Do Not Buy A Used car!!!!!

[RockinaFiesta]

I feel like when people are saying they made money, or drove the car for free, they are forgetting the taxes paid to the government when they purchased the vehicle.

Nope, paid $33,500 ~ish including tax and a plate, (sticker was $41 and change) sold in July for $37,900 after 21 payments at 0% and 9,000 miles. So, yeah, literally free .. typing the same car in today gets me an offer that’s literally $10k less.. so it was a pretty short window..

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[ICU812]

Tough time to be a buyer... but there are some rare deals out there if you look hard enough. I just bought my first Mustang, a 2019 GT Premium with 20k miles for $32,000 from a private seller. Searched nationwide for 7-8 weeks and missed out on two cars before finding mine one state away. Lucked out and drove 2.5 hours to get it the same day the seller listed it. Older guy bought it new and the sticker price was $42,955 so I feel like I got a pretty good deal. Would have loved to find a Performance Pack car, but I can afford to buy some aftermarket wheels tires along with lowering springs and exhaust with the money I saved.

It is fine to be a buyer ATM, it is when you are looking at low mile niche vehicles, That it seems to be a sellers market.
Buyers of these niche vehicles want them NOW, not a week, 3 months from now and are willing to part with more money to make that happen, This is why the used mustang market is what it is ATM.
For the buyer that is just looking for a vehicle, that has ok power, pw/pl/cruise/tilt, etc and doesn't really care what make or model it is , only has to like it on the test drive, prices are not nuts, what they are listed at is nuts, but what they selling for isn't. They still have to move stock or they fold.

 

[tengizpine]

Car prices have been crazy in the last few years, and it’s no better now. Even a new vehicle is now priced at least 10% above the sticker price. At the same time, some say it’s a good time to buy a used car now because the prices are more negotiable than they used to be before. as for me, it’s the only option I can afford because the new cars are too overpriced and the car I want to buy has been out of production for many years.
I want to find a good Nissan skyline for sale, and it’s not as easy as I thought it would be because many of the options are already in bad condition because of being overused for a decade.

 

[Mgsouthwest2001]

Not a good time to buy a new car either. Most look to still be being sold at or within a few dollars of sticker price or even over. Add into that the recent interest rate increase and it gets even worse. I talked to a car salesman just a couple of weeks ago and he said he recently saw someone come in with a credit score over 800 and the best rate a bank offered them was over 5%, and that was the bank buy rate too.

 

[Mspider]

Not a good time to buy a new car either. Most look to still be being sold at or within a few dollars of sticker price or even over. Add into that the recent interest rate increase and it gets even worse. I talked to a car salesman just a couple of weeks ago and he said he recently saw someone come in with a credit score over 800 and the best rate a bank offered them was over 5%, and that was the bank buy rate too.

The interest rate problem is something new. As when thread was started rates were still low.

 

[ay1820]

Not a good time to buy a new car either. Most look to still be being sold at or within a few dollars of sticker price or even over. Add into that the recent interest rate increase and it gets even worse. I talked to a car salesman just a couple of weeks ago and he said he recently saw someone come in with a credit score over 800 and the best rate a bank offered them was over 5%, and that was the bank buy rate too.

And if he went to the bank today, I'll bet his rate would be even higher. The prime rate as of right now stands at 6.25%: https://www.bankrate.com/rates/interest-rates/prime-rate/

The best guess is that the Fed plans to pile on another 1% - 1.5% by years end. Car sales and real estate are already softening, which is exactly what the Fed wants. Prices will start to drop, but they will not drop back to pre-Covid level. A lot of youngsters out there have never experienced inflation and interest rate hikes, so this will be a tough lesson for some

 

[wynand32]

Not a good time to buy a new car either. Most look to still be being sold at or within a few dollars of sticker price or even over. Add into that the recent interest rate increase and it gets even worse. I talked to a car salesman just a couple of weeks ago and he said he recently saw someone come in with a credit score over 800 and the best rate a bank offered them was over 5%, and that was the bank buy rate too.

I bought mine on 9/23 with an 850 or so credit score. I was offered 4.9% by the dealer as the best they could find, but they apparently weren't aware for whatever reason of Ford's 3.9% deal. And I would have balked at that rate if I didn't want the car so badly.

 

[Bikeman315]

I bought mine on 9/23 with an 850 or so credit score. I was offered 4.9% by the dealer as the best they could find, but they apparently weren't aware for whatever reason of Ford's 3.9% deal. And I would have balked at that rate if I didn't want the car so badly.

So your Ford dealers finance manager didn’t know his own companies rate. If you believe for a second I have a bridge to sell you in Brooklyn. I would have been in the general managers office with the finance shithead and read him the riot act ( politely, of course).

 

[AvalancheSVT]

carmax is bracing for a 75million dollar loss.

the flood gates are about to open, boys and girls.

 

[Cobra Jet]

I bought mine on 9/23 with an 850 or so credit score. I was offered 4.9% by the dealer as the best they could find, but they apparently weren't aware for whatever reason of Ford's 3.9% deal. And I would have balked at that rate if I didn't want the car so badly.

They (Sales Team/Dealership) weren't "aware" of Ford's APR because they were getting a kick back from the Lender they were trying to push you into.

That's the problem with some Buyers (not you) - they're not aware or don't educate themselves of current APR's, lender rates or shop around as to what Lenders are available to them based on prior financial history/credit scoring.

IMO, sometimes if applicable and accessible to the Buyer, a Credit Union sometimes has even better APR rates before any bank or Ford's offerings.

 

[FreePenguin]

the last few cars I got, I let them give me all the incentives they could, letting them tack on all kinds of crap to get the price of car lower.

then I canceled all the extra bs a day. later, and paid car off in like a month. (sales people) was PISSED. I got them to take like 3k off car additional for letting me include extra warranty, their finance, etc. all kinds of extra surcharges. but those surcharges was refundable. and I knew it

he thought he made out big, but I got everything removed after fact and paid car off and came out 3-4k pocketed. the sales guy actually refused to let me pay it off, had to get the manager to make it happen.

was funny tho. if I was a regular buyer, I would of been screwed over so bad. the sales guy was literally salivating damn near lol from all the extras I let him tack on to, to let me negotiate the cars price down.

 

[Cobra Jet]

carmax is bracing for a 75million dollar loss.

the flood gates are about to open, boys and girls.

Carvana has also been in the news recently with financial troubles and not flipping titles for buyers.

Plus, lately when looking at certain vehicles on the Carvana sites, lots of "damaged" vehicles as far as exterior damages and/or interior seating surface damages.

Months ago I saw a S197 GT500 on Carvana that looked great, but then had images of keying damage down the entire left side of the car.... and they still wanted the premium price of a undamaged car.

 

[MAGS1]

Carvana has also been in the news recently with financial troubles and not flipping titles for buyers.

Plus, lately when looking at certain vehicles on the Carvana sites, lots of "damaged" vehicles as far as exterior damages and/or interior seating surface damages.

Months ago I saw a S197 GT500 on Carvana that looked great, but then had images of keying damage down the entire left side of the car.... and they still wanted the premium price of a undamaged car.

Yeah Carvana has had their license revoked in IL a couple times because they’re not submitting the title information to the state within the required amount of time.

 

[daSNAK3]

Not a good time to buy a new car either. Most look to still be being sold at or within a few dollars of sticker price or even over. Add into that the recent interest rate increase and it gets even worse. I talked to a car salesman just a couple of weeks ago and he said he recently saw someone come in with a credit score over 800 and the best rate a bank offered them was over 5%, and that was the bank buy rate too.

Not sure how much the rates differ from May of this year, but the dealer tried the same line on me.. My score was 800 even.. they came with an offer for 6.9%.. I said no, that is too high, I will call my bank and come back. They tried telling me a guy came in with an 850 score the week prior and they could only get him like 5%. They came back right away before I got up to leave and said they got me 4% and that was the lowest they could get me, so I said alright well I am gonna go home and call around myself because I am not buying at 4%... they said hold on one minute, and I got 1.9% through Ford. So I took that deal. Point is I never trust anything any salesperson tells me.

 

[ay1820]

Carvana has also been in the news recently with financial troubles and not flipping titles for buyers.

Plus, lately when looking at certain vehicles on the Carvana sites, lots of "damaged" vehicles as far as exterior damages and/or interior seating surface damages.

Months ago I saw a S197 GT500 on Carvana that looked great, but then had images of keying damage down the entire left side of the car.... and they still wanted the premium price of a undamaged car.

I bought my S550 from Carvana earlier this year, and I also sold my old Z4 to them last year (separate transaction). A good buddy of mine bought a BMW 6 Series from them around the same time I was buying my car. We both had very good experiences. My car arrived in perfect condition (except for a lousy wax job). My buddy had a bit of minor road rash on the hood, but Carvana agreed to pay for my buddy to have the hood reshot with no questions or fuss. We were both also very pleased with the price we paid for our cars.

Waiting for the title and the plates was a bit nerve-wracking, but they actually arrived a few weeks ahead of schedule. They are having a LOT of problems with paperwork in states that are not set up to do registrations and plates via mail though. This is causing them a a bunch of legal problems and they are getting a tone of bad press over it.

I know buying a car like this isn't for everyone, but I have to say, that my experience worked out well and I would consider doing it again.

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