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Used Car Prices Spike

3K views 9 replies 10 participants last post by  arbus 
#1 ·
“There’s more people buying cars than there are cars in the market, which makes it go kind of crazy,” Cherner said.

The surge in prices is driven by the slowdown in new-car production because of lockdowns and semiconductor shortages. In addition, unusually for a recession, the number of customers who defaulted on vehicle finance and had their car repossessed has declined, cutting off another source of supply for dealers such as Cherner.
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I wonder if it's affecting Volt's and other used EV's as well?
 
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#2 ·
I don't think it's all that "vehicle specific". The same "haven't had a regular habit of eating out and taking vacations" meant that a lot of people had substantially more cash than they used to. Better-off folk earmarked that for down payments on real estate, a little further down the scale, that's a cash-payment for a used car, which is also (potentially) reliable transport to a new job. Same stuff is happening in between those for leisure boats too, with large numbers of boats selling for $15-30k almost sight-unseen. That doesn't mean that consumers will get higher trade-ins because sellers rightfully know that this spike in demand will end unpredictably and will likely result in glut of overpriced used cars for a while. (not to mention speculative real estate and boat buys..)
 
#3 ·
It’s definitely a thing here in Illinois. Dealers are asking for $10-15k over sticker for a Toyota RAV4 Prime, and used car prices are nuts. I sold my 6 speed 2015 Cruze Eco, modded and fully loaded, for only $6,400 before the Coronavirus and now I’m told that car will get $7,000-9,500 on trade by dealers (just based on pictures and a Carfax). I still had the stock parts which helped I’m sure. But I ran into the same thing buying my Volt, what was a $6-8k car was $10k and most $10k Volts I looked at weren’t even in good condition (accident damage). It certainly is a strange world we live in.
 
#8 ·
I bought a 2014 Volt w/ 18k miles in Feb 2020 for $13,750 (from a Ford dealer) and traded it with Carvana three weeks ago. They gave me $13,630 for it with 24k miles.

The new car is a 2018 LT, 22k miles with heated seats and Bose. I paid $17,990..... but now similar LTs without heated seats are going for $20,590. It's crazy, a $2,500 increase in just three weeks. :oops:
 
#9 ·
I was also offered $3000 more than what I paid for my 2017 Volt LT from the same lot I bought it from but there is currently no equivalent replacement for it. They were selling similar Volt like mine for $19K. Their used electric selection went from 20 cars down to 6 in less than 2 week. Mind you, this is a tiny tiny dealership.
 
#10 ·
Last week I got a call from the dealer I bought from offering me what I thought was a ridiculous amount for my 2015. I told her we needed two cars and asked what she might have to replace it. Turned out nothing, really.

But this week, I got a call from the "product consultant" at the Honda dealership where I bought my HAH. He wanted to know if I wanted to sell it back to them, for a couple thousand more than I paid: "cash money," the guy said. When I told him I had traded it several months back on a Volt, he replied that he used to sell Chevy and he didn't blame me "one, damned bit." Then he asked if I was interested in selling it!

It's so nice to be loved. ;]
 
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