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?

15 comments

  • TheeOSU
    2 years ago
    Since they figured out that they're able to charge those outrages prices because there are fools willing to pay them.
  • Muddy
    2 years ago
    I’m sitting this one out. Although I’ve been sitting on the sidelines for awhile I’m coming up on 300K how long can I hang on here? I’m hoping the used car market looks a little better coming up here. People are gonna start running out of money and in a sick way that gives me hope.
  • Sgtsnowman
    2 years ago
    A number of things are driving used prices higher.

    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.
  • Papi_Chulo
    2 years ago
    "Biden’s Inflation Bill Made $7,500 Electric Vehicle Tax Credits. Ford And GM Just Raised Their Prices By The Same Amount"

    https://www.dailywire.com/news/bidens-in…
  • PinkSugarDoll
    2 years ago
    I never buy a brand new car and this is why.
  • shailynn
    2 years ago
    ^ PSD I am talking about USED - 3 years old and the prices are this crazy. Sadly even if I go 4 or 5 years old the price doesn’t improve that much.
  • shailynn
    2 years ago
    If I put the rear seats down - yes I can have sex, something Icee and SJG can only dream about.

    I agree bench seats are nice. The new Land Rover Defenders have an options for a fold down front bench seat.
  • whodey
    2 years ago
    A combination of factors have made this a terrible time to buy a used car because of their effect on supply and demand and the overall car market.

    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.
  • iknowbetter
    2 years ago
    Hang on to what you have now for as long as you can. And if you can live with something other than a SUV or pickup truck, you will get a much better value.

    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?
  • shailynn
    2 years ago
    Whodey you make some excellent points I hadn’t thought about. I kept thinking “why are there so few low mileage used cars available?” Duh, it’s because people aren’t trading in, plus what inventory was there is now gone because people settled for those when they couldn’t find new.

    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.
  • twentyfive
    2 years ago
    My guess is that because of gas prices and the pandemic, people aren't putting as much mileage on the vehicles they own, eventually mileage will start to increase then there will be more of a push to sell and trade in used cars, and the used car market will come back down to earth. Keep in mind low mileage cars always commanded a premium, so that is a major factor driving cost.
  • Jascoi
    2 years ago
    My badass Prius is low mileage. it's only got 200,000 mi on it.
  • Tetradon
    2 years ago
    I'm going to run my well-functioning, known-for-lasting-until-the-end-of-time-with-proper-maintenance econo-box into the ground.

    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.
  • shailynn
    2 years ago
    ^ there’s a hack for that. Oops I think I just proved your point.
  • san_jose_guy
    2 years ago
    One way or another, these things will work out.

    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…
You must be a member to leave a comment.Join Now
Got something to say?
Start your own discussion