Helped my buddy buy a used car last night, the market sucks

[Dasfinc]

I don't really buy/flip cars unless they fall into my lap, so I haven't car shopped for someone with a 6k budget.

I set out to find a 2000+ civic/corolla/sentra/accord/camry/altima since he doesn't know shut about cars

Spent all evening probing online and checking a few dealers only to find most people were asking 7-8k for any kind of decent 4 door import...

FINALLY found him a 00 accord LX sedan for $3900, midnight blue, 4 cyl, 4 door, 159k, from Louisiana (car was registered and driven in LA until 2009 so it's not a katrina car). Super clean inside and out, drove perfect, I'd eat off the bottom of it.

Didn't realize it was becoming that hard to find a decent sedan for under 5 grand until last night.... The guy we bought the car off of had 13 calls about the car we bought, we just happened to be the first to get ahold of him since he got home from work...

Cliffs: finally saw how crazy used car values were last night.

Click to read more...

 

[Bob Kazamakis]

Yea it fucking sucks. Everything sky rocketed.

Maybe It'll crash like the housing market???

 

[Dasfinc]

Yea it fucking sucks. Everything sky rocketed.

Maybe It'll crash like the housing market???

There is some speculation that redisudal from Cash for Clunkers is part of why it's soo bad, which would imply it won't crash suddenly... Would be nice though.

 

[Gav'sPurpleZ]

it is a known fact that dealers are making more $ on used cars.

one of the score radio's hosts had an 09 acura TL and the dealer called him and offered him a 2012. they said bring us your 09 and we will give you a 2012 and not change your monthly payments.

i dont know why dealers wont give me top $ for my trade though.

the car market sucks

 

[Dasfinc]

it is a known fact that dealers are making more $ on used cars.

one of the score radio's hosts had an 09 acura TL and the dealer called him and offered him a 2012. they said bring us your 09 and we will give you a 2012 and not change your monthly payments.

i dont know why dealers wont give me top $ for my trade though.

the car market sucks

That's a known dealer 'scam', his payments wouldn't change, but he would owe 30+ grand again...

I know dealers are making more money, but I was not going to let my buddy pay $8500 for a 01 accord with 140k on it when you can get a private sale one for under 5k, 3-4 grand more is just crazy

 

[Chester Copperpot]

But Cash For Clunkers was a great scheme!! Destroy all used, shitty cars that would run forever but because they got slightly "ok" gas mileage the government deemed they were unfit for this perfect utopian dream!!!

Fuck that worthless program. You can thank vehicle resale skyrocketing because of that bullshit.

 

[Aircal]

Not so much they are making more, but they are paying more for good used cars.
A large part of it is that no ones buying new, so they arn't building as many new. There are a lot less 08,09 and 2010's built than what they built in 07 . Something like 14 million new in 07 and only 9 million new in 09. Put a huge squeeze on the used market and drove prices up.
Another factor is all those that lost chevy,saturn and dodge dealerships. They went out and bought used so they could stay open, which drove used prices up to.
And then of course gas prices going high drove all small car prices up as everyone tried to get rid of their large vehicles.

 

[Yaj Yak]

production is way down.