Do Not Buy A Used car!!!!!

sk47

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Hello; One other thing. The folks who are buying now are keeping the prices high. As long as people keep walking in and paying it the price will stay high. I also have a gripe with shopping for payments compared to actual price.
If you are in a bind and have no choice right now that is bad luck. If you can wait then wait.
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LSchicago

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Yep, and if more people realize that, the prices will go down. Should only get car out of serious necessity now.
And then buy a cheap basic car. Better to buy a $10K car than a $40K car. The $10K car is marked up $3K over last year. The $40K car is marked up $13K over last year. The difference in markup pays for that $10K car! Now is not the time to be a baller when purchasing a car.
 

5.Oh Crush

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And then buy a cheap basic car. Better to buy a $10K car than a $40K car. The $10K car is marked up $3K over last year. The $40K car is marked up $13K over last year. The difference in markup pays for that $10K car!
Very good points! Didn't think of that.
 

sk47

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And then buy a cheap basic car. Better to buy a $10K car than a $40K car. The $10K car is marked up $3K over last year. The $40K car is marked up $13K over last year. The difference in markup pays for that $10K car!
Hello; This sounds correct and it is sad it seems to be true.
 

5.Oh Crush

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Hello; One other thing. The folks who are buying now are keeping the prices high. As long as people keep walking in and paying it the price will stay high. I also have a gripe with shopping for payments compared to actual price.
If you are in a bind and have no choice right now that is bad luck. If you can wait then wait.
Agree. Crazy thing is I have dealers calling and seeing dealers claim high used inventory. I guess its the only way then know to sell. Its going to come crashing down.
 

LSchicago

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Hello; This sounds correct and it is sad it seems to be true.
Very good points! Didn't think of that.
My wife did a similar scenario. She left her job to start a business near home. Cut her commute from 16 miles one way to 1 mile. She sold her 2020 Palisade for $1,300 more than she paid new (Sold for $40,200) after owning it for 2 years to Carvana. Used the equity to buy a really clean 2011 Outback that she liked for $11K. If she kept her Palisade until next year, it would drop in value to about $27K. The outback will still be worth $7500 next year. And, she ditched the $600 payment which is important because she won't get a paycheck until next year. Win-Win.

BTW, Carvana just sold her Palisade for $42,500. The person buying it will take a $15K loss if they sell it next year compared to her $3500 loss if she sells next year.
 

sk47

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Hello; I have been watching a 2019 Corvette in a town near me. It started out at 62K + and now is at 60K+. I have been tempted to drive the 60 miles and offer them a pre pandemic price which they will reject currently. Then tell them I will wait until the inflated prices drop and check if they still have the car.
At some point when inventory starts to sit around a while the price will have to go down. I am one who takes a long time to buy. I waited even before this most recent inflation. My brother will go car shopping and will have one the same day. I may take weeks to work a dealer on a particular car. My way has the risk the car will sell to someone else and this happens a lot. If after the dealer lets me walk away by rejecting my first offer and later comes around I figure the deal is decent.
 

Davy_Baby9

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I’m betting leases are why the car market is nuts right now. With the chip shortage and everyone doing leases these days, people that are contractually obligated to turn in their vehicle now don’t have anything to jump into hence needing to buy used more than likely.

And there are deals to be had, just need to look at new. A simple spreadsheet can tell you if you’re really saving money or not.
 

5.Oh Crush

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My wife did a similar scenario. She left her job to start a business near home. Cut her commute from 16 miles one way to 1 mile. She sold her 2020 Palisade for $1,300 more than she paid new (Sold for $40,200) after owning it for 2 years to Carvana. Used the equity to buy a really clean 2011 Outback that she liked for $11K. If she kept her Palisade until next year, it would drop in value to about $27K. The outback will still be worth $7500 next year. And, she ditched the $600 payment which is important because she won't get a paycheck until next year. Win-Win.

BTW, Carvana just sold her Palisade for $42,500. The person buying it will take a $15K loss if they sell it next year compared to her $3500 loss if she sells next year.
Yeah, wish i kept my 350 and Focus ST3 (19k new) from 2019 and made money this year.

I got my 500 in 2019 and paid 80K MSRP and have added 10K plus to it. Used Prices look around high 80 to 90s online. I did 2 online prices on online and CM told me to show up person. Vroom offered 65K!!!!!
 

br_an

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Hello; I have been watching a 2019 Corvette in a town near me. It started out at 62K + and now is at 60K+. I have been tempted to drive the 60 miles and offer them a pre pandemic price which they will reject currently. Then tell them I will wait until the inflated prices drop and check if they still have the car.
At some point when inventory starts to sit around a while the price will have to go down. I am one who takes a long time to buy. I waited even before this most recent inflation. My brother will go car shopping and will have one the same day. I may take weeks to work a dealer on a particular car. My way has the risk the car will sell to someone else and this happens a lot. If after the dealer lets me walk away by rejecting my first offer and later comes around I figure the deal is decent.
This is the way
 

ramairgt1

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4years ago this was a WHOLE DIFFERENT WORLD !!! ALL THIS back and forth has been for naught !
Apples to Oranges would be a generous comparison . Of course Rates were lower 4 yrs ago ,I agree with that . But if Inflation rears its UGLY HEAD as it did in "<My 16 1/2 %" > back in 1983 .IT MIGHT BE CHEAPER TO KEEP STAYING IN THAT HOLIDAY INN . BE sure its got a pool though .
Rates were HIGHER 4 years ago.
 

ctandc72

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I’m betting leases are why the car market is nuts right now. With the chip shortage and everyone doing leases these days, people that are contractually obligated to turn in their vehicle now don’t have anything to jump into hence needing to buy used more than likely.

And there are deals to be had, just need to look at new. A simple spreadsheet can tell you if you’re really saving money or not.

The weird thing is that I've known more than a few people who have gotten cold calls from their dealers, getting offers to buy them out of their current lease. A co worker of mine thought it was a scam. He visited the dealer and sold his car (less than halfway through his lease) back to the dealership and made a good chunk of change.
 
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