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Is this a good time to buy a used car? #5414021 04/26/20 08:20 PM
Joined: May 2007
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HM12460 Offline OP
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Been considering a 2nd vehicle for a while now and found a couple that catch my eye. Dealers have not reduced the price on either since our current social situation. I keep hearing new/used car prices are going to go down, but as of yet, that hasn't really happened. I got no problem waiting a few months if need be. We all want a good deal! What are your thought's? Prices going to drop, hold steady, or maybe even go up?

Last edited by HM12460; 04/26/20 08:21 PM.

2019 Toyota Tacoma



Re: Is this a good time to buy a used car? [Re: HM12460] #5414028 04/26/20 08:29 PM
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HangFire Offline
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High prices are an illusion, bargain hard and they'll come down. They'll try to push crazy financing deals first, but there's meat on the bones to be cut.


Various musings: http://hangfire.net
Re: Is this a good time to buy a used car? [Re: HM12460] #5414031 04/26/20 08:37 PM
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JimPghPA Offline
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While the dealers have some cost that they can reduce such as cutting back on staff, they have other cost that can not be reduced as much if at all such as utilities, the cost of the property they are using, and taxes. I do not see the dealers as desperate to lower the cost of the vehicles they are selling, as much as I see them as desperate to recoup the cost of acquiring the vehicles and paying for the overhead. When they are desperate for more money to be coming in the door it is hard for them to sell their product at a lower price.

Last edited by JimPghPA; 04/26/20 08:39 PM.

Boy will I be happy when ALL vehicles on public roads are autonomous.


JimPghPa

Re: Is this a good time to buy a used car? [Re: HM12460] #5414033 04/26/20 08:39 PM
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JeffKeryk Offline
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One would expect car prices to go down as employment is reduced; people have less to spend and must make hard choices.
There could be a series of loan repossessions; who knows?

We all want the best price. I try and balance price with the best car I can get; you are generally bucks ahead with a better car.
If you find the car you want, I would try and make it happen.

Having said that, if you are not in a hurry, waiting just may be the best choice.
That's my 2 cents. Good luck.


2018 Tesla Model 3, Medium Range Battery
2018 Lexus RX450h
2013 Lexus GS350 F Sport
2006 Acura TSX
2001 Tundra Access Cab, 1998 Accord LX, 1968 Corvette L36 Roadster, 1965 Olds 4-4-2
Re: Is this a good time to buy a used car? [Re: HM12460] #5414048 04/26/20 08:51 PM
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nickaluch Offline
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Wait until the car rental companies dump there inventory into the used car market prices will drop.


2007 G6 beater.2012 E450 box truck. 2018 Chevy Traverse.2017 E450 box truck.2017 Chevy 3500 extend cargo van.
Re: Is this a good time to buy a used car? [Re: HM12460] #5414074 04/26/20 09:15 PM
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GZRider Offline
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Not yet, 2021 models are just hitting dealers now, I'd give it till mid to late May when they will have 2019,2020 and 2021 models crowding up the lots. Also if you own an empty parking lot near a dealership, it's about to be your lucky day.

Re: Is this a good time to buy a used car? [Re: HM12460] #5414129 04/26/20 10:40 PM
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Cujet Offline
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I've been looking at used GT350's. Every few days the average price seems to climb $2000. Cars that were under $40K are now solidly $45K and they get angry if you offer last weeks price.


People who count on their fingers should maintain a discreet silence.
Re: Is this a good time to buy a used car? [Re: HM12460] #5414181 04/27/20 12:37 AM
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Skippy722 Offline
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Both my sister and brother just bought used cars, a 2014 Focus and a 2017 Mazda 6 respectively.


2019 Ram 1500 Classic
2018 Dodge Grand Caravan GT

Slight Mopar obsession
Re: Is this a good time to buy a used car? [Re: JeffKeryk] #5414206 04/27/20 02:55 AM
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bachman Offline
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Originally Posted by JeffKeryk
One would expect car prices to go down as employment is reduced; people have less to spend and must make hard choices.
There could be a series of loan repossessions; who knows?

We all want the best price. I try and balance price with the best car I can get; you are generally bucks ahead with a better car.
If you find the car you want, I would try and make it happen.

Having said that, if you are not in a hurry, waiting just may be the best choice.
That's my 2 cents. Good luck.


My gut feeling too. The current situation is too new to affect some business or they pretend they can hold out for a while. We'll see where the banks , loans and financing goes and where consumer confidence is regarding major purchases. I think time is your friend but it won't be a long wait.
Sometimes the fun in that shopping is waiting for the right price by offering lowball and leaving them your # .


95 Honda Nighthawk- Rotella T6 syn
17 Golf SW 4MO dsg- Dealer LOF/5-6k *New spec syn -VW/Audi XOM ?
16 Mazda CX9 Tour- Dealer LOF/5-6k Casterol full syn
Re: Is this a good time to buy a used car? [Re: HM12460] #5414248 04/27/20 05:56 AM
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krismoriah72 Offline
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Im not sure about your area but the auctions are closed in mine... which means that there is no place to dump their used cars.

If there is a particular car you like, use every trick in the book to get the lowest price.. good chance it will be yours.

Re: Is this a good time to buy a used car? [Re: HM12460] #5414259 04/27/20 06:18 AM
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BMWTurboDzl Offline
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Remember that the "stay in place" orders are govt imposed rather than an economically driven softening of the economy. My understanding is that the dealers have been given accommodations from the manufacturer with regards to inventory and other expenses. There's no reason for the dealers to dump inventory via fire sale, at least not yet. Besides the auction system is essentially frozen.


Oh and the banks don't want to start repossessing vehicles because of too may unknowns which could cause them to loose a ton of money once the auction system re-opens.

IMO the best time will be when govt restrictions are lifted. This will force businesses to carry the unemployment insurance on their employees or they'll have to re-open their doors. Expect the dealers to start dropping prices after that.

Last edited by BMWTurboDzl; 04/27/20 06:27 AM.

“It took untold generations to get you where you are. A little gratitude might be in order. If you’re going to insist on bending the world to your way, you better have your reasons.”

435i
Re: Is this a good time to buy a used car? [Re: HM12460] #5414260 04/27/20 06:19 AM
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Amkeer Offline
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Depends what brand you are buying. I am negotiating on a new Toyota Camry and have been for the past 2 weeks. Very tough to negotiate. I went to the dealer yesterday and they sold 47 new units on Saturday alone beating same month sales the year prior. Going used I would buy private party. We are still early on this economic downturn. With a great 11 year run people and businesses should still be in decent shape right now. That will change as time goes on.


2014 Toyota Tacoma D Cab 4.0 M1 5-30 107000
2008 Toyota Tundra D Cab 5.7 M1 5-20 100000 miles
2003 Toyota Tacoma Ex Cab 2.7 M1 5-30 220000 miles
2020 Toyota Camry SE 2.5 600 miles
Re: Is this a good time to buy a used car? [Re: HM12460] #5414341 04/27/20 08:20 AM
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WylieCoyote Offline
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I elected to reduce my car payment now, rather than wait & see if I actually need to. Got rid of the Mustang and picked up a 2017 Focus ST, 23,000 miles, $17K. The used car market may be stronger than you think at the moment due to people being proactive about their money situation. For the folks that aren't covid-impacted, this is when they begin to shop for their kids' graduation presents.


2015 Canyon 3.6
2018 Mustang Ecoboost Convertible
2017 Focus ST
Re: Is this a good time to buy a used car? [Re: HM12460] #5414391 04/27/20 09:05 AM
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MCompact Offline
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Two of the cars that I considered sold. I don’t need to replace the 2er so I can wait. I‘m tempted to increase my budget by 25% and get something I really want.


Mine:
2014 M235i
2009 Cooper Clubman
1999 Wrangler Sahara
1995 318ti Club Sport

Wife's:
2015 X1 xDrive28i M Sport


Son's
2009 328i

Buy what makes you smile...
Re: Is this a good time to buy a used car? [Re: HM12460] #5414404 04/27/20 09:19 AM
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ARCOgraphite Offline
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High advertises prices are fake.

Or at least padded so they can appear to give you "more" for you trade-in that is worth less than bluebook wholesale.

Best plan is don't Trade and use their friendly bank for finance - even if the rate is 2x going.

When I traded my 2014 Nissan rogue at the VW dealer

they gave me $6800.. cash.

It was on the lot for $14,000. one week later.

All they put on it was 4 cheap tires and a wash and spray wax.

Start by offering 1G over wholesale on a commodity vehicle - and bargain from there.

Any "insult" expressed by a Dealer Seller is FAKE also.

This is just a plain vanilla commodity trade done all day long.

Now if you are looking for something in very high demand or quite rare you'll need a different stratagem.

-


2019 VW Jetta S 6MT OCI#2 7378mi-MOTUL Specific VW508.00+VW Service Filter; '17 Subaru Crosstrek CVT OC#9 70254mi-Rotella
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