Used Auto Prices Dropping
- Thread starter CutthroatSlam
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Oldmanb777
New member
I'm not sure, but what goes up must come down..............
I have a Corvette friend that flips classic cars for a hobby. He says classic car prices are tanking. I see murdercycle prices are softening. Realestate prices in my area are either coming down, or not selling. Mostly not selling. Airplane prices seem to be getting soft. So I would expect to see the car prices of everyday rides to start coming down as well. Or maybe just not selling until everything else like wages and such catch up. Are RV/camper sales stagnate?
I have a Corvette friend that flips classic cars for a hobby. He says classic car prices are tanking. I see murdercycle prices are softening. Realestate prices in my area are either coming down, or not selling. Mostly not selling. Airplane prices seem to be getting soft. So I would expect to see the car prices of everyday rides to start coming down as well. Or maybe just not selling until everything else like wages and such catch up. Are RV/camper sales stagnate?
CutthroatSlam
Senior Member
I work for the Federal Reserve. I see a lot of data. Can’t tell you specifics, but can tell you that we are past the inflection point.
Used car prices keep coming down to a more normal level but many models are still high (like the Rubicon, and even the FJs). We put a deposit down on the Rivian and it will be a little while but sometimes the V8 Rubicon tempts me.
RV/camper sales are slowing down too and I am watching for a diesel Winnebago Class C. I rethink 2023 will be a good year to buy.
RV/camper sales are slowing down too and I am watching for a diesel Winnebago Class C. I rethink 2023 will be a good year to buy.
CutthroatSlam
Senior Member
Reading lots of problems with the Rivians.
I have not heard of too many yet and now know two people with them. They are phenomenal off-road. I'll watch for mechanical issues more carefully, though mine will prob not be ready till late 2023. I'll watch for issues carefully from now on.
Either way, we can't buy any more gas/diesel vehicles so fingers crossed. It would be great to get something that is a solid and comfy daily driver and does great off-road. I was initially targeting the V8 Hemi Rubicon (almost exactly the same price as my Rivian build) but just need to stay in the EV lane, especially since the R1S and R1T are so capable off-road.
Either way, we can't buy any more gas/diesel vehicles so fingers crossed. It would be great to get something that is a solid and comfy daily driver and does great off-road. I was initially targeting the V8 Hemi Rubicon (almost exactly the same price as my Rivian build) but just need to stay in the EV lane, especially since the R1S and R1T are so capable off-road.
WillisSauce
New member
So you guys are late again?
You guys created this problem increasing the money supply 40%, then took WAY too long being on the "transitory" bus when everyone and their grandmother knew inflation was not transitory....
CutthroatSlam
Senior Member
I work as a Bank regulator, not on the FOMC side of the Fed. I agree, they whiffed on the transitory inflation view. What part of shutting down the economy (i.e. cutting supply) and paying people not to work (i.e. enhanced unemployment and stimulus) plus low rates and quantitative easing was not seen as inflationary?
JBWardFamily
New member
Haven't fallen much in NC that I can see. Ford is producing more trucks so those are going down. New prices are still stupid even without the dealer markup.
lewdog998
New member
Im no expert, but I think they may rise again early next year depending on the economy....getting new inventory is still an issue...anecdotal evidence is I am currently trying to by a new work van for my company (chevy 2500 van) and it is going to be April before new allocations come out and I cannot even "order" a new one. My daughter is still trying to buy a new Sienna....same story, cant order one...just drop a deposit and they will let you know when they get something similar. Some dealers have told her a year wait, some say 3 to 6 months.
CutthroatSlam
Senior Member
Housing will need unemployment stress to push prices down. Starting to see that in the SF Bay Area as tech starts to lay-off people (Twitter and Facebook).
RoadRunner44
New member
Used prices for 4Runners still seem pretty high, but I'm not sure how well they are selling. Lots of info on youtube about wholesale prices for used vehicles coming down lately, but dealers and private sellers still asking high prices, hoping that people will still pay them.
I reserved a Rivian R1S almost a year ago and was waiting patiently for that - hoping for mid 2023 delivery, but recently they announced they are not delivering any in my area in the forseeable future, as they have no service center nearby and no real plans to have one. So I've been looking to buy a 4Runner for a couple weeks now. I had a 1990 4Runner for a few years in the late 90's and always regretted selling it. It was a great vehicle aside from the horrible gas mileage...
Initially I was looking at used 4Runners, but with sellers asking $38-40K+ for a 3-5 year old 4Runner with 50-80K+ miles, and not budging on price, I decided to buy new instead. After a bit of research and a couple test drives I settled on the TRD ORP trim with KDSS and a moonroof. Put in a deposit with one dealer last week and may put in another one this week to see if they can get it sooner, and as a hedge against any shenanigans they may try to pull at delivery.
Some dealers are still asking for a markup but many are not. My local dealer wants a $2k markup on a TRD ORP but after some back and forth they are now saying they'll waive it as I'm local. I'm also talking to dealers in CO and ABQ who are not doing markups on that trim level. They all seem to still be doing big markups on TRD Pro though.
I reserved a Rivian R1S almost a year ago and was waiting patiently for that - hoping for mid 2023 delivery, but recently they announced they are not delivering any in my area in the forseeable future, as they have no service center nearby and no real plans to have one. So I've been looking to buy a 4Runner for a couple weeks now. I had a 1990 4Runner for a few years in the late 90's and always regretted selling it. It was a great vehicle aside from the horrible gas mileage...
Initially I was looking at used 4Runners, but with sellers asking $38-40K+ for a 3-5 year old 4Runner with 50-80K+ miles, and not budging on price, I decided to buy new instead. After a bit of research and a couple test drives I settled on the TRD ORP trim with KDSS and a moonroof. Put in a deposit with one dealer last week and may put in another one this week to see if they can get it sooner, and as a hedge against any shenanigans they may try to pull at delivery.
Some dealers are still asking for a markup but many are not. My local dealer wants a $2k markup on a TRD ORP but after some back and forth they are now saying they'll waive it as I'm local. I'm also talking to dealers in CO and ABQ who are not doing markups on that trim level. They all seem to still be doing big markups on TRD Pro though.
gomiami
Member
Well, if economics were a science, that would be comforting.
gomiami
Member
Dang it. I assumed you were a part of that open market committee clown show. My apologies.:sorry:
gomiami
Member
I did not read the article, for full disclosure.
Inflation coming down is good news. Too bad 2023 is going to be a worse year for the economy than 2022. Moderating prices will be small comfort for those that lose their jobs...and the layoffs are right around the corner.
CutthroatSlam
Senior Member
If you're in the tech sector, the layoffs are happening NOW. I see a lot of data in my seat and one that bothered me was the disparate commercial/industrial growth rate by industry in California. Since the financial crisis, the tech industry has grown by double digits, while the rest of the commercial/industrial growth in California has been an anemic 2%. So I knew it would take a downturn in tech to punch a hole in the CA economy and we're beginning to see that now.
Keeping in mind, the Fed looks at national figures and employment rate is still pretty strong, but I believe that we're seeing the beginnings of an uptick in unemployment. How bad this will be, who knows. But I do know it will be time for us to order that TRD Off Pro.
gomiami
Member
No argument with anything you said. I usually don't look at unemployment figures. I have been looking at industrial commodity prices for some time and it doesn't look good.
