Prices back down to earth

[MonkeyMD]

Is the market softening?

https://carsandbids.com/auctions/rNGBJYQE/2017-volkswagen-gti-sport

 

[GIACUser]

It will be interesting to see what happens in the next year or so. Fed is raising interest rates considerably to slow down the economy. That will slow down car buying, both new and used. It will be interesting to see what happens to used car prices after all the interest hikes have been implemented. From what I understand there are at least a couple more planned.

 

[Superfreak]

Is the market softening?

Yes

 

[Superfreak]

It will be interesting to see what happens in the next year or so. Fed is raising interest rates considerably to slow down the economy. That will slow down car buying, both new and used. It will be interesting to see what happens to used car prices after all the interest hikes have been implemented. From what I understand there are at least a couple more planned.

The majority of the rate hikes are over with smaller adjustments possible, from what I’ve heard. I’m not an economist so take it with a grain of salt.

 

[ElectricEye]

All of the car buying videos i watch on youtube say that the used car market is measurably softening.
I myself have noticed price drops on used cars in the local areas that I search.
Price drops were NOT happening for about two years.
Good news for me, because I have to help one of my sons's get in a vehicle soon.

 

[Dog Dad Wagon]

My gf’s car was worth 14.5K in May, currently best offer is 11.9K. Wish we sold then…

 

[mrmatto]

My gf’s car was worth 14.5K in May, currently best offer is 11.9K. Wish we sold then…

But everything was more expensive to buy then too. The only scenario that truly worked out for people is if they could sell their car and go without a replacement until the market softens.

 

[Diggs24]

Car has 90k on it.....

 

[Acadia18]

Is the market softening?

https://carsandbids.com/auctions/rNGBJYQE/2017-volkswagen-gti-sport

No, no it's not. That's a horrible example. Pre-pandemic, I paid $18k from a dealer for my GTI, which was a 3 year old SE with 32k miles. A 5 year old Sport with 90k miles for $17k is a horrible price still.

 

[imthanick_a]

Trying to get my wife into a minivan soon so I hope this is true

 

[MonkeyMD]

But only 1k of those are track miles. Gotta count for something

 

[Jozooka]

I get offers from my dealer to buy my car and the price went from $19K to $17K in the last 3 weeks.

 

[Daks]

It's basic economics boys. Interest rates go up, making money more expensive - when things are more expensive, people have less of "it". When people have less money to buy, demand goes down, when demand goes down, supply goes up, when supply goes up, price goes down. Now, whether battling inflation by jacking up rates while governments continue to spend like drunken sailors is effective, that's a whole other topic.

 

[El_bigote_AJ]

No, no it's not. That's a horrible example. Pre-pandemic, I paid $18k from a dealer for my GTI, which was a 3 year old SE with 32k miles. A 5 year old Sport with 90k miles for $17k is a horrible price still.

Nothing is going back to pre-pandemic pricing… not even mac n cheese. Even Msrp’s have went up quit a bit since you bought the GTI. For a same or even lesser equipment model at that.

 

[Acadia18]

Nothing is going back to pre-pandemic pricing… not even mac n cheese. Even Msrp’s have went up quit a bit since you bought the GTI. For a same or even lesser equipment model at that.

I fully agree, at least not any time soon, if at all. My point was just that a 2017 Sport with 90k miles for $17k is not showing the market is softening lol.