Used S550 Prices going up?

[Mustang5ohMan]

The problem I am finding with all of this is that you can definitely sell you car and come out in a great spot!
The only issue I am seeing is the purchase of a new car.... they aren’t really trying to deal much from what I’ve seen... they’re dealing a little bit with certain brands.

I honestly thought about buying a 5k car just to get around in and maybe a used sling shot lol that was one consideration and the other consideration was to lease one of these Hyundai’s or Kias for $160 a month...
I’m at the point I need 4 wheels and a seat.

Sponsored

 

[Lou-Q]

I’m in the car business, so I’m well aware transaction prices on used have gone up, but I didn’t expect to see this much of a climb with the Mustang.

I found a used 2020 GT w/black accent package listed on Carvana for $2,000 more than the original new MSRP.

if you’re selling, it’s great. Just a terrible time to buy. Gotta wait it out, I guess.

We bought our loaded 2015 GT Anniversary convertible with 17,000 miles for $25K in September 2019.
I can sell it for a little more now if I wanted. May happen after we get the 20 GT500 delivered.
Lou

 

[FatPat]

If anyone knows someone interested in paying $30K for a 2015, then my car is for sale!

 

[Doge]

I live in NC but when I was looking about 2 months ago I had an entirely different experience. I was looking at Ecoboosts and GTs, while there weren't a ton there were still a good number of them with low mileage at a lower price than I expected. I got my EB with 4k miles and was also looking at a GT with 6k and these are a 19' and 18' respectively. When I was talking to the dealer after one of my test drives they told me several of their mustangs had been sitting there for months.

Granted this was 2 months ago and many peoples jobs and finances were in turmoil so maybe the used car market has rebounded substantially in that time. Only advice I can really offer is to find a mustang comparable to the one you want and try to get a really good out the door price in writing. I got the dealer to drop 4000 off the already good price by showing them I had a better deal waiting elsewhere.

 

[twotone5.0]

Can confirm this phenomenon in SoCal. I was shopping for my first Mustang this summer from both private parties and dealers. When I finally found a dealer that moves a lot of Mustangs for fair prices, I was amazed at how fast they were moving. I would refresh their inventory in the morning to see a newly listed 2018 or 2019 GT, and that same afternoon it would be sold before I could get to the dealer. I watched this happen to 3 cars I swore were "the one" before I ended up getting mine from that dealer. Keep in mind the prices are good because these are higher mileage lease-return vehicles or former rental cars, but the demand is still there. Seems like everyone wants an S550!

 

[Mr. Met]

The problem I am finding with all of this is that you can definitely sell you car and come out in a great spot!
The only issue I am seeing is the purchase of a new car.... they aren’t really trying to deal much from what I’ve seen... they’re dealing a little bit with certain brands.

If you look the deals are there. I just bought a new Mustang four $10k off MSRP.

 

[dgreene1]

Is it me, or are used S550 prices on the rise? It seems sonce COVID happened, the GT’s especially, have gone up in price. I’m seeing 15 GT’s selling for nearly $30K with low miles. I mean, that’s absurd. You can get a new 2020 in the mid to high $30’s.

I’ve been monitoring the prices for the past few months and it’s impossible to get any S550 GT under 30,000 miles in the mid 20K range....where they should be. The car is going on it’s 7th model year and they aren’t depreciating.

Looks like I’m going to keep holding out. I really want a 2018+, but need them to drop to $30K, max.

In South Florida back in Oct 2018 I bought a 2018 GT premium convertible 10R80 with 17K miles and a clean Carfax for $30K. I'm not seeing similar deals now - almost 2 years later. That speaks volumes.

 

[D Bergstrom]

Back at the end of March, beginning of April, Kelly Blue Book low trade in value for my 2017 Base GT was just over 24k. Now it is just over 28k. In April I was thinking about buying a 2019 Bullitt and I had trade in offers anywhere from 22k to 25k, but ended up just keeping my GT. Now I am thinking about ordering a 2020 since Ford is still accepting orders. Haven’t spoken to a dealer yet about trade in, but received a Carvana estimate of 26.7k. Since it will take 2 months or so to take delivery, I may just try and sell it privately, guess we will see what happens.

Doug

Figured I would follow up on this. So yesterday I traded in my 2017 GT Base for a 2020 PP2. Dealer gave me $27,900 for my trade in. In April when I was looking at a Bullitt, this same dealer offered me $22,000. Prices on used cars have definitely gone up!

Doug

 

[Solracx]

Can confirm this phenomenon in SoCal. I was shopping for my first Mustang this summer from both private parties and dealers. When I finally found a dealer that moves a lot of Mustangs for fair prices, I was amazed at how fast they were moving. I would refresh their inventory in the morning to see a newly listed 2018 or 2019 GT, and that same afternoon it would be sold before I could get to the dealer. I watched this happen to 3 cars I swore were "the one" before I ended up getting mine from that dealer. Keep in mind the prices are good because these are higher mileage lease-return vehicles or former rental cars, but the demand is still there. Seems like everyone wants an S550!

what dealer did you purchase from? In the SoCal area as well and in the market for a new GT

 

[ice445]

I live in NC but when I was looking about 2 months ago I had an entirely different experience. I was looking at Ecoboosts and GTs, while there weren't a ton there were still a good number of them with low mileage at a lower price than I expected. I got my EB with 4k miles and was also looking at a GT with 6k and these are a 19' and 18' respectively. When I was talking to the dealer after one of my test drives they told me several of their mustangs had been sitting there for months.

Granted this was 2 months ago and many peoples jobs and finances were in turmoil so maybe the used car market has rebounded substantially in that time. Only advice I can really offer is to find a mustang comparable to the one you want and try to get a really good out the door price in writing. I got the dealer to drop 4000 off the already good price by showing them I had a better deal waiting elsewhere.

I bought my car in March after it had sat in the dealer lot all winter. Got it for a super good price, well under MSRP. Man was my timing good, because now you can't get a lower trim car for less than MSRP it seems like, sometimes even more, and with the used ones being around the 30K mark, things have definitely gotten nutty. I think there's still potential to save some money on a high option car, but finding the one you want right now seems to be difficult.

 

[twotone5.0]

what dealer did you purchase from? In the SoCal area as well and in the market for a new GT

Check out Echo Park Long Beach if it's not too far from you

 

[Deleted member 35786]

I bought my car in March after it had sat in the dealer lot all winter. Got it for a super good price, well under MSRP. Man was my timing good, because now you can't get a lower trim car for less than MSRP it seems like, sometimes even more, and with the used ones being around the 30K mark, things have definitely gotten nutty. I think there's still potential to save some money on a high option car, but finding the one you want right now seems to be difficult.

KBB says my 17 GT Premium is worth $30K private party in excellent condition. Damn.. I paid $26K for it back in 2018 used. What is going on with prices.. Super high demand and low inventory for used cars it seems.

 

[ZX3ST]

Housing prices are following the same trend, at least in my area. Great time to sell, not a great time to buy.

Honestly I think this has a lot to do with the current interest rates. Back in the early 2000s I saw the same thing. I was looking at a SVT Focus at the time, circa 2002 maybe. I could get into a brand new one cheaper overall than a year-old car with 20k on the clock.

 

[IrishStallion]

Yes they are...!!!

 

[TXYANK1323]

Was thinking of selling my 2017 GT when Covid Lock-Down started and just using my "extra" car when I needed to run errands.
The best offer I received was for about $23k...wasn't worth it, so I kept it.

Just traded it in on a 2020 and got $29.5k (with tax savings on trade it's about $31k worth of trade) Also, they were super aggressive on the pricing for the 2020 PP1 I replaced it with. Glad I didn't make a bad decision back in March.

Sponsored