More Ridiculous Used Mustang Prices (and a few Corvettes)

[Firsttexan]

You guys think these prices will hold for much longer? I wanna get rid of my 19 GT and get a beater but waiting a few months cause nobody wants to buy a muscle car when there's snow on the road.

I think the Mustang market will come down quite a bit. I have the seen the major online sellers holding a lot of high priced inventory that's not moving. Carvana for instance, it's now paying low prices for used Stangs a few months ago they were paying much more. I bet Vroom and the rest will start low balling on used purchases real soon.

At some point they will clear the inventory for bargain prices to make room for cars that are selling and write the loss off. One can hope anyway.

Online sellers sell to the sunbelt states. So selling now should not be an issue.

Sell it now the prices won't be any getting higher. IMO

The next step IMO will be an online seller inventory clearance at the end of this quarter or maybe even the second quarter. So I expect the prices to come down to reality real soon. The raging inflation hurting consumers and lots of new inventory coming by the end of the year.

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[Firsttexan]

Saw it somewhere...just today the sales guy told me 90% of financing is 84 mth....and that's in oil boom town!

That's nuts. LOL

 

[Mdtaylorjr]

I think the Mustang market will come down quite a bit. I have the seen the major online sellers holding a lot of high priced inventory that's not moving. Carvana for instance, it's now paying low prices for used Stangs a few months ago they were paying much more. I bet Vroom and the rest will start low balling on used purchases real soon.

Online sellers sell to the sunbelt states. So selling now should not be an issue.

Sell it now the prices won't be any getting higher. IMO

The next step IMO will be an inventory clearance at the end of this quarter or maybe even the second quarter. So I expect the prices to come down to reality real soon. The raging inflation hurting consumers and lots of new inventory coming by the end of the year.

I think this is true regarding trade prices 6 months ago I was receiving offers of like 25k for my 2017. When I traded it in last week the offers only ranged from $19-21k from several people. Once the new production ramps back up there will be a major drop in used prices and alot of people will be in cars they can't get out of due to being so far upside down.

 

[LSchicago]

Saw it somewhere...just today the sales guy told me 90% of financing is 84 mth....and that's in oil boom town!

I financed my GT for 60, and paid it off in 42. I'd hate to pay it for twice as long.

 

[LxMike]

Saw it somewhere...just today the sales guy told me 90% of financing is 84 mth....and that's in oil boom town!

That's nuts. LOL

They want low payment and they don't realize how much they end up paying. till they want something else and see that they are upside down or have very lil equity

 

[TRP45ACP]

So I was at my dealer today to get my wife's car serviced. They did not have a single new Mustang to show but I did find these used values.

It’s unbelievable where prices have gone.

 

[joe603]

I think this is true regarding trade prices 6 months ago I was receiving offers of like 25k for my 2017. When I traded it in last week the offers only ranged from $19-21k from several people. Once the new production ramps back up there will be a major drop in used prices and alot of people will be in cars they can't get out of due to being so far upside down.

This is why I sold my '16 Charger SCAT in October while the knife was hot. I may have paid a $1200 ADM on the new GT, but definitely made up for it on the trade. I was also able to cut the ADM in half...they wanted 3k initially. But the funny thing was that their finance person screwed up on the paperwork, and didn't apply taxes to something and it cost them like $300. The manager came running out as I was moving my stuff from old to new car, to have me sign the new contract with the edit. It was really for their books as he showed me where they ate the $300...felt bad until I remembered about the ADM.

 

[Bikeman315]

This is why I sold my '16 Charger SCAT in October while the knife was hot. I may have paid a $1200 ADM on the new GT, but definitely made up for it on the trade. I was also able to cut the ADM in half...they wanted 3k initially. But the funny thing was that their finance person screwed up on the paperwork, and didn't apply taxes to something and it cost them like $300. The manager came running out as I was moving my stuff from old to new car, to have me sign the new contract with the edit. It was really for their books as he showed me where they ate the $300...felt bad until I remembered about the ADM.

Karma can be a bitch!

 

[04DarkShadowGT]

Saw it somewhere...just today the sales guy told me 90% of financing is 84 mth....and that's in oil boom town!

According to this link about 34.8% of people in the United States are considered sub prime, which is a credit score lower than 580.

https://www.cnbc.com/select/what-is-subprime-credit/

Terms are going up because people are only concerned about payment and are stretching things out to buy cars they really shouldn't be.

 

[Bikeman315]

According to this link about 34.8% of people in the United States are considered sub prime, which is a credit score lower than 580.

https://www.cnbc.com/select/what-is-subprime-credit/

Terms are going up because people are only concerned about payment and are stretching things out to buy cars they really shouldn't be.

There is more to Sub Prime than just a number. There are also numerous reasons why one could fall into this category. There is no one size fits all.

What is a subprime credit score?
There is no one-size-fits-all answer to the credit scores that lenders consider subprime, but Experian provides a classification: FICO Scores that fall within the fair and average credit range — between 580 and 669 — are classified as subprime. However, each lender may use a different range.

 

[deanm11]

That's FMC's standard non-incentive rate for new vehicles...I haven't shopped used in a long time, so I am just going by the difference of what they offer incentive wise vs their "standard"

Bought my 2020 base GT at Battlefield Ford, VA in Nov. 2020 at about $7.2k off the list of $38.7k, before $800 doc + DMV, taxes.
Had to take and quickly repay an 8-9% Ford loan to get a rebate.

Sold the car to Vroom for $40k at Thanksgiving, 5500 miles, 1yr old

Just picked up my ordered 2022 GT. MSRP up only $500ish to $39.2k. Paid $34.8 before $400 doc fee, DMV and tax. Transferred the NJ 4-year registration over. Dealer discount + $1000 Ford ordered car rebate.

That's how its done.

 

[Offshoregames]

Saw this while browsing for a new ride for my wife.
https://www.lamborghinidallas.com/u...e-Dallas-e49d4eb30a0e09716bd5de4931cca696.htm

 

[Coosawjack]

I'll bet that's the HARDEST 74 miles that car will ever see too!!

 

[Prefo20]

So I was at my dealer today to get my wife's car serviced. They did not have a single new Mustang to show but I did find these used values.

As a past owner of six different C7's and current owner of two mustangs, I'm shocked at the ZO6 pricing and the Stingray price. Completely ridiculous as are the Mustang prices as well. Crazy.

 

[Dabitz]

Who is paying 8% on a used car? You would have to have bad credit to receive that rate. It's easy to get low 2% rates on used cars at 60 months.

I always negotiate out the door price and use my credit union who's never let me down. That's with good credit though.

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