Used Car prices are starting to decline.

Used car prices steer toward Fed Chairman Powell’s inflation hunch | Fox Business

 

My opinion is that holding out to do anything in business with the hope that you'll get a better price, or a better deal - can be a fools errand.
I could sell my house right now for a nice clean profit - but where would I go? Home prices are up everywhere, and I'd get a lousy deal no matter where I go.
I could sell my new truck right now, but what would I buy? I might be able to hold out until mid-2022, but if inventory isn't back where it should be - I will undoubtedly have a hard time getting a good deal on a new truck. Also, inventory levels at dealers is going to take a LONG time to get sorted out. I tend to agree that trade in values will probably start to tank before inventory levels get back to where they should be.

I sold my 2020 Silverado 3500Hd Duramax for MORE than I paid for it when I bought the Ford. But I paid full MSRP for the Ford and considered myself lucky - as some dealers around here are doing the "Market Value Adjustment" fraud thing. When I bought the Silverado, I got it because the Chevy dealer was doing better on price negotiations (and Costco helped) so I got it for $8k under MSRP. Ford wanted sticker price. I wanted the Ford but opted for the better deal - and hated the damn thing.

All this is just my opinion, and I agree with you RubenZ.

 

Yup. I never play the waiting game. I sold my Tacoma ASAP and got 6k more than I paid for it last Jan 2020 brand new. I'm also buying my F250 at only 1500 below MSRP. So imo thats not too bad either. I'm content with my decision but I would not have wanted to wait to sell my Tacoma until my truck came in in hopes teh deal was the same or better. It may have been far worse LOL.

 

Last week I sold our 2019 F150 Suoercab to Carvana for 56% more than I paid for it new 20 months ago.

Timing is everything. I bought it right back in December 2019. The dealer discount was almost $10,000 plus additional $6,500 rebate and additional $3,000 PCO.

 

I want to see my truck say "built and shipped" before I offload what I have. No big deal if I lose out on a few grand.

 

Ya for some that makes perfect sense. I'm lucky in that I can work from home this summer so I dont mind the wait. If my truck is not even scheduled by August then I may have to find a 21 lol

 

My dealer told me he would honor 2021 pricing for the order of my 2022 F-350. He also told me he would honor the trade-in value on my truck as long as the truck was not in an accident and I could keep the mileage limited. That is not a problem for me. I expect him to be honest. I guess I'll find out eventually.

 

You are my Hero, damn!

 

I have a similar situation on my 2020 F350. I agreed on a trade value and ordered a new 2022 with X-plan. Dealer said they would honor the trade value when the new 2022 arrives. I figure if they change their tune, I'll just hold onto my 2020. Figure it's low risk for me either way since I'm holding onto my 2020 in the mean time.

 

I would love to have sold in the past 2 months or sell now, my 2019 F250, except for one thing. I need it now.

 

My trucks are used for towing only. I don't have another trip until late September, but I just don't want to get stuck without one. Thought if I did get stuck, I could rent one, but truck rentals are pretty scarce right now....unless you get the U-Haul.

 

In December 2018 my dad passed away, and I was handling his estate. I spoke with my brother in 2019 about buying him out of his half of my dad's 2014 F250 CCSB powerstroke. He agreed - I went on NADA and KBB and came up with $16,500 as the fair market value at the time (it was an XLT truck in rough shape) Fast forward to March of this year, the local Chevy dealer here in town called me out of the blue asking if I would sell them my truck - I said No at the time but mentioned dad's truck. They offered me $35k for it, sight unseen. I drove it down, they agreed to the price they quoted me and handed me a check. So I sent my brother half of it, and he was blown away.

I have the original paperwork from when dad bought it (used) in 2015 from Longmont Ford in Colorado. He paid $33,650 for the truck. So in six years, and after 40,000 miles, the truck was worth $1350 more than he had paid for it. They sold it two days later for $45k.

I was already having a hard time justifying keeping the truck and had no where to park it - so when I got that quote to sell it, it just made sense. None of that would've happened without the market insanity that is going on now.

If I could've foreseen all this, I would've drained my retirement account the day COVID shut the world down, and bought up every diesel truck and conversion camper van I could find. And sold them all back this year.

 

great sign that our new trucks will severely depreciate.

 

Ha ha, this is indeed a crazy market at present and really don't know what to make of it.
won't be selling my 2021 anytime soon.

Close friend of mine bought a house 2 years ago and sold it last week for $120k more than he paid and moved into his deceased mom's house.

My daughter built a house last year and it appraised for 50K more than she paid last year.
Weird happenings going on.

 

$8K is a lot of money. I wouldn't consider buying something I didn't really want when I'm in that price range. Same as buying a lightly used one year old truck to save $5-8K. If I am spending $45-$65K I don't want what I don't want, and if I couldn't afford it, I'd go to a lower trim level. That's me though. I buy gas at the same place, year after year, and the same dealer too.

My friend has the Duramax, not bad looking, not even comparable to a Super duty thou ...........My 3 cents....for what ever that's worth (nothing).