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Prices are on the rise......

MAGS1

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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.
Agreed, credit unions are typically a much better option if you have access. I started shopping rates about a month before my 2022 got delivered, so back in August 2022. There was a credit union that had Fordā€™s 3.9% for 60 mos beat by a full point but it required an account with them and accounts are for public employees only (of which I am not). Ford beat all the banks by at least a point so I went with them. Oddly enough, the bank we have all of our accounts with was the highest rate (2 points higher than Ford) and I put 40% down and am considered a super prime borrower šŸ¤·ā€ā™‚ļø
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460Fred

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True. If they crash it though, the insurance company will only payout the current valueā€¦not the higher value they bought it at. That leaves the possibility of still owing money on a car they donā€™t have anymore. Banks wonā€™t forgive that. So yea rolling over negative equity at high interest rates.
Not an issue with my policy. Hagerty gave me an agreed 80K payout if my ā€˜19 GT350 is totaled.
Now that I think about it, not quite sure what that means, stupid on my part. Can they use 75K to repair and save 5K in the process? Someone else can chime in here.
Obviously traditional insurance coā€™s totaling a car means it costs more to fix than itā€™s worth to replace or KBB etc.
What happens when the agreed payout is way more than market value?
 

DCShelby

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Good question but I donā€™t see an insurance company paying very much more money via payout over whatā€™s owed, especially when its book value has gone down quite a bit. Cause thatā€™s not making them money they can spend on commercials with Flo, The Lizard, The General. The Mayhem dude and all the other insurance ā€œcharactersā€
 

PP0001

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Mecum Yesterday White 17R sold 70K. White car no stripes. Dont Know the mileage
Tim, this was a low mileage Electronics Package car but the fact that there was some minor damage to the lower section of the passengers door certainly did not help the OTD price of $77,000.

Spoke to someone that looked at this vehicle closely and they suggested this may have been lot damage but whatever the case that issue certainly reflected in the final price.
 

308 Cal. Bullitt

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The credit union over here requires a few trivial things;

A) open savings acct - deposit $25 min, & it must stay inside accnt for the life of loan/membership. (easy)

B) be a resident of the area/local county. Being a teacher or other occupations also allows you access, but just being "a local", is now something I believe may be somewhat new w/them. U used to have to be in some occupational fraternity of sorts... not anymore..

Im an 820+, & my bank, which I have good relationship w/ offers us terrible rates @ over 7%+ on new car.

This local credit union has published online rates of 3.74% (@60mo) w/$25 membership& no paper statements. There Gap insurance is ruffly ~$500 on an $80k car unless u meet there threshold & waive it.

On the actual topic of this original thread post....

"Prises on the rise"??

It appears , ( just an opinion) that people tryin to buy cars believe they are still overpriced.
& People sellin them believe that our cars are droppin from there prev valuations.
Maybe prices are becoming more influenced in our local market areas we buy or sell inside of..??
Just a guess.
Pple went out of there hm states to buy a Shelby's & mdls like M1's, & Bullitt's in past 3+yrs.
Ok, more than previously I should say. Its always been a thing I suppose.

20220712_173334.jpg
 

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CorralesR

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Hello guys. New guy here. Just thought I'd post a real world example. I just bought a one owner 17 GT350R in Avalanche with black stripes and black roof and 4k miles for 75k. I feel like I overpaid a few k for it but it was the spec I was looking for and lowish miles. Car is in great condition. I've been looking for awhile for a nice lower mile R car for less than 70k but havent had any luck. I found a 17 R model in Vegas for 69k but had way too many modifications for my liking.
 

72&18

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Hello guys. New guy here. Just thought I'd post a real world example. I just bought a one owner 17 GT350R in Avalanche with black stripes and black roof and 4k miles for 75k. I feel like I overpaid a few k for it but it was the spec I was looking for and lowish miles. Car is in great condition. I've been looking for awhile for a nice lower mile R car for less than 70k but havent had any luck. I found a 17 R model in Vegas for 69k but had way too many modifications for my liking.
Congrats. Now go drive it like it was intended.....
 

Inthehighdesert

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An agreed upon value policy is just that. In your case if it was totaled(typically at the 75-80% of value), they pay you the agreed upon value. Market changes do not have a bearing, its what the agreed upon value is at the time the policy is taken out. Hagerty also has a deal where if your car is totaled you can keep the vehicle as well. I want to say it was about a 10-15% price bump for that.

Not an issue with my policy. Hagerty gave me an agreed 80K payout if my ā€˜19 GT350 is totaled.
Now that I think about it, not quite sure what that means, stupid on my part. Can they use 75K to repair and save 5K in the process? Someone else can chime in here.
Obviously traditional insurance coā€™s totaling a car means it costs more to fix than itā€™s worth to replace or KBB etc.
What happens when the agreed payout is way more than market value?
 

460Fred

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An agreed upon value policy is just that. In your case if it was totaled(typically at the 75-80% of value), they pay you the agreed upon value. Market changes do not have a bearing, its what the agreed upon value is at the time the policy is taken out. Hagerty also has a deal where if your car is totaled you can keep the vehicle as well. I want to say it was about a 10-15% price bump for that.
Thanks for that Charlieā€¦.
I also did the ā€œkeep the carā€œ thing. Policy was cheaper than what I had prior. Keep in mind Iā€™ve been with Allstate for almost 50 years. I get a lot of discounts a new policy holder wonā€™t get.
 

MAGS1

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An agreed upon value policy is just that. In your case if it was totaled(typically at the 75-80% of value), they pay you the agreed upon value. Market changes do not have a bearing, its what the agreed upon value is at the time the policy is taken out. Hagerty also has a deal where if your car is totaled you can keep the vehicle as well. I want to say it was about a 10-15% price bump for that.
Unless youā€™re in Illinois. Illinois insurance law doesnā€™t allow you to keep a totaled vehicle šŸ™
 

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MAGS1

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As for prices, there a 2017 350R with 91 miles (yes, 91 miles) listed for $89.8k. Dealer just knocked $2k off
 

derklink

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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.

Screenshot_20230115-080242_Chrome.jpg
The Mach 1 may share the same fate of depreciation as the Bullitt, whereas the M1 is farther from a GT than the Bullitt. But both are somewhat tricked out GTs. The Shelbys are the only specialty Mustangs that may somewhat retain value. Could bite myself for getting a Bullitt 2 years ago instead of a GT350.
 

Inthehighdesert

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Well thatā€™s a load of crap. If it comes to that let me know, you can use an address here Iā€™ll give you and you can get the car. Lol.

Unless youā€™re in Illinois. Illinois insurance law doesnā€™t allow you to keep a totaled vehicle šŸ™
 

Inthehighdesert

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I get that. I get some ridiculous rates from Geico on my other vehicles, utvā€™s, and rv. I use Haggerty for the Shelbyā€˜s just because I didnā€™t want to have to have that fight if a total loss was caused by some one else. I will say Haggerty was less with the elevated values then Geico was with normal coverage. Iā€™m not so sure thereā€™s a rhyme to reason on policy costs all the time.

Thanks for that Charlieā€¦.
I also did the ā€œkeep the carā€œ thing. Policy was cheaper than what I had prior. Keep in mind Iā€™ve been with Allstate for almost 50 years. I get a lot of discounts a new policy holder wonā€™t get.
 

MAGS1

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Well thatā€™s a load of crap. If it comes to that let me know, you can use an address here Iā€™ll give you and you can get the car. Lol.
Thanks, hopefully Iā€™m never in that situation. But yeah, IL law sucks. It goes to auction after being totaled, apparently they donā€™t trust that the actual owner would properly fix the car if they kept it or bought it back šŸ¤¦ā€ā™‚ļø
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