Topic: Used prices dropping?

[sailor723]

Read a Bloomberg article (sorry, behind paywall) that said the Manheim used car price index had dropped 4.2% in June from the previous month and was down 10.3% year over year. This is US data.

[valuator]

I casually browse Autotrader/Kijiji pretty regularly, almost everything now has a "great price" tag attached to it....I assume because the asking price, per the algorithm, is less than it "should be" based on the prior months/years of ads.  At least there is now some inventory out there.

[revalations]

Prices are coming down on higher end used (>5yrs old). Know one dealer that had very little new inventory, he shored up heavily on used to make up for it. Now he's swamped with both and running out of room to park stuff. So he's liquidating a good chunk of his used and taking a 10-30% pill on it.

Trucks are holding their own. The bubble hasn't fully popped in the US yet for some strange reason.

[OliverD]

There's a local used dealer chain that a few months ago had a ton of high dollar vehicles with big price cuts. We're talking used stuff in the $70-100k range - full size SUVs, diesel pickups, premium cars, etc. Checked again recently and those expensive cars are a smaller portion of their overall inventory and fewer of their vehicles have had cuts.

[ktm525]

Yup. I have ben making offers on low mile dirt bikes bought during the pandemic. Owners are going through some price therapy right now but they are cracking. "I know what I got!"  Yeah you have a 3 year old dirt bike with no miles on it that is "old" technology. I would say a good 40% off of new...and still that is $8k. Not many people are going in to get a $8k loan for a used dirt bike. 

My offer is cash on the barrelhead and eventually they will take it. Assuming they have clear title.   

[Great_Big_Abyss]

Yup. I have ben making offers on low mile dirt bikes bought during the pandemic. Owners are going through some price therapy right now but they are cracking. "I know what I got!"  Yeah you have a 3 year old dirt bike with no miles on it that is "old" technology. I would say a good 40% off of new...and still that is $8k. Not many people are going in to get a $8k loan for a used dirt bike. 

My offer is cash on the barrelhead and eventually they will take it. Assuming they have clear title.   

Mountain Bikes are the same way.  Brand new bikes that were $12-13k two years ago, are now selling for $6500 - $8k.  Massive price reductions and sales at all the bike shops.

[WP v3.32]

I follow used trucks in Alberta.  We are starting to see  more reasonable pricing but I think there's more room to drop.  I don't think there's killer deals out there yet.  I see some advertising 0% interest on 60 months.

[WP v3.32]

Yup. I have ben making offers on low mile dirt bikes bought during the pandemic. Owners are going through some price therapy right now but they are cracking. "I know what I got!"  Yeah you have a 3 year old dirt bike with no miles on it that is "old" technology. I would say a good 40% off of new...and still that is $8k. Not many people are going in to get a $8k loan for a used dirt bike. 

My offer is cash on the barrelhead and eventually they will take it. Assuming they have clear title.   

yeah same for trucks.  I feel there are more for sale but still pricy(probably can't swallow that pill right now).  I can see people with variable mortgage wanting to "down size"

[ktm525]

Problem is many of these sellers are upside down on their financing.