New Cars - Hang On To Your Wallet
shailynn
They never tell you what you need to know.
So aprox 6 years ago I bought a used SUV. As far as SUVs go it was pretty “exotic.” It was 3 years old with roughly 35,000 miles on it when I bought it.
If I were to buy the same SUV (just newer model) today, 3 years old, same options, similar miles, it would cost me an additional $45,000 on top of what I paid 6 years ago.
I understand, when you buy the same thing 6 years later it’s going to likely cost more but almost double? WTF!?!?!
Since when did a used SUV cost as much as a damn condo in some parts of the country? Or a house for that matter?
If I were to buy the same SUV (just newer model) today, 3 years old, same options, similar miles, it would cost me an additional $45,000 on top of what I paid 6 years ago.
I understand, when you buy the same thing 6 years later it’s going to likely cost more but almost double? WTF!?!?!
Since when did a used SUV cost as much as a damn condo in some parts of the country? Or a house for that matter?
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The chip shortages for the electric brains in New cars has shrunk that supply.
A lot of newer vehicles are developing reputations for being unreliable as car makers are cutting any corner they can to achieve the newest CAFE fuel standards. These CVTs for instance are developing a horrible reputation.
That drives many folks to look for older vehicles that developed a reputation for reliability.
https://www.dailywire.com/news/bidens-in…
I agree bench seats are nice. The new Land Rover Defenders have an options for a fold down front bench seat.
1) Chip shortage for new cars have made them harder to come by and led some that would have bought new to buy used instead thereby driving up the demand for used cars.
2) Some people that would've traded in their used car while buying a new car are waiting to buy a new car because of the inability to find what they want thereby driving down the supply of used cars.
3) A lot of people are holding onto their current car a lot longer due to a combination of the current car market, economic uncertainty and limited funds resulting in a lower supply of quality low mileage late model cars.
4) Dealers are having to pay more for used cars either on trade in or at auction and are passing these costs, along with a higher than normal markup, onto their customers.
5) Dealers are losing profit by not having as many new cars to sell and they are trying to make up those lost profits by jacking up prices on used cars.
6) A 3 year old SUV these days likely has a lot more technological standard features than the 3 year old SUV you bought 6 years ago. These can include visible upgrades like the infotainment system or harder to see like more advanced cruise control systems, safety upgrades, lower emissions and advanced computer systems to improve fuel economy. These all add to the cost of the vehicle when new and it's resale value later.
7) Fear has lead a lot of people to rush into paying higher prices because they keep hearing about how the prices keep going up so they rushed to buy a car and overpaid thereby driving up the market even more.
One suggestion I would have is look into a luxury sedan instead of an SUV because the market isn't nearly as inflated on those. When I bought my Cadillac XTS last summer with 40k miles it was less than 35 percent of what it cost new while a lot of the SUVs I was looking at with similar age and mileage were going for 50-60 percent of their original cost.
I recently bought my wife a 2022 BMW 430 convertible, took her older Range Rover Sport, and sold the Chevy Tahoe I was driving because the BMW was less than a F150 I was looking at. In what world is a pickup truck more expensive than a BMW convertible?
I understand anything I buy 5-7 years later is going to cost more but double? There aren’t that many new features there that aren’t on my current model.
I'm not looking forward to the days these new "cars" (really, apps with motors) can get hacked, or like phones have their performance slowed by manufacturers when they get to a certain age, or get bricked by the government when you say something contra the ruling party.
We're already seeing things like heated seats get turned into subscription services.
I like older cars more actually, simpler.
I don't like airbags, anti-lock brakes, or adjustable or active suspension.
SJG
In My Dreams
https://www.youtube.com/watch?v=-55rKa7f…