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I've been using Craigslist for buying and selling vehicles for many years now and I've always noticed a trend when it comes to what people are asking for their vehicles. I even had a bet with a coworker and today I proved my theory was right.
Here in Southern California there are thousands of used cars listed on Craigslist every day. The three biggest markets are the Los Angeles, Orange County and Inland Empire Craigslist pages. It makes it convenient to shop for cars because all three counties are within an hours drive of each other so even if you live in Los Angeles and find the car you want in Orange County you can drive there in about 30 minutes or so.
A few weeks ago, when gas prices were on the rise and most stations were selling regular unleaded for almost 4.00 per gallon or more the prices for large SUV's like Suburbans and Expeditions dropped. You could get a decent SUV for under 2K. People were quite eager to get rid of their gas guzzlers and were willing to sell below blue book to make the sale. People with fuel efficient cars were also selling their little cars for more than what they usually would.
Gas prices have dropped about 35 cents per gallon in the last couple of weeks and as a result of the lower fuel prices the prices of the gas guzzling SUV's have climbed as well. Now people feel better about paying a little bit less for fuel so they aren't in a panic to sell as soon as possible. The fuel efficient cars are also dropping in price since their demand is no longer an issue.
The cycle will repeat itself when fuel prices inevitably rise again. I've known this for a while and I always advise friends that are looking for a car to wait till the price of gas goes back up if they want a good deal on a SUV or truck or buy a commuter car now while prices are low.
MountainGuy74 's has noticed something that always happens! It is nothing new.
Though MG74 is too young to have a clue what it was like, back in the Seventies, owners of 1972, 1973, 1974, 1975, 1976 Cadillac Sedan DeVilles were likely only likely to get $800 tops for them as gasoline hit $1 per gallon in the late Seventies. It didn't matter how nice, or low mileage and well kept these might have been, when 9 to 10 mpg was the norm for them, nobody wanted them other than poor folks that lived in shacks that found it neat to be able to afford an expensive Cadillac, though they couldn't afford to drive them as one would normally use a car.
Anything with a gas guzzling gargantuan big V-8 that delivered single digit mpg became nearly worthless in value.
Image time traveling and buying those late sixties/early seventies "pony"/"muscle" cars that traded hands in the $200 to $700 range.
The thing about the Seventies when gas hit $1 is that it made it so that cars that delivered 6 to 10 mpg in normal use, completely undesireable. You are laughing that I mention that there were cars then that got only 6 to 10 mpg.
Big block Chevy 396/454. Oldsmobile 455, Pontiac SD 455 Firebird/Trans Am of '73/'74, nearly everything from Chrysler Corp with engine larger than 340, Ford 429, 351C, 460, 390, Cadillac, Lincoln, large Buick, Pontiac, even AMC 360 four barrel. No big luxury barge from the sixties or early seventies got more than 10mpg.
Some people did transplant other corporate engines into their cars like two barrel small block engines from wrecks but most abandoned the gas guzzlers as the transplant cost to get to only 14 mpg was not worth it.
Values of these abandoned gas guzzlers did not recover, except for the muscle/pony cars which rose in value ten years later as gas became relatively cheap again at the end of the eighties.
If GAS prices are an issue for you, where a rise in price to $4 or $4.20 would force you to cut spending and impact your household budget, you should seriously consider a much more fuel efficient vehicle and NOT AN OLDER SUV.
The reason is such that the OLDER SUV will start to have typical American mfr quality problems and age related problems and give you significant expenses in addition to fuel price of filling it up.
Transmission problems are notorious and $2400 is not uncommon for a rebuild. Sure you can go to a U-Pull junkyard and find a used transmission for $500 or so and try to install it yourself.
Either way, you'll be owning a POS that will force you to have to take time away to do it yourself or take time possibly from work to haul it to a repair facility.
That low priced hunk of junk SUV doesn't look like such a bargain now, does it. Not saying it is junk. (Might be GREAT or AWFUL---------------consult Consumer Reports to be certain------if rated poorly run far away and don't buy )
Consider the maker, the age of said SUV and miles/condition before deciding such a low priced thing is worth it.
If it hails from an American brand which Consumer Reports rates at the bottom of all worldwide carmakers, then the SUV is a POS no matter what the price, and you'd be better served to buy something more reliable and probably fuel efficient in that you're trying to economize and be a wise shopper.
MountainGuy74 's has noticed something that always happens! It is nothing new.
Though MG74 is too young to have a clue what it was like, back in the Seventies, owners of 1972, 1973, 1974, 1975, 1976 Cadillac Sedan DeVilles were likely only likely to get $800 tops for them as gasoline hit $1 per gallon in the late Seventies. It didn't matter how nice, or low mileage and well kept these might have been, when 9 to 10 mpg was the norm for them, nobody wanted them other than poor folks that lived in shacks that found it neat to be able to afford an expensive Cadillac, though they couldn't afford to drive them as one would normally use a car.
Anything with a gas guzzling gargantuan big V-8 that delivered single digit mpg became nearly worthless in value.
Image time traveling and buying those late sixties/early seventies "pony"/"muscle" cars that traded hands in the $200 to $700 range.
The thing about the Seventies when gas hit $1 is that it made it so that cars that delivered 6 to 10 mpg in normal use, completely undesireable. You are laughing that I mention that there were cars then that got only 6 to 10 mpg.
Big block Chevy 396/454. Oldsmobile 455, Pontiac SD 455 Firebird/Trans Am of '73/'74, nearly everything from Chrysler Corp with engine larger than 340, Ford 429, 351C, 460, 390, Cadillac, Lincoln, large Buick, Pontiac, even AMC 360 four barrel. No big luxury barge from the sixties or early seventies got more than 10mpg.
Some people did transplant other corporate engines into their cars like two barrel small block engines from wrecks but most abandoned the gas guzzlers as the transplant cost to get to only 14 mpg was not worth it.
Values of these abandoned gas guzzlers did not recover, except for the muscle/pony cars which rose in value ten years later as gas became relatively cheap again at the end of the eighties.
If GAS prices are an issue for you, where a rise in price to $4 or $4.20 would force you to cut spending and impact your household budget, you should seriously consider a much more fuel efficient vehicle and NOT AN OLDER SUV.
The reason is such that the OLDER SUV will start to have typical American mfr quality problems and age related problems and give you significant expenses in addition to fuel price of filling it up.
Transmission problems are notorious and $2400 is not uncommon for a rebuild. Sure you can go to a U-Pull junkyard and find a used transmission for $500 or so and try to install it yourself.
Either way, you'll be owning a POS that will force you to have to take time away to do it yourself or take time possibly from work to haul it to a repair facility.
That low priced hunk of junk SUV doesn't look like such a bargain now, does it. Not saying it is junk. (Might be GREAT or AWFUL---------------consult Consumer Reports to be certain------if rated poorly run far away and don't buy )
Consider the maker, the age of said SUV and miles/condition before deciding such a low priced thing is worth it.
If it hails from an American brand which Consumer Reports rates at the bottom of all worldwide carmakers, then the SUV is a POS no matter what the price, and you'd be better served to buy something more reliable and probably fuel efficient in that you're trying to economize and be a wise shopper.
This is accurate, I just saw a really nice Lincoln Navigator SUV for short money after researching this SUV you couldn't give it to me! Apparently it has airbags on all four corners that constantly leak and are labor intensive to troubleshoot and repair. I read comments from the Edmund's online by current owners. One guy was pissed because he bought his new for $65,000 and the dealer offered him something like $4,000. Lot's of horror story's....always research first.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,576 posts, read 81,186,228 times
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Yes, I remember the oil embargo days with gas rationing in the early 70s, when I was in college and traded in my 1964 Buick Wagon for a new 1973 Pinto wagon to save money and not have to wait in line for hours as often. The price had jumped from less than 50 cents to over a dollar, that's more than double, and you could only buy on even or odd days depending on your license plate. That's if you could find a station open that had gas, they used red or green flags to tell you if they had gas.
Americans have always been unreasonably sensitive to the price of a gallon of fuel, not realizing that many of them end up paying more per mile with a new Prius than a well worn Camry...most are nearly hopeless with math, that does not help. Depreciation on a new car could very well eat up most of the savings of going from say 37 to 50 MPG.
That said, of course it makes sense that as the price of fuel climbs, cars that are *perceived* to be more economical are valued more, and those *perceived* as less economical are valued less.
For *fully depreciated, owner maintained* cars like I have, fuel cost is about 85% of the per-mile "engineering" costs (as distinguished from administrative, relatively fixed costs like registration and insurance)
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,712 posts, read 58,054,000 times
Reputation: 46182
Quote:
Originally Posted by Hemlock140
Yes, I remember the oil embargo days with gas rationing in the early 70s, when I was in college .... have to wait in line for hours ... That's if you could find a station open that had gas, they used red or green flags to tell you if they had gas.
Thus one of my college PT jobs became 'Gas Station Attendant (Sunday AM only, as I had 3 other jobs...)". I bought a 150 gal tank mounted in the bed of my truck and never waited in line again. That tank was REAL handy more than once (Especially since the beast got all of 12 mpg...). That was a just few yrs before I got involved in 'grease-burners' as daily transportation. I was well 'primed' for grease-burners, having been 'weaned' on the smoke stake of a diesel tractor for 16 hrs / day.
Fuel is about ZERO % of my cost / mile... EXCEPT when on a road trip and no FREE grease places within 300 - 1000 miles.
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to save money and not have to wait in line for hours as often. The price had jumped from less than 50 cents to over a dollar, that's more than double, and you could only buy on even or odd days depending on your license plate. That's if you could find a station open that had gas, they used red or green flags to tell you if they had gas.
