Used Car Market

[Spaniel with a Short Tail]

Anyone ever purchase from or have an experience with offleaseonly? I know you have to watch the title and history of their vehicles but they still have some pretty good deals. Thanks.

[WI_Inferiority_Complexes1]

Anyone ever purchase from or have an experience with offleaseonly? I know you have to watch the title and history of their vehicles but they still have some pretty good deals. Thanks.

We’re dead at the dealership, so just now I looked at the first six “Manager’s Picks.,” and two have had their airbags deployed. Three of them aren’t even “off lease.”

[PointWarrior]

Thanks for this thread - looks like i can buy my lease out for 10k less than the current used market price and forgo 9 lease payments left.  Crazy

[WI_Inferiority_Complexes1]

Thanks for this thread - looks like i can buy my lease out for 10k less than the current used market price and forgo 9 lease payments left.  Crazy

I do not know of a way to buy your own lease and waive remaining payments.

[MU82]

Sleepy J now sez dat car prices ar back to pre-covid levels...lol, aina?

He should be more of a big man and encourage a boycott of Harley Davidson, nu?

[jficke13]

But unless he plans to start walking everywhere, he'd have to buy another vehicle that is now higher-priced.

yeah that's the trick. We keep getting flooded with mail from the dealer to buy back our '18 Camry and '18 CX9 and it's like "well, sure if we could forego vehicle ownership for a year while the market regains sanity, but alas."

[jesmu84]

I do not know of a way to buy your own lease and waive remaining payments.

Maybe dealership rolled the payments into the loan for the lease buyout? So, not actually forgoing/waiving payments

[dgies9156]

We’re dead at the dealership, so just now I looked at the first six “Manager’s Picks.,” and two have had their airbags deployed. Three of them aren’t even “off lease.”

I’ve seen OffLeaseOnly down in Florida and the bulk of their cars have been in some type of accident.

Pass

[MU82]

My friend told me yesterday that he could sell his Audi that he bought used in the beginning of the year and make a profit on it.

In January 2011, we bought a 2009 Hyundai Elantra that had low miles and was still under warranty. We decided we wanted something a little bigger and sold it that August ... and got about $1,500 more than we paid for it -- which was a first for me in all my years of car-ownership. At the time, gas prices had spiked and fuel-efficient cars were going at premium value.

That's kind of what now reminds me of ... except it applies to pretty much all used vehicles, and gas prices have nothing to do with it.

[PointWarrior]

My lease is through Ally - their website gives a buyout option at the current moment of time - i assume its some combo of the residual value and remaining payments.

I do not know of a way to buy your own lease and waive remaining payments.

[WI_Inferiority_Complexes1]

My lease is through Ally - their website gives a buyout option at the current moment of time - i assume its some combo of the residual value abs remaining payments.

Now I get it. Thanks.

[Hards Alumni]

I just did a shallow dive into the used car market for one of my employees who is looking for a car...

The prices are absolutely brutal.  10k for a 15 year old crossover suv with 200k miles? yikes.

And the inventory... it's awful as well.

[WI_Inferiority_Complexes1]

I just did a shallow dive into the used car market for one of my employees who is looking for a car...

The prices are absolutely brutal.  10k for a 15 year old crossover suv with 200k miles? yikes.

And the inventory... it's awful as well.

Prices are brutal across the board. I consistently have friends and neighbors looking for a “nice $10k-$12k” for their kid; I’m embarrassed to tell them what they can now get for that price range.

The awfulness of the “used car inventory” is very much dependent on where you’re looking. We have several nice, low mileage recent model-year cars still under warranty. We have a gorgeous, 40k mile 10 year-old Avalon. The ‘15 Yukon I sold last night was extra clean. Our used car inventory is fine; it’s just all these cars cost a billion dollars.

[Hards Alumni]

Prices are brutal across the board. I consistently have friends and neighbors looking for a “nice $10k-$12k” for their kid; I’m embarrassed to tell them what they can now get for that price range.

The awfulness of the “used car inventory” is very much dependent on where you’re looking. We have several nice, low mileage recent model-year cars still under warranty. We have a gorgeous, 40k mile 10 year-old Avalon. The ‘15 Yukon I sold last night was extra clean. Our used car inventory is fine; it’s just all these cars cost a billion dollars.

She's looking for a smaller SUV with reasonable mileage for 10k or so in the Madison area.  She knows very little about autos, and doesn't want to get screwed.  While she's been looking, she has caught and pointed out the shady behavior she has seen.  I do not envy her position.

[WI_Inferiority_Complexes1]

She's looking for a smaller SUV with reasonable mileage for 10k or so in the Madison area.

We are retailing cars for $10k that last year we would’ve sold to a wholesaler for $6k. In the Chicagoland area, FWIW, that’s a near impossible pricepoint for a reasonably-decent vehicle.

What last year sold for $38k sells this year for closer to $50k. What sells this year for $10k was last year’s garbage.

[Hards Alumni]

We are retailing cars for $10k that last year we would’ve sold to a wholesaler for $6k. In the Chicagoland area, FWIW, that’s a near impossible pricepoint for a reasonably-decent vehicle.

Yeah, unfortunately for her, she is coming to that realization.  She has also waited until her current vehicle is on its last 100 miles without major repairs.  I wish I had better advice for her.

[WI_Inferiority_Complexes1]

Yeah, unfortunately for her, she is coming to that realization.  She has also waited until her current vehicle is on its last 100 miles without major repairs.  I wish I had better advice for her.

Put half of the $10k down, finance for 84 months and get a new Buick. She’s got a good job.

[Hards Alumni]

Put half of the $10k down, finance for 84 months and get a new Buick. She’s got a good job.

Haha, your bias is showing!  But she does own a 98 (I think) Buick.  84 months is sooooooooooooo much interest.

[WI_Inferiority_Complexes1]

Haha, your bias is showing!  But she does own a 98 (I think) Buick.  84 months is sooooooooooooo much interest.

I’d normally also say “or get a new GMC,” but we only have like 2 of them, and I’m getting sick of looking up the ETAs of our next Terrain, Acadia, etc.

[warriorchick]

Haha, your bias is showing!  But she does own a 98 (I think) Buick.  84 months is sooooooooooooo much interest.

IMO, anyone who finances a car for 84 months is a dope.  You are going to be upside down on that loan for most of the vehicle's life.  Hope it never gets totalled.

Get a car for which you can afford the payments on a 36-month loan.

[NCMUFan]

Had service work at the Honda dealer today.
Lot almost void of new cars.
Keep yours in good working order.

[StillAWarrior]

We find ourselves in the unusual position that we could probably part with a car without too much inconvenience. My wife and I each have a car and we have a CR-V that our kids drive. We bought the CR-V used just before COVID hit (it probably would have been much cheaper if we'd waited a few weeks). With my youngest starting college in a few weeks, we're going to have a car sitting unused. We never let our older kids take a car to college and we're not inclined to start now. I'm already planning to drive the CR-V on snowy days because my car doesn't do particularly well in snow.

With prices being where they are, I'm beginning to consider selling my 2013 Altima. It's got a lot of miles (175k or so) but it is very clean (probably 98% of its miles have been with only the driver). Looking at Kelly's, it may be worth somewhere in the neighborhood of $4200 to a dealer and $6200 in private sale. Hmmm...

[ZiggysFryBoy]

She's looking for a smaller SUV with reasonable mileage for 10k or so in the Madison area.  She knows very little about autos, and doesn't want to get screwed.  While she's been looking, she has caught and pointed out the shady behavior she has seen.  I do not envy her position.

A good place to look in Madison is for international grad students that are moving back home looking to sell.  Eagle Heights or University Houses sign boards.

Don't know how many international grad students are still coming, but it's a good source for private purchase.  Caveat emptor.

[UWW2MU]

IMO, anyone who finances a car for 84 months is a dope.  You are going to be upside down on that loan for most of the vehicle's life.  Hope it never gets totalled.

Get a car for which you can afford the payments on a 36-month loan.

Not upside down if you put a big enough down payment.   

Regardless, there can be reasons for going long term on your payments if someone has trouble affording a car.  For example, do they have high credit card debt?    Getting a newerish reliable car at 72/84 months for less than 2% interest rate may be a good idea so they can put the rest of that "would be" payment at 36 months towards their 24% interest credit cards.  At that point, paying gap insurance on top of their long term loan would still leave them far better off with a lower payment so they can pay other debt.   

Now... if they're doing it just so they can afford that entry level BMW that's out of their range... well, I can't speak to that.   

[Hards Alumni]

A good place to look in Madison is for international grad students that are moving back home looking to sell.  Eagle Heights or University Houses sign boards.

Don't know how many international grad students are still coming, but it's a good source for private purchase.  Caveat emptor.

That a good idea.  I'll pass it along to her, thanks!