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Buyers aghast as used car prices soar

Original Article

Posted By: NorthernDog, 1/3/2022 7:32:10 PM

A couple of months ago, a woman paid a visit to Jeff Schrier's used car lot in Omaha, Nebraska. She was on a tight budget, she said, and was desperate for a vehicle to commute to work. She was shown three cars priced at her limit, roughly $7,500. Schrier said the woman was stunned. "'That's what I get for $7,500?‘" he recalled her saying. The vehicles had far more age or mileage on them than she had expected for something to replace a car that had been totaled in a crash. The woman eventually settled on a 2013 Toyota Scion


The days of buying an older junker for $1,900 are long gone thanks to Bidenomics.

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Reply 1 - Posted by: Lawsy0 1/3/2022 7:39:14 PM (No. 1027310)
You mean I'm the very first to quote Calvin Coolidge and the British? ''Use it up, wear it out, make it do, or do without!'' My parents made a game out of it when we were youngsters during WWII. There was a certain honor that attached when a person went the ''last mile of the way'' to help the Boys Overseas succeed.
31 people like this.

Reply 2 - Posted by: varkdriver 1/3/2022 7:47:09 PM (No. 1027313)
I see the AP is right on the case. This has been going on for about a YEAR now, ever since Slow Joe and the "Doctor" slid into the White House.
27 people like this.

Reply 3 - Posted by: Ida Lou Pino 1/3/2022 7:50:07 PM (No. 1027315)
Another item to file under - - Dint Happen W. Trump. That file folder is getting mighty thick.
36 people like this.

Reply 4 - Posted by: Corndoggies 1/3/2022 8:08:11 PM (No. 1027326)
We went to buy a 2016 Durango and ended up leasing a new one. Neither I nor the hubs have ever had a brand new vehicle before. I was driving it the other day and thought how have I lived my whole life without a heated steering wheel. We’re still undecided if it was a good financial decision or not. Feel free to weigh in, I value advice I find on this site. There is a promise of a refund if it has low miles when it’s returned. The corn doggies take a lot fewer rides with us these days lol. I take the old pick up to vet visits.
18 people like this.

Reply 5 - Posted by: Ribicon 1/3/2022 8:13:40 PM (No. 1027329)
If we can't buy a new Tesla like AOC the halfwitted former barmaid, or be chauffeured around in limousines the way the other congressmen do, well, that's our fault, not theirs.
17 people like this.

Reply 6 - Posted by: NHChemist 1/3/2022 8:30:39 PM (No. 1027336)
I was looking at a new car over the weekend. Dealers are selling them for thousands over the MSRP. Gone are the days when paying cash was good for $2000 - 4000 under MSRP.
11 people like this.

Reply 7 - Posted by: 3XALADY 1/3/2022 8:46:20 PM (No. 1027343)
I'm thankful I bought my new Lincoln Nautilus when I was on vacation in Florida last year. Also thankful to be able to buy a new car. I have driven a couple of beaters. My first car was a 50's or 60's something Chevy with the wings in the back and the floor was rusted out behind the driver's seat. We put a board over it so the kids wouldn't fall out. hehe Car cost DH $75, I drove it for about 3 years and he sold it for $75. The only work done was new odometer thingy.
13 people like this.

Reply 8 - Posted by: sunshinehorses 1/3/2022 8:48:03 PM (No. 1027344)
About 6 mos ago I traded my 2013 Escape for a 2016 Expedition (needed a 4x4 since we moved more rural). I knew used car prices were going up - especially trucks and true 4x4 SUVs. We got a good price for trade-in and a decent price on the Expedition, so I was happy with the trade. I looked up the price on my hubby's 2012 F350 we bought just over 2 years ago and it is worth at least $15k more than we paid for it. My Expedition has gone up in value at least $5k in 6 mos. Dealers here have almost nothing on their lots new or used. My daughter works for a large dealership and says IF they get a new vehicle on the lot, it lasts only a day or so before being sold. She also said that people are bringing in their used vehicles and selling outright to the dealership as they are getting more than enough to pay off their loans and are getting out from under any debt due to the economy being so unstable.
11 people like this.

Reply 9 - Posted by: Stencil 1/3/2022 8:51:44 PM (No. 1027349)
Leasing a new vehicle (particularly one with a heated steering wheel) could be a good financial choice providing there are not too many miles driven a year. There are usually penalties…. Old saying – “never invest in anything with wheels on it“.
12 people like this.

Reply 10 - Posted by: Axeman 1/3/2022 9:06:11 PM (No. 1027358)
I have always had a pickup truck, along with any other vehicles at the same time. My 2004 heavy duty is having some problems that are expensive to repair. I shopped for a low miles, newer truck. Anything for sale is still for sale for a good reason. So I decided to shop new one on lot. !0% dealer markups on vehicles that are left on the lot because of less desirable features or something. So now I am ordering a new truck from the factory through an out-of-state dealership for MSRP and thinking I'm getting a good deal for spending my wife's yearly salary. FJB!!!
13 people like this.

Reply 11 - Posted by: Axeman 1/3/2022 9:08:13 PM (No. 1027359)
Oh yeah, I'll fix my old truck and get twice what I would even imagine it would be worth! FJB again!
13 people like this.

Reply 12 - Posted by: snakeoil 1/3/2022 9:51:30 PM (No. 1027369)
If you think the prices are high now wait until Quid Pro Joe tries to force electric cars on us.
15 people like this.

Reply 13 - Posted by: formerNYer 1/3/2022 10:31:12 PM (No. 1027392)
Of course the AP won't say it, electric cars are causing the auto companies to lose thousands, the price of lithium batteries are ridiculous, they are NOT selling. and they are raising the prices of their gas cars to make up for the losses. People are hanging on to their old cars because of these high prices and that making used cars hard and expensive to buy, Thanks, beijing joe xiden you are doing one heck of a job.
9 people like this.

Reply 14 - Posted by: mc squared 1/3/2022 10:32:28 PM (No. 1027396)
Wifey & I were forced to buy a new car in November because our 3 yr old car need a part that no dealer had in stock. Back ordered since September. After waiting almost a month with no prospects, a dealer agreed to take the none functioning car in trade on a new one. What could we do?.
3 people like this.

Reply 15 - Posted by: ussjimmycarter 1/3/2022 10:36:25 PM (No. 1027400)
I am 68. We have 3 cars. I have purchased my last vehicle! Ever! And I love cars! $90,000 for a new pickup? Insanity!
12 people like this.

Reply 16 - Posted by: Corndoggies 1/3/2022 10:38:04 PM (No. 1027401)
Also older, 2007 or OLDER, semi trucks are selling for incredible amounts. 2008 and after have a re-gen system that burns the carbon buildup out (see Cali CARB requirements) and repairs are incredibly expensive. We bought a 2005 Peterbilt 379 with a CAT C15 engine for $29000 in 2010 and sold it last year for $45000. We also have a 2001 Kenworth W900 with a 6NZ engine we could probably get $70-80 for. If a truck is e-log exempt (1999 or older) then those numbers really go up. If your a big truck person you understand all this. Next time you’re driving down the interstate pay a little more attention to those semi’s rollin beside you. There’s some really beautiful equipment out there and that’s probably an owner-operator. If it’s a Volvo, it’s a Russian. And Volvos will NEVER be worth what a big hood is.
7 people like this.

Reply 17 - Posted by: Highlander 1/3/2022 11:02:05 PM (No. 1027420)
In the ‘60’s, my buddies and I had a great time buying old Buicks, Hudsons,
2 people like this.

Reply 18 - Posted by: red1066 1/3/2022 11:04:59 PM (No. 1027421)
I bought a new car in Oct. 2020. I recently took the vehicle back to the dealer for an oil change. First thing I noticed was that there wasn't a new car in the showroom. The showroom was empty, and the sale people were looking at their phones. When I asked where all the cars were, they said nothing is coming in right now. The dealer said they are given delivery dates for vehicles, but those dates come and go with no cars. Second thing was, while my car was being worked on, the sales manager came to me and asked if I wanted to sell my car. He gave me a price that was more than I had paid for it. I told him what I paid for it, and he said, "Well we need cars for the lot".
4 people like this.

Reply 19 - Posted by: Highlander 1/3/2022 11:05:03 PM (No. 1027422)
…Packards for cheap, like from $35 to $100. We would drive them forever until they ground down.
2 people like this.

Reply 20 - Posted by: Strike3 1/4/2022 12:45:02 AM (No. 1027459)
#4, a lease works fine for the short term but when your three years are up, you have to make the decision all over again and you don't have a trade in on a new car. My philosophy is to buy a good quality car like a Toyota or a Honda and drive it for ten years. By then you will have had a good five years of no payments to save up your next down payment plus your car is still worth a nice price on a trade in on the next new one. Do not get the extended warranty because those cars do not break. I'm still driving a 2008 Highlander and it purrs like a kitten.
12 people like this.

Reply 21 - Posted by: WhamDBambam 1/4/2022 6:38:44 AM (No. 1027543)
Anyone remember Zippy's "cash for clunkers" program. Gutted the used car market. If they make it too expensive then they don't have to worry about the proles driving.
4 people like this.

Reply 22 - Posted by: JHHolliday 1/4/2022 6:40:23 AM (No. 1027546)
Still driving my 2002 Toyota Camry that I bought new and paid cash for it. A little over 100,000 miles on it and running well. Over time all I have had done were a couple of batteries, a couple of belts, a starter motor and a brake job. My wife has a 2016 Toyota Sienna that hasn’t needed any work yet. You could say I am a satisfied customer of Toyota products. Someone chided me for not buying American but one of my vehicles was built in Kentucky and the other in Tennessee by American workers.
7 people like this.

Reply 23 - Posted by: udanja99 1/4/2022 8:49:58 AM (No. 1027647)
The local Mazda dealership here keeps emailing my husband about trading in his 3 year old SUV for a new one and giving him a great deal on it - they are desperate for used cars to sell. Last year I traded in my 7 year old Mini Cooper for a new one. Glad that I did it while President Trump was still in office.
3 people like this.

Reply 24 - Posted by: lakerman1 1/4/2022 9:43:42 AM (No. 1027709)
Barack Obola's idiotic Cash For Clunkers program removed 700,000 used cars from the national inventory, scrapped them in such a way that their parts could not be salvaged and reused. We are paying a price for the Kenyan Klown's idiocy.
3 people like this.

Reply 25 - Posted by: DrOstrow 1/4/2022 11:22:50 AM (No. 1027829)
THIS is what inflation IS and and exactly what inflation looks like ! More DOLLARS for the same goods and/or sevices that used to be less dollars. Not supply chains, not supply & demand, not the phase of the moon and not the color of my aunt Bessie's Sunday dress - it's caused by PRINTING MONEY with no corresponding increase in goods and services ( GDP ) in our economy. They have printed SIX TRILLION DOLLARS just so far and they want to print MORE just to hand out - aka buy votes !!! You are seeing it in the grocery stores, cars, everywhere and it is JUST NOW starting to take effect. It's gonna get worse, a lot worse,especially if more money is printed and it doesn't matter what party is in charge when the printing happens - the effect you're seeing will take place, regardless !
2 people like this.

Reply 26 - Posted by: TCloud 1/4/2022 11:28:41 AM (No. 1027838)
Subaru Forester now up past $40 grand at a local dealership if any can be found! They were even writing and calling me to take their offer to buy my 2018 off of me, with cold cash! I said I would, but nah!
1 person likes this.

Reply 27 - Posted by: franq 1/4/2022 11:51:23 AM (No. 1027872)
If it runs, hang on to it. '99 Grand Cherokee, 250k. '08 Impala, 160k. '01 E320, 180k. All run good, no rust, no debt, low insurance and taxes. Daughter drives an '04 Camry, same attributes.
1 person likes this.

Reply 28 - Posted by: DVC 1/4/2022 12:52:35 PM (No. 1027958)
Fortunately not buying any cars now. I have a minty, low miles older Porsche that I need to sell, though. We'll see what it brings.
0 people like this.

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