Used Car Market

[MuggsyB]

I have a 2005 Audi A4 with about 140K miles.  It's in better than average condition but I wouldn't call it "excellent".  I guess I haven't been paying attention to what's going on but I've thought about getting a new car since Jan.  It definitely won't be an Audi with their maintenance costs.   Anyway,  I took pictures and punched in my info.  Truthfully, I thought at best the thing was worth $500.  Within 10 minutes I got seven phone calls from dealerships and offers as much as 3K if it mechanically checks out.  I am floored by this but apparently this is common now across the country.  Dealerships are clearly desperate for cars.  I suppose this is COVID related but if you're in the market to sell a car now is clearly the time.

[The Hippie Satan of Hyperbole]

Yeah but good luck finding one if you need one. 

[MuggsyB]

Yeah but good luck finding one if you need one.

True.....I guess I hadn't thought about that.    Maybe I'll give my mom a call. 

[jesmu84]

Yeah but good luck finding one if you need one.

Right. Much like a house, you can sell for a significant sum right now, but then you gotta buy something to replace your original.

[MuggsyB]

Hmmmm....what would a 3K bet on MU to win the 2022 college hoops title yield?  Enough for an Aston Martin Valkyrie?

[JWags85]

I have a 2005 Audi A4 with about 140K miles.  It's in better than average condition but I wouldn't call it "excellent".  I guess I haven't been paying attention to what's going on but I've thought about getting a new car since Jan.  It definitely won't be an Audi with their maintenance costs.   Anyway,  I took pictures and punched in my info.  Truthfully, I thought at best the thing was worth $500.  Within 10 minutes I got seven phone calls from dealerships and offers as much as 3K if it mechanically checks out.  I am floored by this but apparently this is common now across the country.  Dealerships are clearly desperate for cars.  I suppose this is COVID related but if you're in the market to sell a car now is clearly the time.

FWIW, Audi has come a long way in terms of maintenance since that generation.  My buddy had a 2004 A4 and loved the car but felt the same way.  His father in law had recently gotten a 2018 and had a relatively carefree maintenance situation.  Its pricier maintenance wise than a Honda, but its not the moneypit Audi used to be.

But the used car market is insane.  I have a friend in Cali who got a Jeep Gladiator shortly before COVID.  All the bells and whistles, paid around $54K for it.  He drove it for 2 years, decided he wanted one of the TSLA SUVs, decided to see what he could get from Carvana, not even a dealer.  Got an offer for $50,600 and snapped it up.  Thats just preposterous.

[MuggsyB]

FWIW, Audi has come a long way in terms of maintenance since that generation.  My buddy had a 2004 A4 and loved the car but felt the same way.  His father in law had recently gotten a 2018 and had a relatively carefree maintenance situation.  Its pricier maintenance wise than a Honda, but its not the moneypit Audi used to be.

But the used car market is insane.  I have a friend in Cali who got a Jeep Gladiator shortly before COVID.  All the bells and whistles, paid around $54K for it.  He drove it for 2 years, decided he wanted one of the TSLA SUVs, decided to see what he could get from Carvana, not even a dealer.  Got an offer for $50,600 and snapped it up.  Thats just preposterous.

Yes!  Honestly JWags my car is a piece of crap.  I'm hoping to snag my mom's Acura...she doesn't really need a car. 

[pbiflyer]

If anyone has to turn in a lease soon, it is likely worth far more than the residual value. You can get a better deal on a new car by trading it in.

[Spaniel with a Short Tail]

I've been monitoring specifically optioned Subaru WRXs for about a year now. Given the trend I saw a year ago, the car should be around $26k. Instead it's around $32k. Now that I'm finally ready to buy I think I'll wait a few months for prices to come down. My guess is I won't end up buying until the end of the year.

[DegenerateDish]

This lack of chipset issue isn’t going away this year. If you need a car/appliance/IT equipment and someone somehow has stock, buy it now.

Going to be a lot of gift cards and clothes given out for the holidays this year.

[pbiflyer]

This lack of chipset issue isn’t going away this year. If you need a car/appliance/IT equipment and someone somehow has stock, buy it now.

Going to be a lot of gift cards and clothes given out for the holidays this year.

My son is still diligently trying to get a new Xbox since Christmas.

[MU82]

I have a 2011 Hyundai Santa Fe, owned it since new. 86500 miles, which is considered low. Car’s in good shape. Not perfect, but few 10-year-old cars are.

I have been thinking about possibly replacing it for more than a year now “just because.”

I checked with Edmunds and Kelley Blue Book about 9 months ago and it was said to be worth about 4500 on trade and about 7500 private sale.

I just checked again 2 days ago and it’s now worth about 6K on trade and almost 10K private. Crazy!

And the thing is, new cars haven’t gone up by that percentage, at least not the ones I’m considering. So that’s good if I want to buy.

OTOH, the Santa Fe is still a perfectly good car and I really don’t “need” a new one. So who knows?

[MuggsyB]

I have a 2011 Hyundai Santa Fe, owned it since new. 86500 miles, which is considered low. Car’s in good shape. Not perfect, but few 10-year-old cars are.

I have been thinking about possibly replacing it for more than a year now “just because.”

I checked with Edmunds and Kelley Blue Book about 9 months ago and it was said to be worth about 4500 on trade and about 7500 private sale.

I just checked again 2 days ago and it’s now worth about 6K on trade and almost 10K private. Crazy!

And the thing is, new cars haven’t gone up by that percentage, at least not the ones I’m considering. So that’s good if I want to buy.

OTOH, the Santa Fe is still a perfectly good car and I really don’t “need” a new one. So who knows?

My experience today is that the KBB quotes were low.  The dealerships are actually begging for my crappy car.   Maybe with your bartering skills you could get 12K or auction it off? 

[MU82]

My experience today is that the KBB quotes were low.  The dealerships are actually begging for my crappy car.   Maybe with your bartering skills you could get 12K or auction it off?

12K? That would be amazing for a car I bought new for about 23K more than 10 years ago. I've first got to decide if I really want a new car, but yeah, this is really interesting and tempting now.

[The Hippie Satan of Hyperbole]

12K? That would be amazing for a car I bought new for about 23K more than 10 years ago. I've first got to decide if I really want a new car, but yeah, this is really interesting and tempting now.

If you can get by with one less car for a few months, even better.

[mu_hilltopper]

My son is still diligently trying to get a new Xbox since Christmas.

6 weeks ago, my son wanted a new Series S, as he had a good chunk of birthday monies.  We searched online for a few minutes, came up empty.  Subscribed to some twitter feeds that alert people to xbox availability.

I asked him .. if I see it online, do you want me to buy it?  YES.

10 minutes later, I'd found it at Walmart.  Came about a week later.

[MU82]

If you can get by with one less car for a few months, even better.

When we moved to Chicago, we went from 2 cars to 1 very easily and sometimes didn't drive that 1 for weeks.

In the Charlotte 'burbs, my wife and I each has to have a car to drive, unfortunately. So yes, timing sells and buys will be tricky if I decide I want to buy and maximize the financial situation to my advantage.

[reinko]

Got offered 17K on a trade in (decided against it, as having a paid off, reliable used car will allow me to better use $500/month) of my 2016 CRV, with 38K miles…which is just bonkers, seeing that I bought brand new for like $23,500 5 years ago.

[Spaniel with a Short Tail]

I have a 2011 Hyundai Santa Fe, owned it since new. 86500 miles, which is considered low. Car’s in good shape. Not perfect, but few 10-year-old cars are.

I have been thinking about possibly replacing it for more than a year now “just because.”

I checked with Edmunds and Kelley Blue Book about 9 months ago and it was said to be worth about 4500 on trade and about 7500 private sale.

I just checked again 2 days ago and it’s now worth about 6K on trade and almost 10K private. Crazy!

And the thing is, new cars haven’t gone up by that percentage, at least not the ones I’m considering. So that’s good if I want to buy.

OTOH, the Santa Fe is still a perfectly good car and I really don’t “need” a new one. So who knows?

My cousin just described his experience trading in a 4 year old car for a brand new one. It cost him essentially $4000 for a brand new car. Trading in for new is the way to go.

[NCMUFan]

Have an 80s vintage Ford F150.
Used for yard projects like using hauling mulch from the local landscaping materials business.
Was thinking of selling and getting something more recent but used.
Now will rethink that.

[mix it up]

My son is still diligently trying to get a new Xbox since Christmas.

Have him follow guys on twitter that announce drops at Best Buy, Target, Walmart, Costco etc. That's how I got one for my son about 4 months ago. Painful, I know.

[pbiflyer]

Have him follow guys on twitter that announce drops at Best Buy, Target, Walmart, Costco etc. That's how I got one for my son about 4 months ago. Painful, I know.

Thanks! Do you have a handle?

[reinko]

Thanks! Do you have a handle?

These are a good start

@XBoxStockAlerts
@MattSwider

[🏀]

Thanks! Do you have a handle?

I got mine in December. Does the kid have Discord? That’s where the real info comes from.

Otherwise, wake up every morning and check Target.com. They restock around 5:30am central.

[mix it up]

Thanks! Do you have a handle?

@PS5Drop
@PS5stockalerts
@lordofrestocks
@PS5stockupdates