Econoboxes with great gas mileage still going pretty strong … Just sold 2020 Kia Forte back to Kia dealer in NY three months before lease end for $17800. $6000 equity for a car that was involved in a major accident (almost totaled). Peak I had seen on CarMax was 18900 in May.
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luxury segment is pulling back a bit. softness in SUVs and Alfa romeo is completely toast. some dealers in South have >40 units on lot with 23’s arriving on top
they’re trying to get $750/month for base giulia right now
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I see larger SUV demanding softening. Sold back my 2019 Volvo XC90 to a dealer on trade in for 46k on April 22.
They had it up for 52.9k, lowered to 50.9k. I think they tried to make a killing off it - they should end up making something but its been sitting now for 90+ days with 1 price drop.
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dont know, the alfa dealer i use moved a lot of 22s this month. granted they were also heavily discounted. nobody’s paying msrp for most luxury cars anymore unless it’s a specialty car or a porsche.
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the people most underwater are the ones who wound up buying 3 year old off-lease used cars (mostly the mid-size SUVs). holy crap did those take a dive. almost every off-lease xc90 is worthless now.
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Yes they’re underwater now, I’d imagine in 3 years it’ll be much worse when they’re shopping for a new one.
Basically right now, no one can say. The best thing to do is average out your amazing deal from 3 years ago with the current mediocre one. Like you said apply the equity and it’s just house money.
I do feel bad for first time buyers at these levels. Whether it be houses, cars, stocks etc. lots of bleeding out could occur.
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Dunno about it. Just checked my XC90 on Carmax and it’s $3k less than 4 months ago when I sold it. And it was a 4 years car, technically (Aug 2018 in service date). Still there is around $3-4k equity based on my old payoff. My S60, however, drops and goes up by $1-2K every week.
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had a guy send me a license to lock in a 23 mdx this week and offer me his x3 coming back as a trade. i told him to take whatever offer he had on it b/c i knew i didn’t want the car. he told me he was getting 42.5 for it (mmr that i saw was 44). i asked him when he got that - told me july 5. told him to get it reappraised - 37.5. appraiser was autonation.
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I replied specifically about XC90:
ok - again, i see a lot more of these daily than you do. every single one i have looked at recently has been worthless.
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Sure you do. But I get actual quotes on actual vehicles from Carmax, while you go by what your dealers want and don’t want to pay and MMR. My dealer politely declined to match Driveway quote on my S60 because it didn’t make sense to him to buy and CPO it.
quotes from organizations that have never made a cent selling a car (i.e. carvana, vroom, driveway, et al) are worthless.
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Do you realize how stupid this statement is? They do buy cars lol
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but they’re not a viable business entity. they’re finished.
That’s a different story from “every off-lease xc90 is worthless now”, no?
note share price since ipo:
note last year’s performance:
it’s almost like overpaying for cars isn’t a sustainable business model.
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but it’s true. every off-lease xc90 has no value.
I’ll rest my case here… 2019 XC90 MOM w/advanced, 20", cold weather, 22k miles. MSRP $62,030 Payoff in March: 62% RV minus $1,200 mileage adjustment plus $1,200 VA property tax plus 3 payments. Sold for $45K
Can send you the VIN upon request lol
