Complete collapse of the used car market?

[chassis]

No used cars on the local BMW dealer lot, where there are usually 5-10 parked. I’m not seeing a collapse of prices. With the temporary auto plant shutdowns, there are arguably not enough vehicles to satisfy demand. I am seeing new temporary license tags around my area on a regular basis. Transactions are happening hence demand is far above zero.

Dealers will be making hay as usual.

[RobC2]

If anything, the lack of new inventory helps at least the desirable used cars. I got a great price on my Hellcat I recently sold to the dealer. No, that does not mean that the average Dodge Neon or whatever people are trying to trade in is going to be worth anything. There are just too many of them and too many owners of them that are going to want to sell.

[chassis]

RobC2 makes sense. Lack of supply for vehicles like a Hellcat means sellers, whether private or a dealer, are seeing a favorable market.

Some of us are hoping for prices to sink, for quality pre-owned performance vehicles. I am not seeing this yet, so far, online or in my local area.

[davidr3]

Originally Posted by chassis

RobC2 makes sense. Lack of supply for vehicles like a Hellcat means sellers, whether private or a dealer, are seeing a favorable market.

Some of us are hoping for prices to sink, for quality pre-owned performance vehicles. I am not seeing this yet, so far, online or in my local area.

If it hasn't happened yet I really don't think it'll happen. Sounds like things are steadying out again.

[dmk08]

Originally Posted by chassis

Good news for sellers, not so much for bargain hunters such as myself.

Wholesale Prices Continue Strong Performance First Half of June
https://publish.manheim.com/en/servi...lue-index.html

The market sucks for buyers right now as Im finding out.

I sold my 08 4runner last month as it was time for a new car with more space. I was able to sell it for a ridiculously high price IMO in 6 hours on the market. Guess I could have gotten more.

Since that time I have been trying to negotiate a deal on a replacement vehicle and the dealers just are not budging much on used luxury SUV prices. Seems like they would rather just sit on the inventory.

The banks are part of the problem as they are essentially blocking any rational person from financing a used car from a private party by inflating interest rates. I can go to BMW and secure .9 on a used car but the lowest private party purchase rates out there are around 5% (lightstream min rate).

[Alfisti]

It astonishes me how hard ball dealers are here especially. They prefer to sit on a car for months. I offered a dealer an admittedly low ball price about a year ago, he sold the car for about 6K more than i offered but it was 3 months later, was it worth it??

[dmk08]

Originally Posted by Alfisti

It astonishes me how hard ball dealers are here especially. They prefer to sit on a car for months. I offered a dealer an admittedly low ball price about a year ago, he sold the car for about 6K more than i offered but it was 3 months later, was it worth it??

I made an offer on an X5 35d about 3 weeks ago. They turned down my offer in a pretty rude manor. Wasn't even extreme about 10% off.

They have now lowered the same car naturally more than 10% off and it's still sitting on their lot.

Not sure the strategy....

[chassis]

Home prices in the US remain strong (data released today) so in my view this continues to point to strong vehicle pricing.

[c0bra]

Originally Posted by dmk08

I made an offer on an X5 35d about 3 weeks ago. They turned down my offer in a pretty rude manor. Wasn't even extreme about 10% off.

They have now lowered the same car naturally more than 10% off and it's still sitting on their lot.

Not sure the strategy....

Now you can offer them 10% off the new lower price!!

[JasonCSU]

Originally Posted by dmk08

I made an offer on an X5 35d about 3 weeks ago. They turned down my offer in a pretty rude manor. Wasn't even extreme about 10% off.

They have now lowered the same car naturally more than 10% off and it's still sitting on their lot.

Not sure the strategy....

Dealer behavior examples like this crack me up. Are you planning on making another offer? If it were me, I'd have a hard time not pointing out their ill fated strategy.

[c0bra]

^^^ This!

Just be sure to point it out AFTER the ink has dried!

[player1986]

A lot of people lose the job,and sell their cars,so it is a good time to buy cheaper cars

[9M71]

Originally Posted by player1986

A lot of people lose the job,and sell their cars,so it is a good time to buy cheaper cars

I guess you havent read this thread at all, have you?

[LOW4LYF]

Originally Posted by player1986

A lot of people lose the job,and sell their cars,so it is a good time to buy cheaper cars

With unemployment plus Corona money some people have more money than before. The crisis didn't happen yet.

As mentioned before, dealerships running out of cars.

[dmk08]

Originally Posted by JasonCSU

Dealer behavior examples like this crack me up. Are you planning on making another offer? If it were me, I'd have a hard time not pointing out their ill fated strategy.

I'm not. I have moved on from buying an X5 to a different vehicle type. Maybe they did me a favor so I could come to that conclusion before buying it...

[TXSTYLE]

To OP:

Where there's a will.
There's a way.

[Jbrown7403]

Pretty interesting site to follow:

https://www.cargurus.com/Cars/price-trends/BMW-M4-d2258

Prices are definitely going up for used M4s (all years) over the past 30 days

[chassis]

Originally Posted by Jbrown7403

Pretty interesting site to follow:

https://www.cargurus.com/Cars/price-trends/BMW-M4-d2258

Prices are definitely going up for used M4s (all years) over the past 30 days

Good stuff, thanks for posting. I use CarGurus to track prices but haven't used the trend data.

[Jbrown7403]

Originally Posted by chassis

Good stuff, thanks for posting. I use CarGurus to track prices but haven't used the trend data.

Really flexible site and worth bookmarking

[Hegge]

Originally Posted by Jbrown7403

Pretty interesting site to follow:

https://www.cargurus.com/Cars/price-trends/BMW-M4-d2258

Prices are definitely going up for used M4s (all years) over the past 30 days

Maybe they saw what the G82 M4 looks like so they are anticipating an increase in value for the F82 M4.

[Jbrown7403]

Originally Posted by Hegge

Maybe they saw what the G82 M4 looks like so they are anticipating an increase in value for the F82 M4.

Good point!

[Soul_Glo]

So far I have seen NEW special offers... but having screen shot those months ago they're exactly the same.

I think dealers will try and claw back money by increasing prices but then dropping them to what they would have been. All while acting like their doing you a favor!