Posted on 11/07/2022 9:29:05 AM PST by ChicagoConservative27
The wholesale price of used cars is falling off a cliff while the prices that car shoppers are paying is way up, suggesting dealers are making a killing while consumers are taking a bath.
Wholesale used car prices declined 2 percent from September in the first half of October and are down 10.3 percent from a year ago, according to The Manheim Used Vehicle Index published on Monday.
Wholesale used luxury car prices are down 13.5 percent while used sport utility vehicles are down 12.3 percent and pickup trucks are down 8.4 percent.
Meanwhile, the retail price that car shoppers are paying for used cars has increased 7.2 percent since last year, according to the Department of Labor’s latest consumer price index.
(Excerpt) Read more at thehill.com ...
Government interference has added confusion as well. The government wants to force everyone to go to electric cars but there is little infrastructure to support electric cars.
Gasoline cars are expensive and slim pickings on new car lots. One could continue down this route I suppose.
A hybrid might seem like a reasonable choice. I have nothing against them. However hybrids require you to maintain both technologies — gasoline and electric — and thus there is more complexity it seems than an ordinary gasoline powered car.
If one needs a car now it is a confusing costly mess.
“Your next car will be electric....................”
Wanna bet?
I know, I couldn’t believe it either. I had bought my last few vehicles from this Ford Dealership and they reward loyalty there. And this was last November, before the hurricanes and it was brand new from factory. I saw the car carrier pull up and it sitting on top, and I said, I’ll take that one right there, it took them 3 days to “check it in” before I could even take delivery.
In 1981 I was auditing a large bank that owned a subsidiary for floor planning car dealerships and consumer auto loans.
Interest rates went up.
Consumers couldn’t afford the high loan payments and stopped buying.
Dealerships couldn’t afford the floor plan rates and were stuck, needing to dump all cars at huge losses.
The number of new car dealerships that went bankrupt skyrocketed.
Estimated loan loss computations were a nightmare for me.
New home construction died overnight.
History is repeating itself.
You might not have any choice.
Gasoline powered cars will be removed from the market.
Gasoline will be removed from the market.
Used cars will be worth the value of their scrap metal.............
plummet??? ummmm, no...
only if it’s an electric hearse...
Stay out of accidents!
Almost got nailed on the highway the other day. Having the repair a car with a lot of damage might be very difficult these days. And you may end up with the total $ but can’t replace the car because none are available.
I was at a CarMax recently (selling, not buying), and I was *shocked* at what they’re trying to get for ho-hum 2 or 3 year-old Camrys and Accords. Yes, $20k and up. I’m thinking, what the hell did someone pay for these things new, like $25k? It’s insane.
Do we still have a Consumer Protection Bureau? Is this price gouging?
I’ve never bot a Brand New car/truck.
Your next car will be electric....................I'm betting your next one after this (EV) won't be electric.
Horse and wagon......................
How much and where?
Actually, I wish.
/21 year old PT Loser with 250K for trade
That is considered ‘Low Mileage’ nowadays
My 2016 Toyota Highlander bought new now has 29,000 miles on it.
Took it to the dealership for an oil change and two days later I got an offer from them. $26,000 trade in on a new Highlander. I just laughed and threw it away. My 2016 has a life time bumper to bumper warranty that goes with the car if I give or sell it to one of my children and I’m giving it to my daughter.
$12,800. DFW area.
BS
Remember you heard it here first!................
Excellent right about when I need one.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.