Used Vehicles Prices up or Down?

[pandus13]

Originally Posted by NYSteve
Search for a guy named Steve Lang. He can talk to you about the wholesale side and what pricing is doing and maybe even get you a deal on a southern truck shipped up to you. He is also a member here just don't know what his name is.

edit - he just posted a youtube video on current market:
https://www.youtube.com/watch?v=4kkjMhZjtSk

user name: macarose

 

[Snagglefoot]

Originally Posted by nickaluch
I would wait rental car companies are in big trouble nearing bankruptcy very possible for some. No leisure travel no business travel car rental companies are going to be dumping inventory into the used car market plus repossessions and lease returns. With that happening all used car values will go down


Maybe that why they burned 3500 of them in Florida this year

 

[nickaluch]

Remember auto auctions have been closed so inventory is locked up. Lease returns are sitting on dealership lots backing up. Soon the system will open up then the flood of cars will happen then throw in rental cars hitting. Prices will drop also leases will go up because value of the car at the end of lease will be down. Interesting how this is all going to pan out. Cash for clunkers again?

 

[Kira]

The car I'll want will be more expensive.

 

[sloinker]

Wait a couple months or the fall if you can. There is no downside waiting as far as I see and a pretty decent chance at folks dumping vehicles as being out of work for months may cause down the road. I've noticed just in the last week vehicles dropping fairly steeply in price at the dealerships. I've been keeping my eye on a 2019 Ram 1500 4X4 with 20k miles. 6 months ago they wanted $30k. Same rig is now $26K. I will wait until it's $22k or won't buy it. Time will tell.

 

[dishdude]

Originally Posted by nickaluch
Remember auto auctions have been closed so inventory is locked up. Lease returns are sitting on dealership lots backing up. Soon the system will open up then the flood of cars will happen then throw in rental cars hitting. Prices will drop also leases will go up because value of the car at the end of lease will be down. Interesting how this is all going to pan out. Cash for clunkers again?


At a time when people are driving less and working from home more.

 

[SwampSurvivor]

I live near both a copart and a dealer only auction. There's constant traffic in and out of here. Car carriers full of cars and trucks all day.

 

[nickaluch]

Originally Posted by Snagglefoot
Originally Posted by nickaluch
I would wait rental car companies are in big trouble nearing bankruptcy very possible for some. No leisure travel no business travel car rental companies are going to be dumping inventory into the used car market plus repossessions and lease returns. With that happening all used car values will go down


Maybe that why they burned 3500 of them in Florida this year

No disrespect to anyone but they call that Jewish lighting by me

 

[Rmay635703]

Originally Posted by nickaluch
Originally Posted by Snagglefoot
Originally Posted by nickaluch
I would wait rental car companies are in big trouble nearing bankruptcy very possible for some. No leisure travel no business travel car rental companies are going to be dumping inventory into the used car market plus repossessions and lease returns. With that happening all used car values will go down


Maybe that why they burned 3500 of them in Florida this year

No disrespect to anyone but they call that Jewish lighting by me


Up here it is called Italian Lightning

 

[SwampSurvivor]

Looked at one today that was a previous rental. Price was okay and was listed as a "prime" used car. Kinda mad that I went through all the gyrations involved with it just to find out that the truck went for a swim in the ocean.

EVERYTHING undearneath was rotted badly. Frame was full of salty sand. Oil pan had some big gashes in it and was leaking from rusty dents. Skid plate had a nice bash in it and was full of rocks and sand. Oh, and the tow hook in the front was beat on pretty hard from recovery.

No thanks!