When did used cars get so expensive? (1 Viewer)

[STEADYMOBBIN 22]

Wife and I are in the market for a car - After looking over the used car market we are going to get something new. We can buy the same car for about $2k more with zero miles and no previous owners or take our chances with car traded in with 10-30k miles. Easy choice.

 

[flapgreen]

Wife and I are in the market for a car - After looking over the used car market we are going to get something new. We can buy the same car for about $2k more with zero miles and no previous owners or take our chances with car traded in with 10-30k miles. Easy choice.

Definitely the right thing to do. Getting a used car wouldn't make sense unless you wanted something closer to 75k., which is what I will be looking for soon.

 

[pollardsvision]

Wife and I are in the market for a car - After looking over the used car market we are going to get something new. We can buy the same car for about $2k more with zero miles and no previous owners or take our chances with car traded in with 10-30k miles. Easy choice.

Definitely the right thing to do. Getting a used car wouldn't make sense unless you wanted something closer to 75k., which is what I will be looking for soon.

Is it just me or did it used to be that 75-100K used to be a lot? Now, it seems like cars are just getting broken in at that point.

 

[tri-man 47]

I know the thread has devolved to political #####ing and moaning, but if you're looking at Civics and Corollas, look at the 100k cars that have had the 90-100k major service already done. You will easily get another 100-150k out of the cars with just basic routine maintenance and 100k mileage scares a lot of people so I think the price takes a significant drop. I had a 96 Integra that I bought for $4000 that had 110k on it. Drove it up to 160k over 6 years and sold it for $3000 a year ago. I bought a '05 Accord with 120k on it at the same time I sold my Integra and paid $9000. It is fully loaded (leather, V6, navigation) and drives like a brand new car still at 130k. Cars are much more reliable than in the past, and just because a car has higher mileage doesn't mean that it is a bad car. Just be careful when you buy and I find buying from a private party WAY better than from a dealer since they know the car's history and should have the maintenance history of the car as well.

Just a few minutes ago, a friend agreed to buy our '95 Corolla with 170,000 miles on it for $500. It needs some work and has a little body damage and rust. But he's handy, he knows people that can work on cars, and it's a great arrangement for his daughter, who is about to get her license. We've lived on old 'beaters' as our second car for the past 11 years from the time our two kids started driving. For just getting around, an old, reliable car offers a number of benefits ...one of which is not carrying collision insurance, 'cause we didn't care if it got another ding.

That said, I agree that when looking for a higher end car, it seems to make more sense to buy new rather than trying to buy a slightly used car that's only a couple thousand bucks less. We looked at Carmax, but ended up going to a dealer and getting a new Hyundai Elantra. We wouldn't have saved much going used.

But good grief, I hate car buying. Such a lack of transparency ...they sucker you in with deception, then try to build a warm relationship. We walked out on the first dealer when they pulled out an inflated price at the very tail end of the process - car selection, test drive, paperwork, credit check ...then a price that was about $2,400 higher than their quote. The dealer we bought from had their own tricks - a nice price quote on-line, but that included discounts for students, military, AND loyalty buyers. The likelihood of anyone qualifying for all three discounts is virtually nil. They didn't disclose all that until we got to the paperwork stage again. We at least realized, by then, what the true price range was and accepted the deal, but they did not generate any goodwill with their games.

 

[flapgreen]

Wife and I are in the market for a car - After looking over the used car market we are going to get something new. We can buy the same car for about $2k more with zero miles and no previous owners or take our chances with car traded in with 10-30k miles. Easy choice.

Definitely the right thing to do. Getting a used car wouldn't make sense unless you wanted something closer to 75k., which is what I will be looking for soon.

Is it just me or did it used to be that 75-100K used to be a lot? Now, it seems like cars are just getting broken in at that point.

Yep. 75-100k isn't a big deal now.

 

[STEADYMOBBIN 22]

Wife and I are in the market for a car - After looking over the used car market we are going to get something new. We can buy the same car for about $2k more with zero miles and no previous owners or take our chances with car traded in with 10-30k miles. Easy choice.

Definitely the right thing to do. Getting a used car wouldn't make sense unless you wanted something closer to 75k., which is what I will be looking for soon.

Is it just me or did it used to be that 75-100K used to be a lot? Now, it seems like cars are just getting broken in at that point.

Yep. 75-100k isn't a big deal now.

After further review - Thank you guys for these posts- I think I talked the wife into getting a "high mileage" vehicle for a lot less.She can either get a new small SUV like a Chevy equinox uke: for 22-25k or something like a used Tahoe which she really wants for about 15k with all the bells and whistles and room for the kids/soccer goals/dogs/crap.It's basically getting half the lifetime of the truck for half the money.

 

[flapgreen]

How are the used car prices now? Anyone looking? We bought one a few months back but couldn't get it for less than the book value. We got our last car in 2008 for way below book value.

 

[BigSteelThrill]

Used car prices hit four-year lows

Chris Woodyard, USA TODAY 9:12 p.m. EST November 13, 2013

But they may go even lower next year, according to experts

http://www.usatoday.com/story/money/cars/2013/11/13/used-car-prices-lower/3519629/

As new-car buyers flood showrooms, used car prices are hitting a four-year low, according to an analysis released Wednesday.

Prices may go even lower next year as more new-car buyers trade in their jalopies and more used cars with expiring leases show up on lots.

The average used car sold for $15,617 at a franchised dealership in the third quarter, the lowest since the same quarter in 2009, when they averaged $14,808, according to the analysis by car-pricing website Edmunds.com. Prices have been easing for most of the year, and the third-quarter average was down 2.8% from the second quarter and 0.9% from the same quarter last year.

Another used-car price watcher, Tom Kontos of Adesa Analytical Services, noted a tiny uptick in wholesale prices in October, but says the overall trend is down.

Why prices are dropping:

• New-car sales. Auto dealers' new-car sales are on track to exceed 15 million. While not quite up to the boom years of a decade ago, the bonanza has meant a flood of trade-ins. To move them out, dealers have cut prices. "New cars automatically bring some used cars out of the woodwork," says Kontos.

• Off-lease cars. By 2010, cheap lease deals abounded, and dealers were eager to get those new cars into the hands of recession-weary drivers who were hesitant or just couldn't make the purchase price payments. Those leased cars are coming back to be sold as used cars.

"There was a big rise in leases," says Richard Arca, senior pricing manager for Edmunds.com. Now, "we're seeing the result."

• Better economy. Even drivers who held out during the recession, keeping their old cars running, now are ready to throw in the towel and buy a newer, used car. Lower unemployment rates and an overall better economy make it easier to buy a used car, plus auto loan rates are still low, and lenders are lending.

Arca cautions, however, that used-car prices still aren't as low as they dipped a decade ago. Prices of some late-model used cars still are so close to the price of a new car that it might make more sense to buy new, he says.

Kontos notes, too, that there hasn't been "a dramatic decline in used-car prices or a flood of used cars on the market" because of the gradual nature of the recovery.

Look for more declines he says.

"The used-car market, in terms of pricing, is poised for further softening," Kontos says, He predicts even more cars will be pouring into the used-car market, making them all cheaper.

 

[Nugget]

think they are on the way down. Leasing is regaining popularity and the industry could hit 16MM new next year, 17MM new in 3 years. average age of cars in the US is over 11 years and there is some pent up demand.

 

[flapgreen]

Hilarious seeing people trying to sell their used cars for 3k+ over private value. Nope!

 

[cstu]

Used car prices hit four-year lows

Chris Woodyard, USA TODAY 9:12 p.m. EST November 13, 2013

But they may go even lower next year, according to experts

Great news for us Dentists.

 

[[icon]]

Hilarious seeing people trying to sell their used cars for 3k+ over private value. Nope!

This here is a pristine specimen, guy.

 

[flapgreen]

I haven't seen it yet.