Manheim: Used vehicle prices lower in August

[chassis]

More from Cox (owner of Manheim).

More used inventory and higher 2019 model year depreciation = better conditions for the buyer.

The preowned market is turning.

[c1pher]

Originally Posted by dgoldenz

PenFed’s rates are no longer competitive which sucks because I’ve used them for years. I just got 2.99% for 72 months from my local credit union on a 2014 private party car. PenFed was like 6.5% for same thing.

I got my 911 financed there at 1.79%…..those rates are long gone. They are usually very good, you kind of have to be patient for when they have credit card or loan deals.

[NickyC]

I had a small amount of hope, but with Europe’s impending self imposed energy catastrophe, cars might be cheap compared to six months from now.

[M3WC]

Originally Posted by P1

Not around here. I went looking for Escalades and Yukons. If you wanted to buy whatever they had on the lot, it was $10K markup on the Yukons and $20K on the Escalades.

Oh, you want MSRP? Sure! Just get ready to wait 8 months to a year and even then it'll come with missing standard features.

I responded to a post about pickup trucks. Not suvs. I live in truck capital of the US, discounts on pickups are easily had now. That was not the case 6 months ago.

[GM2CS]

Originally Posted by chassis

Yes 911 prices continue upward and don’t mean anything to the broader market.

I've been watching multiple 991.2 GT3 Touring's for sale that haven't sold for over 90 days with multiple price reductions. Super low mileage cars with one owner . Porsche market is softening as well

[chassis]

Yes recent Manheim prices objectively confirm this for other models.

New vehicle production is higher YTD YOY and will sequentially increase over the coming quarters.

[damnitBobby]

I think come fall/winter next year we should be back into a more normal market.

[x622]

Originally Posted by GM2CS

I've been watching multiple 991.2 GT3 Touring's for sale that haven't sold for over 90 days with multiple price reductions. Super low mileage cars with one owner . Porsche market is softening as well

It's even worse with cabriolets.

https://www.scottsdaleferrari.com/in...&_make=porsche

This one has been here for at least 5 months. Their GT3's sit there because it's scottsdale ferrari and they think people will pay top dollar for the not-ferraris there (and it's a penske dealership).

Arrowhead BMW has a new GM and he wanted to charge me 100k over sticker for a M4 CSL

Same guy who's been throwing market adjustments all over Arrowhead's shit after they used to never do it.

They even had the audacity of offering me 10k under auction for my X5m, which is exactly what BMW North scottsdale does...

I look forward to watching these dealers get fucked. Business is business yes, but you take care of your repeat customers not shit on their face.

[TheWatchGuy]

Originally Posted by M3WC

I responded to a post about pickup trucks. Not suvs. I live in truck capital of the US, discounts on pickups are easily had now. That was not the case 6 months ago.

Where are you at? New or used trucks? Ive seen used trucks come down in price, but most new trucks outside of some of the least desirable configurations still going for MSRP around here.

[chassis]

Global new vehicle production and sales reports continue to be higher YOY. The principle cause of market tightness, lack of supply, is reversing at the present moment.

[TheWatchGuy]

Originally Posted by chassis

Global new vehicle production and sales reports continue to be higher YOY. The principle cause of market tightness, lack of supply, is reversing at the present moment.

Production and sales is going up, but I think we are still a ways away from being able to walk in to any dealer and pick what you want from something on the lot and getting a deal on it.

My most recent experience is with trucks, since thats what I just bought, but for example, Ford's production #s are up this year, but they are still working through the backlog of trucks that are customer ordered. And even with that, they are still 10-15k units per month lower than pre-covid numbers. They have shifted their focus from providing dealer stock trucks to customer ordered trucks for production, so dealerships are still scarce on trucks at the moment, especially the higher level trims with the options most people want. Just from info on the forums, they are still at 4-6 month waits on customer orders for F150s, and thats with closing 2022 order banks early and opening 2023 order banks later than they have in the past.

[allinon72]

Ford has a big problem on their hands...the backlogs are too long and there are a LOT of pissed off buyers that are either canceling their orders or will at least sour on Ford in the future. They keep introducing models and the customer sentiment is "hey, I would love to own one of those and I can afford to buy it, but what's the point if I can't get it in a reasonable amount of time." Seriously, if someone goes into a dealership and orders a Lariat, it shouldn't take 15+ months. Considering the F150 is their cash cow, serious damage is being done to the brand.

[TheWatchGuy]

Originally Posted by allinon72

Ford has a big problem on their hands...the backlogs are too long and there are a LOT of pissed off buyers that are either canceling their orders or will at least sour on Ford in the future. They keep introducing models and the customer sentiment is "hey, I would love to own one of those and I can afford to buy it, but what's the point if I can't get it in a reasonable amount of time." Seriously, if someone goes into a dealership and orders a Lariat, it shouldn't take 15+ months. Considering the F150 is their cash cow, serious damage is being done to the brand.

Are you talking the lightning or a regular f150? Cause i ordered a lariat f150 and it took 6 months.

The ones that are taking 1yr + are the EV lightning/ mach-e, Broncos and raptors. And in some cases the new small truck like the maverick

[chassis]

More softening. The bottom is falling out of the used vehicle market. Cash is king.

https://www.coxautoinc.com/market-in...er-2022-muvvi/

[Alfisti]

What am i missing? Where's the sign it's all going to shit?

[chassis]

The data. Are you in the market for a pre-owned?

[StradaRedlands]

While I am not an economist, I do play one on television! I think used car prices will not be returning to 2017 levels ever. The Fiesta/Sonic/Mirage/Versa type of entry car just isn't sold in The States any longer. New cars are feature rich and stripper models aren't being built. So if you don't have the income to buy a $40,000 new car, there are not new car alternatives for $18,000. You're stuck with used. That's going to keep pressure on the demand side, coupled with people keeping cars for longer on the supply side. Yeah, it won't be as crazy as the last year, but still not a buyer's market.

My $.02

[chassis]

Originally Posted by StradaRedlands

While I am not an economist, I do play one on television! I think used car prices will not be returning to 2017 levels ever. The Fiesta/Sonic/Mirage/Versa type of entry car just isn't sold in The States any longer. New cars are feature rich and stripper models aren't being built. So if you don't have the income to buy a $40,000 new car, there are not new car alternatives for $18,000. You're stuck with used. That's going to keep pressure on the demand side, coupled with people keeping cars for longer on the supply side. Yeah, it won't be as crazy as the last year, but still not a buyer's market.

My $.02

Thanks for the comment. 2017 will not return, we agree on this. Do you see prices softening, given that we now find ourselves in 2022?

StradaRedlands Are you in the market for a preowned vehicle?

[StradaRedlands]

Originally Posted by chassis

Thanks for the comment. 2017 will not return, we agree on this. Do you see prices softening, given that we now find ourselves in 2022?

StradaRedlands Are you in the market for a preowned vehicle?

Anecdotally I don't see softening. I keep active searchers on CL/Car Gurus/AT running for some vehicles that could be in our future. High-mileage N52 cars for the most part. They're holding pretty solid, and more so, there just aren't very many of them like there were pre-pandemic. Mostly just auction cars on used car lots. Hardly any private party/enthusiast owned & maintained vehicles. At least the ones I follow.

[chassis]

Originally Posted by StradaRedlands

Anecdotally I don't see softening. I keep active searchers on CL/Car Gurus/AT running for some vehicles that could be in our future. High-mileage N52 cars for the most part. They're holding pretty solid, and more so, there just aren't very many of them like there were pre-pandemic. Mostly just auction cars on used car lots. Hardly any private party/enthusiast owned & maintained vehicles. At least the ones I follow.

Yes, it's interesting to stay attuned to the market. Are you active in the market and targeting a transaction in the next 60 days?

[StradaRedlands]

Originally Posted by chassis

Yes, it's interesting to stay attuned to the market. Are you active in the market and targeting a transaction in the next 60 days?

Not if we can get our F10 up and running! Fingers crossed on that... it's been an ordeal!

[chassis]

Thanks. Sounds like this is a curiosity or hobby for you.

Looking for input from people actively in the market and engaged in a transaction discussion with a car salesperson.

I am seeing comparably equipped, year, etc. units come into the market at lower prices than existing listings.