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Message
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 9:07 am to WNCTiger
quote:
People I know in the used car/bodywork/restoration business tell me it's backlash from the Cash for Clunkers program.
I seem to remember used car prices still being generally high before Cash for Clunkers started up. I think it just has to do with how people shifted their budgets once the 2008 recession started.
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 11/18/11 at 12:08 pm to I Love Bama
There are less foolish people.
Other than perhaps a singlewide mobile home, there is no investment on Earth that depreciates more the moment you take the investment off the seller's hands than a new automobile.
Makes zero sense to buy a new car in my view. Doesn't stop folks, but I don't understand it. At all.
Other than perhaps a singlewide mobile home, there is no investment on Earth that depreciates more the moment you take the investment off the seller's hands than a new automobile.
Makes zero sense to buy a new car in my view. Doesn't stop folks, but I don't understand it. At all.
Posted on 11/18/11 at 7:35 pm to GFunk
quote:
Makes zero sense to buy a new car in my view. Doesn't stop folks, but I don't understand it. At all.
While I don't disagree with you, since some certified used cars cost almost the same as new, I can see why people might be inclined to just buy new.
Posted on 11/18/11 at 7:45 pm to WNCTiger
quote:
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.
Thank God for Barry Soetoro and the bolsheviks (Democrats). What would we do w/o them ? The "environmental movement" (see displaced Soviets) has been the greatest thing to happen to this country.
Posted on 11/21/11 at 8:28 am to GFunk
quote:
There are less foolish people.
Other than perhaps a singlewide mobile home, there is no investment on Earth that depreciates more the moment you take the investment off the seller's hands than a new automobile.
Incorrect the purchase of a brand new 38 foot center console fishing boat with 3 Yamaha's on it is a bigger depreciation plumb than any car you can show me. It is right up with there with owning your own plane--actually I'm afraid to do the math right now to see how much money I've lost in the last 3 years with these wise purchases.
Posted on 11/21/11 at 9:24 am to WNCTiger
That video made me sick.
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
Posted on 11/22/11 at 5:35 pm to WNCTiger
I remember watching that 7 series video, sad really, i shed a tear the first time i watched. It tries and tries but eventually it gives up the ghost. 
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