How is the car market by you?

[breakingcontact]

I really don't think we are going back to normal, but hoping it starts to cool off soon!

Seeing 10 year old used trucks with 100,000-150,000 going for $25k+

I'm thankful to have paid off cars, but not sure what I'll be looking at in a few years when it is time to replace one of them.

I've got SUVs now, I'm hoping there will be some deals for regular sedans as they seem to be going out of fashion.

 

[GodFearinGunTotin]

The Ford dealer and the GM dealer here in Bedford are next door neighbors. The Ford dealer has a bunch of vehicles on their lot but most of them are used. The GM dealer looks like he’s going out of business.

 

[Ironhippie]

Ive got a 2011 Ford Ranger 4x4 with only 34k miles on it, that I worry about every night that someone is going to steal it. Trucks are ridiculously overpriced these days especially the high mileage ones like you mention, although 100k miles to a vehicle isnt what it used to be but still I agree with ya 100%

 

[breakingcontact]

As the economy cools and rates go up, perhaps that will bring some partial relief.

 

[breakingcontact]

Ive got a 2011 Ford Ranger 4x4 with only 34k miles on it, that I worry about every night that someone is going to steal it. Trucks are ridiculously overpriced these days especially the high mileage ones like you mention, although 100k miles to a vehicle isnt what it used to be but still I agree with ya 100%

Yeah I try to get over my old man 1980s logic that a car is toast after 100k.

A lot of well built vehicles are going 200k plus now.

 

[Cameramonkey]

Most dealers around here (Indy) are used heavy and otherwise look like they are no longer supported by their badge's factories. (they are selling them before they reach the lot)

My 2019 Kia Sorento comes off lease in a couple months. Its residual is $16,350. Last I looked, If I wanted to buy one like it, I'm going to pay between $24,500 and $30,000. (same year, trim, miles)

I'd be a moron to turn it in and walk away. Glad I like driving it. I can think of better cars, but not at the prices we are looking at today.

 

[breakingcontact]

Most dealers around here (Indy) are used heavy and otherwise look like they are no longer supported by their badge's factories. (they are selling them before they reach the lot)

My 2019 Kia Sorento comes off lease in a couple months. Its residual is $16,350. Last I looked, If I wanted to buy one like it, I'm going to pay between $24,500 and $30,000. (same year, trim, miles)

I'd be a moron to turn it in and walk away. Glad I like driving it. I can think of better cars, but not at the prices we are looking at today.

Yeah I've read this is one of the rare times when it makes sense to buy out your lease at the end...then turn around and sell it.

 

[glank09]

Most dealers around here (Indy) are used heavy and otherwise look like they are no longer supported by their badge's factories. (they are selling them before they reach the lot)

My 2019 Kia Sorento comes off lease in a couple months. Its residual is $16,350. Last I looked, If I wanted to buy one like it, I'm going to pay between $24,500 and $30,000. (same year, trim, miles)

I'd be a moron to turn it in and walk away. Glad I like driving it. I can think of better cars, but not at the prices we are looking at today.

I know someone who was in a similar situation to you a few months back. The dealer wrote them a check for $15k to turn their lease back in(it was a low miles Toyota minivan).

 

[Cameramonkey]

I know someone who was in a similar situation to you a few months back. The dealer wrote them a check for $15k to turn their lease back in(it was a low miles Toyota minivan).

Yeah, a guy I work with was casually looking for a new truck. They paid him $2,000 more than he paid for it new. And then made him a decent deal on a new truck. He had to wait a month to get it, and didnt have a color choice, but it worked for him.

I dont think there is anything the dealer could do that would get those keys out of my hands. Im not even going to drive it to the lot to do the paperwork. We're taking the wife's car. No chance for funny business. AND I will have my credit union pre-approval done before I walk in the door so I wont even have to deal with the finance department shenanigans. I can finance lower than they can. I'll be ready to "write them the check" and walk out.

That and the equivalent new model doesnt have the V6 I want. Only a turbo 4. Noooope. If this crap hadnt happened and the market was normal I would have turned it in and gone to another brand over that point alone. My goal is to try to ride out this madness in this car before I have to sell and buy another.

 

[CornFedLinux]

It's not just the new vehicles that are impossible to find It's parts too. A few friends have been waiting months on body parts. From what I hear the Mazda CX5 is one of the hardest vehicles to get parts for.

 

[Cameramonkey]

It's not just the new vehicles that are impossible to find It's parts too. A few friends have been waiting months on body parts. From what I hear the Mazda CX5 is one of the hardest vehicles to get parts for.

Yeah, I was talking with @AllenM and his guys while having my SUV fixed a couple months back. They are seeing up to 6 month delays on parts for some cars as I recall. Crazy. (luckilly I only saw an extra week)

 

[JCSR]

I thought about replacing my 2018 Hyundai Tuscan with a 2022 Tuscan Hybrid. Dealer in Evansville wanted $4000 over sticker. I think I broke a rib laughing on my way out.

 

[indyblue]

My buddy just picked up a new Silverado LTZ in crystal red. Pretty damn sweet too but it’s missing some chips and he’ll have to bring it back to the dealer for them to be installed when they come in.
$72 large!

 

[Cameramonkey]

My buddy just picked up a new Silverado LTZ in crystal red. Pretty damn sweet too but it’s missing some chips and he’ll have to bring it back to the dealer for them to be installed when they come in.
$72 large!

And due to chip shortages, many luxury cars are flat out missing features like adaptive cruise. So they'll have to resort to tapping the brakes when somebody in front of them isnt going as fast as they are.

 

[PGRChaplain]

Prices around here are Outrageous! My BIL bought a year old Cadillac a year ago. Drove it for a year and sold it to the Toyota Dealer for a few Thousand more than he paid for it. I'm Glad I don't need to replace any Vehicles in the near future.

 

[Route 45]

Yeah I've read this is one of the rare times when it makes sense to buy out your lease at the end...then turn around and sell it.

It makes no sense to buy it, then turn around and sell it, if you need the vehicle. Buy it out for the pre-madness residual value that you agreed upon 3 years ago and keep it, because regardless of how much you'll make selling it, you'll lose it all trying to replace it at today's inflated prices. You might be able to find a less popular new vehicle for MSRP, but it's a seller's market for any of the really good new vehicles.

And I doubt it will get better any time soon. Chip and part shortages are looking to continue into next year. If you don't need the vehicle anymore at the end of the lease, it does make sense to buy it, and then turn around and sell it now. Bank the cash and wait for prices to come back down to earth. But you may be waiting quite a while.

 

[BJHay]

My car should have been replaced two years ago. The wheels are still on it so I'm still driving it.
Fortunately we replaced my wife's car in the 'before times'

 

[Ngdonut]

I’ve been of the mindset for many years now that vehicles keep the middle class poor. That’s especially true today.

I personally know of so many families who have had vehicles that worked just fine and were either paid off or almost paid off. Vehicle prices go sky high, they can’t help but trade in for a new vehicle. Middle class gets sucked into FOMO so often (housing market is a similar story). I’m in the middle class, but am in no hurry to trade in my two 2011 vehicles that were bought used years ago.

 

[MrSmitty]

Yeah I try to get over my old man 1980s logic that a car is toast after 100k.

A lot of well built vehicles are going 200k plus now.

Yeah what you said!!! I remember back in the 60's my parents had a 67 Pontiac LeMans and we were driving out to Cali t see my aunt, when the odometer was rolling to 100K....we were holding our breath...The last few trucks I've bought had 175K+

 

[breakingcontact]

I’ve been of the mindset for many years now that vehicles keep the middle class poor. That’s especially true today.

I personally know of so many families who have had vehicles that worked just fine and were either paid off or almost paid off. Vehicle prices go sky high, they can’t help but trade in for a new vehicle. Middle class gets sucked into FOMO so often (housing market is a similar story). I’m in the middle class, but am in no hurry to trade in my two 2011 vehicles that were bought used years ago.

I'm holding what I've got.

I just have a lot of sympathy for folks who truly need to buy a car right now.

I think the only relief would be avoiding the popular vehicles if possible.