Will used car prices drop at dealerships?

[Anonymous]

Admittedly, it's more difficult to know whether you're getting a good deal or not when used car shopping. Having said that, I've been casually looking at certain used models for several months and haven't seen any price drops (at least in terms of what they are posting). Do you assume there is more flexibility there also, understanding the margins may be smaller than what could be gotten with a new car purchase?

[Anonymous]

Anonymous wrote:Admittedly, it's more difficult to know whether you're getting a good deal or not when used car shopping. Having said that, I've been casually looking at certain used models for several months and haven't seen any price drops (at least in terms of what they are posting). Do you assume there is more flexibility there also, understanding the margins may be smaller than what could be gotten with a new car purchase?

I expect them to go up because so many people are unable to pay for a new car, unless it is tiny.

[Anonymous]

I think it depends on how much they want to sell. New car production has stopped so some may turn to used. It really depends on the car. I didn't find a 2-3 year old car that much cheaper especially when most had high miles.

[Anonymous]

Here in Pennsylvania, car dealerships are closed. I bought a new car about 6 weeks ago and think if I waited it out, I could have gotten a better deal.

[Anonymous]

It costs dealers to carry their inventory every month and with closures they are going to be cash starved when the reopen. I’d expect them to makr very aggressive deals at that time or they’ll go out of business because demand isn’t going to materialize.

[Anonymous]

It depends. For example, a late model Toyota isn't going to get marked down much because those are generally very desirable as used cars regardless. But other models, maybe.

[Anonymous]

They don't magically own the car for less so they can't suddenly sell it cheaper. Most people think prices will go up because there are less cars on the market, more demand

[Anonymous]

Anonymous wrote:I think it depends on how much they want to sell. New car production has stopped so some may turn to used. It really depends on the car. I didn't find a 2-3 year old car that much cheaper especially when most had high miles.

Yup. The only time they are worth it is for a crappy car that deterioriates quickly. And who wants that?

[Anonymous]

I’ve been following two used cars I’m interested in and the prices have dropped weekly.

[Anonymous]

A bunch of the things could factor into this.

Rental car companies will dump cars earlier than normal because they have no need for them for the near future. This will flood the market with near-new cars at nice prices.

TONS of cars currently under leased or being finances will be returned to the market. Do you realize how many of those 40K and higher cars have $600-$700/month payments? It's been unsustainable for years. So this will be the first toy that people give up. Also, unemployed and underemployed people do not need cars.

[Anonymous]

Interesting Bloomberg article about possible used car price collapse...

https://www.yahoo.com/finance/news/fear-impending-car-price-collapse-110000556.html

[Anonymous]

Anonymous wrote:I’ve been following two used cars I’m interested in and the prices have dropped weekly.

Same here. Convertibles.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’ve been following two used cars I’m interested in and the prices have dropped weekly.

Same here. Convertibles.

Nice. Enjoy. I’ve been eyeing up some sweet range rovers around three years old.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’ve been following two used cars I’m interested in and the prices have dropped weekly.

Same here. Convertibles.

Nice. Enjoy. I’ve been eyeing up some sweet range rovers around three years old.

I’m not seeing any decreases. What websites do you follow?

[Anonymous]

Cargurus, Carfax, Truecar, Cars.com, Autotrader

Looking at Audi convertibles a few years old. My wife has been saving. Would be her fun car.