Quote:
Originally Posted by Alfisti
Yeah i don't think "drivers cars" are a good barometer. Especially those under $100K because it's not ike the rate rises are killing those owners like a 600K ferrari. Anything analog is holding it's value as people are just not selling them in high enough quantities to meet demand.
Best to view the overall market.
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Yeah these "drivers cars" and weekend fun cars are more of a luxury vs a necessity purchase, so rates dont have as big of an affect, and prices tend to be pretty stable on them.
As for overall used prices, went with a friend looking for a new vehicle this weekend and hit a bunch of dealerships and looked at a ton of cars.
Her budget is 30-40k. Looking for a small SUV/Crossover. Since new cars are still basically all special order, we checked out a few of the used cars on the lot. Nearly every one that had low miles and a year or 2 old was still outrageous. Within a few grand of buying new. This was at Toyota, Honda subaru, mazda, etc. For example, could buy a 2020 Outback Limited with 20k miles on it for $35k, or order a new one, with a 4-6 month wait, for 38-40k.
Pricier cars seem to have a wider gap between used and new, but in that "affordable" range, where people are usually in the "i need something soon that i can afford" category, prices are still pretty inflated. The high end cars coming down in price would affect the overall price index, but it definitely doesnt reflect the true status of the used car market.