Used Car Prices and COVID-19
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Between this and the low interest rates it could be the time to buy later this year. Several manufacturers are already running 6 and 7 year 0% deals on new cars; a glut of off-lease cars will put pressure on new car prices. Might look at getting out of my 2006 Accord "early".
jeff
jeff
If one has not worked in a month your job may not be there anymore,,,cars of any price is a not so important and then again, one must insure that car ,,,oh the little things..
My lease is up on my traverse in October. I'm sniffing around already for something used to replace it I'm expecting a good deal will come around.
I honestly though by this time that car prices would really drop due to this virus but I haven't seen it yet.I have been watching Copart and IAAI auctions last few weeks and people are still buying them like they are going out of style and some of the prices on some of these cars sold are ridiculous.
Check craigslist, OfferUp ect - prices are still holding.
Check craigslist, OfferUp ect - prices are still holding.
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Originally Posted by diyjake
Check craigslist, OfferUp ect - prices are still holding.
What someone lists a car for means little if it doesn't sell. Salvage auctions cater to a different market and are somewhat immune from this. Sales at the dealer auctions are way down, at least for late model stuff.
Check craigslist, OfferUp ect - prices are still holding.
What someone lists a car for means little if it doesn't sell. Salvage auctions cater to a different market and are somewhat immune from this. Sales at the dealer auctions are way down, at least for late model stuff.
I have seen a small drop as I am shopping now. I expect it to drop a lot more by next month when monthly numbers come out. Some dealers will play the "I know what I got game..." and get burned. Smart ones are already making cuts now to get a head start.
Car companies are also chomping to start production up. When that happens prices will drop even more as fewer buyers with more inventory. You can have zero interest but no job/fewer hours, home concerns, long term outlook, etc.. means a lot fewer people will be shopping. Me and my wife are dual income and can work from home so lots of options for us. But we are one of the lucky ones, a whole lot of others are not so.
Car companies are also chomping to start production up. When that happens prices will drop even more as fewer buyers with more inventory. You can have zero interest but no job/fewer hours, home concerns, long term outlook, etc.. means a lot fewer people will be shopping. Me and my wife are dual income and can work from home so lots of options for us. But we are one of the lucky ones, a whole lot of others are not so.
I tried to sell my daughters 2001 Volvo S40T to a scrap yard yesterday and they only offered $100. Said demand was way down Called another and they were not buying anything right now. No dents still good paint. Needs a motor as the timing belt broke. Has sunroof,automatic AC heated seats etc. Radiator replaced recently good tires on alloys.
19 year old car with busted motor = worthless. Can't do much.
Originally Posted by vwmaniaman
I tried to sell my daughters 2001 Volvo S40T to a scrap yard yesterday and they only offered $100. Said demand was way down Called another and they were not buying anything right now. No dents still good paint. Needs a motor as the timing belt broke. Has sunroof,automatic AC heated seats etc. Radiator replaced recently good tires on alloys.
Part it out and get over $1000 back.
I tried to sell my daughters 2001 Volvo S40T to a scrap yard yesterday and they only offered $100. Said demand was way down Called another and they were not buying anything right now. No dents still good paint. Needs a motor as the timing belt broke. Has sunroof,automatic AC heated seats etc. Radiator replaced recently good tires on alloys.
Part it out and get over $1000 back.
Originally Posted by diyjake
I honestly though by this time that car prices would really drop due to this virus but I haven't seen it yet.I have been watching Copart and IAAI auctions last few weeks and people are still buying them like they are going out of style and some of the prices on some of these cars sold are ridiculous
Junk cars all sell overseas for dillusional prices.
(Over KBB or over MSRP for said car in fully functioning condition)
Covid has zero effect on cars going to Africa and the Middle East.
I honestly though by this time that car prices would really drop due to this virus but I haven't seen it yet.I have been watching Copart and IAAI auctions last few weeks and people are still buying them like they are going out of style and some of the prices on some of these cars sold are ridiculous
Junk cars all sell overseas for dillusional prices.
(Over KBB or over MSRP for said car in fully functioning condition)
Covid has zero effect on cars going to Africa and the Middle East.
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Originally Posted by Rmay635703
Originally Posted by diyjake
I honestly though by this time that car prices would really drop due to this virus but I haven't seen it yet.I have been watching Copart and IAAI auctions last few weeks and people are still buying them like they are going out of style and some of the prices on some of these cars sold are ridiculous
Junk cars all sell overseas for dillusional prices.
(Over KBB or over MSRP for said car in fully functioning condition)
Covid has zero effect on cars going to Africa and the Middle East.
I do understand that salvage auctions cater to a different market, but if the main car market is down salvage should follow as well because it all goes down the line.
Yes there are bidders from other counties but most of the cars that i've seem are bought by people from US and the prices aren't so cheap. Copart / IAAI show what state / country is bidding.
I am not trying to prove anything just something that I found interesting.
Originally Posted by diyjake
I honestly though by this time that car prices would really drop due to this virus but I haven't seen it yet.I have been watching Copart and IAAI auctions last few weeks and people are still buying them like they are going out of style and some of the prices on some of these cars sold are ridiculous
Junk cars all sell overseas for dillusional prices.
(Over KBB or over MSRP for said car in fully functioning condition)
Covid has zero effect on cars going to Africa and the Middle East.
I do understand that salvage auctions cater to a different market, but if the main car market is down salvage should follow as well because it all goes down the line.
Yes there are bidders from other counties but most of the cars that i've seem are bought by people from US and the prices aren't so cheap. Copart / IAAI show what state / country is bidding.
I am not trying to prove anything just something that I found interesting.
Paid $1,350 for a 2003 E150 wagon with 144K two weeks ago at Copart. Clean undamaged donation car. $1718 OTD. Nobody is giving anything away.
Question on the donation cars form copart, are they usually a decent buy? I've seen a few I wanted to bid on but I thought maybe people donated them since they can't sell them privately.
Well, I was going to take a bus to pick it up and drive it back, it looked so good. Glad I didn't. Thing is missing like a you know what. Either it has the original plugs in the infamous 5.4L and the owner got a quote for replacing them and decided no, or they already tried and broke a plug or two and decided to get rid of it. People rarely get rid of a good running vehicle.
Originally Posted by atikovi
Paid $1,350 for a 2003 E150 wagon with 144K two weeks ago at Copart. Clean undamaged donation car. $1718 OTD. Nobody is giving anything away.
Your anecdote is not data.
Paid $1,350 for a 2003 E150 wagon with 144K two weeks ago at Copart. Clean undamaged donation car. $1718 OTD. Nobody is giving anything away.
Your anecdote is not data.
Originally Posted by Imp4
Originally Posted by atikovi
Paid $1,350 for a 2003 E150 wagon with 144K two weeks ago at Copart. Clean undamaged donation car. $1718 OTD. Nobody is giving anything away.
Your anecdote is not data.
Then tell us of YOUR recent Copart experience. Year make model etc. that you bought.
Originally Posted by atikovi
Paid $1,350 for a 2003 E150 wagon with 144K two weeks ago at Copart. Clean undamaged donation car. $1718 OTD. Nobody is giving anything away.
Your anecdote is not data.
Then tell us of YOUR recent Copart experience. Year make model etc. that you bought.
VW has 0% for 72 months and the dealerships in and around Austin/San Antonio are discounting anywhere from $1,500 to $7,000 depending on the model. It says the 0% will only last until end of April but I'd imagine that will be extended too.
Originally Posted by atikovi
Originally Posted by Imp4
Originally Posted by atikovi
Paid $1,350 for a 2003 E150 wagon with 144K two weeks ago at Copart. Clean undamaged donation car. $1718 OTD. Nobody is giving anything away.
Your anecdote is not data.
Then tell us of YOUR recent Copart experience. Year make model etc. that you bought.
I don't have to have had a Copart experience to state that your experience is not data.
Originally Posted by Imp4
Originally Posted by atikovi
Paid $1,350 for a 2003 E150 wagon with 144K two weeks ago at Copart. Clean undamaged donation car. $1718 OTD. Nobody is giving anything away.
Your anecdote is not data.
Then tell us of YOUR recent Copart experience. Year make model etc. that you bought.
I don't have to have had a Copart experience to state that your experience is not data.
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