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Should I wait to buy a used vehicle?
Posted on 8/16/23 at 11:05 am
Posted on 8/16/23 at 11:05 am
Looking to buy a used 4Runner no later than 2018 model.. prices seem to have fallen some in the last few months, but are still high.
Just wondering what Money Talk’s opinion is on what will happen with used car prices/interest rates in the next 6 months.
Just wondering what Money Talk’s opinion is on what will happen with used car prices/interest rates in the next 6 months.
9
Posted on 8/16/23 at 11:11 am to Tommy Noble
quote:
4Runner no later than 2018 model.
quote:
used car prices/interest rates in the next 6 months
In my opnion little will change in the next 6 months when it comes to Toyota 4Runners. It will take a lot longer for that sort of massive decease in available vehicles to sort of fix itself. Toyota themselves is still not producing vehicles like they were prior to COVID.
Other vehicles maybe a different circumstances though. Honda/Toyota still at low production + high demand
Posted on 8/16/23 at 11:14 am to UltimaParadox
I've got the same question as OP about 3/4 ton trucks. I'm in no hurry, but over the last 3 years it seems like we've been told to "just wait 6 months" perpetually. I'm starting to have the opinion that this is simply the new normal.
Fortunately my current Tundra is paid off and has a ways more to go. I'm just hoping interest rates come back down so I don't get screwed on price and interest. In the meantime I'm contributing to a brokerage account more than a vehicle payment would be and if I get it high enough to pay cash, I'll likely just do that.
Fortunately my current Tundra is paid off and has a ways more to go. I'm just hoping interest rates come back down so I don't get screwed on price and interest. In the meantime I'm contributing to a brokerage account more than a vehicle payment would be and if I get it high enough to pay cash, I'll likely just do that.
Posted on 8/16/23 at 1:55 pm to Tommy Noble
There’s a father and son on YouTube that run a company called Car Edge. I stumbled upon them but find them quite informative on what’s going on in the market.
Posted on 8/16/23 at 2:36 pm to lynxcat
I enjoy the CarEdge guys videos. Very informative of market trends
Posted on 8/16/23 at 5:16 pm to UltimaParadox
I've noticed that the Jeep Wrangler's price point has dropped since the Bronco has come on the scene.
The Landcruiser is slated to deliver in 2024 at a starting price point of $50k which may drag the Bronco's pricing down.
Overall prices are coming down, especially on used, but not at pre-CVD-19 prices.
The Landcruiser is slated to deliver in 2024 at a starting price point of $50k which may drag the Bronco's pricing down.
Overall prices are coming down, especially on used, but not at pre-CVD-19 prices.
This post was edited on 8/16/23 at 6:38 pm
Posted on 8/17/23 at 7:33 am to Nu Iota Prophet
Prices seem to be coming down some but so are trade in values.
Posted on 8/17/23 at 12:15 pm to LSUSports247
Following. I might be in the market sooner than I expected or wanted to be.
Posted on 8/17/23 at 12:23 pm to Tommy Noble
I know nothing.
But I have a 16 year old working 2 jobs to save for a car.
I told her to start shopping in November.
Trade ins should start rolling in and she may find that 1 in 100 deal over the next 60 days.
With interest rates high, I imagine that there is still a slight downward pressure on prices going forward.
But I have a 16 year old working 2 jobs to save for a car.
I told her to start shopping in November.
Trade ins should start rolling in and she may find that 1 in 100 deal over the next 60 days.
With interest rates high, I imagine that there is still a slight downward pressure on prices going forward.
Posted on 8/17/23 at 12:41 pm to Tommy Noble
There’s a monthly report on used car pricing which I recall showing a downward trend a month ago.
New car inventory has been increasing so the used car market will have to adjust downward
New car inventory has been increasing so the used car market will have to adjust downward
Posted on 8/17/23 at 9:05 pm to Tommy Noble
No
Posted on 8/17/23 at 10:26 pm to Tommy Noble
"The auto market should return to normal in just 6 more months!" -2021
Posted on 8/17/23 at 10:38 pm to shutterspeed
LOL
Yep
Or someone’s cousin owns a used car dealership and the lot is full. So that means “The used market is about to crash”
Yep
Or someone’s cousin owns a used car dealership and the lot is full. So that means “The used market is about to crash”
Posted on 8/18/23 at 11:46 am to notiger1997
It is truly more manufacturer dependent now.. Honda/Toyota good luck... The rest you will probably start seeing some deals 
Posted on 8/18/23 at 12:05 pm to Tommy Noble
Is this a straight up purchase, or are you trading anything in?
If the latter, that needs to be taken into account. When I bought my most recent car about a year ago, I had to pay about $3k more than I should have. But, I got $5k more on my trade than I should have.
If I look up the models now (both slid forward one year model for equivalency), both are about $2k cheaper than last year. So in my case, it was basically a wash, and I imagine it’s going to be like that for the foreseeable future.
If the latter, that needs to be taken into account. When I bought my most recent car about a year ago, I had to pay about $3k more than I should have. But, I got $5k more on my trade than I should have.
If I look up the models now (both slid forward one year model for equivalency), both are about $2k cheaper than last year. So in my case, it was basically a wash, and I imagine it’s going to be like that for the foreseeable future.
Posted on 9/7/23 at 3:08 pm to UltimaParadox
We are finally getting serious about a older used Honda CRV style little SUV for our kid.
Is KBB worth a damn on trying to guage a good price for what dealer is asking?
Market has changed a ton since the last time we shopped for a vehicle
Is KBB worth a damn on trying to guage a good price for what dealer is asking?
Market has changed a ton since the last time we shopped for a vehicle
Posted on 9/7/23 at 4:56 pm to notiger1997
quote:
We are finally getting serious about a older used Honda CRV style little SUV for our kid.
Is KBB worth a damn on trying to guage a good price for what dealer is asking?
I sold a 2007 CRV last week. I listed it on FB Market Place and within 30 minutes I had a buyer. I'm in MS and the buyer was in Indiana. He wanted a rust free car and was willing to drive to get it. He arrived with cash and trailer the next day. Took a short test drive, paid asking price in cash, loaded it on the trailer and headed north. I listed it for KBB pirvate party price. KBB may have been low since it sold so fast.
Posted on 9/7/23 at 8:51 pm to weadjust
If you are looking for only 4Runner, they likely won’t go down.
Posted on 9/7/23 at 10:23 pm to Tommy Noble
I don’t think car prices are going to come down significantly.
I waited for a long time as well thinking 2 more weeks would flatten the curve but didn’t happen.
Car companies are not overproducing like they used to do and people financing for 84 months means they can sell higher prices cars. Vast majority of people still buy based on if they can make the payment! Granted not the typical money board reader.
I waited for a long time as well thinking 2 more weeks would flatten the curve but didn’t happen.
Car companies are not overproducing like they used to do and people financing for 84 months means they can sell higher prices cars. Vast majority of people still buy based on if they can make the payment! Granted not the typical money board reader.
Posted on 9/8/23 at 10:34 am to kaaj24
Lots are starting to fill more and more by the day for every brand. Dealers are losing the ability to charge whatever they want because people can find something else. Sure, you'll have your hardcore brand supporters buying in a niche, but many consumers will move between Nissan, VW, Honda, etc. fairly quick. This helps you even if you are tied to one brand. It's all a big soup of supply and demand.
Used vehicles will continue to fall now that the new vehicles are becoming more available. Free gov funds are also not in play like that were a few years ago, and demand is following, and the interest rate hikes are setting in. You will likely see similar interest rates in 6 months, but I wouldn't expect them to start to fall again for another year or more. Within a half percent, I believe your interest rates have peaked.
It's anybody's guess if 6 months is enough time to see a difference, but it's at least trending in the right direction as we speak. Boat and RV sales are following a similar pattern, as well.
Used vehicles will continue to fall now that the new vehicles are becoming more available. Free gov funds are also not in play like that were a few years ago, and demand is following, and the interest rate hikes are setting in. You will likely see similar interest rates in 6 months, but I wouldn't expect them to start to fall again for another year or more. Within a half percent, I believe your interest rates have peaked.
It's anybody's guess if 6 months is enough time to see a difference, but it's at least trending in the right direction as we speak. Boat and RV sales are following a similar pattern, as well.
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