[raptor5244]

Originally Posted by jamala00

Just read a report that Carvana's stock could fall to $1.00... Ouch.. Vroom has lost over 50% of it's value as well. If you wanted to sell or trade your car I sure hope you did it a while back because you are not going to get $hit for it now.

Indeed. I made a few moves since the pandemic started. When the used market started going crazy I traded my 2019 Tesla for a 2021 ZL1, paid $500 under MSRP. Drove the ZL1 for about 18 months and traded it for a CT4 Blackwing at MSRP. Those are the only two times in my life that I have ever paid MSRP for a vehicle but it was only because the trade-in values were so strong. Now that used market is correcting and interest rates are so high I will be sitting tight for the foreseeable future until the market stabilizes.

[LStick]

Ive been truck shopping lately , a year and a half after selling off my 2018 Silverado for a nice profit.

Asking prices on new ones have made me a very patient buyer.

[activeSS]

By the time Brandon is done our cars won't be worth shit. Nor will anything else.....

[AmazinglySmooth]

It is times like these that dealers (and those that follow the auto market closely) can really come out ahead. Dealers know that prices will be dropping so they are offering low trade-in values, but prices for cars on the lots haven't budged. The lag is an opportunity to make lots of money, which is their goal. Now is a terrible time to trade in.

[raptor5244]

Originally Posted by AmazinglySmooth

It is times like these that dealers (and those that follow the auto market closely) can really come out ahead. Dealers know that prices will be dropping so they are offering low trade-in values, but prices for cars on the lots haven't budged. The lag is an opportunity to make lots of money, which is their goal. Now is a terrible time to trade in.

True, but I think once these folks see their low trade-in offer with a 7% interest rate on the new car, they may not buy at all. It sucks but this is how you lower inflation, correct the market and put things back into healthy balance.

[Curr]

Originally Posted by LStick

Ive been truck shopping lately , a year and a half after selling off my 2018 Silverado for a nice profit.

Asking prices on new ones have made me a very patient buyer.

Same, but for a new 'fun car'. I got $3k less for my Audi than what I paid for it ~3 years ago. Cost me roughly $100/mo!

Wife and I have 3 cars, and I'm in no rush to replace. I figure maybe Spring I'll really start looking. On the fence about the '24 Mustang Dark Horse (Mach 1) and a ZL1 (non-1LE).

Pricing starting to fall on the 1-2 year ZL1... 7 cars I've been watching fell on average ~$2k in the last week!

(previous owned a '17 50th SS 'vert... among others)

[genxer]

Besides hiking rates, the Fed hasn't unwound the quantitative easing purchases yet. Bonds, mortgage securities. So there'e that possibility for taming inflation. Though all that's supposed to be Congress's job. And the deficit spending goes on...

[raptor5244]

Originally Posted by Curr

Pricing starting to fall on the 1-2 year ZL1... 7 cars I've been watching fell on average ~$2k in the last week!

Indeed, I traded my 2021 ZL1 about 3 months ago and it is still not sold yet since the dealer was $5k over what MSRP was in 2021. Looks like they are down to $2k over MSRP now, but I paid $500 under MSRP when I bought it brand new. Even with the low 3300 miles the car is worth low 60s at best. Most people have to finance these cars so I would expect them to sit a while or find folks will to pay 6-8% interest rates.

[jamala00]

I've been keeping an eye out for one of the new MDX Type S Advanced. Well one just hit the lot south of me in IL. I contacted them... They want $5k over MSRP. I laughed and said no thanks. VERY low trade offer for my Tahoe also.

[raptor5244]

Originally Posted by jamala00

I've been keeping an eye out for one of the new MDX Type S Advanced. Well one just hit the lot south of me in IL. I contacted them... They want $5k over MSRP. I laughed and said no thanks. VERY low trade offer for my Tahoe also.

Stay patient, MSRP will be the norm again soon and then hopefully some discounting will begin once supply levels improve next year.

Unless you really, really need a vehicle just wait it out and watch prices continue to decline. When the high trade-in values disappear like they are now then you will have much fewer people willing to pay over MSRP.

[PizzzzzaForPresident]

Originally Posted by activeSS

By the time Brandon is done our cars won't be worth shit. Nor will anything else.....

Right, because we're the only country in the world experiencing inflation... . Just be glad you don't live in Argentina or Turkey right now.

[JTS]

I know this current situation with our economy, is not favorable for anyone. If you have cash there are deals to be made MSRP or under. But most working folks can put together a down and finance the balance. Interest rates double if not more currently,is something most folks in there 40s and younger haven't had to experience. Im going back in years a ways to the 80s early , I purchased my first house in the Regan years , interest rate was 13 1/2 % 30 year fixed , 4 years later 87 was able to refinance down to about 9. 1/2% (this is all on memory so a + / - factor in there , but I'm close in my numbers. Fast forward to 99 I refinanced (marriage dissolution ) an interest rate of 6 1/4% 15 year fixed . Off topic about cars, but interest rates do play a big roll in our purchase ability of Cars ,Houses and all bigger ticket items.

[PizzzzzaForPresident]

Originally Posted by raptor5244

Unless you really, really need a vehicle just wait it out and watch prices continue to decline. When the high trade-in values disappear like they are now then you will have much fewer people willing to pay over MSRP.

Manheim's wholesale index is generally a good predictor of used car prices for a few weeks to months out, and it's been steadily declining 2%+ month over month since late this summer. July -> August was a 2.3% decline, Aug -> Sept was a 2% decline and Sept->Oct has been a 2.2% decline. Since Nov of last year their used vehicle index has declined 10.6%.

[bootss]

I just got a 2021 ZLE with 10k on the clock. Loaded with pdr and a mt, i only paid 65k

It was a certified pre owned deal too so, sick warranty.

Deals are out there.