Used Car Prices

Stimw · Sep 14, 2017

What a total scam!
Been looking for a specific late model SUV for a couple months. Paying cash and not in a hurry.
EVERYONE is quoting KBB which takes the price that a car is listed for and quotes that as current market value.
Meanwhile smart buyers negotiate a better sale price which is NOT quoted. So the market value is falsely inflated.
I am seeing used 4-5 year old vehicles with 20k miles listed for the same price as new 2017 discounted ones.
Where are all the TV lawyers with this scam? (Hint- owning car lots?)
And soon the market will have flood vehicles to watch out for!

Diamondpilot · Sep 15, 2017

I dont see how this is a scam? Its market.....

We bought a 2017 Civic loaded for 2K more than the 2015 used one with 40,000 miles needing new tires and soon a brake job.

I have found that buying used only pays if you can get it 2 to 3 years old for 1/2 the price of new. Because of this I have owned 26 vehicles now and only 6 were bought used. Just not worth it in my opinion 9 out of 10 times when you consider the warranty and wear items.

Diamondpilot · Sep 15, 2017

Also, where are you finding 20,000 mile 5 year old vehicles? We put that on per year.

JJZ 109 · Sep 15, 2017

Diamondpilot said:
I dont see how this is a scam? Its market.....

That's how I see it. Everyone in America has the profit motive. In the internet age, if you're not doing your research, you're going to get stung.
Fortunately for Stim, he appears to be doing that homework and showing patience. Doesn't necessarily make what he sees a scam. It's just folks trying to maximize profit like it's always been.

kf4uda · Sep 15, 2017

The used truck market is even worse. I usually buy new and keep several years so I have been out of the game for a while. I thought the new prices were high so I started pricing used. The new prices don't look as bad now!

bspeedy · Sep 15, 2017

Two words - private owner.

Wait another two months - sometime between Thanksgiving and Dec 31. Property taxes are due, kids need Christmas gifts... A cash offer way below the asking price may look attractive to the right seller.

two_bit_score · Sep 15, 2017

There are a lot of scams in the car bidness.....but this is not one of them. DP is right. It's just the market.

I can't believe some of the prices I see at car auctions from dealers. But they are basing their offers on what they can finance the car to a customer for.

timswi · Sep 15, 2017

My wife put 35k on her Hummer over the 8 years we've owned it. They are out there.

antlers125 · Sep 15, 2017

Take a look at CARVANA.COM. It is a web based dealership. They offer some pretty good incentives. We purchased a 2014 Impala LT w/11,000 mles. The car's original sale price was over $32,000, we paid $18,000.

two_bit_score · Sep 15, 2017

truecar.com

.

crashz · Sep 16, 2017

I think the market reflects that people are buying new and holding onto their cars longer (avg 11 yrs IIRC). Seems like there are fewer late model cars available unless they have a pile of miles on them. Low supply = higher prices.

Mace Canute · Sep 17, 2017

Diamondpilot said:
Also, where are you finding 20,000 mile 5 year old vehicles? We put that on per year.

I have less than 16,000 miles on my 2006 Nissan X-Trail.

Stimw · Sep 17, 2017

bspeedy said:
Two words - private owner.

Wait another two months - sometime between Thanksgiving and Dec 31. Property taxes are due, kids need Christmas gifts... A cash offer way below the asking price may look attractive to the right seller.

The private owners are quoting KBB too. They look at dealer LISTED prices and say mine must be worth that too.

Stimw · Sep 17, 2017

two_bit_score said:
truecar.com

.

Looked at one of their listings, filled out the contact form, looked at the SUV, now my cell is blown up with random spam calls.

silvertramp · Sep 17, 2017

Diamondpilot said:
Also, where are you finding 20,000 mile 5 year old vehicles? We put that on per year.

I bought a pristine 2006 Dodge TRX4 with 19K in 2010. I traded it in at the end of 2016 with 53K. Still in near perfect condition. I put more milage on my motorcycles.

NoTrespassing · Sep 17, 2017

Stimw said:
What a total scam!
Been looking for a specific late model SUV for a couple months. Paying cash and not in a hurry.
EVERYONE is quoting KBB which takes the price that a car is listed for and quotes that as current market value.
Meanwhile smart buyers negotiate a better sale price which is NOT quoted. So the market value is falsely inflated.
I am seeing used 4-5 year old vehicles with 20k miles listed for the same price as new 2017 discounted ones.
Where are all the TV lawyers with this scam? (Hint- owning car lots?)
And soon the market will have flood vehicles to watch out for!

Just bought a loaded 4wd Honda Crosstour, 2014 75K miles, $15,600 New msrp was over $34,000. The dealer has a one price only, no haggling. It was the lowest priced 2014 Crosstour in the country on Autotrader besides one that had over 150k miles.

I never liked that one price no haggle before but this time it worked out for us.

Kevin

George2615 · Sep 17, 2017

Diamondpilot said:
Also, where are you finding 20,000 mile 5 year old vehicles? We put that on per year.

They are out there. I'm sure there are a lot of people like myself that own multiple vehicles and rotate their use to cut down on miles.

I have a 2016 2500HD, 17 months old, just turned 5,000 miles.
2004 Jeep Liberty, about 5K per year.
1957 Chevy Sedan Delivery, about 2,500 per year going to car cruise shows.
2002 HD Electra Glide Classic about 2,500 per year.
Wifey has 2016 Equinox and has put 6K on it in 16 months.
Total of what I drive is 15K per year, but I'm retired and don't travel much.

two_bit_score · Sep 17, 2017

2011 Chev 2500 with 40,000 miles. Fresh as new.

Tractor Seabee · Sep 17, 2017

Diamondpilot said:
Also, where are you finding 20,000 mile 5 year old vehicles? We put that on per year.

I have a 1994 Chevy pickup with only 89,000 miles on it. Great work truck.

Last December we bought a 2017 ford edge with 2,000 miles on it for $15K under the price of a 2018 same model and equipment. We now have over 20K on it. This was at the new car dealers. Went to look at the new ones, hemmed around at the price and one of the salesmen over herd the conversations said hey how about that one we took in yesterday? I never did hear what they wanted for it; set my price, never budged, started to walk out, manager came out and said "sell it". Its now mine.

Ron