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My husband and I have been looking for the past couple of weeks for a good used older truck. I knew that we were not going to find "exceptional" for $2500-$3000 but assumed that we would find "decent".
We spent many hours driving all over "hell and half of Georgia" looking at trucks that were a POS. We tried to do due diligence - looked at pictures and read descriptions, contacted the owners, had them send more pictures, asked all the right questions. Many we discounted after that process - too many miles, too many expensive repairs required, body in too rough shape.
But there were a handful that looked from the pictures and sounded from the description like they had potential. And so we drove to look at them and they were awful. Tight truck doesn't mean that they leak from every valve and gasket that can possibly leak. Or that even though you told us the air works and the tires were good they weren't when we got there. It doesn't mean that the truck is rusted from one end to the other and you carefully hid the rust in the pictures (did you think we wouldn't notice?). Or that tires one step away from balding have 60-70% tread left on them. Or that since you said it has 160,000 miles on the engine it very likely has 260,000 miles on it.
And maybe I'm cheap (OK I'm cheap but I'm also reasonable) but a truck with 250,000 miles is not worth $9000. And a carefully pictured rust bucket that leaks wherever a leak could possibly be and has coat hanger and a curtain rod holding something up and off the ground under it is not worth $2500. At least not to me. And probably very few other schmucks either.
We ended up finding a great 1997 Ford F-250 with 140,000 miles, a great paint job, no leaks, good working transmission and motor, and working air and happily paid the $2500 it cost. We ended up driving 2 hours each way to get it but it was worth it.
People lie, lie, lie and look you straight in the eye while they're doing it.
used cars are too risky for me and since everyone thinks its the most economical route these days, i think they are overpriced.
They are definitely overpriced right now. I guess because people are hanging onto their vehicles as long as possible so there are fewer used vehicles out there (and maybe the Cash for Clunkers deal killed off a lot of useable older vehicles as well).
They're also overpriced (at least in Tennessee) because there are a bunch of folks buying-to-sell (similar to "flip this house" deals).
But they are also overpriced (IMO) because people generally are just trying to rip other people off. We drove hundreds and hundreds of miles after long conversations with the owners who outright lied to us. Wasted our time and gas and we didn't buy them because my husband knows a lot about older vehicles and quickly found out what pieces of junk they were. But there are a ton of people who don't know a lot about vehicles who will get ripped off, and in this day and age when times are tough for everyone, people who knowingly rip off really tick me off. That's life but it still ticks me off.
There ARE still honest people out there though, who take care of their vehicles, are honest about what they have, and are not trying to rip people off. This is the frugal section of the forum so I put this thread here. Many people can't afford new vehicles. Buyer (as always) beware.
I think you're right, Cash for Clunkers killed off the market. The government wanted more fuel efficient vehicles, with black boxes that spy on us, driving around.
As years go by mnay more are drivig their vehicles longer and longer. Mnay of the truck available are commercial vehicles that are worn basically out that I have seen.One reason new truck are still selling well.
There are a lot of factors. Cash for clunkers. Lots of people trashed their credit within the last 4-5 years, so they're cash-only buyers, and they are driving up demand for used cars. People hanging onto cars longer. And it's the high season for car purchases (tax refunds, before summer). Everything leads up to higher prices. There are still deals to be found but of course, you have to look deeper.
Like people said two reasons why used car market is so overpriced:
1. Cash for clunkers
2. People are holding on to their cars longer than before (I think 11 years is current average)
It's gotten so bad that most of the time between high prices, unknown reliability, repair costs, it's just not worth it anymore.
I think you're right, Cash for Clunkers killed off the market. The government wanted more fuel efficient vehicles, with black boxes that spy on us, driving around.
I am glad you were able to find something that worked. I know a couple of years ago we went to an estate auction and they had an old car I would not given them more than $800.00 and it went for $1500 with more than a couple interested buyers. We have two vehicles, a 1995 Lincoln and a 1993 Ford Club Wagon and we have found the higher-end vehicles worth the repair costs versus the throw away cars. Used vehicles, quality, save you buckets of cash!
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