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Old 11-02-2014, 03:23 PM
 
Location: Prosper
6,268 posts, read 12,122,402 times
Reputation: 9325

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Quote:
Originally Posted by dstover View Post
Both my brother and I have recently been checking the ads for late-model used vehicles, we are shocked by the ridiculous prices most people are asking for a vehicle that is several years old. Just a few thousand dollars less than what a new vehicle costs, and many of these used vehicles are salvage titles or have a lot of miles on them! My brother ended up buying a new Honda Fit, and I will probably buy new too (an Outback, CRV or Rav4). I am guessing this is a matter of supply and demand, i.e. the vehicles that I'm interested in are popular models that people don't part with easily. Even so, I don't understand who is buying these expensive used vehicles, or what their owners are thinking. Why would any buyer take that kind of risk just to save a little money?
You want to find a good price for a used vehicle, go look up some Mercedes S class models. 50% depreciation or so after 4-5 years.
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Old 11-02-2014, 03:25 PM
 
Location: Oceania
8,623 posts, read 5,899,676 times
Reputation: 8318
Why?

Go shopping for a new car and realize the price difference between a brand new Corolla versus a 10 year old model. The creature comforts haven't really changed, other than frilly stuff that matters little.

What do you need for $10K more?
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Old 11-02-2014, 03:38 PM
 
Location: San Diego, CA
1,062 posts, read 1,206,305 times
Reputation: 624
Quote:
Originally Posted by victimofGM View Post
Obama's Cash for Clunkers deal removed a large amount of viable used vehicles from the roads. When these vehicles were traded in for the deal, the dealer/salvage yard had specific instructions on how to completely destroy the engine regardless of running condition. Salvage yards lost money from this. Used car lots lost out on selling perfectly good running vehicles to those for whom this was the best they could afford. The lingering effect was to drive up the price of used cars.
Had no effect on late model used. CfC just got rid of a lot of low mpg crap and stimulated some new cars sales. Made sense or not is debatable but hight late model used prices are a function of low supply due to low sales post 2009. Get ready for a glut of used cars soon due to ramped up short term leasing.
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Old 11-02-2014, 03:49 PM
 
Location: Vallejo
13,443 posts, read 15,059,549 times
Reputation: 11926
Quote:
Originally Posted by armory View Post
Why?

Go shopping for a new car and realize the price difference between a brand new Corolla versus a 10 year old model. The creature comforts haven't really changed, other than frilly stuff that matters little.

What do you need for $10K more?
Uh? A car that's not mostly used up. And if you can't tell the difference between a ~2004/5 and a 2015, you've been hitting the crackpipe. One of my ex's had that era. They really aren't BAD but the new one is far better. Maybe if you're vertically challenged and everyone you associate with is also vertically challenged. There's about an extra 8" of rear legroom in the back of the 2015 than there is in the 2004. Huge difference right there. Car seats, for example, in that era Corolla? Forget about infant car seats. And that's just gross physical dimensions.
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Old 11-02-2014, 05:01 PM
 
1,774 posts, read 1,733,176 times
Reputation: 2700
You mostly see this with bog standard japanese sedans, compacts and minivans, as well as american made full sized trucks.

Luxury cars, muscle cars, sports cars, american mid-range cars and full size SUVs actually lose quite a bit more value and can often be found for a (relative) song. A five year old BMW will have lost a larger percent of its value than a ten year old Camry with low mileage.

Last edited by rzzzz; 11-02-2014 at 05:22 PM..
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Old 11-02-2014, 05:44 PM
 
587 posts, read 649,337 times
Reputation: 806
I have also noticed this -- and am really disappointed since I'll probably need to replace my 97 Corolla within the next year or two. It does seem to affect some brands more than others -- used Subaru and Toyota prices around here are ridiculous, Honda is a tiny bit more reasonable.
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Old 11-02-2014, 06:17 PM
 
Location: Staten Island
1,653 posts, read 1,695,214 times
Reputation: 2353
OP not sure what you are looking at and how much you want to spend but in my experiance high end cars tend to los rthe most value very quickly and lower end cars under $50,000 tend to hold their value longer.
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Old 11-02-2014, 07:22 PM
 
701 posts, read 888,386 times
Reputation: 892
I found the same thing the last two times I bought a car. I wanted to buy an econobox with low miles, a reputation for reliability and good gas mileage. Guess what? Everyone else did too! Both times I found it was just cheaper to buy new.

If I were looking for a Camaro or a Benz, though, I'd definitely buy used.
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Old 11-02-2014, 07:44 PM
 
Location: Pittsburgh
7,542 posts, read 8,085,991 times
Reputation: 3468
Cars last a lot longer than they did years ago, so a vehicle with a few years still has more years left.

A 5 year old car in the 1970's was an old car-depending on the vehicle, worth maybe 1/4 or less of its original price. Don't see that as much today.
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Old 11-02-2014, 08:38 PM
 
Location: Montgomery County, PA
13,678 posts, read 8,679,766 times
Reputation: 11262
Quote:
Originally Posted by Golden_Monkey View Post
I found the same thing the last two times I bought a car. I wanted to buy an econobox with low miles, a reputation for reliability and good gas mileage. Guess what? Everyone else did too! Both times I found it was just cheaper to buy new.
If everybody decided not to buy those overpriced used cars you'd think they wouldn't remain overpriced. Who are those those idiots who buy them then?
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