would want full NADA retail - $1000 and go from there. The only problem with trading a vehicle is now you have to buy one at current market value.
Posted on 7/21/20 at 11:05 pm to Retrograde
I just bought a used car last week, paid probably $2k over what it’s worth but I was on a time crunch and needed to purchase a car fast.
I tried to negotiate but they already had someone who called offering cash so I had no leverage.
Car dealerships are a tough place to be right now.
I tried to negotiate but they already had someone who called offering cash so I had no leverage.
Car dealerships are a tough place to be right now.
Posted on 7/21/20 at 11:18 pm to Retrograde
But the experts on here will still tell you that you should never buy new cars.
Posted on 7/21/20 at 11:27 pm to Retrograde
Starting to look now for a vehicle for one of my kids. Do you expect things to shake out in that two month time frame?
Posted on 7/21/20 at 11:28 pm to Retrograde
Glad I got my 2017 in late February.
Posted on 7/21/20 at 11:38 pm to TheGuitarMan1
So it’s a great time to trade?
My lease ends in a couple months, so I might start making some calls.
My lease ends in a couple months, so I might start making some calls.
Posted on 7/22/20 at 6:24 am to LSUtigerME
quote:
So it’s a great time to trade? My lease ends in a couple months, so I might start making some calls.
You wouldn’t be trading. You would either be leasing another, purchasing one or purchasing your current lease. There is a good chance that purchasing your lease for the residual value is a good deal right now.
Posted on 7/22/20 at 8:20 am to TigerSaints318
quote:
You wouldn’t be trading. You would either be leasing another, purchasing one or purchasing your current lease.
Does my lease have a “purchase” option? Why could this not be used as similar to the “principal value” of a loan against a trade-in vehicle? Dealership takes trade, pays off loan (or lease), credits me equity as applicable?
Posted on 7/22/20 at 8:22 am to Retrograde
quote:All of my friends in the business are telling me this. One of my friends sent me a screenshot of a f150 that had a MMR of 19900 selling for like 25500 at Manheim
Many vehicles have an average MMR (Manheim average wholesale value) 1000/2000 above NADA trade. Manufacturers shutting down and repossession forbearance has limited supply at auction... which leads to outrageous auction pricing.
Posted on 7/22/20 at 8:22 am to Retrograde
quote:
Wait a couple months until rentals defleet and repos start coming back through the pipe again.
Is it a pretty good assumption that this could clear up some in two months?
We have been looking a little for a car for my daughter to take to college, but had been holding off waiting for deals to get better.
She can ride with friends for a while I guess.
Posted on 7/22/20 at 8:24 am to Retrograde
I’ve been looking and plan on doing some test driving this weekend. Are you saying that dealers will be less inclined to negotiate on prices?
Posted on 7/22/20 at 8:39 am to Retrograde
Interesting. I have a 2016 Highlander with 35K miles. I might consider trading it on a new one, but it was in an accident a couple of years ago, guy stopped short and my wife hit him. $6K damage. Was repaired and no issues since.
How much does that impact my trade in value? KBB has a range of $23-25K, but that is just putting in the info, not the vin for my specific vehicle.
How much does that impact my trade in value? KBB has a range of $23-25K, but that is just putting in the info, not the vin for my specific vehicle.
Posted on 7/22/20 at 9:15 am to iAmBatman
quote:
Are you saying that dealers will be less inclined to negotiate on prices?
That's a reasonable assumption.
Posted on 7/22/20 at 9:40 am to Retrograde
So your saying I should trade in my truck now in preperation of getting the Bronco next year
Posted on 7/22/20 at 9:43 am to kywildcatfanone
quote:
guy stopped short and my wife hit him
stop excusing your wifes error. beyond pathetic dude
This post was edited on 7/22/20 at 9:44 am
Posted on 7/22/20 at 10:18 am to Retrograde
Friend of mine had a 2008 Dodge Ram 1500 4 door with about 90K miles on it. He used to have a travel trailer, but his wife got it in a divorce, so he decided to trade it in for a smaller car.
Few weeks later, it shows up in West Texas, listed for 15,995. I was stunned. He said he got about 8K for it in trade.
Few weeks later, it shows up in West Texas, listed for 15,995. I was stunned. He said he got about 8K for it in trade.
Posted on 7/22/20 at 10:21 am to Retrograde
quote:
The used car market right now is ridiculous
Still not as ridiculous as the new car market.
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