Prices are on the rise......

[DCShelby]

Yes the C8’s are going down, one in this area was low 70’s. Then again all car prices are going down as the economy cools and interest rates go up. Same for Porsches too. I got 48k for my 350 on my 2018 from the Porsche dealer where I got my 2019 911. The 350 had 49k miles and great shape with old man seats. They listed it for 57k, I tracked it then it got sold or went to auction after three weeks on the lot. It did not need any conditioning or repairs or maintenance. This was in October.

Sponsored

 

[key01]

Autotrader has an abundance of low mileage C8s in the 70’s and low 80’s now.

 

[Nfs1000f]

At the time of peak pricing, Credit Karma had the private sale value of my 2017 at $49,000. Now it’s at $41,000. At the same time it had my 2019 Fusion hybrid at $26,000 and it now sits at $21,000. I disagree with the values, but they are certainly indicative of where the market is going.

 

[DCShelby]

People that took loans out at the peak values of cars with little down payment are going to be upside down pretty bad on their loans. I’m sure banks and insurance companies will be watching.

 

[4V Mayhem]

Autotrader has an abundance of low mileage C8s in the 70’s and low 80’s now.

Until you call the dealership to confirm the car is still there for purchase and they tell you it sold a week ago or that you don't qualify for all the discounts that are applied to this particular car or they give you an OTD price and it includes some other fee or dealership made package that drives it up an extra $1500.

 

[matthewr87]

I've been shopping for a '21 or 22 Cayenne GTS and prices have dropped noticeably these last few weeks. They used to be listed for above new MSRP (totally absurd), then they dropped to around 1 or 2k below original MSRP. Now they are starting to be listed for over 10% (in the case of the 21s) or around 10% (for the 22) below new MSRP.

Of course the trade value of my wife's Lexus is also dropping. And naturally the trade in values drop much more than the car you are trying to buy

 

[aham23]

People that took loans out at the peak values of cars with little down payment are going to be upside down pretty bad on their loans. I’m sure banks and insurance companies will be watching.

As long as people make the payments, then roll any negative equity into the next loan, it is a win win for banks.

 

[DCShelby]

True. If they crash it though, the insurance company will only payout the current value…not the higher value they bought it at. That leaves the possibility of still owing money on a car they don’t have anymore. Banks won’t forgive that. So yea rolling over negative equity at high interest rates.

 

[derklink]

I've been shopping for a '21 or 22 Cayenne GTS and prices have dropped noticeably these last few weeks. They used to be listed for above new MSRP (totally absurd), then they dropped to around 1 or 2k below original MSRP. Now they are starting to be listed for over 10% (in the case of the 21s) or around 10% (for the 22) below new MSRP.

Of course the trade value of my wife's Lexus is also dropping. And naturally the trade in values drop much more than the car you are trying to buy

That’s exactly the problem. The gap is getting bigger and bigger. I don’t want to pay 30k on top of my Bullitt to get a GT350.

 

[2016S550]

True. If they crash it though, the insurance company will only payout the current value…not the higher value they bought it at. That leaves the possibility of still owing money on a car they don’t have anymore. Banks won’t forgive that. So yea rolling over negative equity at high interest rates.

That exactly the reason GAP insurance was created, another money maker. I am surprised there’s not a formula based on the current market and future trend that requires GAP upon the purchase of cars with no down payment and the TTL plus negative equity rolled into the financing. Some dealers offer 125% or more GAP coverage to provide for future value declines.

 

[DCShelby]

I agree. Time to start a hedge fund backed by car gap loans securities. Buy up the GAP policies and sell the future debt.

 

[308 Cal. Bullitt]

Don't follow current market much right now, as I'm full up on cars, trucks, SUVs, Hot rods & racecars. Yet, an email from Vroom led me to this car. No idea what options it might additionally have that Vroom may/may not be listing, like HP..

'21 Mach
Vin# 1FA6P8R01M5555173
Recaro's
Manual
Navigation are a few listed options.
2.5yrs & 35.3k mi left on Bumper to bumper

So is the market up or dwn based on this car?
has a few small chips in frnt bumper, & otherwise clean.

 

[MAGS1]

That exactly the reason GAP insurance was created, another money maker. I am surprised there’s not a formula based on the current market and future trend that requires GAP upon the purchase of cars with no down payment and the TTL plus negative equity rolled into the financing. Some dealers offer 125% or more GAP coverage to provide for future value declines.

I’ve heard of a fair number of insurance companies offering gap as part of their auto policies now. Likely cheaper than what a dealership’s finance department offers too

 

[2016S550]

I’ve heard of a fair number of insurance companies offering gap as part of their auto policies now. Likely cheaper than what a dealership’s finance department offers too

Definitely cheaper, 2-4$ a month vs $7-800$ at purchase financed with interest. I’ve heard some insurance companies only offer it for the first 24
months of ownership but I’ve not verified that.

 

[308 Cal. Bullitt]

I’ve heard of a fair number of insurance companies offering gap as part of their auto policies now. Likely cheaper than what a dealership’s finance department offers too

Credit Unions in our area offer gap & are at ~3.75% interest, @ ~60 months.
Just hav to live in the same county, to meet basic eligibility. Good credit helps obviously.

I realize not everyone has access to C/U's, but if so & ur financing...
Why use the dealerships 6%+ offerings, or the local bank thats not very auto friendly..
Our banker wont even use there own employer, as they want ~7%+ on new veh w/ ^^ 760 credit to employees.

Sponsored