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08-09-2020, 09:18 PM
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#1 |
   
Drives: 2017 Silverado/2017 ZL1 Join Date: Aug 2019
Location: Jax/Palatka FL
Posts: 1,090
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Current automotive market
is it just me or is the price of used cars higher than it was before covid?
I'm looking at zl1s and I can't find any under 55k but last October I was finding them under or just over 50k. I've been contemplating selling my 1le and upgrading but wondering if I should wait to buy a zl1 until after the "pandemic" is over for better deals. Welcome everyone's thoughts here.
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08-09-2020, 09:40 PM
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#2 |
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Banned
Drives: 2017 Super Sport Cam. Join Date: Feb 2018
Location: US
Posts: 893
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I went to my neighborhood Chevy dealer yesterday. The lot was half empty, no Camaros at all. Not sure whats going on.
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08-09-2020, 09:49 PM
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#3 |
 
Drives: 2018 1LT RS V6 A8 Convertible Join Date: Sep 2017
Location: USA
Posts: 497
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It may vary by region but overall used car values are way up. Lenders are very surprised by the amount of purchases still being made. Definitely not what was expected in a pandemic, in fact just the opposite was predicted in the spring. Major auction prices are also way up as a whole...
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08-09-2020, 10:10 PM
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#4 |
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Drives: 2017 Silverado/2017 ZL1 Join Date: Aug 2019
Location: Jax/Palatka FL
Posts: 1,090
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Yea i bought my 1le for 36k including tax tag and title. I'm seeing similar cars with similar mileage for sale in the SE US go for 38k now. I'm thinking now is the time to sell for the most value.
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08-10-2020, 07:03 AM
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#5 |
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Hot Camaro
Drives: '20 2SS Convertible 6MT Join Date: May 2020
Location: CT
Posts: 3,534
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With no new cars available to buy (very low inventories), many dealerships straight-up CLOSED for long periods due to the pandemic, and people doing a lot of "belt tightening" when it comes to car purchases, the used market has been booming. I've read about it in a number of places that the demand for used vehicles is up quite a bit along with the values, and some of the new dealerships near me are advertising THOUSANDS more than KBB value for your trade to get new inventory moved.
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08-10-2020, 07:43 AM
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#6 |
     Drives: 2018 1SS M6 Join Date: Nov 2014
Location: Houston
Posts: 2,617
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This is very real.
Think about this, with Covid creating stay at home orders, people either not working, or not traveling to or for work, people are not driving. Many car companies offered to extend leases for customers as well as defer payments. So folks are not trading, or returning cars either. Also, not only did factories shut down, but many auction houses either closed or cut back as well. So, there are several different factors, all a ripple effect of the Covid pandemic. |
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08-10-2020, 07:52 AM
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#7 | |
Drives: 2017 HBM 2LT RS Convertible V6 A8 Join Date: Jan 2018
Location: NJ
Posts: 654
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Quote:
The used car you're buying will cost more, but the one you're selling is also. If the market was soft, both cars would be worth less. |
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08-10-2020, 08:44 AM
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#8 | |
Drives: 2018 ZLE Join Date: Feb 2018
Location: Palm City Fl
Posts: 1,345
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Quote:
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08-10-2020, 12:36 PM
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#9 |
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Hail to the King baby!
Drives: '19 XT4 2.0T & '22 VW Atlas 2.0T Join Date: Dec 2008
Location: Illinois
Posts: 12,172
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"Speed, it seems to me, provides the one genuinely modern pleasure." - Aldous Huxley
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