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PSA Used car prices - check yours (1 Viewer)

MTskibum said:
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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Well, cars are much, much more reliable nowadays. I remember my mom destroying American made vehicles after 3-4 years growing up, but I intend on keeping my Subaru at least 20.

Enjoy biking. Along with hiking, it’s great exercise to prepare for the ski season. It’s also pretty fun.

 
Terminalxylem said:
Well, cars are much, much more reliable nowadays. I remember my mom destroying American made vehicles after 3-4 years growing up, but I intend on keeping my Subaru at least 20.

Enjoy biking. Along with hiking, it’s great exercise to prepare for the ski season. It’s also pretty fun.
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Currently looking at used Crosstreks and it looks like for what they are going for I should just get a new one.

 
Terminalxylem said:
Well, cars are much, much more reliable nowadays. I remember my mom destroying American made vehicles after 3-4 years growing up, but I intend on keeping my Subaru at least 20.

Enjoy biking. Along with hiking, it’s great exercise to prepare for the ski season. It’s also pretty fun.
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The vehicles I destroyed in my 20s were reliable. I sent more than a few vehicles to the junkyard with over 200,000 miles, including multiple Subarus, multiple Toyotas, and a Mazda.

I drove 25-40k miles per year on my dirt cheap cars. The best I ever did was a 95 Nissan Sentra that I bought for a thousand dollars at 140k miles. I sold it for 400 dollars at 200,000 miles without putting a penny into it in repairs. The only downside is every time I fueled up I had to add a half quart of oil. It did not burn oil, but it had a bad valve gasket leak.

Thankfully those days are long gone. 

Although even now it sounds like I put significantly more miles on my vehicles per year. Even in Texas I average over 15k a year. Owning a vehicle for 20 years would put me over 300,000 miles easy.

 
MTskibum said:
The vehicles I destroyed in my 20s were reliable. I sent more than a few vehicles to the junkyard with over 200,000 miles, including multiple Subarus, multiple Toyotas, and a Mazda.

I drove 25-40k miles per year on my dirt cheap cars. The best I ever did was a 95 Nissan Sentra that I bought for a thousand dollars at 140k miles. I sold it for 400 dollars at 200,000 miles without putting a penny into it in repairs. The only downside is every time I fueled up I had to add a half quart of oil. It did not burn oil, but it had a bad valve gasket leak.

Thankfully those days are long gone. 

Although even now it sounds like I put significantly more miles on my vehicles per year. Even in Texas I average over 15k a year. Owning a vehicle for 20 years would put me over 300,000 miles easy.
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Around 2000 I bought an 87 accord for $1,300 and got 4 years of redlining every gear out of it and all I did was change the oil. Electrical system fried itself and that’s what killed it. 

 
STEADYMOBBIN 22 said:
I know Subarus are nice, reliable cars but they just scream import racer to me. I can’t #### with em.
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Must be thinking of the WRX and BRZ models. I won’t fault you there but the Outback, Forester and Crosstrek are completely different animals appealing to outdoors types.

Thinking of putting an order down for the new Outback Wilderness, looks great with some sweet features and I live in Colorado so it will definitely get plenty of intended use instead of commuter miles. Our 2016 Outback is at 80k miles but is more my wife’s car while I have an ‘03 Tacoma with over 220k miles I rarely use anymore due to work from home.

 
Buckna said:
Must be thinking of the WRX and BRZ models. I won’t fault you there but the Outback, Forester and Crosstrek are completely different animals appealing to outdoors types.

Thinking of putting an order down for the new Outback Wilderness, looks great with some sweet features and I live in Colorado so it will definitely get plenty of intended use instead of commuter miles. Our 2016 Outback is at 80k miles but is more my wife’s car while I have an ‘03 Tacoma with over 220k miles I rarely use anymore due to work from home.
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Yeah, nobody has ever put the words “Outback” and “racer” in the same sentence before.  It’s the world’s most boring car (but ultra practical).

 
Buckna said:
Must be thinking of the WRX and BRZ models. I won’t fault you there but the Outback, Forester and Crosstrek are completely different animals appealing to outdoors types.

Thinking of putting an order down for the new Outback Wilderness, looks great with some sweet features and I live in Colorado so it will definitely get plenty of intended use instead of commuter miles. Our 2016 Outback is at 80k miles but is more my wife’s car while I have an ‘03 Tacoma with over 220k miles I rarely use anymore due to work from home.
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Yeah. That’s a station wagon. 
 

So your choices are Raxer S or station wagon. Again, I understand they are great cars. Just not for me. Not judging. 

 
@ragincajun

Thanks for this thread! Thanks to others that have shared info. Last year I discovered my 2010 F-150 (bought new) was on its way out after only about 85k miles. I was planning on keeping that truck for at least a few more years. Stupid cam phasers on the 5.4L V8. So I traded it in on a 2018 Tacoma, because I wanted something a little smaller as parking where I work is insane and having a full size pickup sucks the big one when you're trying to squeeze into a parking slot meant for a Mini Cooper.

It became evident over the past year that the Tacoma, while a great little truck, was just not enough for my family and I. So after reading this thread, I did some digging. Then on a whim last night we went out and looked through the lots at a couple of dealerships and found a rig we really liked, with a really good price. Today, I traded that Tacoma for $4000 more than I paid for it a year ago (I got a great deal when I bought it) for a 2018 F-150 FX4 Super Crew with 10k less miles and a 5.0 V8. The interior is cavernous compared to the Taco. 

You guys just did me a giant solid!

 
Herb said:
@ragincajun

Thanks for this thread! Thanks to others that have shared info. Last year I discovered my 2010 F-150 (bought new) was on its way out after only about 85k miles. I was planning on keeping that truck for at least a few more years. Stupid cam phasers on the 5.4L V8. So I traded it in on a 2018 Tacoma, because I wanted something a little smaller as parking where I work is insane and having a full size pickup sucks the big one when you're trying to squeeze into a parking slot meant for a Mini Cooper.

It became evident over the past year that the Tacoma, while a great little truck, was just not enough for my family and I. So after reading this thread, I did some digging. Then on a whim last night we went out and looked through the lots at a couple of dealerships and found a rig we really liked, with a really good price. Today, I traded that Tacoma for $4000 more than I paid for it a year ago (I got a great deal when I bought it) for a 2018 F-150 FX4 Super Crew with 10k less miles and a 5.0 V8. The interior is cavernous compared to the Taco. 

You guys just did me a giant solid!
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I would say congrats, but you bought a FORD!  :bag:   I can't say much thought because lately we have had Chevys coming into the shop with less than 5000 miles and collapsed lifters.

 
snellman said:
I would say congrats, but you bought a FORD!  :bag:   I can't say much thought because lately we have had Chevys coming into the shop with less than 5000 miles and collapsed lifters.
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Yeah, yeah, I'd rather push a Chevy than drive a Ford, etc. I'm a pretty loyal Ford guy when it comes to trucks, but they almost lost me over that last one. I've owned or regularly driven 6 F-150's (including a '65 F-100) over the years, and been happy with all of them except the 2010. Although I loved that rig until I learned the engine was junk.

I've toyed with buying a different brand, but I don't trust the Dodge or GM trucks, and don't like the looks of the Toyota and Nissan half-tons. So back to Ford I go. It didn't hurt that my wife told me last night, "I hate that Tacoma and always have, I just didn't want to say anything because you liked it!"

A couple of your posts really inspired me to look into the situation, so many thanks to you. Making me a profit on a used truck and being a Vikings fan far outweigh your bad taste in pickups!  :D

 
fred_1_15301 said:
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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You would if your buying private sale and you don't mind doing some work on it.

 
I might buy a new car. Have a good offer from a dealership right now. I'm going to look at the car tonight.

One of my cars has been losing oil. Mechanic said there is a small leak but not enough to make it lose so much oil so fast (was basically out of oil 1000 miles after oil change). Theory is it's burning oil and needs major engine work. So, my hope is to top it off with oil and get a good trade-in value towards this new car. We'll see. I'm hoping the possible engine problems aren't something the dealer can see when they take a look at it.

They'll easily see some other the other problems (small rust spots on hood and a couple areas that need paint), but still hoping for enough value to help lower my monthly payments.

 
Carmax, FTW.

I did the online Carmax assessment and they offered $6400 for my car.

I took my car to the dealership I'm liking buying my new car from and they took a look. They offered $1000.  :eek:  They talked about major front end damage and I was confused. They didn't say anything about the engine, which I'm pretty sure is bad. Then they showed me the Carfax and that it was in a major accident before I bought it. I didn't understand how that could be because I saw a Carfax when I bought it and didn't see anything about it. I'm sure they assumed I was lying. But, we then noticed that the accident was only about 2 months before I bought it and their theory is that Carfax can sometimes take a few months to update, especially back in 2014/2015 when I bought the car. So, needless to say, I was bummed.

I talked to Honda about how Carmax offered $6400 online but now I was really unsure what Carmax would actually give. Honda pointed out that Carmax's estimate would be based on the Carfax info about the previous accident, so it would be worth a try to take it took them. Honda also mentioned that they had a customer recently get a much better offer from Carmax than Honda last week and that person took his car to Carmax and got exactly what the online offer said. So, Honda went online and did a mock submission to Carmax where they put in information based on how they see the car and it came back at $5200. So, they suggested I take it to Carmax and predicted I will get about $3000.,

So, I head to Carmax. I go up to the main desk and they ask if I have an online offer. I say I do, but then - for some reason - start rambling to them about how it might not be accurate and there might be some things that I didn't answer quite accurately at the time. As we talked, he kept repeating "What you received from us is our offer." He asked what my overall rating was for the vehicle and I told him I'm pretty sure I said it was in average condition. He then just kept reassuring me that their offer is their offer.

Carmax then checked the car out and came back with...$6400! 

I also did a Vroom online appraisal. I submitted info last Thursday and just now got the offer this morning. Their offer is $3500. Not sure why it took so long for them to send an offer. I was event getting emails from them the last several days saying things like "Now that you have your offer, it's time to look at cars!" So, in my experience, their system seems glitchy, but have heard others had good experiences with them.

 
I'm trying to figure out Carmax's game here. They are just so far off of Honda and Vroom on my car. Are they just bad at assessing cars? That doesn't seem likely.

I think they do require someone does the online appraisal first. So, that does give Carmax a ceiling. And, maybe they have data that people are more pessimistic about the condition of their car? That most people who will fill out the online form aren't going to greatly exaggerate the condition of their car? So, on average, maybe that gives Carmax lower ceilings to work with and lowers the total amount they pay out? And maybe they employ fewer mechanics to look at cars because they trust this online process and their algorithm? Their willing to take a hit on cars like mine because they assume a high percentage of them will end up being decent deals for Carmax?

If their online appraisals make solid offers and then people actually get that offer when they bring the car in, I can see that leading to good publicity and ratings for Carmax. So, while I think they likely got screwed on my car, they are probably only getting screwed by a small amount in the grand scheme of things and now they have me spreading the word and praising their car buying. If that now leads to a couple of you going the Carmax route, then maybe they eventually make up whatever hit they lose on my car.

 
PIK95 said:
Stupid question.  Are new car prices way up also?
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I have a deal on the table (just waiting for them to get my color on their lot to finalize) on a new 2021 car with an out-the-door price that is lower than some sticker prices I'm seeing on used 2020 models. 

 
dgreen said:
I'm trying to figure out Carmax's game here. They are just so far off of Honda and Vroom on my car. Are they just bad at assessing cars? That doesn't seem likely.

I think they do require someone does the online appraisal first. So, that does give Carmax a ceiling. And, maybe they have data that people are more pessimistic about the condition of their car? That most people who will fill out the online form aren't going to greatly exaggerate the condition of their car? So, on average, maybe that gives Carmax lower ceilings to work with and lowers the total amount they pay out? And maybe they employ fewer mechanics to look at cars because they trust this online process and their algorithm? Their willing to take a hit on cars like mine because they assume a high percentage of them will end up being decent deals for Carmax?

If their online appraisals make solid offers and then people actually get that offer when they bring the car in, I can see that leading to good publicity and ratings for Carmax. So, while I think they likely got screwed on my car, they are probably only getting screwed by a small amount in the grand scheme of things and now they have me spreading the word and praising their car buying. If that now leads to a couple of you going the Carmax route, then maybe they eventually make up whatever hit they lose on my car.
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Been quite a few years, but my understanding was that Carmax makes a lot of its money parting out the older/higher mileage cars they buy than actually reselling them.

 
I checked the price of my 2007 sedan on one of these a couple weeks ago. The good news is I could get $8,100 for my car which I bought for $12k 7 years ago. The bad news is that I am still getting daily calls from local dealerships asking about my car and they're not very good at taking no for an answer.

 
Got interesting offer in mail to trade back in my Subaru Ascent a year early on its lease to get a new one with the exact same lease payments and nothing down.  Really strange offer but imagine they figure to make boatloads on selling my 2 year old Ascent.  

 
Redwes25 said:
Got interesting offer in mail to trade back in my Subaru Ascent a year early on its lease to get a new one with the exact same lease payments and nothing down.  Really strange offer but imagine they figure to make boatloads on selling my 2 year old Ascent.  
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Exactly. It's probably worth way more than the residual stated on your lease. What sounds like a deal too good to be true is actually a great deal for them and probably a bad deal for you. Making up numbers here, but if the residual stated on the lease is 15k, it might currently be worth $20k, that'd be $5k you're just giving them.  

 
FBG26 said:
Exactly. It's probably worth way more than the residual stated on your lease. What sounds like a deal too good to be true is actually a great deal for them and probably a bad deal for you. Making up numbers here, but if the residual stated on the lease is 15k, it might currently be worth $20k, that'd be $5k you're just giving them.  
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Yup, could see through that. Clearly I am playing with diamond hands with my wife’s ugly slow bad handling family hauler. 

 
Craziest car market I have ever seen. Closest was ”Cash for Clunkers” days, but this has it topped.   Rebates are dropping and dealers are holding for sticker on new.  New inventory will probably bottom July/August. 

 
High at the moment.

I had started looking at cars to replace one of our older cars sometime this fall-next spring (well, replace a bit as we would keep the older car I am driving for my daughter who will be getting her permit about that time).

Things change quickly as my son had an accident the other night and we are now down one car.  Weighing all options looking older car that he may end up driving when he goes to college, weighing the option he doesn't take a car to school (it would suck...but yeah it was his mistake that led to the accident and us being down a car).  Having him drive my older car...getting something a few years old for me to drive then looking for something cheaper for my daughter if we get her an actual car of her own...again would be an older used car.  Or buying new.  The only new options I am considering at the moment are electric or plug-in hybrid that would be qualify for the tax credit.

Looking at used cars its a pain finding a lot of value really.  Looking quite old and cheap and getting it to my mechanic hoping to get about 5 years out of a car may be the best option.  New in the electric/plug in hybrid there is so much of a lag to get them.

 
So a brand new 2023 Honda CRV Hybrid can be had for $35k-ish.

And used 2021 or 2022 Honda CRV Hybrid is ~$31k.

Shouldn't there be a much bigger gap here? What am I missing? Not talking the Touring/L -- just the base sport/EX in both cases.
 
Dinsy Ejotuz said:
So a brand new 2023 Honda CRV Hybrid can be had for $35k-ish.

And used 2021 or 2022 Honda CRV Hybrid is ~$31k.

Shouldn't there be a much bigger gap here? What am I missing? Not talking the Touring/L -- just the base sport/EX in both cases.
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I’m seeing the same thing a Subaru crosstrek. The value is in new now.
 
Dinsy Ejotuz said:
matttyl said:
I’m seeing the same thing a Subaru crosstrek. The value is in new now.
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Thanks for the confirmation. Seems wild to me.

I'd have to think this puts a ton of pressure on used prices in the immediate future.
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It's been this way for at least 2+ years. I bought a new Accord Hybrid in 2021 for about the same, or maybe even a bit less, than 1-2 year old used ones at the time and I just bought a new HRV with the same tiny gap compared to used.
 
Dinsy Ejotuz said:
So a brand new 2023 Honda CRV Hybrid can be had for $35k-ish.

And used 2021 or 2022 Honda CRV Hybrid is ~$31k.

Shouldn't there be a much bigger gap here? What am I missing? Not talking the Touring/L -- just the base sport/EX in both cases.
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With low inventory, new is hard to find for some cars in some areas.

If it wasn't, people wouldn't get that much for used.

As an example, my order for a VW id.4 that I placed last August still hasn't arrived. I don't need the car anymore but I'm just waiting to see what is going on when it does arrive. So, if I couldn't wait, then I'm going to have to buy used if that's the car I want and I'm going to pay almost new prices.
 
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