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Holy Crap, Used Cars Are Expensive Right Now.

Jase

By Jase,
in Huddle Lounge

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Jase Apprentice

Jase

Posted
Posted

My wife and I started shopping for a car today, went to both a local Honda and Hyundai dealership.

Now I knew that there is somewhat of a used car shortage going on, but all of the cars we looked at were uniformly 15-25% higher than edmunds.com's expected dealer retail price for their respective mileage and trim, and even more above private party values. They also seem more resistant to come down than when I last looked 3 years ago.

Are people really paying this? Poop. Sticker shock.

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SN03 Newbie

SN03

Posted
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Last fall I bought a 2003 Ford Mustang SVT Cobra with 12k miles for $13,500. It was t-boned & totaled with deployed airbags & a salvage title. I know that sounds like a joke but I made a ton of money parting that vehicle out. There are great deals out there you just have to look. What type of vehicle are you looking for?

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Kevin Greene Newbie

Kevin Greene

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Part of the reason used cars are so expensive is due to the cost of a new one. What I mean is is take Honda as an example. Sticker on a basic Accord is 22k these days.

Civic 19k and if you want you can spend over 45k for a loaded Odyssey.

Insanity.

It may really be getting to the point where it makes sense to lease vehicles with very high residual values as the payments are reasonable per month. Especially if you're moving from a vehicle getting 18 MPG to one closer to 30MPG, gas just aint getting cheaper again period.

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SN03 Newbie

SN03

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A few years back my mom bought a brand new 2010 Chevrolet Malibu LT fully loaded for $17,800. Sharp ride, gets great mpg, & hasn't had any problems. Has put close to 80k on it in 3 years so it's been driven hard. Honda's are way too expensive for what they are.

A vehicle is about the worst investment out there.

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Ja Rhule Grand Master

Ja Rhule

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My fiance and I were thinking about buying Toyota Venza last month. The model we wanted cost around $37,000. The same model cost $32,000 just a year ago so we decided to wait another year... Might not be a good idea because the same model will probably be worth somewhere in $42,000 range haha... The reason cars are so expensive is because of inflation. Our government prints too much $$$...

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SN03 Newbie

SN03

Posted
Posted

My fiance and I were thinking about buying Toyota Venza last month. The model we wanted cost around $37,000. The same model cost $32,000 just a year ago so we decided to wait another year... Might not be a good idea because the same model will probably be worth somewhere in $42,000 range haha... The reason cars are so expensive is because of inflation. Our government prints too much $$$...

New cars are just too expensive for me to buy one anytime soon. After 3 years & 40k miles they've already lost roughly 25% of the sticker value, not to mention all the interest you're paying on top of that.

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Ja Rhule Grand Master

Ja Rhule

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New cars are just too expensive for me to buy one anytime soon. After 3 years & 40k miles they've already lost roughly 25% of the sticker value, not to mention all the interest you're paying on top of that.

Most cars have 0% interest these days tho... I got brand new camry in 2010 for $20k (sticker price close to $27k). Was last camry left in stock and exactly what I wanted. Big time win for me. I traded in my 9 year old civic that had 130k miles and required some fixing worth $2k for $4k as well (my civic was worth maybe $2k max). Was big time win for me.

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Hairless Cat Newbie

Hairless Cat

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I think it makes the most sense from an economic standoint to stick with what ever you have and drive it till the wheels fall off. If you need a reliable vehicle to take on a long trip use a rental. People are too much into using their car as an extension of who they are ( being cool, hip etc) instead of seeing it for what it really is. Just a tool to get them from place to place.

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Anybodyhome Grand Master

Anybodyhome

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A vehicle is about the worst investment out there.

Anyone who considers a vehicle an "investment" instead of what it really is- a necessary expense- should never make the purchase to begin with.

I wear a size 14 EE shoe. In order to have a comfortable pair of shoes, I hate the amount of money I have to spend on them, but I have to have them, right? And I also know in a few years they'll be worn out and useless, not unlike a car...just a lot less money.

noun

: the outlay of money usually for income or profit : capital outlay; also : the sum invested or the property purchased

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Ruff Newbie

Ruff

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I think I'm just going to have to breakdown and buy a new car. I'm looking at getting one of the extremely efficient (30+mpg) cars, because my truck now gets about 16mpg. I'm looking at getting a Honda Fit or a Prius C, because they are both >$20,000. And honestly, that's a better deal than some of the crazy prices on used cars out there.

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panther4life Community Regular

panther4life

Posted
Posted

My wife and I started shopping for a car today, went to both a local Honda and Hyundai dealership.

Now I knew that there is somewhat of a used car shortage going on, but all of the cars we looked at were uniformly 15-25% higher than edmunds.com's expected dealer retail price for their respective mileage and trim, and even more above private party values. They also seem more resistant to come down than when I last looked 3 years ago.

Are people really paying this? Poop. Sticker shock.

I sell Hyundai's, what kind of models are you looking at/for?

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Hotsauce Explorer

Hotsauce

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Here's a fun fact for you. The extra amount you spend on a hybrid is more than it will save you in gas. So essentially you are paying more to own a hybrid, then you would have saved in gas.

With that said, I own a hybrid Camry. Two years ago I found a 3 yr old fully loaded hybrid Camry with 61k miles on it for $16,000. I spent another $800 on it for a 100k bumper to bumper warranty. My neighbor is te business manager at a Toyota dealership.

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