Who is buying vehicles?

They're saying some industries will partially stay work-at-home even after the dust settles, now that the tech has been proven. This will mean less car use, less gas use. Maybe someone will sell one of the family cars and share. Demand may stay down even after the assembly lines start back up.

But you don't rush to lock in a loss and neither would a car company. If you're a dealer you can sit and wait a few months to sell a car on your lot. They do anyway! IDK what "floor plan" financing rates are but they're probably pretty low so money isn't being lost too quickly.

As said above the nearly new used market will get flooded and I kinda agree with that. It's been overpriced for way too long.
 
I picked up a NEW 2019 (better warranty than 2020) Jetta SEL today. 0% 72 mos and 180 days until 1st payment. Sticker was nearly $27k and I got it for $21+tax and plate OTD.
 
I'm not sure this will actually make a big difference. I don't need a new car, so aim not in the market. Same as what? 95% of the motoring public?

The 5% that are in the market will either take advantage of the deferred financing, or else still be in the market, along with the other folks who were going to naturally enter the market in time.

Some folks have lost jobs and thus aren't going to buy. So there's that. Others are commuting less, so there's less wear out and accident based attrition. But for everyone else, they either weren't buying,mor else they are or will be buying in time. That won't change.
 
Originally Posted by 53' Stude
Originally Posted by grampi
I figured with the lock down in place, and millions of people out of work, I thought I'd see the bottom drop out on vehicle prices, but it hasn't. What is keeping prices up?

My brothers friend is busy as ever selling used cars. Dont know what your talkin' about

I've just picked up a new-to-me 2013 Nissan X-trail (T31) 4x4 with the 2.5L (QR25DE) petrol engine. We needed a second car, as I'm not doing public transport right now when going to work and my wife didn't want to be stuck at home without transport.

This model isn't sold in the USA, but it is very similar to your Nissan Rogue.

We are the second owner, the car was well look after with regular dealership services by the book. The guy who previously owned it just traded it in for a brand new X-Trail.

We got a great deal, as they knew the market was contracting, and cut thousands off the price just to move stock. My wife cut the deal, she is great at that stuff. We paid cash, so no debt to carry forward into uncertain times.
 
I'm going to buy something if the price is right, probably a new Subaru or a used AWD Lincoln or Genesis. I start a new job on Monday, which is at an institution very unlikely to go away (critical infrastructure). Otherwise my 13 yr old Honda is chugging along, paid for, and perfectly adequate for a few more years.
 
Originally Posted by grampi
I figured with the lock down in place, and millions of people out of work, I thought I'd see the bottom drop out on vehicle prices, but it hasn't. What is keeping prices up?

Itll drop.
 
A friends wife works for an Audi & infiniti dealer, says they are steadily selling cars and buying newer pre-owned to keep inventory levels up as they fear shipments from factory will be delayed/canceled.
 
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Chuckling at how people are already expecting to see low prices on cars. It may feel like we got into this fun a long time ago, but it literally became a nationwide issue only weeks ago. Between uncertainty on when the next rounds of manufactured cars will be coming in (see factory closures in many places), and a lag in market response time... Its no wonder prices have not moved - especially since it is only the short term.

Longer term the effects will be interesting.
 
Originally Posted by Ws6
Originally Posted by grampi
I figured with the lock down in place, and millions of people out of work, I thought I'd see the bottom drop out on vehicle prices, but it hasn't. What is keeping prices up?

Itll drop.

I agree. Much too early to be expecting decent deals.
It's literally only been a month since things went south. Once we hit 3-4 months is when things are really going to get interesting.

I've been seeing more classic/collector cars from private sellers for sale in my area recently. The kind that have been in families for generations or projects that are 95% complete (if they'd complete it they'd get better ROI, but obviously that's not an option at this time).
 
The purchase price of the vehicle plays a significant part in being upside down .

Look at this scenario . You get a fantastic deal on the price of the vehicle and avoid all the fake charges / cost on the vehicle . You get 0% interest and 84 month financing . You keep & drive the vehicle for 84 months . You come out fine .

Now , if you decide to git rid of the vehicle in the first 1 , 2 or 3 years , you may come out up side down . Due to the massive depreciation the first year or so .

The low or 0% interest is a BIG plus ! 100% of each payment goes to reduce the principal .
 
Originally Posted by WyrTwister
The purchase price of the vehicle plays a significant part in being upside down .

Look at this scenario . You get a fantastic deal on the price of the vehicle and avoid all the fake charges / cost on the vehicle . You get 0% interest and 84 month financing . You keep & drive the vehicle for 84 months . You come out fine .

Now , if you decide to git rid of the vehicle in the first 1 , 2 or 3 years , you may come out up side down . Due to the massive depreciation the first year or so .

The low or 0% interest is a BIG plus ! 100% of each payment goes to reduce the principal .


Yep. Dealers are sooo desperate they will avoid silly games.

Lots of hungry salesmen wanting their commissions.
 
I have been taking a shot at buying a brand new 2020 Camry SE. I tried negotiating with three dealers and one is not playing so that one will go away. What I am finding is it still is tough go getting a excellent deal. I have them discounting a little more than 20% off MSRP. I am close. Its not like I need the vehicle but figure its the best time to buy it for the long term. I would then sell my 2014 Camry. We keep our vehicles for close to 20 years. We will see how this plays out.

I bought both my 2008 Tundra and 2003 Tacoma at weak points. I paid $21000 for the Tundra and that vehicle is still mint.

I was looking at charts of vehicle sales and they are hurting. The levels of sales in March are lower than the recession we had in 2008. So I am doing my part to help the economy.
 
In NY car sales are crushed tons of cars on Craigslist a good amount of hobby cars up for sale. My friend lost his job two weeks ago wife is forcing him to sell his 69 GTO sadly he won't get what he paid for it. I'm waiting for the rental car companies to unload there car's into the market then you will see prices drop that will also kill the leasing market. It's going to be interesting how it pans out
 
I shop for vehicles on Copart and IAAI (typically salvage). Very few new vehicles coming to auction, and lots of vehicles at the acution yard can't be auctioned off because the paperwork (title, etc) have not arrived and/or processed. Weird time for many aspects of the auto industry- even the salvage auto industry.
 
Most late model used cars are going for between 80% to 90% of what they were just a month ago.

I have been getting some amazing deals as of late.

https://www.facebook.com/48-Hours-And-A-Used-Car-327864380887174/

I never thought I would be able to get a one year old Corolla in great condition for less than $10,000. But that happened last week. It had 38k miles on it. A lot of my inventory goes towards delivery and rideshare companies and in the compact car segment those vehicles are about $2500 less than they were back in February.

Once we emerge out of the lockdown those prices are going to go back up. After 21 years in this business I'm used to seeing the ebb and flow of market prices.
 
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With the financial repercussions of theðŸ¤disease of whose name must not be spoken starting to show their ugly head isn't it about the worst time imaginable to take on another long term financial commitment ? We are flush come what may mostly from being savers but if I was still working and it wasn't in a rock solid industry I'd not be shopping new cars or toys about now. The economy really is in shambles and for many of us it's not going to change for the better anytime soon.
On the other hand it is a fantastic time to pick off deal from repos, Craigs List ect. as folks in distress sell or lose their big ticket items. Vultures will be circling for a long while I fear.
 
Originally Posted by loneryder
Originally Posted by madRiver
I think they are sitting and waiting figuring it out. Do you slash price as you are losing money ?

The only reaction on new car is 72 month 0% financing with delays in first payment.

Infinity and Mitsubishi are goners once dust settles in USA. Expect fire sale with them.

How about 84 months. No interest. You take that deal and you will be so upside down!


I will take whatever term keeps my payment where it is now, which should be 3 years or less...I will probably refinance though as I should be able to get a lower interest rate than I have now...
 
Originally Posted by spavel6
We took a vehicle in March that we had ordered back in November.

I also figured, like the OP, that prices would drop. I am looking for a fun car, but the prices are no different than before the global closure.

I think most dealers are delusional about how quickly the market will come back. Dealers are pricing everything like normal. In fact, with the huge factory rebates and incentives, dealers are scaling back the discounts they're giving at the dealer level.


As you and plenty others may know, I'm looking for a Corvette and I thought now would be a premo time to buy. Those prices haven't budged. My wife and I are also looking to trade in our minivan on an SUV. No give there either. I don't get it. I guess their bean counters have decided it costs them less money to have vehicles sitting on lots indefinitely, rather than mark them down to move them...like others have posted, about the only advantage to the buyers that's come of this is the lower interest rates. Free, or almost free money is a good thing!
 
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