Do Not Buy A Used car!!!!!

[shogun32]

'd love to see that case study especially in a high cost living area where $600 lasts you a week of groceries

geezus, where do you shop? Whole Paycheck? Even there I'd be hard-pressed to spend that much on a family of 4.

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[kiksbutt]

geezus, where do you shop? Whole Paycheck? Even there I'd be hard-pressed to spend that much on a family of 4.

Between Costco and local stores, it certainly adds up lately considering that we're home all the dang time.

 

[bluebeastsrt]

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.

American collector.
they will insure any car that is considered collectible or custom. They are the type of company that considers aftermarket wheels custom. Of course I have to keep the vehicle in a locked garage or storage unit. And you can only put 5k a year on the car. Leisure driving only. No daily driving. My GT is a hobby car, so it’s not an issue for me. They are a good company. I’ve used them for several different cars over the last 20 years. So if anybody wants to lower their rates on a hobby car check them out.

https://americancollectors.com/

 

[m3incorp]

You should see the offers I've gotten for my Z06 lately. I'm told I'm nuts for not selling it yet, especially since I very rarely get to drive it.

 

[thunderstrike]

I read used car prices are up 45%

 

[kiksbutt]

Also, trade idea - buy a new car and drive it over to a used car lot and sell it.

 

[NotagainV2]

Will be interesting. This COVID sponsored inflation will continue to push until the fixed wallstreet takes back the positive investment returns because the inflation didn't maintain. Socialize the loses.

Fixed. Becuase thats the damn excuse for everything now.

 

[NotagainV2]

In my long career I have seen changes come VERY quickly. A quick examination of the 1994 bond market is worth the time. As soon as the need to sell longer term treasuries because the idiots advising the president realize that the Fed can't stop open market movement, rates will qo up FAST. Clipping the housing market and sales of higher priced goods that are financed.

That is an OPINION. No one knows for sure but it does not look good for the younger generation, that's for sure.

When Escalades are financed for 120 months and people are buying houses with 0 down everyones screwed.

The Yolo sign here mentality will be the financial ruins of the banks that allow it.

Speaking of I cannot wrap my head around how banks even allow this type of financing especially on a depreciating asset like vehicles.

If anyone says Nahh people paying in cash id sat your full of BS. Smart people keep cash and leverage banks not the other way around.

 

[NotagainV2]

lol @ anyone thinking that those on unemployment or collecting "stimmy" checks are purchasing these cars. And also lol @ thinking that someone that collects $600 in unemployment benefits rather than going back to work is the problem

I'd love to see that case study especially in a high cost living area where $600 lasts you a week of groceries

Ohhh ok let me clarify those that raped the Govt for PPP loans are buying is that better?

 

[NotagainV2]

You should see the offers I've gotten for my Z06 lately. I'm told I'm nuts for not selling it yet, especially since I very rarely get to drive it.

Looked at a Blue Z07 with the ceramic brakes carbon everything the other day and the dealer wanted 84k for a 2017 with almost 30k I LOL'd myself all the way home in my 20 PP1 that was had for well under 50k sticker last may @ 0% not a chance in hell I pay it off early either. Its literally free financing straight to Ford. I smile when that payments due.... Here ya go Ford thanks. LOL. Ill pay my 2.75% mortage before that car will be haha!

That 17 Z07 is 20k over what its worth IMO!

Used car markets batsh1t crazy but Vette even more so with the ADM and thin availability on C8s

 

[kiksbutt]

Ohhh ok let me clarify those that raped the Govt for PPP loans are buying is that better?

Actually, yes ;)

 

[ice445]

When Escalades are financed for 120 months and people are buying houses with 0 down everyones screwed.

The Yolo sign here mentality will be the financial ruins of the banks that allow it.

Speaking of I cannot wrap my head around how banks even allow this type of financing especially on a depreciating asset like vehicles.

If anyone says Nahh people paying in cash id sat your full of BS. Smart people keep cash and leverage banks not the other way around.

Banks are doing it because there's no real incentive for them not to. They make enough money to offset the people that don't pay. And if they don't, they know the government will just bail them out anyway.

 

[shogun32]

Ohhh ok let me clarify those that raped the Govt for PPP loans are buying is that better?

'rape' implies forcible and against will. People cheated the gov't with fraudulent PPP applications but the gov't was a willing and enthusiastic partner in getting ripped off. They did no due diligence and of course incompetence is off the scale. Not to mention worry claw-back with penalties and hard prison time is in the offing... Oh wait, I crack myself up.

 

[Cobra Jet]

'rape' implies forcible and against will. People cheated the gov't with fraudulent PPP applications but the gov't was a willing and enthusiastic partner in getting ripped off. They did no due diligence and of course incompetence is off the scale. Not to mention claw-back with penalties and hard prison time is in the offing... Oh wait, I crack myself up.

Although you crack yourself up, the above is true facts...

Aside from the above and going all political - the used car market is on fire because of the fact that Dealerships and places like Carvana are starving for inventory. Starvation of inventory is creating a vacuum where when or if any used vehicles come onto the market or are offered up, top dollar is being paid because there's nothing to choose from to begin with... Dealerships and the like need used car inventory to survive too.

I think the other driving factor is the "EV push". New car sales are hot but not only because of lack of chips or people some how coming into cashola, but I think some of the driver is that some people think now is the time to buy new ICE before one can't buy new ICE. Plus the rising cost of vehicles is another factor - if someone can afford new now, maybe they won't be able to afford new ICE before the touted 2035 cutoff for new ICE...

All just thoughts, but I'll join shogun32 in cracking myself up too....

 

[Cobra Jet]

American collector.
they will insure any car that is considered collectible or custom. They are the type of company that considers aftermarket wheels custom. Of course I have to keep the vehicle in a locked garage or storage unit. And you can only put 5k a year on the car. Leisure driving only. No daily driving. My GT is a hobby car, so it’s not an issue for me. They are a good company. I’ve used them for several different cars over the last 20 years. So if anybody wants to lower their rates on a hobby car check them out.

https://americancollectors.com/

Nice - agree that AC is one of the best Ins. Co.s for hobby/collector cars. When I shopped years ago, they had the best pricing, benefits, flexible coverage options for the vehicle and even stored parts/project cars.

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