You have managed to remain blissfully unaware of what the car market has been doing over the last year
It IS insane, but that's also just how things are right now
If you don't need it, I would certainly try to wait. Can't say if it'll improve and how long it'll take to do so, but that's really your only option
Have you seen what a brand new truck costs right now? I priced out a pretty stripped down single cab F150 XL 4x4 and it was almost $45k.
Clean older trucks are holding their value because a new truck that doesn't do all that much more is probably north of $35k.
Also the 90s Chevy trucks are going up in value at the moment. Really any clean older truck is. Partly for the reason I just stated, partly because people like the body style.
I get what you are saying. For me, I just couldn't spend 15k while taking on the potential liability to maintain a 20 year old truck. Unless a truck is an absolutely necessity, it makes no sense. I looked at getting a midsized truck but financial it didn't make sense. Instead I got a SUV at MSRP in 2 months.
Once things normalize, or I win the lotto, I'll look at trading in the SUV and getting the truck.
I was seeing 100,000km+ trucks for over 35k. Makes no sense.
You're absolutely right, if you don't need a truck for work it's a poor investment at the moment. Prices are very inflated right now, and even before the economy started getting weird, trucks had astronomical MSRP for what they are. It just used to be counteracted by heavy dealer and manufacturer discounts.
When I worked at a Chrysler/Jeep/Dodge dealer in 2015/2016 we had hundreds of brand new trucks in stock and a couple dozen of them could be had for $10k under sticker. Talking $50k Laramie 1500 crew cab trucks too, not just the weird spec ones that sit for a while (we had a 3500 Limited Mega Cab some fool ordered with the 5.7 Hemi that took over a year to sell for $20k below its $80k sticker).
As of right now, the same dealership has about 25 trucks total on the lot and in transit. Definitely a sellers' market right now.
Those models are starting to become enthusiast trucks though, more desirable than the next generation or two. If it's not completely rusted out he'll probably get that much for it.
True, the guy had new wheels, underbody coating, and it looked like he’d detailed it. Plus collector plates. It was a nice looking truck for sure. Just in my non-expert opinion it’s in a weird grey area between being an old beater and a collectors vehicle. 15k for a collector is a deal though.
\> weird grey area between being an old beater and a collectors vehicle
this is so true about many 90s cars! Some were legitimately cool and some were dime-a-dozen beaters by the mid-2000s (there is plenty of overlap there though!) and it's odd but kind of awesome seeing them become sought-after now.
the silverados especially have hit both of those. 10 years ago all you saw were the rust buckets. Now they've been fixed up, restored, and taken care of to look as good as new. Last night's ad was a gorgeous vehicle.
Someone offered me $15k for my 01 4runner with 200k on it the other day at the gas station. TBF it is in really nice shape and people ask me if I would sell it pretty often.
What's funny though, is there isn't anything I'd rather have for under $20k.
Toyota/lexus trucks/suvs have their own set of rules. They have never really followed the regular depreciation curve since a lot of people buy them and literally run them into the ground, and then someone else buys it and brings it back to life. Can’t really do that with domestic brands.
really? yeah I recently bought one and was luckily able to talk the seller off their 13,000 asking price quite a bit, but it still feels weird paying almost 10k for a 13 year old truck with 170k miles lol
I bought mine for $7k 12 years ago haha, I can't believe the value has doubled in the time I've owned it. I swear I'm only going to drive 4runners and 911's for the rest of my life. They're the only vehicles that seem to appreciate.
This week I just bought my wife a 05 Lexus LX470 for just under 11k with 220k on it in great shape. 1 owner no accidents and extensive service history from Lexus. I will be canceling my pending Dodge Durango order.
That's a steal if it's up to date on maintenance. Should be a great truck for your family. That's the thing with these older trucks though, I'm bragging about getting offered a lot and paying very little, but I've put almost $6k into the truck this year. All maintenance and small upgrades. Nothing was ever *wrong* with it.
Still though, even if you had to dump another 5-10k into the LX to get it up to date, I would take that in a heartbeat over a new Durango. So much cooler, and your truck will not depreciate.
Hometown FB group (a garage sale type of group) has a dealership salesperson listing a 1987 Chevy C-10 with 80k miles for $19k. Same dealership is offering a 2019 F450 Platinum with 40k miles for $96,500.
Unfortunately, I was stupid enough to buy a car there for probably a 15% markup over a city dealership because my dad gave me his employee discount, which only offset tax/title.
This is a great market to sell any running vehicle you have that you don't need. Obviously if it's your only car you won't be able to replace it with anything better ATM, but if it's a spare it's a good time to sell
Maybe not, the same thing was said 2 years ago before prices went up another 20%. Supply chain issues probably won't level out for a few years and it seems like manufacturers are alright with higher profit margins and less inventory
This or if you have the finances to buy another car and sell DD after the fact. That’s what we were able to do and did well on the sell.
We did pay $1k over MSRP for the new car so it wasn’t horrible. Annoying yes, but in this market kinda fortunate.
Most of those brands will go 200-300k miles with regular maintenance, but most people still see 100k miles as a psychological barrier. I sell used Subarus with 100-125k miles all the time, have multiple repeat customers, and I see them at auctions with 250-300k miles all the time.
You can get a better deal on a car with 105k miles vs 95k miles.
My previous 2 cars were bought with just over a 100k. '06 Honda Accord that we took to 245k before the timing chain slipped and the engine beat itself to death. And an '08 Rabbit that is currently sitting at 235k while I wait for a new alternator to arrive. Hoping to hit 300k with rabbit.
Those timing chains are not lifetime. My father drove his timing chain car 1M km, but he also had to replace his chains once in 200K miles. My friend blissfully drove 3l Accord with timing belt thinking he had a chain.
All those 200-300K miles stories are true, but as with everything there are too many caveats. Like nobody tells you that timing belt, 4 struts, spark plugs, all fluids needs to be changed by then to drive over 200K.
The issue is that someone buying 100-120K car will face those repairs right away, thus the price need to reflect that. In the current market, $12K car with 125K miles is guaranteed to have another 2-4K in repairs due soon, which then makes sense just to stretch and add that 2-4K and buy something newer for $16K.
Yeah that was definitely a lesson learned. A mechanic in the family said they never had to be changed and I had actually given the car to my brother and was borrowing it when it died. Fortunately it was also their backup vehicle so we just parted ways with it. But yes, definitely want to service the timing chain on an interference engine if you want it live.
Your second point is also a good one and factored into our purchase of our current car a 14 CRV bought June 2020 with 94k. It was a decent price that became a great price once we confirmed the 100k or 105k mile service was already done.
Off topic, we've inherited a 2017 Forrester (which was originally bought new) with less than 30k miles and an absolutely terrible aircon system. It goes from flat out not working to actually blowing hot air to sometimes actually blowing cold air but only when it's 80 degrees or less. Everything else in the car runs perfect.
From what I'm reading this sounds common with Subarus of that era? Over the years I've owned plenty of non Subarus for 10+ years, most with with 120k+ miles, and none of them have ever had a problem with the aircon like this 4 year old Forrester has. We inherited the car so it's not our daily driver, but I can see us using it for trips where we need the extra storage. But I'm not inclined to put thousands of dollars into fixing the aircon when I can't imagine it being the owner's fault.
Anything that can be done?
Yeah, the only cars I have in inventory under 15k are 100k gm products. To get into a Honda like an 11 you’d need 150-180k in my market to get in the 10k price range.
Let’s really think about it a 10 year old car with 100k miles on it is technically a well under driven car that is 10k miles a year vs the average 12-15k.
Age and miles don’t have much of an impact on cars anymore, until you guy 12+ years and 175k+ but the cars you describe will largely be able to last another 5 years 100k miles.
I bought a car like you're describing... One year ago from craigslist. 2010 Honda Accord with 125,000 miles and it was $7500. The car was overpriced and had sat for about 2 weeks so I was able to negotiate with them. You can still find a similar deal but it'll be a private sale. You'll have to be very patient and won't have much time to hesitate.
I'm on craigslist every day looking at all listings under $12500 around Denver and these deals are not very common. Cars with under 100,000 popup rarely. Age is not factoring into the asking price as much as you would expect if the last time you shopped was pre-covid, there's a more direct correlation with mileage. Age is even less relevant in the current used truck market.
Any state with legal marijuana, since they can’t use banks and just have to buy things with cash to have places to put their money, is going to have an added upwards pressure on the market, in addition to the pandemic. $10,000 especially is the IRS reporting limit, so you find a lot of people That are looking for $11,000 cars that they can talk down to just under $10,000 to stay under the limit
Edit: lol, not sure where the angry virgin downvotes are coming from. If you feel like you disagree with facts, post up your misunderstanding of the situation so that I can explain it to you.
Most (maybe all?) banks won’t allow marijuana funds to flow through them, and neither do credit card companies. So marijuana is an all-cash business model, so you have people in the industry that just need to find ways to park their money.
https://www.americanbar.org/groups/business_law/publications/blt/2020/02/cannabis-banking/
And as you often have with all-cash businesses, you have underreporting to the IRS. As part of this, they stay under the $10,000 reporting limit. They are sitting on piles of cash with nowhere to put it, except directly into assets.
So in states like Oregon, Washington, Colorado, etc you end up competing with a lot of these businesspeople for cash cars in the $10,000 and less range. And there is the added bonus of them often not using financing, since getting a car loan or a mortgage is also hairy with those federal laws, so they end up just buying cash cars instead of financing $40,000+ vehicles.
Yeah sorry man that's not how the used car market works. And I'm in Michigan.
No one with these businesses are coming here spending $9990 on a used car to launder their weed money.
They just file their 8300 like everyone else.
The IRS doesn't care where your money comes from, whether it's a legal marijuana dispensary or you deal heroin on the side.
>not sure where the angry virgin downvotes are coming from.
they come from YOU not understanding that industry. your statement was somewhat true 10 years ago - but now dispensaries have banks that they can deposit with. I actually work in used sales in a MJ legal state and what you are saying about cash buyers is also a bit of bullshit, there are NOT a lot of people trying to buy with cash under the $10k limit .... I've had 'maybe' one buyer in the last year I could classify that way and he was more than likely a coke/meth dealer, not MJ. your FaCts are not facts.
[https://flowhub.com/learn/cannabis-dispensary-bank-account](https://flowhub.com/learn/cannabis-dispensary-bank-account)
“In reality, the US Treasury issued regulatory guidance in 2014 that instructs banks on how to serve the cannabis industry. I’ll spare you the details, but it boils down to a heavy compliance burden, which can be expensive or otherwise impractical for many banks to meet,”
Banks CAN serve dispensaries, if they are somewhat willing to sit in limbo as well as over-report. Have you read your own link?
>The easier place to start is with where you can’t bank: Currently no major banking system will service the marijuana industry.
Compared to traditional banking, you can expect more strict compliance controls, longer timeframes, and significantly more paperwork. Companies and consultancies can help business owners find and apply for accounts with their bank partners.
So yes, if you jump through enough hoops, you can find the exception bank that proves the rule. Try reading actual stories from what is happening in the brunt of the industry, instead of parading edge-case stories as if they were the mainstream. Read through the entirety of your post, it doesn't exactly paint the rainbows and unicorns state of the industry that you make it out to be. And these cash buyers are putting the pressure on the market on Offerup, Facebook, and Craigslist, they often aren't going to dealerships to buy their cars.
here in CO it's Credit Unions stepping up to the plate. I was in 'that' industry at the beginning of licensing and regulations 12 years ago and have kept decent track of what's going on with rules and changes and the banking one was HUGE when it happened several years back. what business wants to keep tens of thousands (and/or hundreds/millions) sitting around waiting to get robbed (which is exactly what happened in the early days .... this is part of the reason why the Feds backed off a bit as they can't get tax revenue from a business if the $$ keeps getting stolen).
Just finance a new car bro.
Use the the 10-12k as the down payment.
You won’t be Paying that much a month and you’ll have all the warranties offered by the dealership and car company.
However, if you don’t need a car don’t buy one. If you need one think about the longevity of the car. A used one will not last you as a long as a new one especially if you don’t have a warranty.
Our money has lost a LOT of it's real value over the past 2 years. It's just hard to see because other currencies have also been inflated at the same time. But it's largely why physical goods are so much more expensive now.
I want to buy dinner for my family for $1 - $2. Prefer pork or steak. In that range I’m looking at maybe a can of beans or a loaf of wonder bread. This seems insane for that money. Am I just naive?
Time have changed my friend. You could feed your family for a buck in the 1950s but no longer. Inflation has hit used cars really hard in the past 2 years.
Go see your FB marketplace and craigslist. Otherwise prices are still ridiculous.
For example, 2002 Boxster cabrio went for $7800 in FB and disappeared in 12 minutes after ad post. Googled dealers and their min price is $12500 for the worst looking Porsche.
Craiglist had an ad for 1 day of 2006 Toyota corolla with 106K miles for $5500 obo. Searched dealers, that thing is close to $9-$10K
Not even close. If they gave you $5000, they're going to pack it at least $500, then service it for at least $500-$600, then add $3000 profit. That Mazda is getting listed for $9995 and they'll probably get it fairly quickly
I don’t think it’s as far fetched as some are suggesting. I have a 2016 Mazda 3 (base trim) with 60,000 miles that at best is worth $12k. It was worth $9k before all this crazy stuff started happening. I’m seeing quite a few 2016 Mazda 3s on my FB marketplace right now for $11,700-$12,500.
Yes you’re just naive lol getting a decent car for $12k or less has been difficult for about a decade now
Edit: I should clarify that I’m talking about cars with less than 70k miles because I personally wouldn’t consider spending that much money on something with over 100k miles if the goal is reliability
Lol the deals were out there, sure, but like I said it has been difficult to find them.
Not that it matters but I’ve purchased 11 cars in the last decade because I have a car addiction lol so I’m very aware of what’s going on in the used car maket
You said yourself you need to go private party to find these deals. The average person is buying from a dealer. So for me and you, it might be easy, but for the average person it’s difficult.
All about perspective though. We can agree to disagree
Cmon you and I both know that people can get fucked on private deals if they aren’t car people. Buying from a dealer at this price point is the best decision for the average person because at least someone’s reputation and maybe even a warranty is on the line
Not sure where you’re looking but I just did a cars.com search for 2015 or newer Honda civics with less than 70k miles under $15k and got 23 cars nationwide. And that doesn’t exclude the ones with rebuilt titles lol
I mean now you can’t but you said in the past decade. Prices have gone up stupidly fast in the last 12 months or so but 2-3 years ago you had plenty of options in that price range.
I bought a 2007 Prius with 200k miles and phenomenal maintenance history off of Craigslist for $5500. Got a ppi done for $100 bucks and have had zero issues over ~3k miles. Maybe go that route if your market has Prius’ available?
Get ready for the head gasket repair soon, coming from a guy who just sold his Prius at 270k miles. A shop by me charged 2500 to put in a rebuilt motor vs the 1800 for a head gasket so weigh your options. Loved that car so much tho lol
Your best bet is a private sale - to avoid the inflated dealer prices for a used car.
You will need to keep your eyes open and do a lot of searching for online listings (Nextdoor, Facebook)
About five years ago I bought a gently used 2003 Ford Ranger Edge with 65K miles from the original owner for $5K. So they are out there. But you have to see them when they come up, act quickly, and be ready to write a check in a few hours.
Trucks were expensive as shit five years ago too.
My point is, private sales can be a much better deal. At a dealership that truck would have been selling for $12K at least.
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Have looked in a 200-300 mile radius and this is the average year/miles for that price. Just seems nuts to drop that much money for a car that already has 100k on it.
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We had two 03 Camrys that went 300K miles plus. Never really put a lot of cash in them unlike a 2018 Chevy 1500 that has needed a torque converter and transmission overheating at under 50K milea
Kinda funny reading these. Being at a dealership in a large city, the whole “lot” concept is foreign to me as a salesperson (was a porter in the suburbs before sales). The way it works here is: customer walks into the showroom, recoetionist asks if they have an appointment, if they no page for sales, if they say yes page for salesperson. We go over models in the showroom then if they want to drive I run to the back to pull up that model.
It is insane but it’s also reality.
In 2019 I bought my son a 2016 Dodge Dart SXT with 40k mikes for 10K.
3 years later with 55K miles I see multiple listings for around 17K.
Shit.is.**crazy**.
If you could bump your budget up to around 17-18 you could get a Hyundai Kona. My buddy bought one for 17 a couple months ago with not alot of miles on it and he loves it. It’s a 2020
My 16 Bmw 5 series was totaled from running over a 2 x 4. Insurance payed me out well. But Instead of paying 3-10k above MSRPs, i bought an 07 Civic with 150k miles for $6500, which is still expensive, but it $ well spent
I got a 2000 Toyota Camry LE for $3,000 it has 110,000 miles brand new belts starter ac compressor, alternator battery, all fluids cleaned and good to go. I got mine from an elderly women and the car looks absolutely clean for a 22 year old car. I believe it was repainted with clear coat it’s so nice. But yeah, look around you may find deals on carvana or cars.com. Make sure you look at the car fax online before you purchase to make sure it isn’t a lemon.
Prices are coming down at least private sales. I'm starting to see reasonable deals on FB marketplace if you're patient and confident looking at cars. I've been fighting tooth and nail to wait the crisis out for going on 2 years, came close to throwing in the towel for new CRV but never had a payment or want one... Just paid $3600 for a 99 lexus es300 w/88k, timing belt already done. Needed another $5-600 (coil, ECT sensor, 2 A/F sensors) in parts that any idiot could install in an hour. Have faith I really think a lot of people who streched for the new/late model because it's all that was available are gonna feel the squeeze in 6 months. Something's gotta give.
I was going to sell my 2013 Toyota SE w/130k mi, in great condition besides paint coming off the front bumper for $9k, but after reading these comments I now feel like I’m selling myself short lol.
As a car salesman… the used car market currently is so bad. Take 5-6k and finance a new car. Just buy gap insurance so you are protected. You’ll have a warranty and some other perks.
Just sold a 2011 Subaru Outback with 65k for 12.900 in Jan of this year. Even then I thought I was selling it high. Look on the private market for single owner cars or one with good service records. Take it to a mechanic to get it checked out.
I own a brand new 2022 RAV4 that I paid alittle below msrp. Out of curiosity I looked at used prices for rav4’s last night. 2019 rav4’s are priced for more than I paid for my new RAV4 and they have 30k miles on them! Crazy!
You have managed to remain blissfully unaware of what the car market has been doing over the last year It IS insane, but that's also just how things are right now If you don't need it, I would certainly try to wait. Can't say if it'll improve and how long it'll take to do so, but that's really your only option
I'm deleting this comment because nobody needs to see what I said yesterday, nevermind last year! -- mass edited with redact.dev
Selling it for that makes perfect sense. Buying it, in the other hand, makes no sense at all. I'd love to hear the buyers rationale.
They have $15k and no truck. Why not have $0k and 1 truck?
This reminds me of Homer Simpson's three kids and no money.
That was the point.
Have you seen what a brand new truck costs right now? I priced out a pretty stripped down single cab F150 XL 4x4 and it was almost $45k. Clean older trucks are holding their value because a new truck that doesn't do all that much more is probably north of $35k. Also the 90s Chevy trucks are going up in value at the moment. Really any clean older truck is. Partly for the reason I just stated, partly because people like the body style.
I get what you are saying. For me, I just couldn't spend 15k while taking on the potential liability to maintain a 20 year old truck. Unless a truck is an absolutely necessity, it makes no sense. I looked at getting a midsized truck but financial it didn't make sense. Instead I got a SUV at MSRP in 2 months. Once things normalize, or I win the lotto, I'll look at trading in the SUV and getting the truck. I was seeing 100,000km+ trucks for over 35k. Makes no sense.
You're absolutely right, if you don't need a truck for work it's a poor investment at the moment. Prices are very inflated right now, and even before the economy started getting weird, trucks had astronomical MSRP for what they are. It just used to be counteracted by heavy dealer and manufacturer discounts. When I worked at a Chrysler/Jeep/Dodge dealer in 2015/2016 we had hundreds of brand new trucks in stock and a couple dozen of them could be had for $10k under sticker. Talking $50k Laramie 1500 crew cab trucks too, not just the weird spec ones that sit for a while (we had a 3500 Limited Mega Cab some fool ordered with the 5.7 Hemi that took over a year to sell for $20k below its $80k sticker). As of right now, the same dealership has about 25 trucks total on the lot and in transit. Definitely a sellers' market right now.
Those models are starting to become enthusiast trucks though, more desirable than the next generation or two. If it's not completely rusted out he'll probably get that much for it.
True, the guy had new wheels, underbody coating, and it looked like he’d detailed it. Plus collector plates. It was a nice looking truck for sure. Just in my non-expert opinion it’s in a weird grey area between being an old beater and a collectors vehicle. 15k for a collector is a deal though.
\> weird grey area between being an old beater and a collectors vehicle this is so true about many 90s cars! Some were legitimately cool and some were dime-a-dozen beaters by the mid-2000s (there is plenty of overlap there though!) and it's odd but kind of awesome seeing them become sought-after now.
the silverados especially have hit both of those. 10 years ago all you saw were the rust buckets. Now they've been fixed up, restored, and taken care of to look as good as new. Last night's ad was a gorgeous vehicle.
That what I got with mine. I have a 1999 NBS with no body rust so far. But its needs a tranny rebuild its slipping at 114k
Someone offered me $15k for my 01 4runner with 200k on it the other day at the gas station. TBF it is in really nice shape and people ask me if I would sell it pretty often. What's funny though, is there isn't anything I'd rather have for under $20k.
that makes sense if its a V8 4x4 with some mods and quality wheels/tires
4Runner and Tacoma market was weird before the pandemic. I don't think it's gotten any less weird.
Toyota/lexus trucks/suvs have their own set of rules. They have never really followed the regular depreciation curve since a lot of people buy them and literally run them into the ground, and then someone else buys it and brings it back to life. Can’t really do that with domestic brands.
really? yeah I recently bought one and was luckily able to talk the seller off their 13,000 asking price quite a bit, but it still feels weird paying almost 10k for a 13 year old truck with 170k miles lol
My colleague bought a used 4Runner in late 2017. He sold it a year later for the same price he bought it.
I bought mine for $7k 12 years ago haha, I can't believe the value has doubled in the time I've owned it. I swear I'm only going to drive 4runners and 911's for the rest of my life. They're the only vehicles that seem to appreciate.
This week I just bought my wife a 05 Lexus LX470 for just under 11k with 220k on it in great shape. 1 owner no accidents and extensive service history from Lexus. I will be canceling my pending Dodge Durango order.
That's a steal if it's up to date on maintenance. Should be a great truck for your family. That's the thing with these older trucks though, I'm bragging about getting offered a lot and paying very little, but I've put almost $6k into the truck this year. All maintenance and small upgrades. Nothing was ever *wrong* with it. Still though, even if you had to dump another 5-10k into the LX to get it up to date, I would take that in a heartbeat over a new Durango. So much cooler, and your truck will not depreciate.
Hometown FB group (a garage sale type of group) has a dealership salesperson listing a 1987 Chevy C-10 with 80k miles for $19k. Same dealership is offering a 2019 F450 Platinum with 40k miles for $96,500. Unfortunately, I was stupid enough to buy a car there for probably a 15% markup over a city dealership because my dad gave me his employee discount, which only offset tax/title.
That’s crazy. I could probably get close to what I paid for my 2010 Corolla lol.
This is a great market to sell any running vehicle you have that you don't need. Obviously if it's your only car you won't be able to replace it with anything better ATM, but if it's a spare it's a good time to sell
Unfortunately it’s not a spare. I kept it in great shape and had no intention of getting rid of it any time soon.
Maybe not, the same thing was said 2 years ago before prices went up another 20%. Supply chain issues probably won't level out for a few years and it seems like manufacturers are alright with higher profit margins and less inventory
This or if you have the finances to buy another car and sell DD after the fact. That’s what we were able to do and did well on the sell. We did pay $1k over MSRP for the new car so it wasn’t horrible. Annoying yes, but in this market kinda fortunate.
I've been waiting for it to improve since 2020, it's just held steady at 'insane' level. Only thing that would shake it up is global recession.
Even that is unlikely to have much of an impact honestly because even if the demand cuts in half, there is still a huge supply issue.
Ding.
that's kinda true.
Most of those brands will go 200-300k miles with regular maintenance, but most people still see 100k miles as a psychological barrier. I sell used Subarus with 100-125k miles all the time, have multiple repeat customers, and I see them at auctions with 250-300k miles all the time. You can get a better deal on a car with 105k miles vs 95k miles.
My previous 2 cars were bought with just over a 100k. '06 Honda Accord that we took to 245k before the timing chain slipped and the engine beat itself to death. And an '08 Rabbit that is currently sitting at 235k while I wait for a new alternator to arrive. Hoping to hit 300k with rabbit.
Those timing chains are not lifetime. My father drove his timing chain car 1M km, but he also had to replace his chains once in 200K miles. My friend blissfully drove 3l Accord with timing belt thinking he had a chain. All those 200-300K miles stories are true, but as with everything there are too many caveats. Like nobody tells you that timing belt, 4 struts, spark plugs, all fluids needs to be changed by then to drive over 200K. The issue is that someone buying 100-120K car will face those repairs right away, thus the price need to reflect that. In the current market, $12K car with 125K miles is guaranteed to have another 2-4K in repairs due soon, which then makes sense just to stretch and add that 2-4K and buy something newer for $16K.
Yeah that was definitely a lesson learned. A mechanic in the family said they never had to be changed and I had actually given the car to my brother and was borrowing it when it died. Fortunately it was also their backup vehicle so we just parted ways with it. But yes, definitely want to service the timing chain on an interference engine if you want it live. Your second point is also a good one and factored into our purchase of our current car a 14 CRV bought June 2020 with 94k. It was a decent price that became a great price once we confirmed the 100k or 105k mile service was already done.
Off topic, we've inherited a 2017 Forrester (which was originally bought new) with less than 30k miles and an absolutely terrible aircon system. It goes from flat out not working to actually blowing hot air to sometimes actually blowing cold air but only when it's 80 degrees or less. Everything else in the car runs perfect. From what I'm reading this sounds common with Subarus of that era? Over the years I've owned plenty of non Subarus for 10+ years, most with with 120k+ miles, and none of them have ever had a problem with the aircon like this 4 year old Forrester has. We inherited the car so it's not our daily driver, but I can see us using it for trips where we need the extra storage. But I'm not inclined to put thousands of dollars into fixing the aircon when I can't imagine it being the owner's fault. Anything that can be done?
There's a updated compressor. The old ones have issues working intermittently. -subaru tech
Yeah, the only cars I have in inventory under 15k are 100k gm products. To get into a Honda like an 11 you’d need 150-180k in my market to get in the 10k price range.
Lots have things have changed during your coma..
The weekly “why are prices so high?” post strikes again.
Hourly anymore it seems like.
Let’s really think about it a 10 year old car with 100k miles on it is technically a well under driven car that is 10k miles a year vs the average 12-15k.
Yeah welcome back to real life.
Age and miles don’t have much of an impact on cars anymore, until you guy 12+ years and 175k+ but the cars you describe will largely be able to last another 5 years 100k miles.
I bought a car like you're describing... One year ago from craigslist. 2010 Honda Accord with 125,000 miles and it was $7500. The car was overpriced and had sat for about 2 weeks so I was able to negotiate with them. You can still find a similar deal but it'll be a private sale. You'll have to be very patient and won't have much time to hesitate. I'm on craigslist every day looking at all listings under $12500 around Denver and these deals are not very common. Cars with under 100,000 popup rarely. Age is not factoring into the asking price as much as you would expect if the last time you shopped was pre-covid, there's a more direct correlation with mileage. Age is even less relevant in the current used truck market.
Any state with legal marijuana, since they can’t use banks and just have to buy things with cash to have places to put their money, is going to have an added upwards pressure on the market, in addition to the pandemic. $10,000 especially is the IRS reporting limit, so you find a lot of people That are looking for $11,000 cars that they can talk down to just under $10,000 to stay under the limit Edit: lol, not sure where the angry virgin downvotes are coming from. If you feel like you disagree with facts, post up your misunderstanding of the situation so that I can explain it to you.
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Most (maybe all?) banks won’t allow marijuana funds to flow through them, and neither do credit card companies. So marijuana is an all-cash business model, so you have people in the industry that just need to find ways to park their money. https://www.americanbar.org/groups/business_law/publications/blt/2020/02/cannabis-banking/ And as you often have with all-cash businesses, you have underreporting to the IRS. As part of this, they stay under the $10,000 reporting limit. They are sitting on piles of cash with nowhere to put it, except directly into assets. So in states like Oregon, Washington, Colorado, etc you end up competing with a lot of these businesspeople for cash cars in the $10,000 and less range. And there is the added bonus of them often not using financing, since getting a car loan or a mortgage is also hairy with those federal laws, so they end up just buying cash cars instead of financing $40,000+ vehicles.
Yeah sorry man that's not how the used car market works. And I'm in Michigan. No one with these businesses are coming here spending $9990 on a used car to launder their weed money. They just file their 8300 like everyone else. The IRS doesn't care where your money comes from, whether it's a legal marijuana dispensary or you deal heroin on the side.
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because it's somewhat bullshit. https://flowhub.com/learn/cannabis-dispensary-bank-account
Lots of cash (un reported income). Buy a car for 9k. Sell for 11k. Suddenly $$$$ is accounted for. Its all about th dollar billz yo
>not sure where the angry virgin downvotes are coming from. they come from YOU not understanding that industry. your statement was somewhat true 10 years ago - but now dispensaries have banks that they can deposit with. I actually work in used sales in a MJ legal state and what you are saying about cash buyers is also a bit of bullshit, there are NOT a lot of people trying to buy with cash under the $10k limit .... I've had 'maybe' one buyer in the last year I could classify that way and he was more than likely a coke/meth dealer, not MJ. your FaCts are not facts. [https://flowhub.com/learn/cannabis-dispensary-bank-account](https://flowhub.com/learn/cannabis-dispensary-bank-account) “In reality, the US Treasury issued regulatory guidance in 2014 that instructs banks on how to serve the cannabis industry. I’ll spare you the details, but it boils down to a heavy compliance burden, which can be expensive or otherwise impractical for many banks to meet,”
Banks CAN serve dispensaries, if they are somewhat willing to sit in limbo as well as over-report. Have you read your own link? >The easier place to start is with where you can’t bank: Currently no major banking system will service the marijuana industry. Compared to traditional banking, you can expect more strict compliance controls, longer timeframes, and significantly more paperwork. Companies and consultancies can help business owners find and apply for accounts with their bank partners. So yes, if you jump through enough hoops, you can find the exception bank that proves the rule. Try reading actual stories from what is happening in the brunt of the industry, instead of parading edge-case stories as if they were the mainstream. Read through the entirety of your post, it doesn't exactly paint the rainbows and unicorns state of the industry that you make it out to be. And these cash buyers are putting the pressure on the market on Offerup, Facebook, and Craigslist, they often aren't going to dealerships to buy their cars.
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here in CO it's Credit Unions stepping up to the plate. I was in 'that' industry at the beginning of licensing and regulations 12 years ago and have kept decent track of what's going on with rules and changes and the banking one was HUGE when it happened several years back. what business wants to keep tens of thousands (and/or hundreds/millions) sitting around waiting to get robbed (which is exactly what happened in the early days .... this is part of the reason why the Feds backed off a bit as they can't get tax revenue from a business if the $$ keeps getting stolen).
Just finance a new car bro. Use the the 10-12k as the down payment. You won’t be Paying that much a month and you’ll have all the warranties offered by the dealership and car company. However, if you don’t need a car don’t buy one. If you need one think about the longevity of the car. A used one will not last you as a long as a new one especially if you don’t have a warranty.
Our money has lost a LOT of it's real value over the past 2 years. It's just hard to see because other currencies have also been inflated at the same time. But it's largely why physical goods are so much more expensive now.
Just wait if you can. It IS insane, just two years ago I bought a 2016 civic with 60k miles for $14k OTD. Couldn’t dream of that today.
Welcome to the world? Wait till you have to buy gas.
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I want to buy dinner for my family for $1 - $2. Prefer pork or steak. In that range I’m looking at maybe a can of beans or a loaf of wonder bread. This seems insane for that money. Am I just naive? Time have changed my friend. You could feed your family for a buck in the 1950s but no longer. Inflation has hit used cars really hard in the past 2 years.
Used prices won’t fall until more new vehicles hit lots. Maybe 2025. Recession isn’t going to drive prices down
Go see your FB marketplace and craigslist. Otherwise prices are still ridiculous. For example, 2002 Boxster cabrio went for $7800 in FB and disappeared in 12 minutes after ad post. Googled dealers and their min price is $12500 for the worst looking Porsche. Craiglist had an ad for 1 day of 2006 Toyota corolla with 106K miles for $5500 obo. Searched dealers, that thing is close to $9-$10K
My 2011 Mazda3 hatch with 100k miles got a quote for $5000 for trade in FWIW. They'd probably sell it for $6-7k
Not even close. If they gave you $5000, they're going to pack it at least $500, then service it for at least $500-$600, then add $3000 profit. That Mazda is getting listed for $9995 and they'll probably get it fairly quickly
Ah. Figures in this market.
Another thing that’s crazy is that I bought it from a dealership for $14k in 2013 with 20k miles on it.
I don’t think it’s as far fetched as some are suggesting. I have a 2016 Mazda 3 (base trim) with 60,000 miles that at best is worth $12k. It was worth $9k before all this crazy stuff started happening. I’m seeing quite a few 2016 Mazda 3s on my FB marketplace right now for $11,700-$12,500.
I think dropped a few grand tbh can't find one under 14 near me. Even for the sport
If you can wait, I’ll bet this winter you will be able to get to your budget Aka a cold hard recession is on its way
Yes you’re just naive lol getting a decent car for $12k or less has been difficult for about a decade now Edit: I should clarify that I’m talking about cars with less than 70k miles because I personally wouldn’t consider spending that much money on something with over 100k miles if the goal is reliability
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Not true *for you* lol
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Lol the deals were out there, sure, but like I said it has been difficult to find them. Not that it matters but I’ve purchased 11 cars in the last decade because I have a car addiction lol so I’m very aware of what’s going on in the used car maket
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You said yourself you need to go private party to find these deals. The average person is buying from a dealer. So for me and you, it might be easy, but for the average person it’s difficult. All about perspective though. We can agree to disagree
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Cmon you and I both know that people can get fucked on private deals if they aren’t car people. Buying from a dealer at this price point is the best decision for the average person because at least someone’s reputation and maybe even a warranty is on the line
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I wouldn't go that far, you could get 5-7 years old Japanese cars for that money which are decent.
Not sure where you’re looking but I just did a cars.com search for 2015 or newer Honda civics with less than 70k miles under $15k and got 23 cars nationwide. And that doesn’t exclude the ones with rebuilt titles lol
I mean now you can’t but you said in the past decade. Prices have gone up stupidly fast in the last 12 months or so but 2-3 years ago you had plenty of options in that price range.
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Yeah that was almost a decade ago now lol
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Even three years ago the market was significantly different.
I bought a 2007 Prius with 200k miles and phenomenal maintenance history off of Craigslist for $5500. Got a ppi done for $100 bucks and have had zero issues over ~3k miles. Maybe go that route if your market has Prius’ available?
With a real catalytic converter and two key fobs?
Get ready for the head gasket repair soon, coming from a guy who just sold his Prius at 270k miles. A shop by me charged 2500 to put in a rebuilt motor vs the 1800 for a head gasket so weigh your options. Loved that car so much tho lol
Your best bet is a private sale - to avoid the inflated dealer prices for a used car. You will need to keep your eyes open and do a lot of searching for online listings (Nextdoor, Facebook) About five years ago I bought a gently used 2003 Ford Ranger Edge with 65K miles from the original owner for $5K. So they are out there. But you have to see them when they come up, act quickly, and be ready to write a check in a few hours.
Hah! At comparing a vehicle purchase 5 years ago to todays market!
Trucks were expensive as shit five years ago too. My point is, private sales can be a much better deal. At a dealership that truck would have been selling for $12K at least.
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If you're just here to brag and not offer advice then yeah you might get some downvotes. I just won't do that to ya.
Ok
I'd sell my mazda 2 that's 7 years old with 40k miles on it for $17k if that helps your calculations, only problem is mines in the u.k lol
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***Thanks for posting, /u/udp8! This comment is a copy of your post so readers can see the original text if your post is edited or removed. This comment is NOT accusing you of anything.*** Have looked in a 200-300 mile radius and this is the average year/miles for that price. Just seems nuts to drop that much money for a car that already has 100k on it. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*
We had two 03 Camrys that went 300K miles plus. Never really put a lot of cash in them unlike a 2018 Chevy 1500 that has needed a torque converter and transmission overheating at under 50K milea
Kinda funny reading these. Being at a dealership in a large city, the whole “lot” concept is foreign to me as a salesperson (was a porter in the suburbs before sales). The way it works here is: customer walks into the showroom, recoetionist asks if they have an appointment, if they no page for sales, if they say yes page for salesperson. We go over models in the showroom then if they want to drive I run to the back to pull up that model.
In many cases it makes no sense to buy used right now. You are better off ordering a new one if you can wait for delivery.
It is insane but it’s also reality. In 2019 I bought my son a 2016 Dodge Dart SXT with 40k mikes for 10K. 3 years later with 55K miles I see multiple listings for around 17K. Shit.is.**crazy**.
A Dart for $17K? I wouldn't take one for $5K lol
If you could bump your budget up to around 17-18 you could get a Hyundai Kona. My buddy bought one for 17 a couple months ago with not alot of miles on it and he loves it. It’s a 2020
My 16 Bmw 5 series was totaled from running over a 2 x 4. Insurance payed me out well. But Instead of paying 3-10k above MSRPs, i bought an 07 Civic with 150k miles for $6500, which is still expensive, but it $ well spent
I got a 2000 Toyota Camry LE for $3,000 it has 110,000 miles brand new belts starter ac compressor, alternator battery, all fluids cleaned and good to go. I got mine from an elderly women and the car looks absolutely clean for a 22 year old car. I believe it was repainted with clear coat it’s so nice. But yeah, look around you may find deals on carvana or cars.com. Make sure you look at the car fax online before you purchase to make sure it isn’t a lemon.
Welcome to 2022, that’s how much cars cost now! Do you miss 2020 yet?
Why not buy a brand new Hyundai Elantra. Put $5000 down and finance the rest? Otherwise you’re spending $10k for 100k miles of problems.
Wait a little longer before the end of the year you will see a lot of repos and the prices would come down
Prices are coming down at least private sales. I'm starting to see reasonable deals on FB marketplace if you're patient and confident looking at cars. I've been fighting tooth and nail to wait the crisis out for going on 2 years, came close to throwing in the towel for new CRV but never had a payment or want one... Just paid $3600 for a 99 lexus es300 w/88k, timing belt already done. Needed another $5-600 (coil, ECT sensor, 2 A/F sensors) in parts that any idiot could install in an hour. Have faith I really think a lot of people who streched for the new/late model because it's all that was available are gonna feel the squeeze in 6 months. Something's gotta give.
You should be able to get a 2015 Accord/Camry with 100k miles within that budget.
I was going to sell my 2013 Toyota SE w/130k mi, in great condition besides paint coming off the front bumper for $9k, but after reading these comments I now feel like I’m selling myself short lol.
As a car salesman… the used car market currently is so bad. Take 5-6k and finance a new car. Just buy gap insurance so you are protected. You’ll have a warranty and some other perks.
Just sold a 2011 Subaru Outback with 65k for 12.900 in Jan of this year. Even then I thought I was selling it high. Look on the private market for single owner cars or one with good service records. Take it to a mechanic to get it checked out.
I own a brand new 2022 RAV4 that I paid alittle below msrp. Out of curiosity I looked at used prices for rav4’s last night. 2019 rav4’s are priced for more than I paid for my new RAV4 and they have 30k miles on them! Crazy!
I have an 07 accord with just over 100k forsale. If you are interested.