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Posted: 3/13/2013 3:49:46 AM EDT
So I went to sell my sister in law's 2001 Mitsubishi Galant. It's got 185,000 miles on it. The brakes are completely shot, the windshield is cracked, it has paint missing and a small dent from a minor accident. It needs new tires. It's slow, it's white, and it needs some love.
And yet I have been inundated with offers and e-mails the very SECOND I put it up on craigslist. I even had people wanting to drive out to my house at 9 PM at night to come check it out. I checked and used cars for under $1000 are pretty rare to find. |
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True. We were trying to find a friend a sub $1000 used car in any condition... It was like trying to find a Unicorn pissing rainbows. Ended up with a beat to shit Ranger that costs nearly $2k.
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This is why state/government should not interfere with the free market....it screws everything up.
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The bigger culprit here is the poor economy. People can't or won't buy as many new vehicles.
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yep, the used car market is insane.
IMO, it has less to do with cash for clunkers and more to do with the economy. People are driving their cars longer and are unwilling or unable to finance a new or almost new vehicle. Wife's Accord EX was recently totaled. We're looking for a replacement. The days of $10k buying a decent car with less than 70k on the odometer are over. Everything in that price range has 120k+ miles or the model has a history of problems (trailblazer and Durango for example). You've got to spend 15-20 k to find something decent. This has been an eye opener for me. |
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yep, the used car market is insane. IMO, it has less to do with cash for clunkers and more to do with the economy. People are driving their cars longer and are unwilling or unable to finance a new or almost new vehicle. Wife's Accord EX was recently totaled. We're looking for a replacement. The days of $10k buying a decent car with less than 70k on the odometer are over. Everything in that price range has 120k+ miles or the model has a history of problems (trailblazer and Durango for example). You've got to spend 15-20 k to find something decent. This has been an eye opener for me. went through that last year. honestly i was better off buying new. for anything with under 80k miles on it i was only going to save about 30% off a new car price and then would be stuck with no warranty. |
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Conversation on the phone last night- (paraphrasing)
"So tell me about these brakes" Me: "Well, there is some metal on metal grinding. If you don't get them fixed, you might crash and die" Him: "Alright, and how about the tires?" Me: "They are pretty worn down. You might get a couple thousand miles out of them, but they should be replaced also" Him: "Anything else I should know?" Me: "Yeah, it's got some body damage, missing a little paint. Title is clear." Him: "Cool, I have cash, can I come over now?" -------- Apparently I vastly underpriced this thing. I mean, it needs almost $1,000 to get it in tip top shape and people are beating a path to my door. I got 3 e-mails within the first 2 minutes of posting it. And these were real people not spam bots. |
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Same here. Every car I've sold has been above book and gone in 2 days or less
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Same here. Every car I've sold has been above book and gone in 2 days or less I wish I would have consulted you guys before setting the price. Funny thing is, because of the brakes, the VW dealership offered us $0 to take it as a trade-in. Lol. I understand their position, but I am SO glad we didn't hand it over for nothing. |
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My mechanics garage business was decimated by cars for clunkers.
This was his niche market since we have a lot of senior citizens that keep cars for years. |
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Amazing that the unintended consequences are still being felt years later. It's like a whole generation of used cars was sucked into the void.
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Amazing that the unintended consequences are still being felt years later. It's like a whole generation of used cars was sucked into the void. I'm still driving a 2001 F-150 4x2 Super Crew. I put a rear in it last year. Driver seat is shot, body under the front door is rusting. Drives great, hauls all my gear. No desire to replace it... |
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yep, the used car market is insane. IMO, it has less to do with cash for clunkers and more to do with the economy. People are driving their cars longer and are unwilling or unable to finance a new or almost new vehicle. Wife's Accord EX was recently totaled. We're looking for a replacement. The days of $10k buying a decent car with less than 70k on the odometer are over. Everything in that price range has 120k+ miles or the model has a history of problems (trailblazer and Durango for example). You've got to spend 15-20 k to find something decent. This has been an eye opener for me. went through that last year. honestly i was better off buying new. for anything with under 80k miles on it i was only going to save about 30% off a new car price and then would be stuck with no warranty. Better off buying new...I've heard this from so many people lately. I just can't seem to make myself do it. The thought of immediate depreciation post- sale kills my soul. I've got two fleet vehicles I'm looking at. Both are 2012, one has 15k miles and the other has 13k. They are priced 25% below a 2013 model, but they're still 21k out the door. My credit is good so my financing rate is 3.5%. Haven't had a car note in 5 or 6 years so this is going to suck. |
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I've got a 1992 Camry that (apparently) needs a new head gasket (V6) but I don't know which one yet.
I saw a car like mine, not in as good condition, for sale recently for 2700 bucks and it sold pretty quickly. I guess it's worth fixing it so I can sell it. I wouldn't sell a car that needs work like that. |
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Amazing that the unintended consequences are still being felt years later. It's like a whole generation of used cars was sucked into the void. As much as I disliked C for C, I think you're overestimating its effect on the used car market. |
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I've got a 1992 Camry that (apparently) needs a new head gasket (V6) but I don't know which one yet. I saw a car like mine, not in as good condition, for sale recently for 2700 bucks and it sold pretty quickly. I guess it's worth fixing it so I can sell it. I wouldn't sell a car that needs work like that. Hondas and Toyotas are worth their weight in gold these days. 2008 Honda crv ex with 60k miles sells for $20k. We would've kept our 2003 accord ex until the wheels fell off, but a 1 ton dually had other plans. |
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IMO, it has less to do with cash for clunkers and more to do with the economy. People are driving their cars longer and are unwilling or unable to finance a new or almost new vehicle. I agree with this. Although cfc took many perfectly good cars off the road, the lack of people able to afford a brand new car is the main factor driving up the prices of used ones. The average car on the road today is 11 years old. Think about that. For every brand new car someone is driving around in one over 20 years old. Another sign that people are keeping their cars longer is the state of the u pull it junk yards near me. There is alot of empty space and the cars in there are picked clean. No only can people not afford a new or new to them car, but they can't even afford new PARTS. |
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The bigger culprit here is the poor economy. People can't or won't buy as many new vehicles. It is a combination of factors, Cash for Clunkers did take a lot of good used cars off the market, but also so many people are choosing to hold onto their cars longer. I used to keep my cars for ten years, but due to less driving and more dependable vehicles I try to get 15 years now. And like you said, with real wages falling, less people can afford new cars. Will we start seeing more econoboxes on the streets? |
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Amazing that the unintended consequences are still being felt years later. It's like a whole generation of used cars was sucked into the void. This. |
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Among other things Cash for Clunkers was a bad thing for the environment.
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The bigger culprit here is the poor economy. People can't or won't buy as many new vehicles. It is a combination of factors, Cash for Clunkers did take a lot of good used cars off the market, but also so many people are choosing to hold onto their cars longer. I used to keep my cars for ten years, but due to less driving and more dependable vehicles I try to get 15 years now. And like you said, with real wages falling, less people can afford new cars. Will we start seeing more econoboxes on the streets? When you combine those factors with high gas prices, the little econoboxes become highly desirable. I have an '01 Hyundai Accent that has been just sitting in my driveway since June due to emissions issues and I've had notes left on the car and in my mailbox, people ringing the doorbell, and folks flagging me down when I'm outside getting the mail or cutting the grass, just to ask how much i want for it. |
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Among other things Cash for Clunkers was a bad thing for the environment. Explain this, please. |
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So I went to sell my sister in law's 2001 Mitsubishi Galant. It's got 185,000 miles on it. The brakes are completely shot, the windshield is cracked, it has paint missing and a small dent from a minor accident. It needs new tires. It's slow, it's white, and it needs some love. And yet I have been inundated with offers and e-mails the very SECOND I put it up on craigslist. I even had people wanting to drive out to my house at 9 PM at night to come check it out. I checked and used cars for under $1000 are pretty rare to find. The ammo we used to buy for $170 is $450 now. The cars we used to buy for $500 are $2,500 now. The candybars that used to be .25 are $1.29 now. |
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Conversation on the phone last night- (paraphrasing) "So tell me about these brakes" Me: "Well, there is some metal on metal grinding. If you don't get them fixed, you might crash and die" Him: "Alright, and how about the tires?" Me: "They are pretty worn down. You might get a couple thousand miles out of them, but they should be replaced also" Him: "Anything else I should know?" Me: "Yeah, it's got some body damage, missing a little paint. Title is clear." Him: "Cool, I have cash, can I come over now?" -------- Apparently I vastly underpriced this thing. I mean, it needs almost $1,000 to get it in tip top shape and people are beating a path to my door. I got 3 e-mails within the first 2 minutes of posting it. And these were real people not spam bots. Something special about the engine or trans in that year/model/trim level? |
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Quoted: Conversation on the phone last night- (paraphrasing) "So tell me about these brakes" Me: "Well, there is some metal on metal grinding. If you don't get them fixed, you might crash and die" Him: "Alright, and how about the tires?" Me: "They are pretty worn down. You might get a couple thousand miles out of them, but they should be replaced also" Him: "Anything else I should know?" Me: "Yeah, it's got some body damage, missing a little paint. Title is clear." Him: "Cool, I have cash, can I come over now?" -------- Apparently I vastly underpriced this thing. I mean, it needs almost $1,000 to get it in tip top shape and people are beating a path to my door. I got 3 e-mails within the first 2 minutes of posting it. And these were real people not spam bots. Take it down for a couple days, and repost it with a new price. Who cares, if they don't like it they don't have to buy it. Hell just change the price in the ad right now. |
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Among other things Cash for Clunkers was a bad thing for the environment. Explain this, please. in general, the cars taken in for cash for clunkers had to be destryed in some way that the engine and emissions parts were not reusable. could not be taken off at all from any junkyard they made it to. they were all supposed to have some sort of concrete type stuff poured into the blocks to make them unusable. This took away a lot of low cost replacement parts that the low income people needed to keep their cars running and emission compliant. those that cannot afford new parts or new cars would just keep driving them with damaged emissions components, thus doing more harm to the enviornmnet, not helping. \those that traded in for cash for clunckers could afford newer cars. that was the whole point. thus their cars were probably not the polluting nightmare that they wanted to get off the road. |
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Faulty logic.
People that can't afford parts don't fix emissions problems unless testing is mandated. How many cars have you seen blowing blue smoke on the road? As long as it runs and can be registered it will stay on the road. |
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Faulty logic. People that can't afford parts don't fix emissions problems unless testing is mandated. How many cars have you seen blowing blue smoke on the road? As long as it runs and can be registered it will stay on the road. Let's just forget about the environmental impact of making a new car, vs maintaining an existing one. |
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Car dealerships don't seem too interested in selling new cars. I've asked two dealerships about factory ordering a new Subaru and neither responded.
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Faulty logic. People that can't afford parts don't fix emissions problems unless testing is mandated. How many cars have you seen blowing blue smoke on the road? As long as it runs and can be registered it will stay on the road. Let's just forget about the environmental impact of making a new car, vs maintaining an existing one. A car from 2000 has about 1% of the total emissions that a car from 1970 does. The statistics from 2013 to 2003 aren't going to be as compelling, but new cars are clean, and cars themselves are recyclable. And the amount of pollution produced in manufacturing is going down. |
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2008 Honda crv ex with 60k miles sells for $20k. Here $20k will get you a 2010 CR-V EX with 20k miles. |
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yep, the used car market is insane. IMO, it has less to do with cash for clunkers and more to do with the economy. People are driving their cars longer and are unwilling or unable to finance a new or almost new vehicle. Wife's Accord EX was recently totaled. We're looking for a replacement. The days of $10k buying a decent car with less than 70k on the odometer are over. Everything in that price range has 120k+ miles or the model has a history of problems (trailblazer and Durango for example). You've got to spend 15-20 k to find something decent. This has been an eye opener for me. went through that last year. honestly i was better off buying new. for anything with under 80k miles on it i was only going to save about 30% off a new car price and then would be stuck with no warranty. Better off buying new...I've heard this from so many people lately. I just can't seem to make myself do it. The thought of immediate depreciation post- sale kills my soul. I've got two fleet vehicles I'm looking at. Both are 2012, one has 15k miles and the other has 13k. They are priced 25% below a 2013 model, but they're still 21k out the door. My credit is good so my financing rate is 3.5%. Haven't had a car note in 5 or 6 years so this is going to suck. While they are fewer and farther in between, there are still deals to be had. 25% is still a significant discount for a car with over 90% over it's serviceable life left. |
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Car dealerships don't seem too interested in selling new cars. I've asked two dealerships about factory ordering a new Subaru and neither responded. That's because most car dealerships are extremely shortsighted and only care about the money they can make today, perhaps tomorrow. Custom ordering is a pain, and they probably have people back out all the time. It's not worth it to them. Quoted:
went through that last year. honestly i was better off buying new. for anything with under 80k miles on it i was only going to save about 30% off a new car price and then would be stuck with no warranty. Better off buying new...I've heard this from so many people lately. I just can't seem to make myself do it. The thought of immediate depreciation post- sale kills my soul. I've got two fleet vehicles I'm looking at. Both are 2012, one has 15k miles and the other has 13k. They are priced 25% below a 2013 model, but they're still 21k out the door. My credit is good so my financing rate is 3.5%. Haven't had a car note in 5 or 6 years so this is going to suck. In my experience, the whole 20-30% thing is a myth, at least around here. Now it may apply to domestic vehicles, but definatley not Japanese (I like Japanese cars, FWIW). Case in point- I very recently (last weekend) bought a car for my sister in law. We did lots of research. Here are some examples. Brand New 2013 Subaru Outback: $22,000 Used 2011 Subaru Outback, 25,000 miles: $21000 Brand New 2013 Honda CRV: $25,000 Used 2010 Honda CRV with 40,000 miles: $21,000 I routinely saw cars with over 10,000 miles on them that were selling for nearly the same price as the brand new models. The new cars have better financing, more warranty, and are completely flawless. In my case, why even look at late-model used cars? |
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2008 Honda crv ex with 60k miles sells for $20k. Here $20k will get you a 2010 CR-V EX with 20k miles. I'm not driving to Washington state. Texass also has some decent car prices. in some cases quite a bit lower. I was tempted but time from work plus gas and hotel room would eat into any savings. |
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yep, the used car market is insane. IMO, it has less to do with cash for clunkers and more to do with the economy. People are driving their cars longer and are unwilling or unable to finance a new or almost new vehicle. Wife's Accord EX was recently totaled. We're looking for a replacement. The days of $10k buying a decent car with less than 70k on the odometer are over. Everything in that price range has 120k+ miles or the model has a history of problems (trailblazer and Durango for example). You've got to spend 15-20 k to find something decent. This has been an eye opener for me. went through that last year. honestly i was better off buying new. for anything with under 80k miles on it i was only going to save about 30% off a new car price and then would be stuck with no warranty. Better off buying new...I've heard this from so many people lately. I just can't seem to make myself do it. The thought of immediate depreciation post- sale kills my soul. I've got two fleet vehicles I'm looking at. Both are 2012, one has 15k miles and the other has 13k. They are priced 25% below a 2013 model, but they're still 21k out the door. My credit is good so my financing rate is 3.5%. Haven't had a car note in 5 or 6 years so this is going to suck. While they are fewer and farther in between, there are still deals to be had. 25% is still a significant discount for a car with over 90% over it's serviceable life left. I agree. I may have bought one today. Guy is driving it to the house for me to look at. The dealership owner' s daughter is a student at my wife' s studio. I play golf with his sales mgr. I'm still beating them up over a deal. |
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Car dealerships don't seem too interested in selling new cars. I've asked two dealerships about factory ordering a new Subaru and neither responded. That's because most car dealerships are extremely shortsighted and only care about the money they can make today, perhaps tomorrow. Custom ordering is a pain, and they probably have people back out all the time. It's not worth it to them. Quoted:
went through that last year. honestly i was better off buying new. for anything with under 80k miles on it i was only going to save about 30% off a new car price and then would be stuck with no warranty. Better off buying new...I've heard this from so many people lately. I just can't seem to make myself do it. The thought of immediate depreciation post- sale kills my soul. I've got two fleet vehicles I'm looking at. Both are 2012, one has 15k miles and the other has 13k. They are priced 25% below a 2013 model, but they're still 21k out the door. My credit is good so my financing rate is 3.5%. Haven't had a car note in 5 or 6 years so this is going to suck. In my experience, the whole 20-30% thing is a myth, at least around here. Now it may apply to domestic vehicles, but definatley not Japanese (I like Japanese cars, FWIW). Case in point- I very recently (last weekend) bought a car for my sister in law. We did lots of research. Here are some examples. Brand New 2013 Subaru Outback: $22,000 Used 2011 Subaru Outback, 25,000 miles: $21000 Brand New 2013 Honda CRV: $25,000 Used 2010 Honda CRV with 40,000 miles: $21,000 I routinely saw cars with over 10,000 miles on them that were selling for nearly the same price as the brand new models. The new cars have better financing, more warranty, and are completely flawless. In my case, why even look at late-model used cars? We went thru the same thing when we were shopping for a used Scion Xb a couple years ago. 2008 models with 30k were going for $15-$16k. We wound up buying a brand new leftover 2010 with more options for $17k. |
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Car dealerships don't seem too interested in selling new cars. I've asked two dealerships about factory ordering a new Subaru and neither responded. Somewhat true...In order of profit most dealerships make their money in... 1. Service 2. Used sales 3. New sales |
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I have a 2004 Accord V6 MT with 117K miles that's mechanically sound, runs perfect and has its 105K service. I don't expect to get much more than about 6K.
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No way c4c clunkers still has any effect on used cars. It was like 4 years ago.
I am betting it is a car flipper that will take it to the city or whatever and resell it. I posted a decent running driving 2000 Dakota for 1200 and got a ton of hits but mainly people bitching about rust in the rust belt wasting my time. I ended up selling it for 900 and watched it be posted back on craigslist the next day for 2200, and then later 2500 with rebuilt engine and transmission. haha yeah right. |
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People who say C4C is not having an effect are morons. It did not just wipe out a few years of used, it emptied the supply line and changed the demographics on when cars go into said supply line. This combined with the utterly shitty state of our country and those few old cars left are being ran til they die, and the used car market has been artificially regulated to have about half as many available years due to the supply line and demographic change.
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I have a 2004 Accord V6 MT with 117K miles that's mechanically sound, runs perfect and has its 105K service. I don't expect to get much more than about 6K. Our 2003 Accord EX with 125k miles had an excellent condition KBB value of $5,254. Dealer retail value on the same car? $8,800-$9,600 It's worth more than you think. The insurance company didn't bat an eye when they cut a check for $9,750 for our (ex) car. |
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Quoted: Car dealerships don't seem too interested in selling new cars. I've asked two dealerships about factory ordering a new Subaru and neither responded. The profit margins on new vehicles are slim, where they make money is the used market and your trade in. You get $4k on a trade-in, the dealership eats a bit of profit on the new vehicle and sells your trade-in the same day for $8k. I traded in a 2007 Jeep Patriot a few years ago for a newer Grand Cherokee, they had the Patriot sold before the Cherokee even left the lot. |
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Anyone taken advantage of the used car market by selling an extra vehicle?
My dad has a low mileage GMC 4by pickup that he could probably make a mint of. |
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Anyone taken advantage of the used car market by selling an extra vehicle? My dad has a low mileage GMC 4by pickup that he could probably make a mint of. Trucks seem to fair well on the used market. Generally speaking, domestic vehicles seem to get hit hardest with depreciation. Look at autotrader. Find comps. Sell it privately for a grand or two below what the dealers are charging. In my neck of the woods (ag economy) trucks go quick |
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Why would Cash for Clunkers be affecting the used car market now? It ran for two months in 2009. Cash for Clunkers resulted in the additional sale of 360,000 cars before the program ended. Last year Americans bought 1 million cars. I seriously doubt we are feeling the effects of CfC at this point.
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Hurricanes/ Floods - Been a lot in the last years.
Used cars here seem normal. I'm not shopping, just thumbing through the paper. |
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Stacey David (Trucks/Gearz Host) Say's it best...
http://www.youtube.com/watch?v=THqnKKLD2rw |
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Anyone taken advantage of the used car market by selling an extra vehicle? My dad has a low mileage GMC 4by pickup that he could probably make a mint of. i have a z71 ive driven since 2001. it has 175K miles on it.....bought an armada to drive last year because our 3 baby was born and needed more room. kept the truck because i know where its been and i can work on it no problem. its worth more to me than anybody is going to give me for it.... |
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