Used S550 Prices going up?

[dh3605]

Carvana offered me 35,400.00 for my 2019 GT yesterday, 5 months ago they offered 28

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[Coosawjack]

Local Ford dealer's radio ad said $20K off 2020 MSRP but never said what models........sounded fishy but who knows??

 

[Cobra Jet]

It’s as mentioned - supply and demand. With COVID19, many major Corps have their employees working from home which = less travel - especially when there’s hundreds of thousands of people simply not driving daily as it was prior to March 2020...

Less travel = less miles driven and less use of the vehicle. Not everyone has to exchange their vehicles at the drop of a hat for a brand new XYZ. People who have been laid off OR just lost their business or jobs due to COVID19 simply don’t have the $$$ to go getting a new vehicle and are holding on to what they have, let alone trying to survive overall.

So you have less trade-in (and vehicle repairs) occurring Nation wide at an exponential rate...

Dealerships make a good amount of coin on used vehicle sales - as far as trade-n-flip onto their own lots as well as trade-n-auction flips and the loan financing aspect too. Having used vehicles is just as good as having new vehicles because it means the Dealership has variety to draw in many types of customers.

No used cars = less customers coming to their lots and LESS used vehicles hitting the Dealer auctions for wholesalers/retailers.

So now the auto brokers and dealerships are fighting for the used car inventory which is at this point extremely low. The brokers like Carvana, CarMax, Autolenders, etc. are offering higher amounts to sellers in order to replenish their decreased inventories to remain competitive with the Major Big Box Dealerships.

Even the Rental Agencies are hurting. They’re not spending as much to replenish existing low mileage fleets with brand new inventory, so their current “used” fleets aren’t being turned over to auctions either since travel has drastically diminished.

Its a Domino effect due to COVID19 and in some aspects it’s good for a seller, but bad for the others who need that used vehicle inventory to survive.

I’ve seen some local “mom-n-pop” used car lots shutter up since COVID19. They can’t survive without foot traffic and inventory depletion, nor can they pay “retail” at auctions either because there’s no profit margin at that point.

Major Dealerships for whatever reasons have not caught onto the “Carvana-like” business models yet - not from a buy and deliver aspect, but from the aspect of offering a much better trade in value to a customer. Don’t ever expect a decent trade in value from a major Domestic/Euro/Asia XYZ Dealership...

 

[sabtaj1]

I wouldn’t expect it to last much longer. All used cars are way up. However, Hertz car rental has filed bankruptcy and is going under. So all the cars they have will be flooding the market before long and then your gonna see a large drop on used car values.

 

[Elp_jc]

If somebody gives me $48K for my immaculate Bullitt with 1K miles, which is about 2 grand more than I have on it, I'd really think about it. Ha ha. But it's not going to happen. There're still lots of leftovers that you can get for about that price, or even less. If my engine doesn't the infamous tick when I change the oil soon, I'd love it more. Ha ha.

 

[Shifting_Gears]

I just did an estimate for my GT through Carvana. I would walk away with $1,200 and no more payment.

 

[IPOGT]

I just did an estimate for my GT through Carvana. I would walk away with $1,200 and no more payment.

Amazing. 15-17's.

 

[EFI]

Definitely seen prices go up. I been hitting up KBB instant offer and Carvana periodically and it started at 21k earlier this year, then 23, then 24, now my latest offer (with about 3000 miles more on the car) is up to 25.5k

I almost took the 23k offer last month, glad I held out but this might be too good to pass up seeing how I bought this car 4 years ago for 29k brand new.

 

[17Magnetic5.0]

You all ain't seen shit...look at Jetskis!

Boats are even higher. I’m hearing people are selling their boats for more than what they bought them new 10-15 years ago.

 

[ravenofpoe]

Check online in the Portland Oregon area. You might find a deal worth shipping over. We don’t salt the roads out west either. Fairly mild winters etc. so there’s a lot of mustangs. My 17 gt pp with 36k miles is a 26k car right now by kbb.

 

[ravenofpoe]

Actually never mind. Just did another kbb on my car. It’s $31k now. Might be best to wait on buying a used one.

 

[IPOGT]

Amazing. 15-17's.

Seems like from day 1 of the retirement the 1st gen S550's have had high demand. Could it be due to more limited production compared to the 18+?

 

[Ebm]

Like mentioned above, this isn't S550 specific or even Mustang specific. All used cars seem to have gone up in value.

I've seen clean examples of 1st gen Coyotes going for high 20s. I'm starting to think my '96 Jeep XJ is worth something now too! I saw 1 very clean example of a Jeep XJ going for low 20s. That's nuts!

 

[MarkUnboxes]

I recently bought a used 2019 base model GT in February for $28k. Carvana just offered me $35.5k for it and they’ll probably list it close to $40k. I love my car but I can live for a little while without a Mustang. Used car prices are insane right now.

 

[olerodder]

I got my 19 GT/PP1/A10 last June for $35k, sticker was $46k, and now KBB is saying trade-in is $33k to $36k and private party is $35k to $38k.
I wonder how many are actually selling at this price. Maybe I should pick a dealer and go down and see what kind of deal I can get on a new GT350.

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