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The used car market right now

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  • The used car market right now

    I bought a new car less than 2 years ago with about 20k mileage currently. I brought it to the dealership the other day for routine maintenance and they gave me a complimentary quote for my car of just $3k less than what I originally bought it for! Is the used car market this hot right now??

  • #2
    Originally posted by petthezoo View Post
    I bought a new car less than 2 years ago with about 20k mileage currently. I brought it to the dealership the other day for routine maintenance and they gave me a complimentary quote for my car of just $3k less than what I originally bought it for! Is the used car market this hot right now??
    Yes. I valued all our cars recently on kbb and all were worth more than a year ago

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    • #3
      yep, it is pretty hot. You can get online quotes for your car from Carvana, Carmax, Vroom, givemethevin etc. I bet you will get higher valuation then your dealership offer.

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      • #4
        The problem is most people looking to sell their car want to replace it with something newer and/or larger. So you are basically selling low and buying high.

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        • #5
          Bought my son a used Honda Accord last month. Very hard to find locally. Went to 3 local dealerships and the first thing was told on the phone when I called was “we don’t negotiate at all on used cars” and “all new cars are msrp”. On the other hand I bought a sports car 2 years ago and the dealer bought it from called me and offered 3k MORE than what I paid...cash.

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          • #6
            I have my doubts about KBB, I plugged in my truck and it is saying $10,000-14,000 MORE than I paid new 4 years ago. That makes no sense at all, unless new truck prices are $25,000+ more than they were 4 years ago - are they?

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            • #7
              Originally posted by FIREshrink View Post
              I have my doubts about KBB, I plugged in my truck and it is saying $10,000-14,000 MORE than I paid new 4 years ago. That makes no sense at all, unless new truck prices are $25,000+ more than they were 4 years ago - are they?
              just put it in
              Carvana, Carmax, Vroom and see what number you are getting. COVID impact and Chip shortages are real in the car industry. Dealers are charging extra fees over MSRP for new cars now.

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              • #8
                Inflation.

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                • #9
                  The chip shortage is driving this pretty hard. I sold a 2018 Honda Accord to Carmax for pretty much what I paid for it (around $9k difference from trade in). I told a friend with a leased car and he got almost $10k in CASH instead of just handing the car back in at the end of his lease.

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                  • #10
                    Not inflation- supply and demand.

                    https://www.bloomberg.com/news/artic...sis-gets-worse

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                    • #11
                      Originally posted by FIREshrink View Post
                      I have my doubts about KBB, I plugged in my truck and it is saying $10,000-14,000 MORE than I paid new 4 years ago. That makes no sense at all, unless new truck prices are $25,000+ more than they were 4 years ago - are they?
                      Chip shortage = massive reduction in new vehicle production = increased demand for used vehicles = higher prices

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                      • #12
                        Originally posted by petthezoo View Post
                        I bought a new car less than 2 years ago with about 20k mileage currently. I brought it to the dealership the other day for routine maintenance and they gave me a complimentary quote for my car of just $3k less than what I originally bought it for! Is the used car market this hot right now??
                        plugged mine in KBB. Last year the value was 2k. Today it says 8k.

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                        • #13
                          My just out of college son bought his first car 3 months ago. A nice, new base Honda CR-V hybrid. The dealership cold called him last week and offered to buy the car back from him for $1000 more than he paid!

                          Crazy car times.

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