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Smart Shopper Stories from the Sales Frontlines
48055 messages, Last post on Dec 03, 2009 at 7:51 PM
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Replying to: houdini1 (Jul 02, 2009 9:49 am) |
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I recently noticed a Hyundai ad in the local paper that included the $4500. clunker discount to get to their advertised price. I also noticed that this $4500. took the place of the previous dealer and factory rebates !! The ad also included the obligatory "call for details" disclaimer.
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Replying to: houdini1 (Jul 02, 2009 9:58 am) Some of the base model PT Crusiers in my dealers lot had big numbers on them that said $4500 off. While it was true that you could get this price off the MSRP you had to be a horse breeding, ex-military current Chrysler owner, coming off a lease. You also had to select from dealer stock (which was 4 cars, none of which was the color "we" had to have). I took my $3500 discount instead and got the car she wanted. 
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I had been hearing that with new car sales in the toilet people were turning towards used cars and this was driving the price up. I really didn't think much about it as I was not in the market for used and my old cars (newest is 12 y/o) would never be worth much as trades. Well I replaced my 1997 Chrysler Cirrus with a new car this week and was thinking of selling it to my son. I had looked up the TMV on it several months ago and the "rough" value (yes, to be honest, it's rough cosmetically) was $896 for private party. I decided to look it up again to see how much it had depreciated in 3-4 months. I was shocked to find that TMV for the same "rough" condition with several thousand more miles was now $1042 (16% increase). Back in 2002 when I bought the car my salesman countered my use of TMV values by saying: "Those books don't keep track of the market. Used Chryslers have been going UP in value lately". I laughed at the time but now I'm wondering if he was right all along. Have used cars really seen a 16% increase in prices in recent months? How long do you expect this to continue? Who knows, if my Cirrus keeps going up in value maybe at some point I'll be able to trade it even for a new one. 
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Replying to: oldfarmer50 (Jul 02, 2009 12:25 pm) Soon, it will be worth $4500!
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Replying to: driver100 (Jul 02, 2009 12:55 pm) Ha Ha Ha! Oh, that's good! Too bad it gets 23-25mpg.
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Replying to: driver100 (Jul 01, 2009 3:48 pm)
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Replying to: oldfarmer50 (Jul 02, 2009 12:25 pm) This is my speculation, based on what I've seen in our region: While Chrysler factories were closed for a month, inventory was getting slim, and dealers turned to auctions to buy up used 1 year old models to sell on their lots. Because the new car shortage affected most Chrysler dealers, and not just a few dealers in a specific region), most of them were after the same cars (ex rental Dodges, Jeeps) at the auction so because demand was up, so was the bidding on these cars, and ultimately their auction selling prices. This would have an effect on retail selling prices, and would create a slight bump. This would also have a minimal trickle down effect to the bottom feeder type used cars as well.\ Another possibility of why used car values might be up slightly, especially on older sub $2k cars, is because it has gotten harder to obtain sub prime financing, especially for folks with recent lates and repos, so they have no choice but to turn to the bottom end of the used car market and buy such cars for cash. |
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Replying to: oldfarmer50 (Jul 02, 2009 12:25 pm) The only scenario where a used car would be as much as a new car would be--If there is no production of new cars which is not going to happen. Just MHO.
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Replying to: oldfarmer50 (Jul 02, 2009 10:22 am) Chrysler PT Cruiser Honda CRV You did good !!
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