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It’s pure insanity. Carmax is now selling 2010 to 2012 Toyota Corolla‘s from between $18,000-$21,000! That model year, brand new way back then, on a good day with a special you could pick up out the door for around 16,000. Lol so you are now paying two to $3000 more for a car that’s 10 years old then when it was NEW!
I hope consumers remember what these dealers are doing when things go back to normal.
I would not contribute to this in anyway. Just don't buy from the greed of these dealerships.
I bought a car a few weeks ago and almost needed to get drunk to go through with it. There aren’t many out there if you need one quick and what they do have is sticker price or marked up with no negotiation. For most of my life car lots were full, salesmen desperate to make a sale and buyers had all the power in the buying process. Different world now. Pretty soon the cheapest Civic or Corolla will be $30k with a waitlist.
I bought a new 2021 Audi in January 2021. I'm certainly glad I did - it's worth more now than what I paid for it.
Perhaps with such a large sample size the median and mean are similar.........but I'm trying to figure out if those buying luxury autos are really driving up that average price or if it's a combo of luxury buyers plus econoboxes just being more expensive than they have in the past.
We all know inflation is real yet it seems like people have more money than they know what to do with. The price of housing and autos goes up yet people buy bigger houses and fancier cars even with the markup. Part of me feels like there's a smallish sub-section of the population (20%, 30%?) that's throwing around all this cash while everyone else sits tight and waits.
I think it is a smaller portion of the population. The upper middle class (zoom class) has been able to work from home and save a lot of money in the process. I'm sure a good amount of them were able to pay attention to the stocks and invest that money with the extra free time that they had.
There are people who just seem to get themselves into bad debt situations. My next door neighbor just bought a pickup truck from carvana, even though a couple of years ago they had people at their house cutting off the water. I'm glad I was able to get my dad out of a car payment this year and sold him a minivan that I got from the auction in 2020 for a steal.
And hard to insure, and probably need a lot of maintenance. And if they are bigger, probably a huge fuel bill, too. As I said, for my wife, I'll buy a new car with a warranty (so I don't have to work on it) and the latest safety features.
And these days, to get 30-50% off you either need to buy one that was wrecked, which I won't do for a daily driver, or get a 10 year old or older car. Which, while it may have life left in it, I'll be on the hook for repairs and maintenance, and there's nothing worse than having to work all Sunday into the night to get a car ready to go to work on Monday morning. Especially when every 30 minute job is one broken bolt away from being a 3 day ordeal... lol!
You obviously don't know how to find the deals lol. Back in 2011, I got my wife a Ford Fusion with 60k miles for 5,000 when all was said and done. She drove that thing for years and got rid of it at about 150k miles and it required one engine mount during that time which was an easy swap. The rest was just very basic maintenance items.
Problem is, very few people bought Hornets and Gremlins.
Sad to say I did. Worst piece of automotive junk I’ve ever owned. I still remember the heater core going bad in the middle of an Ohio winter. The Gremlin definitely lived up to its name.
I'm telling you new Venues and Souls at 22k new are the way to go. There is no way I am paying 18k for a Corolla or Civic with 50k to 60k on it.
Its not that hard to say I am not paying the markups. I have had dealers take it off once they see you're feet walking OTD.
When I bought the Mazda3 in 2008 there was a 2015 Civic at the Honda dealer with somewhere north of 100k on the clock. Civic was 15k and they wouldn't budget a dime on the price. Mazda3 I paid $17,000 for for a 5-door with the 2.3 but otherwise a base model, MSRP of a tad under $19,000.
When I bought the Prius for $20,4000 a used 5-year-old one with around 100k miles that were obviously not treated the best were 14k if you hunted around for a low price.
Hence why I bought both of those cars new. While in other segments of the market used might make more sense, economy cars particularly if it's from Honda or Toyota really haven't. Insert current times and even moreso. If you can wait, there's plenty of Toyota dealers that will sell at MSRP. You'll just need to order it and wait a few months. Hyundai dealers around here I haven't found any that will sell MSRP. Maybe on a Soul but I was asking on the new Ioniq 5 and no go there. They're all 5-10k over, not too surprising considering the limited availability of the car. No problem. I'm far from completely sold on it period let alone at over MSRP.
I am still driving my 2008 Toyota Corolla with 64k miles. My only repairs are routine maintenance such as tires, oil changes, brakes, etc. It’s the best car I have ever had.
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