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      08-31-2021, 01:34 PM   #1
Foggins
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The used car market is still red hot!

I just sold my son's 2019 Jetta S to Carmax yesterday for $19,000. Yes the car was in pretty good shape, had 14,300 miles on it, no accidents, etc...but we bought it brand new for $16,800 + taxes almost two years ago. I almost fell off my chair when I saw the online appraisal, and sure enough, after the physical appraisal I walked out with the check in hand. I have NEVER seen the market like this before...I know there is a chip shortage, etc...but wow.
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      08-31-2021, 02:13 PM   #2
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You bought a new car for 16K? On what planet?
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      08-31-2021, 02:32 PM   #3
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Quote:
Originally Posted by Alfisti View Post
You bought a new car for 16K? On what planet?
He said it got for $16,800 + taxes a few years ago. A 2021 Jetta S is $18.9k. With a few incentives and some negotiating, you could probably get it for the same price now (if it wasn't for covid and the ship shortage).
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      08-31-2021, 02:48 PM   #4
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I sold my 2018 Wrangler to driveway.com for $37,300 with 26k miles on it. I bought it brand new for $34k 3 years ago.
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      08-31-2021, 02:53 PM   #5
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Carmax made an offer for our '18 Mazda 3 that is close to what I paid used two years ago with 15k less miles. But since we both work from home and I never drove my NC, I got rid of it, so it's our only car at the moment.

No point selling high to have to turn around buy high. Same reason we haven't sold our house, although most of the more expensive homes in OK (which I know is cheap compared to a lot of areas) are cooling back off while ours seems to be maintaining pretty good according to estimates.
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      08-31-2021, 02:58 PM   #6
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Sold my 2019 CX-5 Signature to CarMax last week (good price but not great like above) and bought a new 2022 X3.

Looked at lightly used X3s (lease returnees with low mileage likely due to pandemic) and prices were above the base price on a new 2022.
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      08-31-2021, 03:05 PM   #7
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Quote:
Originally Posted by OkieSnuffBox View Post
No point selling high to have to turn around buy high.
That's a good point. Who in their right mind is paying for this kind of markup over MSRP on a 3 year old car for the dealerships to be making profit?
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      08-31-2021, 03:08 PM   #8
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It isn't just the used car market.
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      08-31-2021, 03:29 PM   #9
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Originally Posted by hellrotm View Post
It isn't just the used car market.
I don't know. I called Subaru about pre-ordering a BRZ. With a deposit they were willing do $500 off MSRP.
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      08-31-2021, 03:39 PM   #10
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I sold my leased 2018 340i with 21k miles to Carvana for $38,500. They are picking it up next week. That’s $7500 over my payoff. It’s crazy right now. New M340 is coming next week also.
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      08-31-2021, 03:48 PM   #11
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Quote:
Originally Posted by Burrcold View Post
He said it got for $16,800 + taxes a few years ago. A 2021 Jetta S is $18.9k. With a few incentives and some negotiating, you could probably get it for the same price now (if it wasn't for covid and the ship shortage).
That's exactly right...the dealer had a dozen base S models on the lot, so it wasn't hard to get a good chunk off MSRP almost two years ago.
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      08-31-2021, 07:44 PM   #12
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*online appraisal for my 2015 328i msport*..... nope, market still sucks for us lol.
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      09-01-2021, 08:01 AM   #13
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2018 or not, a sub 20K VW is unheard of here.
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      09-01-2021, 09:03 AM   #14
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2017 BMW M240i  [0.00]
CarMax just offered me 31k for my 2017 M240i with 41,000 miles... very tempting!
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      09-01-2021, 09:23 AM   #15
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Quote:
Originally Posted by Jcoop901 View Post
CarMax just offered me 31k for my 2017 M240i with 41,000 miles... very tempting!
Carmax was about $3k lower than Carvana for me. 2018 340i with 21k miles
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      09-01-2021, 11:21 AM   #16
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Looked to see what they would give me for my i3 as I’m ~20k miles under on lease, nobody wants it lol ��
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      09-01-2021, 04:09 PM   #17
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Quote:
Originally Posted by Alfisti View Post
2018 or not, a sub 20K VW is unheard of here.
Well, you live in CA where the embedded full run taxes on a car are like 100%, lol.

2021 VW Jetta: $18,500

https://www.autotrader.com/cars-for-...ckType=listing
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      09-01-2021, 05:35 PM   #18
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Quote:
Originally Posted by RMachuca3d View Post
*online appraisal for my 2015 328i msport*..... nope, market still sucks for us lol.
Gotta go private party on certain cars. I bought my first 335is for 13k in August 2019. Tried selling it beginning of this year and carmax/carvana were offering me in the 11's amidst others reporting stories of offers over MSRP. Sold it for 18.5k on craigslist.
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      09-01-2021, 05:46 PM   #19
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Quote:
Originally Posted by Vivek. View Post
Gotta go private party on certain cars. I bought my first 335is for 13k in August 2019. Tried selling it beginning of this year and carmax/carvana were offering me in the 11's amidst others reporting stories of offers over MSRP. Sold it for 18.5k on craigslist.
There does seem to be a huge gap between what dealers will offer and what the actual going retail rate is (taking into account recon fees\profit margin, which is usually 2-3k ontop of tradein cost). Local search for similar trim\mileage as mine shows 16k all the way up to 22k or so, I think my car falls into the "no way we can loose $" type offers from dealerships on tradein.
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      09-01-2021, 09:40 PM   #20
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Kind of weird. I get a cash offer for my vehicle every couple of weeks, just to see what's happening. Vroom, carvana, etc. The values have slightly declined as I increase miles driven. The offers are still within 5% of each other, even with higher mileage.

What's weird is the bid-ask spread seems to be widening. Cargurus has pretty high prices for high mileage recent model year vehicles, 5 years old and less.

To me this seems like a bubble that will pop. Dealers are being greedy as usual, offering a more or less unchanging low price to a consumer, then going for 50% or more markup on the resale transaction.
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      09-01-2021, 09:52 PM   #21
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Agree, private party is the way to go. Just sold 2013 Lexus RX350 Base for $12.5K with 194K miles on it. Only got $8,400 from Carvana, and Carmax needed to inspect the car due to high mileage.

Quote:
Originally Posted by Vivek. View Post
Gotta go private party on certain cars. I bought my first 335is for 13k in August 2019. Tried selling it beginning of this year and carmax/carvana were offering me in the 11's amidst others reporting stories of offers over MSRP. Sold it for 18.5k on craigslist.
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      09-02-2021, 01:57 AM   #22
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Quote:
Originally Posted by yousefnjr View Post
Looked to see what they would give me for my i3 as I’m ~20k miles under on lease, nobody wants it lol ��
i3 resale is terrible, even in this market.
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