3 month depreciation 😬

[RoGCobraRV]

Car background: 2020 Gt PP1 Auto

So had a carmax offer 8/14/23 for $28,000 roughly 40k miles. Fast forward to today and that offer is now $23,400 roughly 44k miles.

3 months and this big a drop??? I figure it would be like $27,000 or so but cmon!

Am i missing something,when did the bottom drop out. Anyone have any similiar experiences pricing out your cars value recently? I know retail sales prices haven't dropped this much so wha5 gives?

I know a car is a depreciating asset and I'm not backwards on it......yet lol....If this continues 6 months from now I could be.

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[wingnutt]

If you ask me, the used car market is still correcting from the Covid pricing madness

 

[MAGS1]

High interest rates are having a big impact on sales. My two local Ford dealers have more Mustangs (and cars/trucks in general)on their lots than I’ve seen in the last 3 years. And some of it is some obvious price correction given some how insane used car pricing got

 

[Cobra Jet]

Yea, used car market is coming crashing down…. It was to be expected. Your time to cash out was almost a year late. You probably would have been able to get $35k for it back a year ago (or even more).

The other factor hurting the car market aside from the “corrections” is the finance rates…. For people who do not have an extra $30, $40, $50k in their pockets, they have to finance and on used vehicles, that % rate is insane. The same is true for new car % rates if one can’t qualify for the ‘0%’ financing deals.

 

[XFactor7889]

In addition to what others have already stated, don't forget the S650 has arrived since your initial offer. I'm not entirely sure what the demand has been for that vs used S550s, but I know that generally speaking, new generations of any cars will have a negative impact to the value of the outgoing generation.

 

[Jasonb543]

Gen 1s should be in the teens
Gen 2s low 20s
Gen 3 high 20s
5.4 GT500S 30s
GT350s and gen 4s 40s
2020 gt500s 60s

everything is falling back in line…
I’m looking at huracans that we’re sniffing 300K back now under 200K
(So it could’ve been worse)

 

[TonyNJ]

Car background: 2020 Gt PP1 Auto

So had a carmax offer 8/14/23 for $28,000 roughly 40k miles. Fast forward to today and that offer is now $23,400 roughly 44k miles.

3 months and this big a drop??? I figure it would be like $27,000 or so but cmon!

Am i missing something,when did the bottom drop out. Anyone have any similiar experiences pricing out your cars value recently? I know retail sales prices haven't dropped this much so wha5 gives?

I know a car is a depreciating asset and I'm not backwards on it......yet lol....If this continues 6 months from now I could be.

My Carmax offer bounced between 25k and 27k during this November. 2018, 35k miles, loaded GT Premium, not a PP1. They are selling that car for about 35k or so. Gtfowtbs

 

[ice445]

Mustangs also don't really sell in the winter, so that affects it too. But yeah, I've been seeing tons of s550's sitting on lots. Car market is tightening and fun cars are the first to take the hit.

 

[I Bleed Ford Blue]

Car sales typically slow down during the winter, especially mustangs that are a fun warm weather car. I traded my 17 GT PP1 convertible back in June and got 35K trade for it. If I were to to trade now I would be lucky to get 25 for it.

 

[BlkMach10510]

I looked up carmax and KBB, both say info currently unavailable for my car.

 

[derklink]

I check values every now and then and in case I have an itch I can do a switcheroo. My 2022 truck with now 14k miles lost 47% of its value according to Carvana and the like. I am glad I'm happy with what I have right now and not in the market for anything.

 

[young at heart]

Keep in mind that an appraisal is just someone’s opinion and nothing more. It could vary substantially in 3 hours depending on what guy is on duty, much less 3 months. It’s not a science.

 

[Oldschool]

I was at my local Ford dealer recently and noticed that none of the Mustangs (GT or Ecoboost) were marked up compared to a while ago when they were marked up a minimum of $10,000. Yeah, every thing comes around.

 

[Balr14]

High mileage cars are always going to drop the most, once supply catches up to demand. Lots more lower mileage choices available than a 2020 with 44k miles.

 

[Crew4991]

OP your car is depreciating fast because you got a PP1 with an AUTO!!!

Okay enough of my sarcastic fuckary, cars across the board have finally come back down to earth in realistic prices. They will continue to correct for the foreseeable future with a small bump next spring when asshats get their tax refunds and car values blip again.

After 3 years of a giant overinflated mess, I am enjoying this car market returning to normal. There is going to be plenty of folks underwater in their cars as the value just isn't there any longer.

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