Used Car Prices...

Corbic

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Ummm, what the hell is going on?

I've been looking for a truck and it seems like in the last 6 months used car prices have spike 30% easily.

I thought we are in the middle of an economic collapse so we should be seeing deals like it's 2008-2010 again.
 

phils04gt

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I noticed that too and I am trading in my truck for a new one. The truck had trade in value of 29ish 6+ months ago and now dealer is offering me 36,500 for it, plus 3k trade credit from Ford. That is what I paid (36) for it with all the rebates and Z plan last year. Getting a 2020 for 34k with rebates., plus the 8k in equity. Doesn't make sense but I will take the trade.
 

My94GT

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I’ve noticed that as well. It has me tempted to dump my truck off while it has good value and wait for the TRX to hit lots lol
 

LSwat

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I noticed that too and I am trading in my truck for a new one. The truck had trade in value of 29ish 6+ months ago and now dealer is offering me 36,500 for it, plus 3k trade credit from Ford. That is what I paid (36) for it with all the rebates and Z plan last year. Getting a 2020 for 34k with rebates., plus the 8k in equity. Doesn't make sense but I will take the trade.
Where are you located that you are getting a 3k trade in credit from Ford?
 

Weather Man

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Ummm, what the hell is going on?

I've been looking for a truck and it seems like in the last 6 months used car prices have spike 30% easily.

I thought we are in the middle of an economic collapse so we should be seeing deals like it's 2008-2010 again.

They aren't talking about the parts shortages for new vehicles that is crippling inventory, and thus driving prices up on used.

This was in my local paper yesterday. Chevy dealer in Foley, MN (small town USA). Now imagine every freaking Chevy and GMC dealer in the NATION! in the same boat. They want the inventory, Chevy can't supply it.

20200820_113451_resized.jpg
 

VenomVeins

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Yeah the used car market is insanely high.

The temptation was too much-I sold my daily driver Lexus IS350 a few weeks ago for $3500 more than i bought it for almost 4 years ago.

Now daily driving our ‘3rd’ sled, an RX350 and im tempted AF to sell it for a hefty profit or just trade it in for a much newer one for the same pricepoint.
 

Weather Man

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Credit to my local Ford dealer, when I looked at a new demo crewcab F-150, they stepped up with a rock solid trade number.
 

VenomVeins

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They aren't talking about the parts shortages for new vehicles that is crippling inventory, and thus driving prices up on used.

This was in my local paper yesterday. Chevy dealer in Foley, MN (small town USA). Now imagine every freaking Chevy and GMC dealer in the NATION! in the same boat. They want the inventory, Chevy can't supply it.

View attachment 1658200
Truth.

Mom just bought a new Camaro (mullet soon to come, im sure) and for some idiotic reason the dealership has to order her 2 new keyfobs as the current new keyfobs dont work.

They told her it would be 2-8 weeks. Lol.

****ing GM.

I told her it was a sign to buy another mustang gt instead.
 

01yellercobra

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A couple weeks ago we were looking for a newer car for our son. While shopping we could see the prices go up. It was crazy.
 

Blk04L

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New cars are hard to come by. My local dealer is at 40% inventory, if that.

I can make money on my 14 raptor and I put 20k miles on it since I bought it. Tempting, but I'm retarded and want to keep building it.
 

Mpoitrast87

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If its anything like real estate then you wont see deals til the end of the virus most likely. Im in the market for a house and prices are astronomically high right now and houses are selling within hours of being listed.
 

13COBRA

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Yep.

New inventory is down. Used inventory is down. Prices are spiking.

Auction prices are increasing dramatically. When this bubble pops, it's going to hurt. lol

We're routinely bidding vehicles $3-6k higher than we were on the same vehicle in February.
 

VenomousDSG

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Probably because the new car market has taken such a huge hit since this pandemic, and people are flocking to buy used cars now. So everyone sees that, and raises their prices to capitalize on it. Supply and demand.
 

scott9050

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Very tempted to sell my supercharged 14 GT, I have only driven it 700 miles this season and it just sits.
 

T56LS102

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I was just thinking this...Crazy, last week I took the wifes 2017 Sienna (ya ya i know but we have twins so mini van it is!) it has 22k miles and in cherry condition, so when i go to pick it up from the Toyota dealer the used can manager approaches me and ask if he could make me an offer on the van, I explain that it has been recently paid off and we are not interested in getting into another payment, he says well if you buy a car from me or not I can offer you 27k for the Van (it is a LE, not the loaded one) I paid 31k new and that was 3 years ago! i told him let me think about it, Crazy!! I figured it was worth $19k maybe... wife likes it too much to get out of it...
20200820_103045.jpg
 

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