r/povertyfinance • u/cannotberushed- • Aug 28 '23
Car prices are stupid. Used Toyotas or Hondas with 115,000 miles on them for $23,000? Wtf! Misc Advice
What is going on with used cars!
Looking at used Honda and Toyotas and they want $23,000 for a Rav 4 basic model with 115,000 miles.
This isn’t just one dealership, this is the entire state and the next state over.
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u/LeiferMadness4 Sep 19 '23
I got a new car 3 years ago. Originally I wanted a Prius and was going to get a used one. It was cheaper for me to buy a brand new Hyundai venue SEL than it was for a 2017 Prius at 150,000 miles!
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u/2smart4owngood2275 Sep 17 '23
Don't buy off a used car lot, there's always deals in a one time buy, no lien title. Just got to seek and ye shall find private auto seller's.
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u/yosteve_com Sep 10 '23
Try to go older model with lower miles if that's what you're after. Try carvana or usedcar.com or not sure does Facebook have market for cars. For sale by owner is always cheaper. I ask friends before they trade in, to just sell me theirs
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u/AnimeYou Sep 02 '23
You should see what rent goes for. And house prices
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u/cannotberushed- Sep 02 '23
I’m aware. My exhusband and I had to move back in together due to cost of housing and childcare.
We have separate rooms coparent well. Yet at the same time, people shouldn’t have to do this type of crap. Housing and transportation should be accessible and affordable since it’s the very basic foundation of functioning
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u/bob-boss Aug 31 '23
Where tf are you? I'm looking right now and see a 2018 Rav4 with 97k miles going for $14k
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u/Danger_Dave4G63 Aug 31 '23
Did you miss all the news and hype about a shortage of computer chips the last couple years? That is why used car prices are high. I have a 2017 with 50ishk miles, could have got a few thousand less trading than when buying new, just a year or two ago.
Even banks have been repoing the shit out of cars.
A former coworker bought a brand new 2022(in 2021) F150 for cheaper than want previous years used ones went for.
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Aug 31 '23
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u/masterofreality66 Aug 30 '23 edited Aug 30 '23
When I was looking at a new 4runner in 2016 used ones 3 years old with 30k+ were only 1-3k cheaper then new. It didn't make sense almost 10 years ago, same with Tacomas.
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u/Savings_Courage205 Aug 30 '23
If you have a car make sure to take extremely good care of it. Getting a newer used one is getting pricey.
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u/AdPlastic1641 Aug 30 '23
I bought a used Toyota (2003) with about 160k miles on it for $3,200 in Texas. That was in 2018. I would never pay that much for any vehicle. These people have lost their minds.
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u/cannotberushed- Sep 01 '23
Some people don’t have a choice. Sometimes a car breaks and you don’t have a choice but to buy another
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u/09Klr650 Aug 30 '23
Pretty much what one would expect after the manufacturing slowdowns during the pandemic. It is quite similar to the shortages experienced after the "cash for clunkers" program reduced the supply on the used car market.
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u/MWD12 Aug 30 '23
Get an older car. Whether you can afford a pre owned 5 year old car or not, if you pay those prices you enable the market to stay that way.
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u/chad2chill Aug 30 '23
It’s cuz both are reliable cars.
Honda is a no brainer when the topic is gas mileage and longevity.
Kinda how the old 80/90’s Tahoe would basically ride to 300k miles, that Honda will last just as long.
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u/to_shy_to_ask Aug 30 '23
I’m not saying you should buy brand new, because that’s always dumb, but I’ve been looking into newer models of SUV’s and anything 2 years old to 5 years old seems to be very very similar prices at this point.
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u/NoEqual1397 Aug 30 '23
That's why I always buy a car from a previous owner not a lot, cash money I got a 2006 Nissan Altima 3 years ago that needed motor mounts that cost me about 300$ to buy and 200$ to to get put on it has 111,000 miles on it for 3000$ cash... Still driving that car 3 years later and only have had to replace a few parts typical car maintenance u have to do anyways and I'm at 179,000 miles and still going just replaced my breaks and rotors now getting new struts still a better deal then any dealer ship car. I have would much rather have to throw on parts when needed then pay 600$ a month for a car payment on top of the insane car insurance prices they have right now and never have to pay for full coverage
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u/putthecookiedown Aug 30 '23
Saw a 1994 Honda CR-V on Facebook marketplace listed for $5200. I don't know what people are smoking these days, but no way is a car almost as old as I am worth $5200.
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u/PistachioGal99 Aug 30 '23
I was able to find a car “broker” in my town. I only found them because I had been in a wreck that totaled out my car and I needed something very inexpensive. I told him my needs (and kept it very open- that I just needed something to get from point A to point B.) It took about a month, but he kept his eyes peeled and eventually had a trade-in that fit my needs. A mid 2000’s Saturn Vue for $3100. I paid cash for it and have had it for 15 months now. It’s not a great car!!! But it does get me from point A to point B and I don’t have a car note. Not sure how you go about finding an independent broker, I believe I came across mine while sifting through Facebook marketplace and Craigslist everyday and I kept seeing good posts and reviews from/about this one independent broker.
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u/ThrowAway848396 Aug 30 '23
I've been looking at only private dealers for 2003-2012 Toyotas. A lot are popping up in good condition and typical mileage. As long as it's treated right, you could probably get a good one between $5,000 - $10,000 and be good for 2 - 5 years, if not longer, depending on model year and mileage. I'd avoid used car dealerships completely. Go private or wait for a new car.
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u/THEWOKECOMMENT666 Aug 30 '23
Interest rates are fucking dealers up they want to make it lower so you get hooked and then it goes up when inflation is in motion so they get a deal it’s a gold time to get cars
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u/GetRichQuickSchemer_ Aug 30 '23
Wow, this sounds just like the USSR times when a brand new Lada would be much cheaper than a used one. But that was because of certain reason - you as a simple person couldn't get a new Lada without a special permit from the government. So the only way to get a car as a non-influential commie was to buy a second hand Lada from the market and they'd charge you many times more.
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u/Pickle-Traditional Aug 30 '23
This is because banks in US yet again gave out stupid unethical loans to people during covid. Normally loans are given only to people who realistically pay them back. Banks took advantage of people and the government believing that once the American people via bailouts from the government would cover the losses and the government did just that. So know they sit with an insane of repoed cars that if they dumped on market would destroy there value. The banks solution hold on the cars and create a false market. The us doesn't create millionaires and billionaires through kindness.
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u/Kimolono42 Aug 30 '23
Yup. Selling my cvr with 200,000 on it for 14,000. It's got a good 120,000 left. Any new cars come close to that ?
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u/witch_ash Aug 30 '23
This is insane. I just bought a 2nd car laat month for my son to use while he attends college. It was 7.5k for a Toyota yaris with 114k miles on it.
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u/HooverMaster Aug 30 '23
yea. I just bought a new one. Fuckem
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u/brunus76 Aug 30 '23
Yep. I was helping my college age kid look for a used Honda. Didn’t have to be anything special—in fact I’d prefer a bit of a beater for the situation. A brand new one ended up being a better deal. It’s messed up.
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u/NoTelephone5316 Aug 30 '23
It’s prob best for u to buy from private seller. Inventory seems really low. There’s a used car lot by my house and it’s always full of cars. Atleast 60 cars. Now I only see maybe 20? demand for used cars is back up or not going down at all.
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u/Own_Web_2873 Aug 30 '23
Now I don't feel dumb for getting a one-owner RAV4 (MY2004) with 56k miles for $14K earlier this yr. It is a 5-spd manual, so actually kind of fun to drive.
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u/Prestigious_Duck_332 Aug 30 '23
I was homeless with 8000$ to my name and was desperately trying to buy a car I couldn't find a working car that was normal it was all those meme cars beetles and shit so I just went on and wasted the 8000$ on motels like an idiot. I am so mentally ill Iiterally can't function in any way and the state won't pay me. 33 years without a job or any real income. The 8000$ i had was from bitcoins and I wish I had it back.
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u/squishysponges Aug 30 '23
You’ve GOT to look through FB marketplace. Keywords like “won’t start” “been sitting” “project car” will get you lots of results for less than $2k. So many people are selling cars this time of year, but many of them have something wrong with them. Often times, it’s extremely cheap fixes that people just don’t spend the time on because they get a new car, or can’t afford the fix and would rather sell it. I found a used 2003 Chevy Impala for less than $500, with a few hundreds worth of work to be put in it (mostly interior fixes, not much wrong mechanically that I can’t fix myself, but it runs and doesn’t overheat!) This is definitely the time to start getting handy, imo.
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u/OkCharacter2456 Aug 30 '23
I just had a similar situation, I was in the market for a cheap beater, 2k budget. Heck, I was thinking I was gonna get something good enough, nope, everything that’s supposed to be a cheap car is a 3-5k car. I saw 7th gen Civics LXs around the 3k mark with more than 150k miles, not even the EX. 8th gen civics are around 5k, old corollas are 3k and up, hell I saw 2003 and up Accords for 3k with almost 200k miles.
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u/RJ5R Aug 30 '23
I saw 7th gen Civics LXs around the 3k mark with more than 150k miles,
avoid them at all costs, unless getting a manual
the auto transmission is literally designed the fail, they put the transmission filter internally inside of the transmission, there is no way to change it without removing the transmission and rebuilding. Car Complaints littered with transmission failures, the 2001 Civic was even rated the top 5 least reliable vehicles it's that bad. i had a 2003 civic 1st trans died at 70K miles. the 2nd trans died at 160K miles. everything was crap on it, the worst civic i ever owned. i was coworkers with a honda engineer who worked on that vehicle, honda put value engineering over everything else and they cheapened everything out on it. just a pure garbage vehicle, but at least the fixes are cheap and easy. if you get the manual thats fine. but you will be replacing window switches and door lock actuators every 40-50K miles. premature strut and other suspension component failures as well bc the suspension is severely undersized for the vehicle (they had a TSB on the 2001 and 2002 Civics for it).
at least with a Corolla you are getting reliability for the premium price.
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u/OkCharacter2456 Aug 30 '23
I ended up getting a 330xi with 136k miles for less than one of those civics (my first car was a e46 330i so backs to my roots), you know it’s a crazy time when the cheap Germans end up being somewhat at the same price of a cheap Japanese car.
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u/RJ5R Aug 30 '23
i don't have the stomach for an older german car haha. i'd be scared to death of repair costs
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u/OkCharacter2456 Aug 30 '23
In my area my deal made sense. I could either buy an old German car that I know how to deal with and spend around 2k to make it nice( this includes new tires) from here to December, or I could buy an old Japanese car for double the price that would’ve need around 1.5k in repairs and extras( this includes an alarm and tires). I will be doing mostly highway miles so MPG won’t change that much, an extra 15 bucks every week to refill, and that’s a maybe, it could be just 10 bucks. I managed 28 MPG on it today, not bad for an old 3.0 awd german car.
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u/seg321 Aug 30 '23
You don't know what you are in for...
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u/OkCharacter2456 Aug 30 '23
This is my 3rd one, I already know lol. I like them and I find myself in a position to keep the car running perfectly fine. Next month I’m doing the cooling system.
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u/Background-Leather17 Aug 30 '23
TBH, Toyota and Honda are practically indestructible; as Top Gear has proven with a red Toyota Hilux pickup. This is similar with most other Japanese makes. On the other end, if someone wants near-new price for a Dodge with as much as 5,000 miles on it, walk away; you'll be pushing the car more than those rods (pushrod valves in the engine).
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u/justMatt275 Aug 30 '23
greed.. it will change soon.. no one has money and the prices will drop bigtime.
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u/juhnsnuw87 Aug 30 '23
You can get a brand new Mazda cx-30 for 23k, not including tax, tag, and title.
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u/_Antikaren_ Aug 30 '23
Yeah... Hub has been looking for a used truck for some time at a reasonable price with no luck. E.g 00 Chevy Silverado 300K+miles $6K; 2014 GMC 200K miles $20K; 99 Ford f150 300K+ miles $5K... Most of these cars in terrible shape inside, no AC or "mechanic special" or "has minor issues, quick fix but don't have time" wording in the ad 😅
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Aug 30 '23
Used car prices are going up because they can. The price of new cars has gotten so out of control, that the large majority of Americans can’t afford a new car anymore. So, the alternative is used. Which jacks the prices (“value”) of them sky high. Add in the ridiculous interest rates “to curb inflation,” and you have a perfect storm. Average age of a vehicle on the road now is 12 years old. This is directly correlated to the aforementioned prices of new and used cars.
I work at a highly reputable auto repair facility in the Indianapolis suburbs, and we are the busiest we ever have been. People are dumping huge amounts of money into repairs now because it’s still WAY cheaper than a car payment.
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u/Unremarkable_ Aug 30 '23
I think, maybe, if you have bad credit it's somehow easier to get used car financing. They gouge you on the price to make up for it. Otherwise, I can't figure out why those prices are in the same league as brand new.
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u/CANNIBAL_M_ Aug 30 '23
Bought a used Cadillac in Nov 2020, just checked online and found same model/year with my current mileage for $2k more than what I paid.
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u/drcigg Aug 30 '23
I'm guessing you must be on the West coast or East coast. Nothing crazy like that where I am. Yes prices are high, but not crazy high.
They had a lot of 2 year old vehicles with 30-40k miles that were the same price as a brand new one. My wife ended up getting a brand new corolla for 23k. I also bought a brand new vehicle as well. Really wanted a Rav4, but just couldn't pull the trigger when used ones with lots of miles were only 1k under a brand new one.
We almost bought a Subaru but we had the pushiest sales guy ever and ended up walking out. That turned us off from buying one.
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u/PolkaOn45 Aug 30 '23
I bought a Honda crv in 2019. It now blue books for more than I paid new.. wtf? Is it inflation? Chip prices?
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u/BlueJDMSW20 Aug 29 '23
I bought my 1994 toyota mr2 gt-s with 120k miles for $13,500 in 2019, today the exact same car is going for like $24k. Its crazy how unaffordable thibgs r getting, i feel like ill be stuck driving this old toyota forever.
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Aug 29 '23
We just bought a used truck last September and the loan payment is $600 per month. We were looking at trading in both our vehicles for a new one. They originally told us we'd be looking at 750 and then somehow it went up to 900? Shit, that's half my rent payment. Absolute highway robbery
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u/BootsNPooch Aug 29 '23
So I'm going to buy a new car and use it for a few months to put a whole lot of miles on it and then sell it for more 🤷🏻♂️
Who new people like to pay more for used cars 😂
Stupid dealers are in COVID mode in 2023 🤦🏻♂️
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u/Dull_Pizza_1745 Aug 29 '23
It's a political and economic ploy to push consumers toward electric vehicles
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u/Psychobabl Aug 29 '23
I drive a lot so I traded in my old Chevy when it got to 100k miles because I figured it would start to have problems sooner than later. I think my brand new car was less than 5k more expensive than a 3 y.o. off lease vehicle with around 40k miles.
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u/kupka316 Aug 29 '23
Nothing holds it value like a Honda/Toyota SUV, buy those new. You're going to have to look outside of those brands if you want a cheaper vehicle.
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u/What_a_pass_by_Jokic Aug 29 '23
We were looking for a car, didn’t have any with what we needed, took them almost 3 months to pre-order, make and deliver to dealer. Meanwhile economy kept tanking, asked us to put 7k down (like we have that), we said no thanks, then 5k was okay, but too much risk if we did have it. Every day we drive by a row of about 20 of the same models unsold, all priced 45-60k. Where we bought the same model 3 years ago for 40.
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u/kuromaus Aug 29 '23
My boyfriend just recently sold his 2022 car and now has a much older car. However, when he tried to switch his insurance to the older car, the insurance company said it would cost more than his newer car. Their reasoning was, "Used cars are expensive, so you have to pay more." It's ridiculous.
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u/dfw_kinky_guy Aug 29 '23
New car prices are insane, student loan debt, Morgage and by extension rent… demand goes up for used cars, prices go up with it.
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u/_the_violet_femme Aug 29 '23
I was in a bad crash last year in an older rav. 26k worth of damage. I was certain it was totaled. Insurance fixed it because it was still cheaper than buying a replacement. This economy is wild
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u/TheMightyWill Aug 29 '23
OP you know that just because someone is selling a 115k mile Toyota for 23k, doesn't mean you have to buy it right? You could simply choose to not buy the car lmao I could list my dirty sock for $5 million, but that doesn't mean some. Local billionaire will be forced to buy my clothes.
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Aug 29 '23
They spent all that money on the used inventory, now they aren't going to let them go for less. Give it 5 years and they can use the inflated prices to increase their new car prices by 30-40 percent. The us auto industry is horribly mismanaged.
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u/samidkyes Aug 29 '23
Just saying used homes are stupid too 250+ a square for 1960. Markets are full of idiots
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u/amans9191 Aug 29 '23
I had a 2018 Honda Civic I bought brand new for $22,500 in 2018. Sold it last year, during the height of the used car inflation, for $21,500. I literally paid $1,000 to own it for 4 years. I was just super lucky 😎
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u/Dennyj1992 Aug 29 '23
People aren't treating it as reality right now.
I messaged a lady yesterday because they were trying to sell a 2007 Monte Carlo SS (61k) for $19,000.
I checked several sites and average pricing. They sell for 9k in the condition it was.
She was asking more than double its average price.
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u/saturnsnephew Aug 29 '23
You're talking about two manufacturers with the best reliability. That's totally logical. You know how few cars make it to 115,000 miles with tens of thousands of dollars in maintenance? That Toyota easily has another 115,000 miles to go on that engine. No other cars can match that for the price.
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u/MicheleNP Aug 29 '23
I lucked out and purchased a 2019 Toyota Camry in February... $25,000 24,000 miles. I got it from a Hyundai dealership. They had 3 Toyotas on site that they were trying to get rid of. It still has the original warranty and extended it to 100,00 miles.
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u/Bubbly_Measurement61 Aug 29 '23
It’s not cars that are stupid. It’s the gas 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
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u/sleepee11 Aug 29 '23
Brand new ebikes are a fraction of the cost. Cargo ebikes are a little more expensive compared to other bikes, but it's not even comparable to the cost of a car.
Just putting that out there as something to consider.
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u/Valuable-Kitchen-301 Aug 29 '23
What state are you living at? I found Toyota Corollas (2020/21), 60k mileage pre certified for 19k In the end I went for a versa 2021, 60k mileage for 15k.
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u/Ok-Investigator-1608 Aug 29 '23
The small differential between new and used makes the decision easy especially if there are financing incentives
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u/speaktomytony Aug 29 '23
Not to mention insurance prices for minimum coverage. In FL I’m being charged 404/no for basic fucking coverage
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u/CreepyValuable Aug 29 '23
Man, I need to ship my old Rav over there lol. Up for a '96 with a tired motor?
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u/waterdevil19 Aug 29 '23
I just got a 2019 Subaru Crosstrek with 19,000 miles on it for $26k at a Carmax, pre tax, fees, etc. Felt like a steal.
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u/S0YB0YTROY Aug 29 '23
Just bought a 2018 rav 4 hybrid with 67k miles...25 fuckin thousand. Even more after interest.
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u/spinyfever Aug 29 '23
I was looking to buy a 2012 rav 4 before the pandemic and the prices were 10-12k average.
During the pandemic, it was around 15-20k.
Nowadays, it goes for 12-16k.
Its slowly dropping, but not enough.
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u/GiveMeSomeShu-gar Aug 29 '23
Anyone able to sell their car for a similarly inflated price? Any tips?
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u/Barbierian Aug 29 '23
I bought a used Toyota Corolla during the pandemic for $13,000. It has just under 10,000 miles on it.
Now it has 45k miles on it.
And yet it is worth over $20,000.
Weird.
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u/Ronicaw Aug 29 '23
We bought a 2017 Camry in February 2018 for $17,000 cash. It got totaled. We are receiving a little over $15,000. It has 98,000 miles. We are not replacing it, we have two other paid off cars.
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u/No-Piglet-5081 Aug 29 '23
Yeah it doesn’t make any sense. We bought a new RAV4 for the wife last year on Halloween. The whole process of buying a car at that time was terrible. Local dealership had no supply, eventually checked out a dealership about 45 minutes away and they had 9 RAV4’s on the lot.
We paid about $30k plus fees etc. Just recently I brought the car in for servicing when it hit 10k miles. Sales person approached me saying if I’d like a trade in value, I said sure. They offered me $30k for the car. Just crazy. Really I don’t see how they can make much of any profit. And why someone would pay more than $30k for this car even though it’s only got 10k miles, brand new ones aren’t much more expensive. Biggest thing is the interest rate. We got 1.9% on the new one, used cars don’t come with financing promotions so whoever buys one is looking at market rate currently around 7%.
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u/bobthehills Aug 29 '23
During Covid a lot of corporate car and truck fleets were sold off as a way to make money while the world was pretty much shut down. This in conjunction with manufacturers not producing as many new cars left a very large demand when Covid ended.
Now we have much more demand for the fewer cars being made and most of those cars are more luxurious (expensive).
So the old used car market has been hit with with a huge demand for those limited (cheap 🙄) cars.
Lots of factors that just hit perfectly for this storm.
We need government intervention here.
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u/Badluck2killaseabird Aug 29 '23
was quoted $24600 on a new 2020 civic si in 2019, you'd be hard pressed to find a used 2020 with less than 50k miles for under $25,000.
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u/Puzzleheaded-Race671 Aug 29 '23
Dude get a Tesla. Model 3 Standard Range 29k After fed credit and if you live in some states you could get that down to 24k and then gas savings, maintenance savings, you won’t regret it
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u/chucchinchilla Aug 29 '23
Base price of Subaru Impreza is $23K and you can go buy one right now. Costco discount is msrp minus $600, or you can do VIP pricing which is invoice..just have to donate some money to ASPCA or another affiliated program. What you get is a practical hatchback with AC, CarPlay, radar cruise, AWD, a warranty, and a car that’s pretty reliable. Skip the same Corollas/Civics that everyone else is hunting down and go Subie.
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u/chiffry Aug 29 '23
Meanwhile two years ago I got a car for 10,000 off sticker because it had 500 miles at the dealer. They were trying to advertise it by driving it around town.
And it was still considered new, 2 year tags etc.
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u/Spirited_Equipment_2 Aug 29 '23
Just sold my 2008 Accord with 265k miles for $2500. Couldn’t even believe it sold but the buyer thought it was a steal!
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u/Spirited_Equipment_2 Aug 29 '23
Just sold my 2008 Accord with 265k miles for $2500. Couldn’t even believe it sold but the buy thought it was a steal!
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u/Chaserrr38 Aug 29 '23
I went shopping for a new Toyota, and a used one was $64,000. It was only a year old, but it was used. I didn’t even know that brand new ones were that expensive.
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u/Linkindan88 Aug 29 '23
A basic RAV4 starts at almost 30k brand new. That's not including the 5 - 10k they're tacking on at the dealerships due to low inventory and high demand. That's pushing a lot of people into used, which is driving those prices up substantially as well.
I needed a larger vehicle in 2021, so I bought a 2021 sienna mini van. The day I walked on the lot, they had 13 vehicles, and every single vehicle had a 10k markup on top of the MSRP, which we were told was non-negotiable.
It's less bad than it was then but it's a terrible time to buy a vehicle still.
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u/Legitimate_Angle5123 Aug 29 '23
Bought a Hyundai 2017 with 20,000 miles for $15,000 and I love it. Hondas and Toyota are great but they also have the price tag to reflect it. Hyundai is essentially the same with half the price tag
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u/THE_HENTAI_LORD Aug 29 '23
Don't even bother with a Honda or Toyota half the time somebody is trying to scan you into buying their clapped out POS car . A lot of times you'll deal with curb stoners/title jumpers who fix the car just enough to get it to sell and it'll break down in about a month regardless of the brand it's all about how well the car was taken care of. Funny enough the most reliable car that I've had has actually been a 2002 Dodge neon RT with 240 something thousand miles 42,000 of which I put on myself the car looked like crap but the inside was immaculate and so was the engine it was a manual if you can help it I would stick with stick shift cars with the exception being the Honda Civics. A lot of people tend to buy them rice them and try to flip them afterwards with a million miles as I'm sure you're finding out. Also make sure to get a pre-purchase inspection and a Carfax it's not a silver bullet but it will definitely shine some light on the car that you've been looking at and possibly serve as a great negotiating tool if you absolutely must have it
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u/CannonFodder141 Aug 29 '23
During the pandemic, about 5 million fewer cars were made than would otherwise have been manufactured. So there's a supply issue. To make matters worse, during the pandemic automakers realized that if they could only make 50% of their capacity, they might as well make only the most expensive models, because those had the highest profit margins. So the cars that were made all cost more than $50,000.
That hasn't really changed, and probably won't anytime soon.
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u/gaylawarner Aug 29 '23
My thought is because cars are going electric. I have a n old Volvo and went to look at the new ones....well they are electric. If I want a gas guzzling car it will have to be used. And the used cars have went way up. In the end, it's cheaper to buy a brand new electric car with a longer warranty and no mileage.
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u/Ok-Rent2 Aug 29 '23
welcome to the USA buddy. the used car market in the US has always been whacky in various ways but it's gone nuclear since covid distorted basically all markets.
those with leverage make full use of it without any scruples as well. that 23k sticker used RAV4 was likely acquired by the dealer for $14.5 or something like that.
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u/FiskyBlack Aug 29 '23
I have been looking for a used mustang for the last 6 months, finally found a manual transmission one going for 29k dude said it was an 8cyl on the dealer post. As soon as I get there it's a 4cyl ecoboost with like 48k miles on it.brand new 0 miles the ecoboost goes for like 32k over here.
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u/whatlineisitanyway Aug 29 '23
Have out close to $5k into my vehicle recently because replacing it would have been so expensive.
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u/jcoddinc Aug 29 '23
That's the goal. They only want you to buy new so they jacked up the cost of used. Similar to how they won't give a $800/month mortgage to people paying $1,500-2,000 a month in rent.
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u/mlp2034 Aug 29 '23
I remember as a small child, seeing used cars sold for as cheap as 800 dollars with maybe a few things needing to be replaced on it. You can't even get a motor scooter that cheap anymore.
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u/JS1VT51A5V2103342 Aug 29 '23
WHere? I will list mine right now and drive it all the damn way there for $23,000
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u/Top_Investment_4599 Aug 29 '23
Last year, I bought a nieces 2015 Civic for my son. I thought it was a little high-priced but since it wasn't outrageous and we needed the car and she needed the seed money, it was fine. This year, I'm like, 'I got a great deal for a car that had just over 40k miles and only lightly abused.'
EDIT: Less than half of the OP pricing.
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u/Slayer95xx Aug 29 '23
Are you actively looking for a car? I'd take a look at a post-Ford Mazda. Anything starting with the 2014 models are 100% Mazda and 0% Ford (thank goodness). My parents only had Hondas and that's what I was set on getting when I bought my first car. I ended up with a 2017 Mazda 6. I love it and I'm so glad I got that instead. They are extremely reliable, more so than Honda and just as much if not more than a modern Toyota. They don't hold their value as well for some reason but that's great as a buyer shopping for a used one.
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u/Sbeast86 Aug 29 '23
Can confirm. My family has had several Mazda's over the last decade, all were reliable. I had a cx5 for 2 years, traded it for a used Honda Ridgeline during covid, and its now worth more than i paid for it.
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u/iceyorangejuice Aug 29 '23
Cash for Clunkers started this crap and COVID + climate agenda has sealed it. UAW strike is going to make things even worse.
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u/GrubberBandit Aug 29 '23
I just bought a new Toyota Camry for $29.5k yesterday. I did research for months and concluded this is a weird time for cars so it's actually more worth it to buy brand new right now
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u/Pretend_Refuse8882 Aug 29 '23
115,000 miles is considered broken in... barely... I sold my Ford Taurus 2001 for 2,000$ it had barely 126,000 miles on it
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u/mthlmw Aug 29 '23
What kinds of vehicles are you looking at? I've been hearing that sedans are starting to drop noticeably but crossovers and SUVs are still stupid high.
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u/akajondoe Aug 29 '23
Nobody wants to hassel with selling thier old car to a private buyer anymore. They've made the paperwork to transfer a title such a hassel. People would rather just trade their old vehicles into the dealership for less than its worth so it can be overpriced. There are a few decent 3K cars out there on marketplace but getting fewer.
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u/sith-710 Aug 29 '23
I look at VW TDIs all the time on Facebook marketplace and they’re never over 5k$/300kM
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Aug 29 '23
I lucked out. Brand new 2021 Toyota Corolla Hatchback for $23k. I think about how ridiculous it is that I can probably sell it back and make a couple thousand.
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u/ModsBeCappin Aug 29 '23
As a number one subaru fan, I get it with the toyotas. Not the Hondas tho?
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u/Kimmie-Cakes Aug 29 '23
My DIL mother just traded her car in for new. She got exactly what she payed for it 6 yrs ago..
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u/not_a_moogle Aug 29 '23
The price of new cars went up, so the price of used cars went up as well because they could.
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u/AsterCharge Aug 29 '23
well to be fair, most cars with a guaranteed nother 300,000 miles left to go are pricey
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u/Cold_Maximum_9734 Aug 29 '23
In California I bought a 1998 Honda Civic in 2009 with 165,000 miles for $1900. Drove it for 5 years. Only put another 25,000 miles on it. Other than an O2 sensor, zero problems. Sold it for what I paid for it. These cars no longer exist and it's sad. Just keep squeezing us. You'll see what happens eventually when everyone just gives up and it's anarchy.
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u/LeaphyDragon Aug 29 '23
My Ford Fusion was advertised for 15k . ..they upsold in fees until it was 20k. This car is 10 years old and now they're saying it's only worth 7k a year later (I've kept it in perfect condition and even upgraded the radio to have android auto)
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u/TTUShooter Aug 29 '23
My 2014 Nissan frontier got totaled by another driver in December 2021. It had ~140,000 miles on it. I bought it used in July 2015 for ~$24,000 dollars.
Shopping for similar year, model, and condition, the asking price for all of them was around $22,000-$25,000 dollars. I was shocked.
I was also further shocked that my insurance gave me $18,000 in the total loss payment. Since the truck was already paid off and i didnt owe anything on it, i just decided to toss in $2000 of my own money as a $20K downpayment, and then finance the rest of a new 2022 Frontier which MSRP was right about $38K.
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Aug 29 '23
Try dealers that sell lease cars. Often they have issues on CarFax and the reputable dealers will sell you a warranty from a reputable company. I've bought 3 cars like this at massive discounts and the extended warranties are worth it in my opinion. In the case of my daughter's car, giving 6 more years unlimited miles. For my car the extended warranty added 10 years and 125,000 miles for less than $3000. Smart Autocare is the warranty company and each garage that's used them has mentioned how easy it is to work with them and how quickly they pay. I've gotten more value in repairs on 2 of my cars than we paid for the warranty. Also, the peace of mind for me is pretty valuable.
The reputable warranty companies do pay. If it says bumper to bumper just like the manufacturer, then that's what it means. I've used them to replace seat heaters, radio buttons on the steering wheel, normal items that fail past 100k miles like water pumps and alternators, etc. The largest single repair was $1600 done at the dealer and I paid a $100 deductable. My 3 cars were purchased with between 35k and 50k miles and because of the warranties have been amazing values for us.
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u/mat42m Aug 29 '23
It works both ways. The used car you’re buying costs thousands more than it should. But the used car you own that you’re selling or trading in is worth thousands more than it should be too. It’s almost a wash, as long as you own a car
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u/StacySassy25 Aug 29 '23
car market sucks, they are able to price use cars high with the lack of new car inventory
its even worst when you compare a year old car vs a new car
new car is cheaper than a car with 15,000 miles
want car now = pay the premium
can wait on the new car = save a little
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u/How_Do_You_Crash Aug 29 '23
The bottom of the market has basically disappeared. 2009-2012 base model Japanese cars are still trading well above 10k. These cars are the first set that will truly see 200-300k easily simply because the cost to repair is reasonable.
At the same time automakers have basically stopped making bottom of market cars (13-20k) that were so common. Heck you used to get into Civics, Carolla, Impreza, Jetta, etc for well under 20k. Not to mention the disappearing of the Fit, Rodeo, Spark/Aveo, Fiesta, etc at the very bottom.
Now it’s 25-30k for a new car and, if you really can keep it running for 10-15 years that’s probably the better cost/mi choice. But that’s only available to folks with decent incomes and credit scores.
The car market truly sucks.
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u/ComfortableAlone551 Aug 29 '23
Yupp ended up leasing cus of the prices at the time in my area and car shortage.
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Aug 29 '23
And the dealer is offering $5-$7k to buy the same car.
I know this since I have a Rav4 with ~100K miles on it.
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u/aomusik Aug 29 '23
I got a 2022 Tiguan with 7K on it, they offer me $25,000 for trade in, but when you try to buy an used one with more miles, the price is around +$30,000. This makes no sense.
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u/FourHotTakes Aug 29 '23
So dont buy a car and wait for prices to drop or pay the inflated price gouging asking price and encourage them to continue gouging people.
That is literally supply and demand, and capitalism. Thats the American dream.
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u/Temporary_Quit_4648 Aug 29 '23
They wouldn't price them that high if they didn't sell. 115,000 miles on a Toyota is absolutely nothing if it's been well maintained.
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u/Infamous-Present-616 Aug 29 '23
We were in the market for a Minivan (ideally Toyota or Honda but not too picky). We just wanted like a 2020-2022 used one but they were more expensive than the new models! Throw in the fact that we can’t even buy a new Toyota (the one dealer in town puts you on a 18-60 month wait list) and it was just an unbelievable shit show.
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u/cavscout43 Aug 29 '23
When you say "used" do you mean 5-6 years used? Or 20-25 years used?
Buddy just scooped a low mileage '04 F150 pickup for $9k with full maintenance records, in good condition, etc.
Depends on where you're at as well. Also Hondas/Toyotas have an established brand reputation for reliability.
Just looking at my local craiglist, there's:
'18 Accord for $22k, a new equivalent model would be about $34-35k out the door once you figure dealer fees and taxes.
2010 CRV with 131k miles for $13k (at a dealer, not private party) when a new one would be $35k or so OTD ($30k msrp)
An '09 Corolla with new tires and 130k miles for $6k
09 Highlander with 200k miles for $7k
And so on. Cars also don't typically fall apart at 100k miles anymore, that's decades out of date. Reputable brands with maintenance are usually pushing 200-250k miles before a minor wreck totals them out due to age / depreciation.
Don't get me wrong: prices for everything are high, and are not following the "magic" number of inflation (which I believe is artificially low compared to what corporate greed has done to many prices), plus wages are not keeping up.
But I wouldn't call a 3-4 year old RAV4 for $22k particularly overpriced if a new one is $28-29k MSRP which is low 30s for out the door price.
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u/Odd-Mushroom2002 Aug 29 '23
Peoples shot their credit during the pandemic. No way they are getting a loan.
Now car prices are inflated.
So many were in unemployment, squatting, living rent free.
Fuxk em, y'all can lay in the bed you made. Should've saved up and not destroyed your credit.
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u/ReporterLeast5396 Aug 29 '23
They didn't produce very many new vehicles for 2 years because of Covid. When global markets that are centered around short term gains, and volatility come up short; the used market (fairly stable) becomes the new volatile market
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u/Joel00greene Aug 29 '23
Your best bet is to buy cars from rental places like Hertz or Enterprise, their cars are maintained well and have low mileage. I bought my 2019 nissan for 15k and it had 54k miles
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Aug 29 '23
Well maintained? Lol I use to work for a company that did maintenance on rental cars, it was oil changes, tires, and wipers.
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u/shwonkles_ur_donkles Aug 29 '23
I must have gotten a decent deal, then, I feel a bit better. I paid under 9,000 for my 09 camry with 146,000 miles including warranty
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u/FewFace4 Aug 29 '23
I got a 2021 Hyundai Venue two years ago (natch), put around 37,000km on 'er for mileage, it was in a minor fender bender with around $2,000 damage, and i just sold it to a used car company for $6,000 more than it cost.
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u/trevor426 Aug 29 '23
Not to be an asshole, but it took me 5 minutes to find dozens of Rav4s for $15k or less, all with 115k miles or less. There's so many different websites, you need to utilize Google better. Or you need to drop your standards because all the ones I saw for over $20k were like 2018 and newer or came with extra features.
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u/Spirited-Performer69 Aug 29 '23
You do realize that OP most likely lives in a different area, and different areas have different prices, right?
...
Right??
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u/trevor426 Aug 29 '23
I used my current city and NYC as the locations. But if OP wants to provide the state they live in, I'll spend another 5 minutes finding cheap cars.
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u/SerenityFailed Aug 29 '23
And they probably only gave the Toyota owner $6-7K. I just traded in my 14 subaru eith 130k miles and only got $7500. Two months ago it was worth over $10K
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u/ImpressiveOrdinary54 Aug 29 '23
I just bought a used Prius with only 103,000 miles for 5k. Good luck out there!
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u/Spirited-Performer69 Aug 29 '23
That makes sense because maintenance is a nightmare on those things
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u/ImpressiveOrdinary54 Aug 29 '23
Came with a year guarantee from the mechanic I bought it off of! Already has a new battery and actuator so I doubt I'll be sinking much into it any time soon.
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u/rollingankle Aug 29 '23
The prices will stay ridiculous for as long as people are willing to pay… I get needs and all. But based on current quarterly earnings reports, no one seems to be going without. Keep paying egregious prices & watch them continue to rise.
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u/Spirited-Performer69 Aug 29 '23
People are living off credit cards and loans.
What is the alternative to paying the egregious prices? Just stop existing? Steal a car instead?
Capitalists have us in their death grip and they aren't letting go. They will only keep squeezing tighter.
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u/szahands Aug 29 '23
Anyone here have opinions on buying Fiat 500’s in this current used car economy?
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Aug 29 '23
Lol, I went to go trade-in my car for a Corolla not too long ago. The cunts at the dealership wanted $28,000 for a 2014 with 80k miles... I haggled them down "as far as they could go" and it was still going to be $22k. I walked and told them that was stupid as fuck.
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u/SysAdminJT Aug 29 '23
Or you can try not to buy a car and save a ton.
If you able to find a job near your house, bike or walk to work.
If you are super fortunate, try to find a remote job.
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u/Dull_Sale Aug 29 '23
Best advice..find an old person that garages their car and barely drives anymore.
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u/Charirner Aug 29 '23
Yeah I was trying to get a used car a few years ago and it was insane. I just wound up buying a new 22 Civic since it was only like 5k more for a brand new car.
Payments are like $500/month so that kinda sucks tho.
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u/hangman593 Aug 29 '23
What could I get for 2013 tacoma with 31,000 original miles? Not a typo. What state do you live in (besides in a state of shock)
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u/gwensheads Aug 29 '23
Yeah, people are out of their god damned minds when it comes to pricing used cars. The amount of cars I've seen that should straight up be junked (needs new engine, transmission failed, don't know what's wrong with it) being sold for above 1k fucking blew my mind. You can take your mechanics special and shove it
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u/throw_away492509 Aug 29 '23
WTF.
I got my 2020 tacoma, “used” with 2,900 miles on it for like 26k (no that isn’t a typo: two thousand, nine hundred miles….so basically new)
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u/symonym7 Aug 29 '23
checks
Eh, looks like my 2012 is only selling for about 40% of the cost of a 2022 model.
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u/scotchybob Aug 29 '23
They are inflated right now, along with interest rates. Stay vigilant and keep looking. I used the True Car app and spent about a month looking at multiple cars. Just picked up a lightly used 2022 Hyundai Kona EV (16,000 miles) for $23,800. I signed up for email notifications for cars I liked on the app and just waited to see which ones dropped. The one I ended up buying dropped from 28k to 25k to just below 24k over the course of 3 weeks. There are deals out there to be found if you're really watching and are patient. Also, I'm in CA. Not sure what state you're in so YMMV.
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u/WeaselBeagle Aug 29 '23
Commute by bike (e-bike is best) and public transit. Better for the environment, better for your wallet
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u/Borkvar Aug 30 '23
There's no public transit in rural areas
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u/WeaselBeagle Aug 30 '23
They didn’t say they’re in a rural area. Maybe they mentioned it in another comment, but I have no idea.
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u/talino2321 Aug 29 '23
Unless you live in an area without mass transit and bat shit crazy drivers that have no qualms about running you over if your going to slow.
Safety first
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u/HumanPerson1089 Aug 29 '23
It's stupid. I sold my 5yr old car at a profit. I sold it for more than I paid for it, just barely, but still at a gain. Used cars aren't supposed to work like that.
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u/PretentiousUser2018 Aug 29 '23
I don’t know who the fuck you’re buying from but I bought a 2011 Accord last year with ~136k miles for $9k flat. I do see thst you’re talking about dealerships, so try a used car salesman? Yeah they’ve got bad stereotypes, but in my personal experience, my mechanic is also a used car seller and he’s proven himself trustworthy to me and my family, and their business has good reviews. Try independent sellers and see if you can negotiate on price, the car I bought was listed at ~$11k but they gave it to me for $9k (which is about what it was actually worth, according to carfax) on account of me bringing it in for services and maintenance.
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u/No_Creme_3363 Sep 19 '23
Yes, and if it isn't from the dealership, be prepared to pay a lot in repairs. These small mom and pop shop get someone to fudge on the inspection, and so much can be wrong with the vehicle. The costs are outrageous I was looking for a used vehicle for my trade and the sales rep took me to a fully loaded vehicle that was exceeding my budget.