USED CAR MARKET IS INSANE!!!!!!!

[ChargerChallenger]

I thought I would post the Used car market evaluations since I just sold a bunch of vehicles due to the stupid crazy used car values. And thought this would help other's here who are debating of letting a vehicle go. This is the time if ever to cash in on any of your vehicles and does not have to be your Hellcat necessarily but wow beyond wow. I personally have sold vehicles back to one of my favorite selling dealers for what I paid for many of my cars and actually more than I paid for them. The market due to the shortage of new cars is driving it and many are already speculating we are at the peak. My selling dealer thinks maybe 2-3 more months of the crazy used values and then its over. And sure it will all come down to the manufacturer's being able to replenish new car inventories sooner than later. Anyways just a friendly heads up to you and or any family or fiends thinking of cashing out of their vehicle(s)😁

 

[Jimmy N.]

I also sold a couple.

Most noteworthy is the '20 'Hawk, which I got some $4K more for than I had paid about 16 months earlier.
Okay, so far so good, but what blew me away was when I found it for sale in Oklahoma for $97,5K.
That's for a '20 with low miles, but still...MSRP was about $82K.

 

[Slowpoke387]

2-3 months and it's over? No way. They could start pumping out more new cars right now and it would take longer than that. As usual more false intel from a dealer.

 

[ChargerChallenger]

2-3 months and it's over? No way. They could start pumping out more new cars right now and it would take longer than that. As usual more false intel from a dealer.

Good to know and wow beyond wow how much they are paying for used cars and you know better than us which whats your guess good used values up to next year?

 

[Slowpoke387]

Good to know and wow beyond wow how much they are paying for used cars and you know better than us which whats your guess good used values up to next year?

I dont deal with used muscle cars, more SUV's. But the prices are through the atmosphere right now at the auctions for everything. Never seen it like this ever. I do think we are peaking but the recovery is going to be tough. I think it is going to take months and months if not longer for it to trickle back to acceptable levels. without more snags I'm thinking next spring we could see some overall used prices dipping. Although because of the platform ending I dont see Hellcats getting super cheap at all really in the near future.

 

[NoCoHC]

I just got rid of my 2018 Ford Explorer Sport. The residual was 29500 the dealer gave me 38 for it and are now trying to sell it for 45. Just anecdotal but I listen to the GivemetheVin guys radio show on Saturdays and he said it's already peaked and is on it's way down albeit slowly.

 

[MurderCat]

Agreed market is insane. DODGE STOP MAKING THE HELLCAT SO THESE BABIES CAN SKY ROCKET LIKE SUPRAS!

 

[1971demon]

2-3 months and it's over? No way. They could start pumping out more new cars right now and it would take longer than that. As usual more false intel from a dealer.

I always watch dealer new car inventories in my area..last year at this time..lots jammed with inventory...now..virtually empty..(especially trucks)

 

[2pac]

I always watch dealer new car inventories in my area..last year at this time..lots jammed with inventory...now..virtually empty..(especially trucks)

Just sold a 2018 f150 platinum with 75k miles to a dealer for 43k, they listed it for 49k and it sold immediately.

We leased them but the sales price was roughly 53k for each truck in 2018.

The other truck had 35k miles and sold for 48k, dealer listed it for 55k and it was gone the same day.

 

[1971demon]

Just sold a 2018 f150 platinum with 75k miles to a dealer for 43k, they listed it for 49k and it sold immediately.

We leased them but the sales price was roughly 53k for each truck in 2018.

The other truck had 35k miles and sold for 48k, dealer listed it for 55k and it was gone the same day.

Beyond crazy....

 

[16GoManGoHC2]

Does anyone see a 2008 housing bubble crash on the horizon? But this time not only with upside down home loans but car loans too once this all comes crashing down???

 

[ChargerChallenger]

Does anyone see a 2008 housing bubble crash on the horizon? But this time not only with upside down home loans but car loans too once this all comes crashing down???

You certainly have to wonder and man oh man I can remember to a tee in 2005-2006 everywhere I looked people had tons of money. Housing thru the roof, car sales, boat sales, rv sales, motorcycle sales, vacationing, traveling, premium pricing......etc. But what I did not realize at the time was how many people were using their house as the piggy bank. And yep uh huh by late 2007 going into 2008 the lights turned off and I mean the lights turned off. Everyone was scratching their head to as what was going on at that time being the housing prices had finally eclipsed and people started pulling back and so many had exhausted their credit line equity in their home. The big difference and imo concerning difference this time is the Government is handing out money left and right to everyone. And the Payroll Protection Plan known as the PPP loans for so many businesses has kept them in business and then some. Ask me how I know bring my company has been hit hard by the pandemic lock down. And I refused initially last year to take any Government money. This year I decided to apply for a PPP loan and learned a lot. My company is very small and only qualified for 13k since I only have 1 employee. The PPP loan lets you claim loss of income from April May June of 2020 for this years availability. You have to show your business lost more than 25-30 percent of revenues during those months. If you show your bank statements and qualify then they take the 26 weeks of payroll you have to provide by 941 reports for the previous year and calculate that to equal your PPP loan value. Once you get the money you must show 40% of the money wad used to pay your employee. And the remainder has to be used for rent, utilities, building improvements, equipment purchase or capital expenditure. If you do the said mentioned than you qualify to not have to pay back the monies. So here is the deal that many should think about in the crazy economy. A business that suffered for three months or so last year and is now possibly booming again can get this money. And I mean wow beyond wow being take a company who maybe has 20-30 employees they would possibly qualify for 20 times or 30 times more than me do in essence they would receive possibly over 300k or more and if the business is doing well now the owner in essence has free payroll for 26 weeks and has 180k or more for purchasing maybe a TRX truck, buying some land to expand his business........etc etc. And as many know there are some mega businesses that took this money not only once but twice. So the scenario I just gave you was one draw not including this same scenario last summer was available. So a business owner now one year later May have collected close to 400k over above paying his employees. Wow beyond wow and have not even talked about the unemployment monies people have collected as well. Once all this hand out money stops which it is coming to an end you just have to feel the reality is going to set in on the country has way too much debt as well as others who drove a false overheated economy possibly into the recession. Hope the best for all and hope iam wrong but whatever lasts forever😁

 

[DGatzby]

I remember sitting with my Bro in his restaurant when nobody came through the door one night for hours. We discovered what has become our favorite ETF. FAS was btw $2-3 bucks when we discovered it. It has been up to $125 recently. Ha, it was in the mid-$20’s last spring!! GE was down to $6.66 on the worst day during that period in 2008 after enjoying prices in the mid-30’s. I was on a business trip driving one day. Went by a gas station in the morning and gas was $x. Came by in the afternoon the shown price on the board was like -$0.20 less, but the pump was $0.30 less. They said they stopped trying to keep up, the price was falling that fast. That is scary stuff, and it may return. When gas was going down that fast you could not give stocks away the prices were falling so fast also. Money on paper was evaporating fast, the overextended people with all the new homes and cars could not find their asses fast enough. Get into CASH now! It will be real valuable again soon. Your BS bit coin will spend about like dirt.

 

[jonx96]

I paid 44k for my 18 last year. Got a pretty good deal really talked the guy down. But now dodge is doing power dollars and it’s killing me not to go get new.

 

[jonx96]

Ok I’m guessing the power dollars was a glitch on the website this morning. Now it is only showing 2k off uhh

 

[Hayabusa]

I traded a 2020 Jaguar F Pace SVR with low miles for the upgraded 2021 in the Ultrablue I originally wanted. Profoundly upgraded infotainment, suspension, increased torque available lower in the band, nicely evolved front & rear ends. It was a wash after negotiating price and I got a new & improved ride with 5 years warranty and maintenance. They sold my trade essentially for original sticker. My Jags have been stone cold reliable with the supercharged V8's.

Asked for trade value from Carvana on the 2020 Jag, Couldn't provide number on the site, "an expert will be in touch"...never heard back.

For grins and info did the same with the Redeye 8 weeks ago. Again, "an expert will be in touch"...never heard back. Was lightly thinking of moving the Redeye and getting a TRX. My regular dealer had a launch edition, gone now.

Odd as I read a lot of y'all had good experiences with Carvana.

 

[ChargerChallenger]

I traded a 2020 Jaguar F Pace SVR with low miles for the upgraded 2021 in the Ultrablue I originally wanted. Profoundly upgraded infotainment, suspension, increased torque available lower in the band, nicely evolved front & rear ends. It was a wash after negotiating price and I got a new & improved ride with 5 years warranty and maintenance. They sold my trade essentially for original sticker. My Jags have been stone cold reliable with the supercharged V8's.

Asked for trade value from Carvana on the 2020 Jag, Couldn't provide number on the site, "an expert will be in touch"...never heard back.

For grins and info did the same with the Redeye 8 weeks ago. Again, "an expert will be in touch"...never heard back. Was lightly thinking of moving the Redeye and getting a TRX. My regular dealer had a launch edition, gone now.

Odd as I read a lot of y'all had good experiences with Carvana.

I went to my local Ford dealer and they actually matched and or beat many times the Vroom and Carvana deals which I was like wow beyond wow.

 

[Hayabusa]

I'll have to try Vroom. I used the high KBB price for Private Sale at the dealership and was expecting a bit of back and forth but it was quite minimal. Crazy times indeed. Now, if I can find the right TRX...

 

[Hellcatcfp]

I'll have to try Vroom. I used the high KBB price for Private Sale at the dealership and was expecting a bit of back and forth but it was quite minimal. Crazy times indeed. Now, if I can find the right TRX...

Carvana never got back to me either...same line of crap. VROOM got me a quote.

 

[coolblue]

I remember sitting with my Bro in his restaurant when nobody came through the door one night for hours. We discovered what has become our favorite ETF. FAS was btw $2-3 bucks when we discovered it. It has been up to $125 recently. Ha, it was in the mid-$20’s last spring!! GE was down to $6.66 on the worst day during that period in 2008 after enjoying prices in the mid-30’s. I was on a business trip driving one day. Went by a gas station in the morning and gas was $x. Came by in the afternoon the shown price on the board was like -$0.20 less, but the pump was $0.30 less. They said they stopped trying to keep up, the price was falling that fast. That is scary stuff, and it may return. When gas was going down that fast you could not give stocks away the prices were falling so fast also. Money on paper was evaporating fast, the overextended people with all the new homes and cars could not find their asses fast enough. Get into CASH now! It will be real valuable again soon. Your BS bit coin will spend about like dirt.

Not get too off topic, but you put it out there so I'm gonna pic your brain. I agree with every thing you said except the last two sentences. I don't see that reasoning (about bit coin). I think everything you said makes sense and is an argument for crypto's not against. All markets move. Your FAS took @ 1 1/2 yrs or so to eclipse it's old high (@$107 to @$18!!!) and now crypto's are off theirs but 'only' 50% or so. What is your reasoning? I'm seriously asking this question for my own edimifacation. Thanks @DGatzby if you care to expand. Sorry to OP, maybe I should've PM'd.