Auto market

[cookinbrak]

I saw one just like mine completely gutted for $1.500.

The fridge doesn't work, but I haven't tried to figure out why. Don't use gas for anything, got a dorm fridge for 25 bucks off of craigslist. Plus a little microwave and a Kuerig. Went up to Falls Lake 3 weeks ago, in the lower 40's at night, little space heater worked great.

[Wes21]

I visited my parents this weekend and noticed my dad's little SUV was missing.  Turns out he sold it.  He was just checking out cars and they offered him $3k less than what he originally paid for it 3 years ago.  He couldn't clean it out and turn it over fast enough.

[PanthersATL]

just bought a new mini SUV this weekend.  Some takeaways:

• Comparing our walk-out price vs KBB and Costco's "fair price estimates", we believe we got a good deal. 
• We probably left some money on the table, especially by not sticking harder on a better trade-in value for the 20-year-old 190k high-end sedan that still ran great, but we feel we did okay in the end (which is half the battle).   The finance guy -- who may or may not have been telling the truth -- said that the Tower said we drove a hard bargain and that the dealership "took a loss on the purchase".   We all agreed wasn't entirely true with manufacturer kickbacks/payments, but he insisted that we actually got a really good deal in the end.
• SUVs are in short supply. 2022's are being sold for MSRP or higher -- aim for the 2021 (or 2020s if they still have inventory).  The compact SUVs are harder to find than the mid-size or full-size models. 
• new Corvettes are being sold for 20k-30k *over* MSRP.
• We still like Carmax as a great place to compare used cars/models easily on the same lot, next to each other.
• Not overly impressed with the standard Subaru warranty (3 yrs/36k) vs other manufacturers, but others we know absolutely love their Subarus.  That warranty caused us to not go with Subaru.
• dollar for dollar, if you're looking to buy a relatively recent used car vs something similarly equipped and new.... you're probably going to be looking at roughly the same price neighborhood, but without the New Car Warranty things if you choose used. 

As always, I'm probably wrong with the above items.

[toldozer]

Pretty nuts, trading in our 2019 cars that we bought 1.5 years ago with no money down. My wife is clearing 7k on hers and I'm getting almost 2k on mine after I rolled 1500 into when I bought it. We are getting brand new cars. 2021 trailblazer (had an altima) and traverse (what my wife had previously)  lowering our car payments 200 bucks a month plus putting the 2k from my altima in the bank. Chevy gave my wife 400 dollars less than she bought the car for 20 months ago and the new traverse is barely more than what they're giving her. Nuts....

[LinvilleGorge]

On 5/22/2021 at 7:46 PM, LinvilleGorge said:

Might? The used vehicle market has been absolutely stupid for most of the past year. If you have a diesel truck that runs, you can probably get $20k for it. A Jeep that runs? At least $10k. Same for a Toyota truck or 4-Runner. Running Land Cruiser? That's at least $15k.

I'm getting a Land Cruiser. 1995 FJ80. A good family friend has owned it since new. Unfortunately, he's having to go I to assisted care. I made them an offer. Nowhere near what they could get for it if they listed it, but still a good chunk of change. More than I'd like to pay but it's worth way more on the open market and I've wanted an FJ80 for awhile now.

 

[stirs]

Last couple of vehicles for me. (in normal times) will not buy in current market

do your research, I buy cars that are generally 1 to 2 years old

offer them something ridiculous in middle of the month.  they will contact you 10 times by the end of the month if the car is still there.  be firm, tell them to sell it for more if they can. 

end of month, if they have not hit their quota, you get lucky

 

[toldozer]

2 hours ago, stirs said:

Last couple of vehicles for me. (in normal times) will not buy in current market

do your research, I buy cars that are generally 1 to 2 years old

offer them something ridiculous in middle of the month.  they will contact you 10 times by the end of the month if the car is still there.  be firm, tell them to sell it for more if they can. 

end of month, if they have not hit their quota, you get lucky

 

Definitely not the time to buy used. So many dealers are gonna take absolute baths on the used cars they're bringing in right now if people hold out for another 6-12 months. The two specific models we bought were still under msrp, a lot aren't but I wasnt interested in buying something over priced. Sales guy said price on the traverse is likely going up next month

[stirs]

29 minutes ago, toldozer said:

Definitely not the time to buy used. So many dealers are gonna take absolute baths on the used cars they're bringing in right now if people hold out for another 6-12 months. The two specific models we bought were still under msrp, a lot aren't but I wasnt interested in buying something over priced. Sales guy said price on the traverse is likely going up next month

I know a guy that works in used cars.  Basically, the vehicles are as much as $4-5k above where they were in January.  The car auctions now have buyers, not only from the used car markets, but the new car markets as everyone is looking for something to sell.  More buyers chasing the cars is driving up the price.

New cars are not coming through as has been stated and everyone has the government checks they want to spend.  More dollars chasing fewer products is the classic inflation definition.

[Khyber53]

I think the economic assistance checks we all received helped to create a bubble in used and new car sales. It's going to be a bloodbath when the bubble bursts. If you're buying, wait a year.

If you work in a car lot or own one, Lord help you six months from now. There's going to be a lot of inventory and not many buyers. 

[stirs]

3 hours ago, Khyber53 said:

I think the economic assistance checks we all received helped to create a bubble in used and new car sales. It's going to be a bloodbath when the bubble bursts. If you're buying, wait a year.

If you work in a car lot or own one, Lord help you six months from now. There's going to be a lot of inventory and not many buyers. 

That and interest rate hike that will come

[toldozer]

5 hours ago, Khyber53 said:

I think the economic assistance checks we all received helped to create a bubble in used and new car sales. It's going to be a bloodbath when the bubble bursts. If you're buying, wait a year.

If you work in a car lot or own one, Lord help you six months from now. There's going to be a lot of inventory and not many buyers. 

Your car that you can trade in right now for 30% more than you should really get is going to be worth 40% less than it is now as well though if you wait a year.  I would say buy now but only new cars that are still being sold for less than Msrp. If you're paying a premium price you aren't gaining anything for the inflated return you're getting on a trade in. You can get good deals right now as long as you're flexible on what you're buying. I do agree that dealers are going to take a bath on these used cars.  New cars I don't think will see some huge reduction in cost below what msrp is now.  I could be wrong though. 

[LinvilleGorge]

We sold our Yukon Denali in this market just because why not? After moving back to NC from CO, we didn't need two 4WD/AWD vehicles anymore. The 4Runner will hold onto it's value long-term much better and it's value is much less dependent on mileage than the Yukon. I still have my old Jeep to use as a secondary vehicle even though it's basically been a toy for a decade now. We figured we'd buy an Accord or something along those lines next year as a secondary vehicle then this Land Cruiser fell in our laps. My wife has always loved those '90s LCs and I'm always down for something cool like that. It'll be sitting on 37s soon. :evilgrin:

Yeah, back to two 4x4s again, but whatever. Might pickup a cheap fuel efficient putt around next year. We'll see.

[KatsAzz]

On 5/23/2021 at 10:14 AM, PanthersATL said:

If anyone has solid "here's how to buy a car/price negotiation" advice, would love to hear it.

If you’re interested in buying a car, then you’ll probably soon find yourself dealing with the process of negotiating a price. Although some car shoppers enjoy the act of negotiating, many more think that it’s one of the most difficult parts of buying a car. Fortunately, we have a few tips and suggestions on some things to avoid in order to make your negotiation go as smoothly as possible.

Don’t Give the First Number

In nearly all car deals, the salesperson will ask you a question along the lines of: “What are you willing to pay?” In our opinion, there are several reasons why answering this question with a dollar figure puts you at a disadvantage.

Most importantly, you don’t want to tell the salesperson what you’re willing to pay because your starting price might actually be higher than the car’s lowest possible selling price. For example, if a car costs $15,000 and you tell the salesperson that you’re willing to pay $13,000, you might think that you scored a deal, but the dealer may have been willing to go even lower if given the chance.

 

Let the dealer throw out the first number. If you’re asked what you’re willing to pay, consider replying by asking the salesperson for the dealership’s “best number.” This is a great place to start negotiating, and it will give you a better idea of what price the dealer will take in order to sell the car.

Stay Calm

Many salespeople use the strategy of simply letting the buyer talk. This works because a lot of people talk excessively when they’re nervous, and they might blurt out something that gives the salesperson an advantage. For instance, if a buyer says something such as, “I didn’t plan to pay that much … but I do need the car right away,” the salesperson may be tipped off that the buyer is starting to waver on pricing — and that they’re desperate to get a new vehicle.

As a result, we suggest doing everything you can to stay calm and to try to refrain from saying anything that might give the dealership more power in a negotiation. Relax, breathe deeply and try to keep most of your thoughts to yourself.

Don’t Lose the Deal Over a Few Hundred Dollars

One big mistake that many buyers make during the negotiating process is when they reach a firm price and won’t budge from it — even if the dealer agrees to a price within a few hundred dollars. To us, this is a waste, especially if you’re negotiating for the car that you really want. Remember that a new car can cost upwards of $20,000 or $30,000, so it’s not worth losing a transaction over $100 or $200. You likely won’t even notice that money over the long term when it’s rolled into a monthly payment.

Be Prepared to Walk Away

We often see car shoppers who become a little too attached to one particular vehicle. To us, this is a big mistake. When you’re buying a car, you can’t get too emotional about one car at one dealership — or else you’ll lose the upper hand in the negotiating process. After all, if the dealer knows that you only want one vehicle, they’re much less likely to drop their price to convince you to buy it.

If you do become attached to one particular car, don’t show it. Treat the negotiation like any other deal so that your salesperson doesn’t get the idea that you only want one specific car. Finally, if the negotiation doesn’t go as planned, we strongly suggest walking away and waiting for the next desirable car to show up

[Anybodyhome]

My 2014 Jeep Sahara bought in 2016 for $35k. Some minor upgrades made- 35" tires on 18" wheels with a 2.5" lift. SmittyBilt Defender roof rack, LED head and foglights; KC 5" off-road lights, upgraded speakers. Just rolled 90k miles; had 34k miles when I bought it.  

Was offered $30k last week.