Do Not Buy A Used car!!!!!

[NotQuiteAverageJoe]

When these chips are made and put into vehicles in the next three months, the market will see a massive flood of cars needing to be sold. Prices will crash, 84-96 month zero interest loans are coming. Just the laws of supply and demand. Just wait it out.

As someone who works in the automotive parts manufacturing industry (OEM) the chip shortage is still hitting hard. Some of our lines are still taking days out in a week and weeks out in a month because of lack of demand from the automakers (Ford/Chevy/Honda, etc.) This is not a few month thing but will take longer to recover from.

The housing industry is similar. I have a friend who just built a new house. Upon his move in date he already had $40k in equity in less than 6 months.

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[hws52]

I sold my 2020 GT I purchased last year to the same dealer for a PROFIT I paid invoice for the car. window was 32k and it is sitting on the lot as we speak for just shy of 45k. please do not buy a used car right now people are getting ripped off

Not so much a ripoff as a universal shortage of vehicles. New car availability has been tight because of a number of supplier shortages including the chip shortage which probably wont catch up for at least a year. Due to supply and demand this has caused a increase of used car prices. My son was 1 1/2 years into his 3 year lease and the dealer made him an offer to buy out his lease and end up with thousands over what his lease cost. Those that either sold their cars to a dealer or to outfits such as Carvana, etc., for a high price are finding out that even if fully available the new car price has also gone up enough to wipe out any gains they received selling their car.

 

[shogun32]

even if fully available the new car price has also gone up enough to wipe out any gains they received selling their car.

again only a FOOL would sell one car and then turn right around and try to buy a new one and not expect similar distortions to be present. Though there are 5-6000 off on some Ford/GM models absolutely nobody wants... We who are selling are jettisoning second and third (or forth) cars and thus have zero interest in buying any time soon and will happily wait the 6-8 months for the market to crash back down to normal. And maybe with any luck take advantage of an over-correction.

 

[Longitude Zero]

Wow that’s a crazy price.
Glad you made some money though

Used cars are a huge profit center for dealers. They could be nice and cut 5K and it will sell and they still made a killing.

 

[dmcg940]

I sold my 2020 GT I purchased last year to the same dealer for a PROFIT I paid invoice for the car. window was 32k and it is sitting on the lot as we speak for just shy of 45k. please do not buy a used car right now people are getting ripped off

I was thinking I would be buying a nice used GT. Silly me. Every single used S550, 2015-2020, is $36-42K. That's a bit much for cars that are now as much as six years (almost seven years) old. I spoke to a small dealer near my home today, and was able to order a 2021 GT Premium for nearly $2,500 off list, making it a $44k car. Why in the world would I buy used? I'll wait for the new one to show up. Happy Thanksgiving (or Merry Christmas) to me!

 

[JUNQDAWG]

Thats a terrbile rate for a 15 year loan. Mine is less for a 30 year loan.

How much less and what % downpayment?

 

[Mizzle51]

Why in the world would I buy used? I'll wait for the new one to show up. Happy Thanksgiving (or Merry Christmas) to me!

Take a gander over at the Ordered Cars thread in Order Price Tracking. Some people really can't wait.

 

[ramairgt1]

How much less and what % downpayment?

3.125%
Just taxes and insurance down
Closing costs were rolled into the loan
No points

15 year loans are around 2.5%

 

[JUNQDAWG]

3.125%
Just taxes and insurance down
Closing costs were rolled into the loan
No points

15 year loans are around 2.5%

Different ways to look at this . You do realize you will be paying Interest on all those closing costs you rolled into your loan ! Don't have a clue what they were because don't know amt. of your loan . But 30 yrs of interest on those closing costs is where they make up for your low interest rate . That is a truckload of money. Appears you just wanted to "Get into a Home " and didn't crunch the numbers . If you are happy . I'm happy for you . Enjoy your home . Not gonna get in a pissing contest over who is right or wrong . But KNOW THIS !!! The Mortgage co's know what they are doing to make you think you are getting a great deal; . {THEIR'S is MUCH MORE PROFITABLE IN THE END " . I'm married to a Realestate agent and my daughter is a Mortgage Co. Closer . So I do know just a little about this scenario . But not gonna waste anymore time on it with you . Hope you enjoy your home ,be it new or used . If you feel better thinking we got screwed ,I hope it brightens your day . Junqdawg

 

[HoosierDaddy]

Different ways to look at this . You do realize you will be paying Interest on all those closing costs you rolled into your loan ! Don't have a clue what they were because don't know amt. of your loan . But 30 yrs of interest on those closing costs is where they make up for your low interest rate . That is a truckload of money. Appears you just wanted to "Get into a Home " and didn't crunch the numbers .

I'm guessing when he has the funds and wants to do that, he can pay the equivalent of the closing costs or any other amount toward the principal and completely avoid the interest on that going forward. Plus, if we are looking at things with those glasses, he will save even more money than paying them up front and pay off the mortgage sooner because he has higher payments than if he paid them up front.

 

[5.Oh Crush]

As someone who works in the automotive parts manufacturing industry (OEM) the chip shortage is still hitting hard. Some of our lines are still taking days out in a week and weeks out in a month because of lack of demand from the automakers (Ford/Chevy/Honda, etc.) This is not a few month thing but will take longer to recover from.

The housing industry is similar. I have a friend who just built a new house. Upon his move in date he already had $40k in equity in less than 6 months.

Shoot, Ford trying to make dealers take inventory without chips.

 

[5.Oh Crush]

I'm seeing 2015/16 ZO6 vettes with 50K miles @ $80K. This is crazy talk.

 

[Jimmy]

When these chips are made and put into vehicles in the next three months, the market will see a massive flood of cars needing to be sold. Prices will crash, 84-96 month zero interest loans are coming. Just the laws of supply and demand. Just wait it out.

According to this article, analysts are saying current market conditions will probably continue until 2023: https://www.cnn.com/2021/07/18/business/car-prices-dealers-winners/index.html

 

[5.Oh Crush]

When these chips are made and put into vehicles in the next three months, the market will see a massive flood of cars needing to be sold. Prices will crash, 84-96 month zero interest loans are coming. Just the laws of supply and demand. Just wait it out.

OH, my ex got 90 months in 2018. Its been here. Since then, she decided to not get the oil changed (20K miles since last) during COVID and blew the engine.

 

[ramairgt1]

Different ways to look at this . You do realize you will be paying Interest on all those closing costs you rolled into your loan ! Don't have a clue what they were because don't know amt. of your loan . But 30 yrs of interest on those closing costs is where they make up for your low interest rate . That is a truckload of money. Appears you just wanted to "Get into a Home " and didn't crunch the numbers . If you are happy . I'm happy for you . Enjoy your home . Not gonna get in a pissing contest over who is right or wrong . But KNOW THIS !!! The Mortgage co's know what they are doing to make you think you are getting a great deal; . {THEIR'S is MUCH MORE PROFITABLE IN THE END " . I'm married to a Realestate agent and my daughter is a Mortgage Co. Closer . So I do know just a little about this scenario . But not gonna waste anymore time on it with you . Hope you enjoy your home ,be it new or used . If you feel better thinking we got screwed ,I hope it brightens your day . Junqdawg

I wasnt trying to get into a pissing contest. I was simply stating the rate for 15 years isnt good compared to TODAY'S rates.

I misspoke as my closing costs were paid for by the builder if I chose the 30 year loan with their lender, along with a 20k discount on top of that. This was 4 years ago.

I'm not married to a real estate agent but I did stay at a holiday inn last night.

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