Author Topic: The "used car sales price" wall of shame...  (Read 14183 times)

Money Badger

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The "used car sales price" wall of shame...
« on: October 03, 2015, 05:24:20 AM »
Today, while shopping for a beater for my teenager, I saw a used 2015 F150 pickup truck with 10,000 miles on it for sale for the "amazingly low" price of $49,999!    Yes, it had all the goodies on it (no customizations, just loaded Lariat, 4WD, sunroof, etc.), but damn it struck a nerve that a used truck could consume $50K of a wage earner or FIRE'd person's life...

So, post your favorite "what a friend" paid for their used car story here...

PMG

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Re: The "used car sales price" wall of shame...
« Reply #1 on: October 03, 2015, 05:33:35 AM »
An old coworkers husband took a loan from his 401k to buy a (wait for it) $800 huge ass flatbed truck to commute to work in. It had so many issues I don't think it was ever drivable. 

DLBack

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Re: The "used car sales price" wall of shame...
« Reply #2 on: October 03, 2015, 10:18:37 AM »
A 20 year-old I know is well into his "I'm in a band" phase and dreaming of stardom. He had his eye on an old Ford Econoline van that was advertised for $1,700 and had already saved $1,200 towards the purchase. His grandmother had recently purchased a new vehicle and was concerned about the condition of the Ford van and how he would manage to commute to his day job. Trying to help, she offered to sell him her previous car (a gigantic Mercury Grand Marquis) that was valued at $5,000 in exchange for the $1,200 he had saved. He accepted her offer and took possession of the Mercury.

Two months later, I find him behind the wheel of the van he had originally wanted. He had sold the Mercury for $2,000, saying he needed a quick sale because, "someone else also wanted the van." He was very proud of how he had still "turned a profit" on the transaction. He managed to turn a $5,000 used vehicle into a $1,700 one. [Insert facepalm here]

JAYSLOL

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Re: The "used car sales price" wall of shame...
« Reply #3 on: October 03, 2015, 01:08:33 PM »
I guess this could go in "Overheard on Facebook" but a few weeks ago an acquaintance posted a photo of a 2015 Kia Sorrento SUV with blacked-out fancy rims and tires they just bought, apparently it was used but only had 18K on it so "someone else" took the depreciation hit according to her.  The sticker price was still almost $30K though, and she will probably end up paying a lot more than buying new the way the financing works out for a used car.   Hopefully its a learning experience, but i doubt it. 

BlueMR2

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Re: The "used car sales price" wall of shame...
« Reply #4 on: October 04, 2015, 01:49:36 PM »
In today's bizarre world of overpriced used cars, I found that 1-2 year old used Cayman S cost on average $1,000 MORE than a new one...  No, I'm not buying one now.  Perhaps a much older and cheaper used one in a few years when I retire and only need a car to play around with...

Making Cookies

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Re: The "used car sales price" wall of shame...
« Reply #5 on: October 04, 2015, 07:46:45 PM »
In '99 when we bought our CR-V new, it was because the 30K mile/2yr old examples were only $2K less than the new ones. I have no idea if the situation is the same now with some brands/models.

steviesterno

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Re: The "used car sales price" wall of shame...
« Reply #6 on: October 05, 2015, 08:11:09 AM »
I bought an 07 FJ cruiser  with 33k miles for $15k 3 years ago.... That was dumb looking at it, but I didn't know about this site and didn't know I wanted to FIRE early, so what can you do. On the plus side We use it to do a lot of our own home repair stuff, pull stumps, and allowed us to renovate a home we bought. Plus I only commute 10 miles about 4.5 days a week, so gas savings on a sipper would be negligible.

That's not the crazy part... what's crazy is since they are popular here, mine has gone up to being worth about $18k even with 50k miles on it now! People are paying more money for a more used vehicle because the model is discontinued. It's actually been an appreciating asset. Has the most reliable toyota truck engine ever made, so the plan is to drive it forever

acanthurus

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Re: The "used car sales price" wall of shame...
« Reply #7 on: October 05, 2015, 10:04:20 AM »
A 20 year-old I know is well into his "I'm in a band" phase and dreaming of stardom. He had his eye on an old Ford Econoline van that was advertised for $1,700 and had already saved $1,200 towards the purchase. His grandmother had recently purchased a new vehicle and was concerned about the condition of the Ford van and how he would manage to commute to his day job. Trying to help, she offered to sell him her previous car (a gigantic Mercury Grand Marquis) that was valued at $5,000 in exchange for the $1,200 he had saved. He accepted her offer and took possession of the Mercury.

Two months later, I find him behind the wheel of the van he had originally wanted. He had sold the Mercury for $2,000, saying he needed a quick sale because, "someone else also wanted the van." He was very proud of how he had still "turned a profit" on the transaction. He managed to turn a $5,000 used vehicle into a $1,700 one. [Insert facepalm here]

Oh good lord! Those Panther platform cars with the 4.6L V8 will last forever (and still get 22-25mpg on the highway). What a bone-headed move.

Making Cookies

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Re: The "used car sales price" wall of shame...
« Reply #8 on: October 05, 2015, 12:18:20 PM »
I drove a Chrysler Town and Country 3.7L V-6 rental this weekend on a trip for work. $40K new mind you. Had every imaginable thing on it. That thing returned 25 mpg with six guys and luggage in it.

This was noteworthy for me b/c that's the best my four cylinder manual shift '99 CR-V ever gets.

No i wouldn't car hop over fuel economy b/c we drive short distances and carpool. ;)

slugline

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Re: The "used car sales price" wall of shame...
« Reply #9 on: October 05, 2015, 12:29:52 PM »
I drove a Chrysler Town and Country 3.7L V-6 rental this weekend on a trip for work. $40K new mind you. Had every imaginable thing on it. That thing returned 25 mpg with six guys and luggage in it.

This was noteworthy for me b/c that's the best my four cylinder manual shift '99 CR-V ever gets.

No i wouldn't car hop over fuel economy b/c we drive short distances and carpool. ;)

As an '00 owner, I've often wondered what the fuel economy would be like if the first-generation CR-V didn't have the aerodynamics of a brick wall. . . .

jinga nation

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Re: The "used car sales price" wall of shame...
« Reply #10 on: October 05, 2015, 02:56:25 PM »
In '99 when we bought our CR-V new, it was because the 30K mile/2yr old examples were only $2K less than the new ones. I have no idea if the situation is the same now with some brands/models.

In 2006 I paid cash for a new Honda Civic (it was the 8th gen with the total redesign). A 2005 Civic was $1000 less. A 2004 Civic was another $1000 less.
I asked the salesman how come the used car prices were high. He said "The people who can't qualify for new car financing buy the used cars, and we "qualify" them for used. New cars are financed through American Honda Finance Company (AHFC), used are financed through various smaller companies who charge higher rates but the qualifying bar is low".
There were more people that day in the used car lot including a technician I supervised, than in the new car lot.
It was the same 2 months later when I bought my new Honda Accord at another dealer.
The situation is still the same. A good friend works in Internet Sales at a Nissan Dealer in Tampa. He gets a lot of used car requests. He sells a lot of CPO and extended warranties, the commissions must be good.

gimp

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Re: The "used car sales price" wall of shame...
« Reply #11 on: October 05, 2015, 03:21:20 PM »
I'm considering paying up to $25K for a car from '02 - '04... but cash, obviously.

It's a toy I don't need, obviously.

HairyUpperLip

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Re: The "used car sales price" wall of shame...
« Reply #12 on: October 05, 2015, 03:32:34 PM »
I'm considering paying up to $25K for a car from '02 - '04... but cash, obviously.

It's a toy I don't need, obviously.

nice, what?

gimp

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Re: The "used car sales price" wall of shame...
« Reply #13 on: October 05, 2015, 06:54:06 PM »
C5 Vette. Saving my pennies. $25K gets a supercharged one in great condition.

By the time I save 'em (since most of my savings go into student loans, tax-advantaged accounts, and investments), I might get a C6 instead of a C5 for the same price.

I figure if I'm saving 50% of pre-tax income (excluding the savings for this purpose), it's not a terrible shame to buy some toys. The downside to getting older is a lot less time for toys...

Paul der Krake

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Re: The "used car sales price" wall of shame...
« Reply #14 on: October 05, 2015, 07:05:49 PM »
Used car prices are the result of wildly imaginative dealers and private party sellers. I see death trap econoboxes with 200k miles listed for 4k all.the.time.

jinga nation

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Re: The "used car sales price" wall of shame...
« Reply #15 on: October 06, 2015, 09:23:58 AM »
Used car prices are the result of wildly imaginative dealers and private party sellers. I see death trap econoboxes with 200k miles listed for 4k all.the.time.

For $4000 you can get an ex-cop car, Ford Crown Vic with the P71 Police Interceptor package.

acroy

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Re: The "used car sales price" wall of shame...
« Reply #16 on: October 06, 2015, 09:31:04 AM »
C5 Vette. Saving my pennies. $25K gets a supercharged one in great condition.


Nice -
I bought a C5 last year, 'built', 2000 FRC for $17k. Yours will be even nicer.

Fishindude

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Re: The "used car sales price" wall of shame...
« Reply #17 on: October 06, 2015, 09:45:05 AM »
My niece and her hubby told me the other day they were going to trade cars and their absolute limit was $40,000.
I rolled my eyes and politely told them they were nuts.

These are two 30ish kids with a several month old baby, just went on the hook for a house I'm guessing was at least $250,000, probably very little cash on hand and everything going out the door in payments.   The car they want to replace is a very nice 3-5 year old loaded SUV with under 100,000 miles.

Their mind is made up, I'm sure they have a new car by now and a hefty payment book, because that is the way their parents and all of their friends operate.  In their mind it's the right way to live.

MustardTiger

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Re: The "used car sales price" wall of shame...
« Reply #18 on: October 06, 2015, 11:05:00 AM »
I bought an 07 FJ cruiser  with 33k miles for $15k 3 years ago.... That was dumb looking at it, but I didn't know about this site and didn't know I wanted to FIRE early, so what can you do. On the plus side We use it to do a lot of our own home repair stuff, pull stumps, and allowed us to renovate a home we bought. Plus I only commute 10 miles about 4.5 days a week, so gas savings on a sipper would be negligible.

That's not the crazy part... what's crazy is since they are popular here, mine has gone up to being worth about $18k even with 50k miles on it now! People are paying more money for a more used vehicle because the model is discontinued. It's actually been an appreciating asset. Has the most reliable toyota truck engine ever made, so the plan is to drive it forever

I just bought a '05 s2000 for 11k.  Being discontinued as well, I assume it will hold its value.  Practical? No.  Awesome no-frills sports car though.

HairyUpperLip

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Re: The "used car sales price" wall of shame...
« Reply #19 on: October 06, 2015, 11:39:42 AM »
I bought an 07 FJ cruiser  with 33k miles for $15k 3 years ago.... That was dumb looking at it, but I didn't know about this site and didn't know I wanted to FIRE early, so what can you do. On the plus side We use it to do a lot of our own home repair stuff, pull stumps, and allowed us to renovate a home we bought. Plus I only commute 10 miles about 4.5 days a week, so gas savings on a sipper would be negligible.

That's not the crazy part... what's crazy is since they are popular here, mine has gone up to being worth about $18k even with 50k miles on it now! People are paying more money for a more used vehicle because the model is discontinued. It's actually been an appreciating asset. Has the most reliable toyota truck engine ever made, so the plan is to drive it forever

I just bought a '05 s2000 for 11k.  Being discontinued as well, I assume it will hold its value.  Practical? No.  Awesome no-frills sports car though.

Damn, I want a S2000 so bad....

Eric

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Re: The "used car sales price" wall of shame...
« Reply #20 on: October 06, 2015, 01:27:25 PM »
My work is located on "dealership row".  So on a daily basis I ride my bike past used Mercedes, Maseratis, and Range Rovers that are over $70k.  Again, that's used.  It's a wonder I haven't stopped to browse yet.

imbros

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Re: The "used car sales price" wall of shame...
« Reply #21 on: October 06, 2015, 02:22:05 PM »
Used car prices are the result of wildly imaginative dealers and private party sellers. I see death trap econoboxes with 200k miles listed for 4k all.the.time.

For $4000 you can get an ex-cop car, Ford Crown Vic with the P71 Police Interceptor package.

I bought a 8 year old compact luxury car with just under 100k miles for that money last year. It has at least half a dozen airbags. You can get a lot of car for $4-5k if you are willing to avoid popular brands like Honda and Toyota.
« Last Edit: October 06, 2015, 02:28:13 PM by imbros »

LiveLean

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Re: The "used car sales price" wall of shame...
« Reply #22 on: October 06, 2015, 03:26:34 PM »
About 5-6 years ago, I raced the now-defunct Muddy Buddy series of obstacle races, which tended to attract mostly people in the 22-35 demographic. One year the race was sponsored by Land Rover and, being a journalist, I asked the Land Rover people if they had the right demographic given the price point of their vehicles.

"Oh sure," the marketing VP said. "Maybe not new. But we find a lot of young people really see the value in a pre-owned Land Rover for $40K or so."

I guess you can't argue with that. The Land Rover folks clearly recognized there are a lot of anti-MMM people out there.

gimp

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Re: The "used car sales price" wall of shame...
« Reply #23 on: October 06, 2015, 07:29:27 PM »
Quote
"Oh sure," the marketing VP said. "Maybe not new. But we find a lot of young people really see the value in a pre-owned Land Rover for $40K or so."

The only value in a used $40,000 land rover is the $10,000 it will cost in the next six months from things breaking. Wait, is that value?

gooki

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Re: The "used car sales price" wall of shame...
« Reply #24 on: October 07, 2015, 12:32:49 AM »
Today I stumbled across a 2 month old Maserati with 2,000km selling for $190,000 below list price. That's over 50% depreciation for walking of the lot.

https://trademe.co.nz/950462017

Maserati GranTurismo MC STRADALE 2015

paddedhat

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Re: The "used car sales price" wall of shame...
« Reply #25 on: October 07, 2015, 04:40:01 AM »
Quote
"Oh sure," the marketing VP said. "Maybe not new. But we find a lot of young people really see the value in a pre-owned Land Rover for $40K or so."

The only value in a used $40,000 land rover is the $10,000 it will cost in the next six months from things breaking. Wait, is that value?

LOL. Assuming that you can't live without a used Rover, IMHO, it would have to come from a nearby dealer, with a solid loaner program. The thing would also need to be covered with a bumper to bumper extended factory warranty, and gone before that warranty expired. A local dealer here is asking $2500 for a 2002 that needs a trans. The funny part is that, if it was something like Tahoe, it would be on the lot for $7K with a new trans, but this dealer is smart enough to avoid falling into that rabbit hole.

Noahjoe

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Re: The "used car sales price" wall of shame...
« Reply #26 on: October 07, 2015, 07:15:55 AM »
Here's a good one: I'm selling my F150 (I know, right!) for $24,000. It's a 2010. Bought it used a little over 2 years ago for 28.5k, so I'm losing 4k in depreciation, $1,300 in fuel costs over my paid off 2009 Focus (WHAT!), and over $7,000 in payments.

So, in a little over 2 years I managed to piss away about $500 bucks a month driving a truck. Phew. Thanks MMM. It makes me genuinely wonder how on God's green earth people that make under 6 figures can buy such a thing and not have a heart attack.

Mustachian rebuttal to the whole situation: I'm driving a 1998 Honda Civic now. I paid $950 for it. And I already set the difference in costs to auto-invest into my taxable Vanguard account

jinga nation

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Re: The "used car sales price" wall of shame...
« Reply #27 on: October 08, 2015, 10:38:24 AM »
Today I stumbled across a 2 month old Maserati with 2,000km selling for $190,000 below list price. That's over 50% depreciation for walking of the lot.

https://trademe.co.nz/950462017

Maserati GranTurismo MC STRADALE 2015

It's a fancypants FIAT. It is still overpriced. Fix It Again, Toni!

JLee

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Re: The "used car sales price" wall of shame...
« Reply #28 on: October 08, 2015, 01:24:22 PM »
I bought an 07 FJ cruiser  with 33k miles for $15k 3 years ago.... That was dumb looking at it, but I didn't know about this site and didn't know I wanted to FIRE early, so what can you do. On the plus side We use it to do a lot of our own home repair stuff, pull stumps, and allowed us to renovate a home we bought. Plus I only commute 10 miles about 4.5 days a week, so gas savings on a sipper would be negligible.

That's not the crazy part... what's crazy is since they are popular here, mine has gone up to being worth about $18k even with 50k miles on it now! People are paying more money for a more used vehicle because the model is discontinued. It's actually been an appreciating asset. Has the most reliable toyota truck engine ever made, so the plan is to drive it forever
Haha I was going to say...$15k for a 33k mi FJ sounds like a steal!

gooki

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Re: The "used car sales price" wall of shame...
« Reply #29 on: October 08, 2015, 02:50:48 PM »
It's a fancypants FIAT. It is still overpriced. Fix It Again, Toni!

With warranty, and will depreciate another $70k by the time the warranty expires.

Money Badger

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Re: The "used car sales price" wall of shame...
« Reply #30 on: October 09, 2015, 05:52:37 PM »
Today I stumbled across a 2 month old Maserati with 2,000km selling for $190,000 below list price. That's over 50% depreciation for walking of the lot.

https://trademe.co.nz/950462017

Maserati GranTurismo MC STRADALE 2015

Kiwi dollars or no, that is the most vulgar used car ad I've ever seen...   $179K is a retirement for most of the people on MMM!

Jeremy E.

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Re: The "used car sales price" wall of shame...
« Reply #31 on: October 09, 2015, 06:35:39 PM »
A coworker of mine bought a used F350 for $63,000, then quit his job about 3 months later with no other job oppurtunities..... Needless to say, I'd bet he doesn't have the truck anymore.
My dad took a loan out against his retirement to buy a $10,000 jet boat... He's almost retirement age and has about the same amount in his retirement as I do, but luckily he has 4 houses and a lot in social security.

I have a '97 Altima that I paid $500 for about 7 years ago or so, have put 50,000 miles on it so far. I hate car salesmen, the worst part is that they don't understand what it means for someone to think a car is too expensive. I've once told a car salesman that $20,000 is too much for a car, and they tell me "how low do you need your monthly payments to be for me to sell you this car?" They don't think in terms of total price, only in monthly payment amount. They go on to say "we can get you a 2.49% interest rate with a 96 month loan and the monthly payment will only be (insert ridiculous amount)!."  It's so ridiculous.

My Altima has almost 180,000 miles on it so I've been researching cars. I think the best deals are 2005ish Toyota Corollas, 2011 Nissan Leafs and 2010ish Nissan Versas. I'm trying to figure out how I could get a Nissan Leaf, but I have no where to charge it, no garage, my work has no place to charge it, and I live in an apartment on the 2nd story.

zephyr911

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Re: The "used car sales price" wall of shame...
« Reply #32 on: October 09, 2015, 08:11:32 PM »

My Altima has almost 180,000 miles on it so I've been researching cars. I think the best deals are 2005ish Toyota Corollas, 2011 Nissan Leafs and 2010ish Nissan Versas. I'm trying to figure out how I could get a Nissan Leaf, but I have no where to charge it, no garage, my work has no place to charge it, and I live in an apartment on the 2nd story.
According to PlugShare, the only public EVSE locations in your town are two RV parks and a Ford dealer that used to be a Nissan dealer and has a leftover charger near the service department during business hours. Of course, anywhere you park during the day that you can get access to a 110v outlet would work, and wouldn't be listed.

yourusernamehere

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Re: The "used car sales price" wall of shame...
« Reply #33 on: October 18, 2015, 11:58:20 AM »

Used car prices are the result of wildly imaginative dealers and private party sellers. I see death trap econoboxes with 200k miles listed for 4k all.the.time.

For $4000 you can get an ex-cop car, Ford Crown Vic with the P71 Police Interceptor package.

My mom and stepdad each have one, acquired at about that price. Mom's just clicked to 200K miles, going strong.

paddedhat

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Re: The "used car sales price" wall of shame...
« Reply #34 on: October 18, 2015, 09:06:10 PM »

Used car prices are the result of wildly imaginative dealers and private party sellers. I see death trap econoboxes with 200k miles listed for 4k all.the.time.

For $4000 you can get an ex-cop car, Ford Crown Vic with the P71 Police Interceptor package.

My mom and stepdad each have one, acquired at about that price. Mom's just clicked to 200K miles, going strong.
To a lot of Cab companies, the word used to describe a Crown Vic with 200K miles on it is, "virgin".

Making Cookies

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Re: The "used car sales price" wall of shame...
« Reply #35 on: October 21, 2015, 09:11:21 AM »
Our local Sheriff's office and the university both get their VCs refurbished occasionally - paint and an engine? I have no idea how many miles are on these cars but they get the job done.

Jack

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Re: The "used car sales price" wall of shame...
« Reply #36 on: October 21, 2015, 09:24:54 AM »
I hate car salesmen, the worst part is that they don't understand what it means for someone to think a car is too expensive. I've once told a car salesman that $20,000 is too much for a car, and they tell me "how low do you need your monthly payments to be for me to sell you this car?"

"I need it to be $5000 or less, with a one-month term."

MgoSam

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Re: The "used car sales price" wall of shame...
« Reply #37 on: October 21, 2015, 09:48:25 AM »
I hate car salesmen, the worst part is that they don't understand what it means for someone to think a car is too expensive. I've once told a car salesman that $20,000 is too much for a car, and they tell me "how low do you need your monthly payments to be for me to sell you this car?"

"I need it to be $5000 or less, with a one-month term."

It's actually quite remarkable what the industry has done. They've taken cars that would be out of the reach of most of us mortals and instead of saying that they cost $50k, they instead are a low payment of $___ a month. That's like how salesmen sell Xerox machines, not as a capital equipment, but instead they lease it with the idea of it costing a penny a sheet for printing. This seems way more reasonable and understand about for a business to swallow.

Making Cookies

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Re: The "used car sales price" wall of shame...
« Reply #38 on: October 22, 2015, 08:59:40 AM »
I drove a Chrysler Town and Country 3.7L V-6 rental this weekend on a trip for work. $40K new mind you. Had every imaginable thing on it. That thing returned 25 mpg with six guys and luggage in it.

This was noteworthy for me b/c that's the best my four cylinder manual shift '99 CR-V ever gets.

No i wouldn't car hop over fuel economy b/c we drive short distances and carpool. ;)

As an '00 owner, I've often wondered what the fuel economy would be like if the first-generation CR-V didn't have the aerodynamics of a brick wall. . . .

Apparently the 2002 and up CR-V had the same transmission as an Element or Acura (can't remember which) and you could easily add a 6th gear to the manual transmission. $150 for parts, you do the labor.

Those guys reported another 5-6 mpg just making that change. I know mine revs @ 3500 rpm on the highway to run the speed limit of 70 mph. Amazed that it gets mileage as good as it does.

CALL 911

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Re: The "used car sales price" wall of shame...
« Reply #39 on: October 22, 2015, 10:42:58 AM »
I recently bought a used car. I am stunned at the used market. Just flabbergasted.

In 2005, we bought a 2002 Ford Taurus without any fancy doo dads with 52k miles. Paid $5600 or so. It was a good deal at the time (retired fleet car from FILs company), but not manna from heaven awesome.

I saw a 2003 Taurus with the same lack of doo dads with 190k miles. $4900. I couldn't find anything within 100 miles of me for less than $5,000 with fewer than 120k miles without frame damage or serious mechanical problems. It's nuts!

I wanted a Ford Flex (mustachian for my needs/purposes), but wasn't going to buy a new one. Used ones came at a 5% discount - with 50k miles. I said hell no!

So I bought a Jeep from the FBI. (You can face punch about the Jeep thing, I feel good enough about it).

jinga nation

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Re: The "used car sales price" wall of shame...
« Reply #40 on: October 30, 2015, 12:52:49 PM »
I recently bought a used car. I am stunned at the used market. Just flabbergasted.

In 2005, we bought a 2002 Ford Taurus without any fancy doo dads with 52k miles. Paid $5600 or so. It was a good deal at the time (retired fleet car from FILs company), but not manna from heaven awesome.

I saw a 2003 Taurus with the same lack of doo dads with 190k miles. $4900. I couldn't find anything within 100 miles of me for less than $5,000 with fewer than 120k miles without frame damage or serious mechanical problems. It's nuts!

I wanted a Ford Flex (mustachian for my needs/purposes), but wasn't going to buy a new one. Used ones came at a 5% discount - with 50k miles. I said hell no!

So I bought a Jeep from the FBI. (You can face punch about the Jeep thing, I feel good enough about it).

How did you get a vehicle from the FBI? Do they auction? Details please.
You can thank cheap money for higher-than-normal to borderline absurd user car prices. I get monthly stories from my neighbor who owns a used car dealership.
If you have a Honda or Toyota to sell around here, just ask what you want and you shall receive. Over KBB is the norm.

gimp

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Re: The "used car sales price" wall of shame...
« Reply #41 on: October 30, 2015, 01:48:11 PM »
Cheap money, and the cash for clunkers program got a huge amount of old cars off the road. Some states, like CA, have kept the program alive - pretty much any car that runs gets bought by CA for a thousand bucks. Also, the fact that certain older cars are ridiculously reliable as they never had been, so people don't see a big reason to discount them - they ran great 50k miles ago, runs great now, why should I discount those 50k miles by more than a few hundred bucks?

Jeremy E.

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Re: The "used car sales price" wall of shame...
« Reply #42 on: October 30, 2015, 02:36:57 PM »
I drove a Chrysler Town and Country 3.7L V-6 rental this weekend on a trip for work. $40K new mind you. Had every imaginable thing on it. That thing returned 25 mpg with six guys and luggage in it.

This was noteworthy for me b/c that's the best my four cylinder manual shift '99 CR-V ever gets.

No i wouldn't car hop over fuel economy b/c we drive short distances and carpool. ;)

As an '00 owner, I've often wondered what the fuel economy would be like if the first-generation CR-V didn't have the aerodynamics of a brick wall. . . .

Apparently the 2002 and up CR-V had the same transmission as an Element or Acura (can't remember which) and you could easily add a 6th gear to the manual transmission. $150 for parts, you do the labor.

Those guys reported another 5-6 mpg just making that change. I know mine revs @ 3500 rpm on the highway to run the speed limit of 70 mph. Amazed that it gets mileage as good as it does.
Transmissions are the most complex part of a car, I'd be carefully when working on one if you don't have experience dealing with them.

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Re: The "used car sales price" wall of shame...
« Reply #43 on: October 31, 2015, 11:22:52 AM »

How did you get a vehicle from the FBI? Do they auction? Details please.
You can thank cheap money for higher-than-normal to borderline absurd user car prices. I get monthly stories from my neighbor who owns a used car dealership.
If you have a Honda or Toyota to sell around here, just ask what you want and you shall receive. Over KBB is the norm.

http://autoauctions.gsa.gov/GSAAutoAuctions/

The federal government auctions all manner of surplus equipment through the GSA. Their other site is gsaauctions.gov if you need a helicopter, boat, seized rolex or commercial kitchen equipment.
They don't tell you much about the history of the car, but I assume that the routine maintenance was performed. I've bought a few cars from them at various times and have never had a problem.

Plus, they take credit cards! Automatic 2% discount :)
« Last Edit: October 31, 2015, 11:24:23 AM by CALL 911 »

JLee

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Re: The "used car sales price" wall of shame...
« Reply #44 on: November 02, 2015, 01:34:44 PM »
Today I stumbled across a 2 month old Maserati with 2,000km selling for $190,000 below list price. That's over 50% depreciation for walking of the lot.

https://trademe.co.nz/950462017

Maserati GranTurismo MC STRADALE 2015

Kiwi dollars or no, that is the most vulgar used car ad I've ever seen...  $179K is a retirement for most of the people on MMM!

$596/mo?

That's a stretch.

Making Cookies

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Re: The "used car sales price" wall of shame...
« Reply #45 on: February 14, 2016, 08:39:17 PM »
Are the new car lots in your town filling up?

I can't decide if that means that the economy is slowing down, that car companies are going to crash soon, or they are stocking up for warmer weather.

I remember in '07/'08 the local RV lot overflowed until they went out business.

Our local new car lots are doing the same spilling over into neighboring businesses' parking lots.

Primm

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Re: The "used car sales price" wall of shame...
« Reply #46 on: February 15, 2016, 03:46:06 AM »
I bought an 07 FJ cruiser  with 33k miles for $15k 3 years ago.... That was dumb looking at it, but I didn't know about this site and didn't know I wanted to FIRE early, so what can you do. On the plus side We use it to do a lot of our own home repair stuff, pull stumps, and allowed us to renovate a home we bought. Plus I only commute 10 miles about 4.5 days a week, so gas savings on a sipper would be negligible.

That's not the crazy part... what's crazy is since they are popular here, mine has gone up to being worth about $18k even with 50k miles on it now! People are paying more money for a more used vehicle because the model is discontinued. It's actually been an appreciating asset. Has the most reliable toyota truck engine ever made, so the plan is to drive it forever

I just bought a '05 s2000 for 11k.  Being discontinued as well, I assume it will hold its value.  Practical? No.  Awesome no-frills sports car though.

Damn, I want a S2000 so bad....

Ditto...

brett2k07

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Re: The "used car sales price" wall of shame...
« Reply #47 on: February 15, 2016, 05:40:30 AM »

How did you get a vehicle from the FBI? Do they auction? Details please.
You can thank cheap money for higher-than-normal to borderline absurd user car prices. I get monthly stories from my neighbor who owns a used car dealership.
If you have a Honda or Toyota to sell around here, just ask what you want and you shall receive. Over KBB is the norm.

http://autoauctions.gsa.gov/GSAAutoAuctions/

The federal government auctions all manner of surplus equipment through the GSA. Their other site is gsaauctions.gov if you need a helicopter, boat, seized rolex or commercial kitchen equipment.
They don't tell you much about the history of the car, but I assume that the routine maintenance was performed. I've bought a few cars from them at various times and have never had a problem.

Plus, they take credit cards! Automatic 2% discount :)

The fact that you can buy a used Black Hawk helicopter is simultaneously awesome and horrifying.

TomTX

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Re: The "used car sales price" wall of shame...
« Reply #48 on: February 15, 2016, 06:12:47 AM »
Cheap money, and the cash for clunkers program got a huge amount of old cars off the road.

Common misconception.  Cash for clunkers took relatively few people off the road.

In total, Cash for Clunkers took less than 700,000 cars off the road. By contrast, 2015 alone saw 17,500,000 new cars sold in the USA.

That means more than 25x as many new cars were put on the road last year as were taken off by cash for clunkers.  Which happened 6 years ago.

Typically over 10,000,000 cars are scrapped every year. Cash for Clunkers was in the noise levels even for the single year it happened as far as how many cars were scrapped. Basically irrelevant at this point.

Where CfC mattered was average fuel economy. Apparently by requiring big MPG increases to get the cash, the average US fuel economy did measurably rise.