Do Not Buy A Used car!!!!!

[ice445]

Crazy. I called the collector insurance company that I have my 19 Mustang GT insured thru. They look up the current value and said it was 48.5k. On a two year old car with 3000 miles. The window sticker when it was new was 46.7. Now is a good time to sell. Last year was a good time to buy during the first few months of the covid shutdown.

I bought during the early months of covid and I'm so glad I did at this point. Would have kicked myself if I waited.

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[shogun32]

advertized != sold price. Stockton is a special kind of stupid even for CA. This isn't inflation. Not to say it isn't going to come on good and hard in the next few years. This is just massive distortion/disruption to the orderly new car purchase yields an additional used car on the market equilibrium.

 

[Flimflamman]

Last year was a good time to buy during the first few months of the covid shutdown.

That is exactly when I got my 19 GT. Was just a lucky guess and timing on my part. Now the script has totally flipped.

 

[Bobn57]

I bought during the early months of covid and I'm so glad I did at this point. Would have kicked myself if I waited.

kicking myself now...unfortunately i waited too long. Had my sights on a 2019 GT PP1 in early 2020 for around $43K with 0% Ford financing.

 

[Cobra Jet]

Crazy. I called the collector insurance company that I have my 19 Mustang GT insured thru. They look up the current value and said it was 48.5k. On a two year old car with 3000 miles. The window sticker when it was new was 46.7. Now is a good time to sell. Last year was a good time to buy during the first few months of the covid shutdown.

A 2019 insured under a CC policy? Which Co?

I know when I shopped years ago, most Collector Car Ins. Companies only accepted certain model years and based on if the car was deemed a limited production run. Plus most have strict stipulations that the car is not to be used as a daily driver (along with other requirements). My 94 Cobra has been with American Collectors for years; they are based out of FL and have a satellite site in NJ. I can drive it leisurely (ie: not just to shows or events) but it cannot be used as a daily and it's mileage is logged annually upon renewal.

 

[LSchicago]

13k over msrp for a used GT….? Got a link?

There are no $32k MSRP GT's. I think he means he paid $32k.

 

[GreenS550]

Those high used prices may not be high when looking back in a year.

I think most folks don't know what's coming. Serious inflation. Those that bought a car for under sticker are usually happy. Wait until the '22s come out with price increases of SEVERAL THOUSAND dollars higher than the 21s.

You can easily see it in gasoline and food. I took a tool back to Menards and they replaced it. I owned it for 6 weeks. In that time the price rose 8% on the identical tool.

It reminds me of the doubling of prices from 1978-82. It is coming for sure. Those that love the free Uncle Sam bucks will be those suffering the most.

Finance was my career. We have some serious issues coming as a country.

 

[StangTime]

Finance was my career. We have some serious issues coming as a country.

Not just your country. It's happening in Canada too (and likely others). Prices of everything especially houses has gone way up.

This brings up the question of insurance (which I know little about). Are they increasing payouts to compensate for replacement costs?

 

[Zelek]

Paid $35,900 for my 2017 GT Premium Performance Pack off a custom order in May of 2017, $44,370 MSRP. Sold to Vroom for $37,170. It's up for sale for $44,000 in Oklahoma last I saw with a damaged rear diffuser and missing a right exhaust tip. Somehow was damaged in transit sadly but not my problem. Absolute rip off even for how good of a condition I kept the car in.

 

[5.Oh Crush]

SO much for every damn liar who told me cars don't appreciate. Its dumb to buy a car right now either new (over MSRP) or used.

The market being manipulated as usual after they lost so much money last year. And service across services is terrible.

 

[FinitePrimus]

SO much for every damn liar who told me cars don't appreciate. Its dumb to buy a car right now either new (over MSRP) or used.

The market being manipulated as usual after they lost so much money last year. And service across services is terrible.

Welcome to inflation. The cost to manufacture and sell products went up considerably due to the pandemic (social distancing, PPE requirements, shut downs, loss of staff, less customers on site, etc.) so prices were adjusted. It's all finite.

It's not going to return. If anything everything (cars, food, houses, etc.) will continue to go up quite a bit and eventually wages will follow.... and the government will laugh because 1 trillion dollars of debt will then only really have 750 billion in value.

 

[5.Oh Crush]

It always kinda bothered me when people would say ‘Figured that backscratcher(junk) was a good investment’. Now I just have to shake my head. It probably is.

Used cars and trucks up 10.5% I June.

I read 30%. I wonder if the days of 5-8K off outgoing MY's will go away.

 

[Bikeman315]

I think everyone is over reacting and over thinking the current inflation issue. Just look at the cost of lumber. Skyrocketed and then fell. The same will happen with the used car market. Car manufacturers will not be raising their prices to cover the inflated used market. They may be a slight increase but there always is. Used cars are going to have to come down.

 

[Bikeman315]

I read 30%. I wonder if the days of 5-8K off outgoing MY's will go away.

They won't. There is going to be a market adjustment as soon as the manufacturers get back to full production.

Keep in mind that the main cause of this overheated market has been caused by the online car dealers. They are paying ridiculous amount for used cars. Why? Because they needed inventory. Well now they have it and need to sell the cars they overpaid for. They will now go from under inventoried to over inventoried. Prices will drop as the always do. The new car market will follow.

 

[5.Oh Crush]

Welcome to inflation. The cost to manufacture and sell products went up considerably due to the pandemic (social distancing, PPE requirements, shut downs, loss of staff, less customers on site, etc.) so prices were adjusted. It's all finite.

It's not going to return. If anything everything (cars, food, houses, etc.) will continue to go up quite a bit and eventually wages will follow.... and the government will laugh because 1 trillion dollars of debt will then only really have 750 billion in value.

Yeah, its like after 911 and then around 2006 before the melt down - except employee pricing. I would consider selling my GT500, but I doubt i get much of the 15K extra i put in it.
I have seen pattern of homes going up and then cars follow because of home sellers new cash flow. I paid my current cars down.

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