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PSA Used car prices - check yours


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I have been thinking about trading in for a truck lately.  I bought a Jeep 2 years ago and I love it but a truck would be so much more useful.  With all of the car shortages I wanted to see what my vehicle would go for on a trade in.  All I can say is wow.  If you are in the market take a look at your used car value just be aware there is not much room for negotiations for another new/used vehicle.

2018 Jeep Wrangler Rubicon 4dr

Purchased used with 38k miles Oct 2019 for 38k

Current trade in offers:

Caravana-37k 
Carmax-40k 
KBB 42-45k 
Vroom-47k What?

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Posted (edited)

I owe 13 on a truck that’s worth 18 but my miles are so low I’d be crazy to sell it. I’m started making extra payments so I should have a fully paid off truck with less than 35k miles by next year. 
 

It’s just a little frontier pickup but it’s a v6 with 4 wheel drive and I only use it to haul and work in the yard. Basically an expensive gator. 

Edited by STEADYMOBBIN 22
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I sold a car to Vroom less than a year ago. They offered more than I paid. Was simple. Accepted the offer and mailed in my title and maybe my spare key. They sent someone to pick it up and I got a check 2 days later. 

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Yes trade in prices are high right now. My dealership is making offers to people who are selling their cars privately so we can keep inventory on the lot.  That said, used car prices are high right now as well. My owner has been trying to buy cars at auctions for the lot, but some are going for almost retail value at auction.  Cars are basically the same as houses right now. If you are selling you will definitely get above value, but if you have to replace you are also going to pay above value.

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12 minutes ago, snellman said:

Yes trade in prices are high right now. My dealership is making offers to people who are selling their cars privately so we can keep inventory on the lot.  That said, used car prices are high right now as well. My owner has been trying to buy cars at auctions for the lot, but some are going for almost retail value at auction.  Cars are basically the same as houses right now. If you are selling you will definitely get above value, but if you have to replace you are also going to pay above value.

But new car prices still seem "normal" so that's good. Probably a good time to trade in a used car for a brand new one, especially with interest rates still low.

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Posted (edited)
1 hour ago, eoMMan said:

But new car prices still seem "normal" so that's good. Probably a good time to trade in a used car for a brand new one, especially with interest rates still low.

Yes it is.  The biggest issue is that part of the reason used cars (especially later models) are going so high is that new car inventory is way down.  We have customers waiting 4-6 months for new vehicles when ordering.  If you aren't particular on options and color, you may be able to find somthing. We normally have 40+ 1/2 ton pickups on our lot at one time, we currently have 7. It started when factories shut down because of covid and when they opened back up they were at  partial compacity.  Now they are seeing shortage and backorders on parts needed to complete builds due to supply issues in other parts of the world. It is a snowball effect. Luckily in my service department we haven't been impacted by parts shortages too much yet (especially essential parts needed to run), but I have a feeling it will be coming.

Edited by snellman
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Posted (edited)

I’m going to drive my 2005 CTS in the ground. Still only had 115K miles. I drive locally. If going to airport I take a car service. So really delaying getting us new cars. Wife has. 2005 Denali that has 150K miles but looks new on the outside. I want a Tesla and she wants a good crossover as next car. Question is when is best time to pull the trigger? Have had a car payment in 11 years. 

Edited by Judge Smails
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1 hour ago, snellman said:

Yes it is.  The biggest issue is that part of the reason used cars (especially later models) are going so high is that new car inventory is way down.  We have customers waiting 4-6 months for new vehicles when ordering.  If you aren't particular on options and color, you may be able to find somthing. We normally have 40+ 1/2 ton pickups on our lot at one time, we currently have 7. It started when factories shut down because of covid and when they opened back up they were at  partial compacity.  Now they are seeing shortage and backorders on parts needed to complete builds due to supply issues in other parts of the world. It is a snowball effect. Luckily in my service department we haven't been impacted by parts shortages too much yet (especially essential parts needed to run), but I have a feeling it will be coming.

So a question for you. I kinda want a new car, particularly a brand new nice or luxury smaller SUV. But we don't need a new car. Currently rocking a 2013 Altima and 2011 Scion XD, each with under 60k miles on them. Should I try to start test driving, looking at different things or should I just sit it out for a bit until things calm down?

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Finding a decent low mileage used car is virtually impossible.  Took us three months, but we found what we were looking for.  We were replacing a Buick Enclave approaching 175K miles.  The dealer was going to give us about $500 for it (which wasn't shocking).  I decided to hold on to it, then I went to the car buying sites like carvana, webuyanycar, vroom etc.  Long story short, I got them to come pick up the vehicle and write me a check for $6K..a 2011 Buick Enclave that we basically drove into the ground.  I don't know what happened :mellow: 

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9 hours ago, Judge Smails said:

I’m going to drive my 2005 CTS in the ground. Still only had 115K miles. I drive locally. If going to airport I take a car service. So really delaying getting us new cars. Wife has. 2005 Denali that has 150K miles but looks new on the outside. I want a Tesla and she wants a good crossover as next car. Question is when is best time to pull the trigger? Have had a car payment in 11 years. 

2008 LS460. Same boat. 

130k miles and running great. Just replaced front suspension (known wear item) and struts at all 4 corners. 

Lexus just replaced all door panels, dash, console and glovebox due to some some recall so the drivers seat is the only part of the car with any wear. 

Hoping for 5-7 more years out of it.

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12 hours ago, eoMMan said:

But new car prices still seem "normal" so that's good. Probably a good time to trade in a used car for a brand new one, especially with interest rates still low.

If they have what you want, and you are willing to pay close to sticker, it is a great time.  Dealer trades are tough and some hot item new vehicles are going for over sticker.   

Dealers were literally offering customers more for their trucks than they paid 18 months ago and with 20K miles on them.

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Two weeks ago I sold my 2019 RAM 1500 Classic with 28,000 miles and two decent sized scratches for what I paid for it 2 years ago. I have been watching used car prices for a while and thought that it was a decent deal.

I bought a new 2021 Subaru WRX base model for 27k out the door. Which was the invoice price.  I can drive this car for a couple years until truck production catches back up.

 

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11 hours ago, Desert_Power said:

So a question for you. I kinda want a new car, particularly a brand new nice or luxury smaller SUV. But we don't need a new car. Currently rocking a 2013 Altima and 2011 Scion XD, each with under 60k miles on them. Should I try to start test driving, looking at different things or should I just sit it out for a bit until things calm down?

You are probably better buying new rather than used right now if you can find the inventory.  If you don't NEED the vehicle I would probably wait until the market cools down.

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Posted (edited)

Just bought a new fully loaded Traverse this morning. Got about 13% off MSRP, which we're were happy with since nobody else in the twin cities is offering any deals on them. Dealer's trade-in offer on our current vehicle was poor, so we'll keep it and sell private party. 

Edited by FBG26
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Just reached out to VROOM based on above mention. Got an offer back ASAP, simple way to sell a car.

If anyone is interested, I have a 2020 Jeep Wrangler Unlimited Sport with nothing special on it. 3,332 miles, was my brothers car but he never really drove it. Hasn't had it's first oil change yet. Just trying to get rid of it and not take a bath.

Beautiful color - Bikini Pearl

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Interesting. May have to hit up the dealership. They keep calling me to try to buy back the 2016 Lexus ES350 they cold me. I assumed there was a catch. Be open though to trading it in for something new if the payments can stay about what they are. 

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I have a 2008 Escape with just shy of 250k miles, and I plan on driving it until it dies the final death. I personally don’t see the value in buying brand new when it takes a huge dip in value the moment it leaves the lot, not to mention the pile of debt I’d be putting myself under.

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How does a place like Vroom work? Do you send them pics of the car? I assume they look over the car when they pick it up? Deal isn’t final until they do some kind of live check before taking it away?

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wife and my cars are 3 and 5 years old.  no car payments.  look at me!!  i wish there was a car i really wanted at the moment, but nothing really jumps out and i certainly don't want a car payment.

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11 hours ago, dgreen said:

How does a place like Vroom work? Do you send them pics of the car? I assume they look over the car when they pick it up? Deal isn’t final until they do some kind of live check before taking it away?

I sold my car to vroom and they do not do an inspection until it gets back to their place. So you want to make sure to document the condition exactly and put in the comments any important information.

I had 2 small scratches on my truck and i made sure to mention them.

Vroom gave me the best offer on my truck a few weeks ago.

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Posted (edited)
15 hours ago, Kal El said:

I have a 2008 Escape with just shy of 250k miles, and I plan on driving it until it dies the final death. I personally don’t see the value in buying brand new when it takes a huge dip in value the moment it leaves the lot, not to mention the pile of debt I’d be putting myself under.

 

That is the thing, the vehicles are not depreciating right now. I drove my truck for 2 years and 28,000 miles and i sold it for 500 less than what I paid for it. There was no depreciation.

I did research on my current car as well and bought one of the lowest deprecating cars on the market.

 

I used to drive old cheap cars to save money, however I paid slightly more for repairs and general maintenance than the deprecation cost on my new cars. It has been cheaper for me to drive new. My old cheap cars were not unreliable vehicles either, one was a 2001 Tundra and the other was a 2008 Honda Civic. I only had small repairs and  general maintenance items like CV joints, tires, brakes, timing belt, tranny fluids, AC recharges, valve cover gasket leak, etc.

It is not significantly cheaper, however it is slightly cheaper to buy new if you can pay cash outright for a vehicle and if you can do decent on negotiations.

Edited by MTskibum
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We are planning to relocate and will be able to become a 1-car family in the new location.  Going to be looking to unload two daily drivers down here in Houston, seems like the timing might be right.  We were going to try GiveMeTheVIN.com but I will scout out some of these others (CarMax, etc.).

2011 Mini Cooper Countryman (69k miles)

2011 Kia Optima (115k miles)

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On 5/2/2021 at 1:09 PM, ragincajun said:

I have been thinking about trading in for a truck lately.  I bought a Jeep 2 years ago and I love it but a truck would be so much more useful.  With all of the car shortages I wanted to see what my vehicle would go for on a trade in.  All I can say is wow.  If you are in the market take a look at your used car value just be aware there is not much room for negotiations for another new/used vehicle.

2018 Jeep Wrangler Rubicon 4dr

Purchased used with 38k miles Oct 2019 for 38k

Current trade in offers:

Caravana-37k 
Carmax-40k 
KBB 42-45k 
Vroom-47k What?

Got the same offer on same vehicle through Vroom. 2018 Rubicon JL. Only about 20k on it though. Offer was about 5k more than I paid for it new.  But, it's the wife's car and she declined to sell it.  Sigh.

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Sold my daughters 2016 civic in February private sale for over what I had paid a year prior. I needed to get two cars since my son was also getting his license. I bought two cars private sale a 2006 Corolla (got a deal from a friend) and 2012 Civic (great condition, high mileage). I made out in the deal since the two cars I bought combined were half what I had sold the 2016 civic so I could pay off a lot of debt.

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On 5/3/2021 at 11:06 PM, dgreen said:

How does a place like Vroom work? Do you send them pics of the car? I assume they look over the car when they pick it up? Deal isn’t final until they do some kind of live check before taking it away?

I did mine through Carvana.  The only pictures I uploaded were of the odometer and our licensees and title.  They ask you some questions about condition so as long as you're honest, I don't think there should be a problem.  I had a busted driver's seat that I listed (plastic around the bottom as cracked) and told them I thought the starter or ignition was going out.  They gave me a price having told them all that and that's what they wrote the check for.  As long is they could drive it onto their truck, they were good.  

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23 year old daughter wrecked her car a couple of months ago.  Been looking for something dependable and reasonable since then..

Luckily for me, I have the ability to buy wrecked cars and fix them.  I'm slammed at work and at home so I tried to go the quick and easy route on a used car.  Facebook market place, craigslist, etc..  No luck, so I started looking a wrecked car auctions..  Got her into a 2008 Honda Accord sedan with 111K for $3500..

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1 hour ago, Punxsutawney Phil said:

I assume this is like the housing market.  Get a great deal on your current, but good luck finding any deal on anything.  I have been hearing about the chip shortage, so I bet new vehicles are going pretty high as well.

 

Yes. And newer cars have a lot of semiconductors in them.

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11 hours ago, Punxsutawney Phil said:

I assume this is like the housing market.  Get a great deal on your current, but good luck finding any deal on anything.  I have been hearing about the chip shortage, so I bet new vehicles are going pretty high as well.

 

I bought my Subaru WRX at invoice price, which is a pretty decent deal for a Subaru. Not all new cars are selling at or above MSRP, just trucks and large SUVs.

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On 5/3/2021 at 11:38 AM, FBG26 said:

Just bought a new fully loaded Traverse this morning. Got about 13% off MSRP, which we're were happy with since nobody else in the twin cities is offering any deals on them. Dealer's trade-in offer on our current vehicle was poor, so we'll keep it and sell private party. 

And now I've sold our 8 year old Jeep for half what we paid for it new. That's wild to me. 

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Posted (edited)

Neighbor works for a Chevy dealership, he had a new Vett in his driveway the other day, so of course I had to walk over and take a look

 

Holy #### it's an awesome car

Told me they bought it used with 5000K miles for $85K(new was less), and were putting it back on the lot for $110K

 

Let me take it for a spin, then asked if he should start the paperwork.....

 

 

 

Edited by Wrigley
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39 minutes ago, Wrigley said:

Told me they bought it used with 5000K miles for $85K(new was less), and were putting it back on the lot for $110K

Uh, that's a lot of miles. Might want to ask for a discount. 

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Bought a cheaper car to drive in for my job last August. Put 15k miles in it. Just listed it to sell a couple days ago. It books for more now than when we bought it used. Wtf

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Posted (edited)
On 5/3/2021 at 3:47 AM, MTskibum said:

Two weeks ago I sold my 2019 RAM 1500 Classic with 28,000 miles and two decent sized scratches for what I paid for it 2 years ago. I have been watching used car prices for a while and thought that it was a decent deal.

I bought a new 2021 Subaru WRX base model for 27k out the door. Which was the invoice price.  I can drive this car for a couple years until truck production catches back up.

 

Why are you buying cars so frequently? Seems a bit out of character for what I know about your spending habits.

FTR, I have a 2006 WRX with a little over 100K miles, and it’s still running great. I plan on keeping it as long as possible, hopefully until autonomous vehicles make ownership obsolete.

ETA I see you explained it. I guess that strategy can work in places like TX, but good luck getting a new car for anything less than MSRP on an island. Also, I can’t stand the obligatory song-and-dance that goes along with car price negotiation.

Edited by Terminalxylem
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I'm looking to buy a used car.  Do I have any negotiating power?  Based on this thread, it seems like used cars are in a lot of demand so not sure what I can do.  

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9 hours ago, Terminalxylem said:

Why are you buying cars so frequently? Seems a bit out of character for what I know about your spending habits.

FTR, I have a 2006 WRX with a little over 100K miles, and it’s still running great. I plan on keeping it as long as possible, hopefully until autonomous vehicles make ownership obsolete.

ETA I see you explained it. I guess that strategy can work in places like TX, but good luck getting a new car for anything less than MSRP on an island. Also, I can’t stand the obligatory song-and-dance that goes along with car price negotiation.

 

I was planning on keeping my pickup for a long time, but used truck prices spiked and new car prices did not. 

I am unsure if this strategy will pay off in the long run, but I think it will. WRX is in the top 10 of lowest depreciation vehicles. So I think I will lose less on depreciation than what I would have on maintenance. 

https://www.iseecars.com/cars-that-hold-their-value-study

 

Is your WRX a hatchback? 

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2 minutes ago, MTskibum said:

 

I was planning on keeping my pickup for a long time, but used truck prices spiked and new car prices did not. 

I am unsure if this strategy will pay off in the long run, but I think it will. WRX is in the top 10 of lowest depreciation vehicles. So I think I will lose less on depreciation than what I would have on maintenance. 

 

https://www.iseecars.com/cars-that-hold-their-value-study

 

Is your WRX a hatchback? 

Interesting that you even keep track of vehicle prices. I generally purchase and forget about it, until major maintenance is needed. I almost broke that pattern when the Tesla 3 was released, but thankfully came to my senses and cancelled deposits on 3(!) cars - I was trying to maximize the EV credit.

I wanted a wagon, but ended up with a WRX limited sedan. I bought it in 2008 for 20K; 13 years later it is worth 6-9K per KBB.

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32 minutes ago, Terminalxylem said:

Interesting that you even keep track of vehicle prices. I generally purchase and forget about it, until major maintenance is needed. I almost broke that pattern when the Tesla 3 was released, but thankfully came to my senses and cancelled deposits on 3(!) cars - I was trying to maximize the EV credit.

I wanted a wagon, but ended up with a WRX limited sedan. I bought it in 2008 for 20K; 13 years later it is worth 6-9K per KBB.

When I was a dirtbag skibum in my 20's I routinely had 2 cars at the same time. I was so poor that even if i had a working vehicle I would watch craigslist for a great deal on my next vehicle because who knows when the car I was driving would break down. I bought 5+ vehicles for under a thousand dollars and a few more in the 1-3k range.

Out of habit I still check used car prices much more frequently than the average person.

 

My WRX with my Cannodale pictured below. I am heading on down to the single track trails now.

https://imgur.com/OKTWtSz

 

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