Several articles have come out lately about the used car market having apparently peaked. Prices have gotten ridiculous, putting pressure on consumers and — although they won’t get much sympathy — car insurers. The severity of total loss claims paid by car insurers has gone up commensurate with the increase in used car prices, putting pressure on rates….which I’m sure many of us will see at our next policy renewal.
My personal experience of being “induced” to sell a used car: In May, I went to the Carmax website and plugged in info on my car, which was a low mileage 2019 Honda for which I paid $23.6k OTD brand new (I paid very little in sales tax because of the offset of a high value trade). They offered me $27.5k…and I sold it. MSRP when new was under $26k, and they listed it for $29,995. Last time I checked, it was for still for sale, but at $26,995.
I’m guessing that I’m not alone among posters here in being induced to sell into this market. I’m just glad I didn’t have to be a buyer of a used car.
Used car prices have peaked?
- Brianmcg321
- Posts: 1875
- Joined: Mon Jul 15, 2019 8:23 am
Re: Used car prices have peaked?
I lurk on autotrader all the time and I have noticed that a lot of my saved cars and searches, nearly all of the cars are listed as "reduced", or "great price". So that leads me to believe that the prices have already started coming down.
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Re: Used car prices have peaked?
This thread has run its course and is locked (not personal nor actionable). General comment threads are off topic in the forums with "Personal" in the title. See: A reminder that non-investing general comment threads are OT
This thread is now in the Personal Consumer Issues forum (car prices). It was moved from the personal finance forum, where the discussion was also off-topic.
If you have a specific question, please ask directly and provide sufficient information for members to supply appropriate advice.- It must be personal. In other words, you must be asking about your own situation. You can also ask on behalf of someone specific, such as a family member.
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This thread is now in the Personal Consumer Issues forum (car prices). It was moved from the personal finance forum, where the discussion was also off-topic.