Are the used car price spikes over due to increased car loan interest rates?

[1srelluc]

I'm seeing a lot more used cars/trucks on the lots now and prices looked to have gone down 10-20%.

Dealers are charging between 6 -10% for good credit on used cars/trucks now depending on loan length.

Welcome to the Carter years but at least it looks like peeps will be buying vehicles they can actually afford instead of "rich larping" at 0.1%.

Seems the ones making out are the folks that leased and are now buying their leased vehicles at the much cheaper interest rates in the lease buyout agreement.

 

[Harpy Eagle]

They are coming down because they were artificially high due to a lack of new cars for people to buy, due to supply chain issues.

I was just quoted 4% on used car since the wife and I are looking to trade in our Kia.

 

[Moonglow]

I pay cash myself and avoid that interest crap. Yes, they have come down but are still too high.

 

[1srelluc]

They are coming down because they were artificially high due to a lack of new cars for people to buy, due to supply chain issues.

I was just quoted 4% on used car since the wife and I are looking to trade in our Kia.

Pen-Fed?

 

[Baron Von Murderpaws]

I have never understood this used car shit.

They are USED vehicles. The older they get, the more they are used, abused, and mileage makes them more and more coming to the end of their lifespan. So WHY are they SO expensive???

I've seen USED vehicles priced MORE than the SAME MODEL ON A NEW dealer lot!!!

Plus, this "used vehicles are hard to find" is bull-fucking-SHIT!!!

There are THOUSANDS and THOUSANDS of used car lots around DFW, all CRAMMED FULL OF USED VEHICLES!!!
I even pass several used car lots to get to work, and they are ALWAYS jam packed with vehicles!!!

I've also been in retail for many years back when.......so I know how the retail industry works.

And this is ALL 100% GREED and AVARICE!!!

Car dealers and auto makers claim "your new vehicle depreciates up to $5000.00 once driven off the lot".
So........WHY is that "depreciation DOUBLED and ADDED onto a USED vehicle"????

 

[Harpy Eagle]

Pen-Fed?

Navy Fed.

 

[Baron Von Murderpaws]

I pay cash myself and avoid that interest crap. Yes, they have come down but are still too high.

Do people still get a discount for paying cash for a vehicle nowadays???

 

[Harpy Eagle]

Plus, this "used vehicles are hard to find" is bull-fucking-SHIT!!!

There are THOUSANDS and THOUSANDS of used car lots around DFW, all CRAMMED FULL OF USED VEHICLES!!!
I even pass several used car lots to get to work, and they are ALWAYS jam packed with vehicles!!!

There was a problem. Back about 1 and 1/2 years ago we thought about trading in the Kia then and we went to a lot and they literally only had one car on the lot for us to look at, and it was already sold

 

[Baron Von Murderpaws]

There was a problem. Back about 1 and 1/2 years ago we thought about trading in the Kia then and we went to a lot and they literally only had one car on the lot for us to look at, and it was already sold

Well, I'd say thats a really BAD car dealer then.

 

[Auld Phart]

wife has been looking for a 'new' used car since February, with no luck.

Need to find one by the end of January, what we have won't pass state inspection.

 

[Harpy Eagle]

Well, I'd say thats a really BAD car dealer then.

They were all about the same. It has gotten much better since then, but was an issue for a good while

 

[1srelluc]

Navy Fed.

Yeah, about the same depending on year.

Pen-Fed is a tick less on a 48-month new car loan.

 

[1srelluc]

Well, I'd say thats a really BAD car dealer then.

LOL....Every time in the past year or so that I've taken my '19 Soul in for PM they try to buy it.

I rode by last week and it seemed they had more new cars on the lot (Souls at least) than I've seen for a while.....Still pretty thin.

At one time they had so many used Jeeps I thought they were a Jeep dealer.

 

[Baron Von Murderpaws]

wife has been looking for a 'new' used car since February, with no luck.

Need to find one by the end of January, what we have won't pass state inspection.

Whats wrong with the one you got?

I've had mechanics tell me how to cheat the inspection system.

 

[Baron Von Murderpaws]

LOL....Every time in the past year or so that I've taken my '19 Soul in for PM they try to buy it.

I rode by last week and it seemed they had more new cars on the lot (Souls at least) than I've seen for a while.....Still pretty thin.

At one time they had so many used Jeeps I thought they were a Jeep dealer.

You guys must be in some strange areas then. I live in the Dallas/Fort Worth area, and unless the used dealer is going out of business, I've NEVER seen an empty space in any used car dealer here!!

 

[1srelluc]

You guys must be in some strange areas then. I live in the Dallas/Fort Worth area, and unless the used dealer is going out of business, I've NEVER seen an empty space in any used car dealer here!!

I'm talking new cars at the KIA stealership.

 

[Baron Von Murderpaws]

I'm talking new cars at the KIA stealership.

AH! Ok. Yeah, Souls are VERY popular here too. I thought about getting one a few years ago, but I researched the problems and mechanic costs they have, and I decided against it.

New cars shouldn't HAVE problems.

 

[1srelluc]

AH! Ok. Yeah, Souls are VERY popular here too. I thought about getting one a few years ago, but I researched the problems and mechanic costs they have, and I decided against it.

New cars shouldn't HAVE problems.

I've owned two Souls, a '12 and a '19 (both bought new) and other than a couple of KIA recalls I never had a minutes trouble from either of them.....Then again I keep my stuff up and garaged.

 

[Baron Von Murderpaws]

Since KIA's come from overseas, I expect the reason they "ran out of cars" at one point, is that Biden put a hold on incoming ships.......and they were just sitting around for months, waiting to dock.

Could also be that China is messing with the shipping goods to America with those countries these cars come from.