Do Not Buy A Used car!!!!!

[Cobra Jet]

Oh yeah I remember how, I was thinking about buying a used car and renting it in Turo then I got distracted and was reading the news online and posted on here.

but God I wish car prices would drop soon so I can get a second car. I definitely don't want to get rid of my beautiful car.

Only curious, why would you have to part ways with your S550?

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[Davy_Baby9]

Sadly people selling beaters think their junk cars are worth $$$$ more.

This has been going on a lot longer than the last two years. In Michigan people seem to think “rust free” means no complete rust through holes lol.

 

[JZTRK]

When Escalades are financed for 120 months and people are buying houses with 0 down everyones screwed.

The Yolo sign here mentality will be the financial ruins of the banks that allow it.

Speaking of I cannot wrap my head around how banks even allow this type of financing especially on a depreciating asset like vehicles.

If anyone says Nahh people paying in cash id sat your full of BS. Smart people keep cash and leverage banks not the other way around.

im not worried about escalade peeps I just found out they offer 30 year loans on ski boats them MF's are bat shit crazy

 

[Excelerater]

In 6 months to a year you will be able to buy it back for thousands less.....
Chips shortages are temporary and when they recover new vehicles will be
ON SALE !

 

[Rinzler]

I bought during the early months of covid and I'm so glad I did at this point. Would have kicked myself if I waited.

Same. Got a fully loaded 18 GT 401A PP1 premium magneride GT with 16K miles for $36K at the start of the pandemic. Going for like $10K more right now.

 

[EmCel]

Only curious, why would you have to part ways with your S550?

I was thinking about it for the money but changed my mind since then. My car makes me happier than a few thousand dollars I can make. Screw money, happiness is where it's at.

 

[NotagainV2]

In 6 months to a year you will be able to buy it back for thousands less.....
Chips shortages are temporary and when they recover new vehicles will be
ON SALE !

2 model years OLD rofl!!

 

[RockinaFiesta]

Just sold my 2019 PP1 to vroom.. paid $33,250 with taxes & fees 21 months ago - vroom paid me $37,800, it’s already on their website at $42,500. Sticker was $41,xxx. Also sold the 2019 fiesta i bought a month before the mustang to carvana for $16,500.. that car was $13,500 new almost two years ago..

if anyone needs a big screen/nav upgrade, I never got a chance to install mine..

now I’m rockin’ the old chebby pickup for the foreseeable future..

 

[w3ab1ak91]

Being that I am in the business and have been for over a decade, I would like to shed some light on this topic. First off, my dealer group is very different from the stereotypical dealer. That being said, not every dealer is shady and/or looking to rip people off. OP it sounds like you dealt with a dealer that wasn't reputable or transparent. Now that being said, you we're clearly happy with the amount you were paid for your car so I wouldn't 100% blame the dealer, not blaming you either so don't take it the wrong way. You have to think, if you have something and someone offers to purchase it for an amount that you are totally happy with, should it matter what they sell it for?

Now, on the other side, most dealers out there unfortunately maximize an absurd amount of profit on each and every vehicle and don't sell a large quantity of vehicles. Whereas if I were to purchase your car knowing that I would be selling it for $45k, I would have paid you very close to that $45k mark, keep in mind, dealers like any other business do have to make a profit at the end of the day and there's a lot more cost involved than people think. Mind you not $13k in cost lol.

Onto the main issue of "Dont buy a used car right now". There's SOME truth to that, it is definitely a great time to trade your used for a new right now... if you can get one you want due to supply shortages. And are used vehicle prices up? Yes, but you're only noticing it because it's a little higher than average. Markets flucuate all the time, more so than people realize. We really don't know when the market will "go back to normal" but I don't foresee it being soon. If you have the ability to afford a new vehicle, buy new, but not everyone has that luxury so you buy used at a decreased cost. Also, Corvette's are going for plenty of money right now and people are buying them. Why? Supply and demand. The wait list for the new C8 Z06 is insane, possible years on a wait list. So... you still want a Corvette Z06? Buy a used C7 or wait possibly 2 years....

And simply put, if you trade your used vehicle on a used vehicle, well it offsets itself. You get more money for your trade even though you are paying more than typical amounts. So a good example would be 2 years ago you trade your car for $10,000 and buy the "new to you" used vehicle at $20,000... thats a $10,000 difference you owe. Today your car is worth $13,000 and you're buying that same car now priced at $23,000.... again $10,000 difference. It's never a bad idea to research before going into a dealer as well, look at what cars just like yours are being sold for, that will always give you a great idea of what the market is doing, KBB is just 1 of many tools that isn't always accurate so seeing what cars are actually listed at make a difference!

Hope that sheds some light on things.

 

[REVTMOLO]

I just paid $36,500 a few weeks ago for a 2016 GT Premium. Original sticker on it was over 44K and really well appointed:

My plan was to wait it out and drive my pickup in the meantime. Unfortunately the manual trans in it has been grinding going into 2nd gear for about a year or so. I took it in to see if it could be fixed and the shop told me they would just replace the transmission for about 3K+.

sooooo..... I didn't have much choice in the matter. I've been watching prices and at this point feel like I got lucky. I had a lot of equity to work with from my 2015 Mustang GT Premium (A tree fell on it and I got 2 or 3K over what I paid last year) so the sting wasn't too bad. By the time the prices go down I figure it won't matter to me anymore. Car only had 22K on it and I plan to own it till the wheels fall off.

 

[shogun32]

Car only had 22K on it and I plan to own it till the wheels fall off.

so 6 months? check those hub nuts.
You paid 83% of MSRP on a 5yr old car that should have been priced at 55-60%... Fun times we live in.

 

[REVTMOLO]

so 6 months? check those hub nuts.
You paid 83% of MSRP on a 5yr old car that should have been priced at 55-60%... Fun times we live in.

Yeah, I'm not sweating it.

Between selling my 13 for far more than I thought I would last year and getting more than what I paid for the 15 that was totalled I landed in about the same spot I was with the 15 in terms of the amount I had to finance and my monthly outlay. Because I started over with a new loan it stretched things out by 6 months which is really just the difference between the loan start dates.

I wish I could have waited it out and had a smaller amount to finance but that just wasn't in the cards. I couldn't trust that the truck was going to hold together if I really needed it to.

In the grand scheme of things I ended up with a much better car in terms of mileage (Less than half of the '15) and bells and whistle features with a $20 difference in my monthly bill. So yeah... Fun times indeed.

Now tell me more about these hub nuts I should be checking....

 

[RockinaFiesta]

I just paid $36,500 a few weeks ago for a 2016 GT Premium. Original sticker on it was over 44K and really well appointed:

My plan was to wait it out and drive my pickup in the meantime. Unfortunately the manual trans in it has been grinding going into 2nd gear for about a year or so. I took it in to see if it could be fixed and the shop told me they would just replace the transmission for about 3K+.

sooooo..... I didn't have much choice in the matter. I've been watching prices and at this point feel like I got lucky. I had a lot of equity to work with from my 2015 Mustang GT Premium (A tree fell on it and I got 2 or 3K over what I paid last year) so the sting wasn't too bad. By the time the prices go down I figure it won't matter to me anymore. Car only had 22K on it and I plan to own it till the wheels fall off.

I wouldn’t sweat it in the slightest - you got a low mileage car with options that *you* like.. that’s worth a lot. If you had settled for something that you didn’t love, you would be a lot more likely to be trading and paying even more.

The other thing is, you actually *know* what you paid for your car. Lots of folks couldn’t honestly answer the total cost of ownership, just the next payment they have to make.

 

[REVTMOLO]

I wouldn’t sweat it in the slightest - you got a low mileage car with options that *you* like.. that’s worth a lot. If you had settled for something that you didn’t love, you would be a lot more likely to be trading and paying even more.

The other thing is, you actually *know* what you paid for your car. Lots of folks couldn’t honestly answer the total cost of ownership, just the next payment they have to make.

Yeah man, I definitely didn't shop by payment that's for sure. I just wanted to keep my loan amount similar to my 15 which I was able to do. It was selling for almost 38K and I got it for about 35.5k.

My buddy in NY found this one (I live in VA) and went to look at it for me. I've known Dave for about 40 years now and when he called me from next to the car I could tell by the sound of his voice he felt this was worth going for.

It just so happened that I was going to be in NY for my father in-laws memorial service the next weekend so I figured the hell with it... Might as well make lemonade out of the lemons we were getting with this trip.

I hadn't even see the car when I bought it over the phone/online.

There were a few things I would have wanted different. I would have really liked to have gotten another Deep Impact (Or Kona) blue for the body color. I also really wanted the interior trim upgrade. Had that on my 15 and man it was nice. Well worth a lousy $400 in the grand scheme of the cars overall price when new. I looked up replacing the interior door skins and the center console lid. yeah, that's not happening. Anyway, I get it though - I'm buying a used car and in these cases you have to make some sacrifices. I got some other stuff I didn't have in the 15 I really like which made it seem like an fair enough trade-off. The Adaptive cruse/Collision warning is really nice and so are the automatic windshield wipers. The in-hood turn signals are pretty cool too. Kind of silly since you can't really see them very well, but cool nonetheless. I realize these aren't performance enhancing aspects of the car, but at 51, I've learned there is more to my cars and motorcycles than how fast it can go.

I don't feel like I got ripped off by any means. Would have liked to have gotten something a little cheaper but that's the way it goes sometimes.

I'm happy with my purchase

 

[w3ab1ak91]

so 6 months? check those hub nuts.
You paid 83% of MSRP on a 5yr old car that should have been priced at 55-60%... Fun times we live in.

Well technically speaking every car has a different residual value. Mustang's, STi's, EVO's, Corvette's, the list goes on. But any desirable sports car with low manufactured numbers compared to your everyday car typically have a higher resale value or residual value over time. Look at used STi's, close to 100k, 8 years old, still selling for $25k which is over 70% of the original MSRP. Even prior to the pandemic, Mustangs held their resale value very well. If I do a lease right now on an F150 the 3 year lease residual value is 65%.

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