When will the used car market peak?

[JST]

Two years ago I bought a similar vintage M3 (though with 10K more miles) for less than 50K.

FC, if you're looking to sell you can probably get out of yours for close to what you paid.

[wdc330i]

Originally Posted by SCA

While the cash out price is extremely tempting you would be hard pressed to locate something else that gives you the same pleasure as the M240. I grant you it would come at a greater expense.

It is truly a great time to be a seller just like the housing market, but if you do not have to purchase a new or used vehicle (or home) right now I highly suggest avoiding it at all cost.

The horrible situation for my family member has truly been a giant shit show from losing a flawless 4,000 mile M240, to locating a temporary replacement that one will be happy with for 18-30 months. There are not many “quality” vehicles out there and when you do locate one it comes at significant premium. Negative equity right off the bat…

Really bad luck for your family member. I already bought a house in this market, so I definitely don't need to go negative on any of the cars!

I'm not ready to change out the fleet, because neither car I have would please me as a single-car solution and that's where I want to end up at some point. But. I have a teen and dogs to shuttle around for a least the next three years--so practical car and fun car need to stick around.

After that, there may be a cool one-car solution. Or a cooler second car. A Boxster is enticing, but not so easy to get in and out of when I'm even older than I am now! The M240 is a really easy quasi sports car to live with.

[wdc330i]

SCA: What about this (I'm sure you must already be looking at these ads...)

https://www.bmwcca.org/ads/260631

Edit: Or this (overpriced, possibly). I always had a fondness for Evergreen:
https://www.bmwcca.org/ads/260396

This is a sweet budget choice: https://www.bmwcca.org/ads/260586

[SCA]

Originally Posted by wdc330i

SCA: What about this (I'm sure you must already be looking at these ads...)

https://www.bmwcca.org/ads/260631

Edit: Or this (overpriced, possibly). I always had a fondness for Evergreen:
https://www.bmwcca.org/ads/260396

This is a sweet budget choice: https://www.bmwcca.org/ads/260586

I have been meaning to look there, but honestly Covid fog and/or old timers gets the best of me. I passed along to the potential buyer. Thank you!

[SCA]

Originally Posted by wdc330i

Really bad luck for your family member. I already bought a house in this market, so I definitely don't need to go negative on any of the cars!

I'm not ready to change out the fleet, because neither car I have would please me as a single-car solution and that's where I want to end up at some point. But. I have a teen and dogs to shuttle around for a least the next three years--so practical car and fun car need to stick around.

After that, there may be a cool one-car solution. Or a cooler second car. A Boxster is enticing, but not so easy to get in and out of when I'm even older than I am now! The M240 is a really easy quasi sports car to live with.

I have recently been looking at homes via a realtor. I have been in my current home for three years, all brick, two story that is now eight years old. I was a $750-850k buyer (edit: technically I still am) prior to this crap hitting, but those homes are now $1-1.2M and I am not a player at that in Knoxville. On the coast in South Carolina? Sure! The current $750-850k homes I am looking at were purchased new in the $500-650k range. Basically less house for more money. Build quality is also not where I want to be. Eventually this will end, I hope!

A SUV/SAV (BMW) and fun car are the perfect combo with a child and a dog(s). I have been using that combination since 2006. It works well. I no longer need an X5 with my son entering his junior year of college this fall, but I cannot come to terms of cutting it loose as I ordered it to my spec, did PCD, and it has less than 6,500 miles.

Being a divorcee as well as a empty nester I am enticed by a Boxster S, but it would have to be a manual 981 and they were overinflated prior to Covid.

[wdc330i]

Originally Posted by SCA

I have recently been looking at homes via a realtor. I have been in my current home for three years, all brick, two story that is now eight years old. I was a $750-850k buyer prior to this crap hitting, but those homes are now $1-1.2M and I am not a player at that in Knoxville. On the coast in South Carolina? Sure! The current $750-850k homes I am looking at were purchased new in the $500-650k range. Eventually this will end, I hope!

An SUV and fun car are the perfect combo with a child and a dog(s). I have been using that combination since 2006. It works well. I no longer need an X5 with my son entering his junior year of college this fall, but I cannot come to terms of cutting it loose as I ordered, did PCD, and it has less than 6,500 miles.

Being divorcee as well as a empty nester I am enticed by a Boxster S, but it would have to be a manual 981 and they are also overinflated.

Ha! Also divorced here. Empty nester in about three years (unless my kid boomerangs after college).

The X5 sounds like a cream puff. They are great cars. It was just a bit too large and expensive for me.

X3 is really the perfect size, but I couldn't countenance the premium to order one (I would have wanted all the bells and whistles). The Mazda made it far easier to restrain myself and stay on budget (of course I bought the top of the line they had to offer. LOL.)

BTW, I had to go $25k over asking for my house. But, I also restrained myself on target price range--so it is still moderately priced for a desirable neighborhood. Still, likely overpaid, but the house has everything I need and more for the long haul. Although it is old (1962 ranch with a remodel in 2000.) It is probably at the high end of the low end for the neighborhood (unremodeled houses from the 50/60s would be the low end) and then there are newer and new McMansions. Lots of flips, too.

SCA, don't forget to also search BMWUSA's preowned listings across the country.

[Theo]

Mine is also a 2019. I bought it a little over a year ago with 5k on it for $52. 9k on it now.

CRAZY!

[SCA]

Originally Posted by wdc330i

Ha! Also divorced here. Empty nester in about three years (unless my kid boomerangs after college).

The X5 sounds like a cream puff. They are great cars. It was just a bit too large and expensive for me.

X3 is really the perfect size, but I couldn't countenance the premium to order one (I would have wanted all the bells and whistles). The Mazda made it far easier to restrain myself and stay on budget (of course I bought the top of the line they had to offer. LOL.)

BTW, I had to go $25k over asking for my house. But, I also restrained myself on target price range--so it is still moderately priced for a desirable neighborhood. Still, likely overpaid, but the house has everything I need and more for the long haul. Although it is old (1962 ranch with a remodel in 2000.) It is probably at the high end of the low end for the neighborhood (unremodeled houses from the 50/60s would be the low end) and then there are newer and new McMansions. Lots of flips, too.

SCA, don't forget to also search BMWUSA's preowned listings across the country.

Yes, the X5 is larger than needed, but I think it would be difficult to downgrade to the X3 after owning an X5 as well as having had seven (total) of every generation within our family. Do not get me wrong, I love the X3 as I have had two as Enterprise rentals and at length. Also was t-boned in one last fall in Bluffton, SC (mainland to Hilton Head). The materials are obvisiously a step or two behind a X5 whereas the X5 is on par with a X7 (also have one within our family).

I have a local friend that has been a home appraiser for over 20 years in Knoxville. The majority of the houses coming across his desk are selling anywhere from $20,000 (min) to a $100,000 (max) over MLS listing. Obviously they are not meeting appraisal therefore the buyer automatically has negative equity. Per the Wall Street Journal a month ago Knoxville is number one in the country at 122.1%. We have a ton of people moving here from all over the country. Nashville was crazy prior to all of this, people are sick of it and looking at other Tennessee cites. No state income tax, some what normal climate (four seasons), and real estate cheaper than were they are coming from is a huge influence. Edit: Politics allegedly plays a part as well as Tennessee is generally a red state. West Tennessee tends to be blue, Middle Tennessee is mixed, and East Tennessee is red.

[SCA]

Originally Posted by Theo

Mine is also a 2019. I bought it a little over a year ago with 5k on it for $52. 9k on it now.

CRAZY!

That’s nuts!!

[Alan]

Originally Posted by SCA

Being a divorcee as well as a empty nester

Originally Posted by wdc330i

Ha! Also divorced here. Empty nester in about three years (unless my kid boomerangs after college).

Empty Nester with kids in College ... boy are you both in for a surprise, these kids never move out