When will the used car market peak?

[clyde]

Originally Posted by Josh (PA)

Hey Clyde, the pic didn't load. All the comps I'm seeing are in the $5500-$7500 range for 150-175k mile wagons in similar condition.

The image is the $200 (on the nose) Carvana offer for the 2004 107k mile 325i I just paid $3800 for. Based on the E46 asking prices I was seeing a few weeks ago, the car I bought was underpriced and what you're describing is accurate. The wagons seem to have a slight premium over equivalent sedans.

[John V]

Originally Posted by JST

Maverick.

This is a vehicle that I do not understand at all.

[lemming]

A 2020 992 Carrera S just go traded in —like 5000 miles.

MSRP 139k

Dealer called me to ask if I was interested. Sell price? $143k.

Yeah. This market is ridiculous and if we can all wait, we all really should.

[Nick M3]

Originally Posted by clyde

The image is the $200 (on the nose) Carvana offer for the 2004 107k mile 325i I just paid $3800 for. Based on the E46 asking prices I was seeing a few weeks ago, the car I bought was underpriced and what you're describing is accurate. The wagons seem to have a slight premium over equivalent sedans.

I think that what this really comes to is that you can't take old cars likely to have issues and sell them if you're going to stand behind them in any way. It's easy to run into a few grand worth of costs on a 20 year old BMW that's worth a few grand.

[clyde]

Originally Posted by lemming

A 2020 992 Carrera S just go traded in —like 5000 miles.

MSRP 139k

Dealer called me to ask if I was interested. Sell price? $143k.

Yeah. This market is ridiculous and if we can all wait, we all really should.

I have a car salesman friend that has been at a Porsche store for the past six or seven months. Your example above doesn't come close to illustrating the crazy they're living.

Originally Posted by Nick M3

I think that what this really comes to is that you can't take old cars likely to have issues and sell them if you're going to stand behind them in any way. It's easy to run into a few grand worth of costs on a 20 year old BMW that's worth a few grand.

Their business models revolve around selling late model used cars with relatively low miles. Old, high mileage stuff...I don't think they even want to check on auction values to make "fair" offers...they just don't want to deal with it, so they make offers that are probably lower than their scrap value.

It actually makes me wonder if there's a place in the auto sales landscape for an online retailer of beaters that could serve the sub $7k market.

[Josh (PA)]

Originally Posted by clyde

The image is the $200 (on the nose) Carvana offer for the 2004 107k mile 325i I just paid $3800 for. Based on the E46 asking prices I was seeing a few weeks ago, the car I bought was underpriced and what you're describing is accurate. The wagons seem to have a slight premium over equivalent sedans.

I just got my VROOM offer. $300 on the nose. Vroom definitely seems like the way to go. as their offer is 33% better.

[equ]

On the 981S, Vroom offered an even $45k in about 24hrs. Carvana offered immediately, likely machine generated and came in $2650 higher. :dunno

[clyde]

Originally Posted by equ

On the 981S, Vroom offered an even $45k in about 24hrs. Carvana offered immediately, likely machine generated and came in $2650 higher. :dunno

Vroom offers can take a couple days, but once you get an offer, if you follow the link in the "your offer has expired, click here to get a new offer" link in the email you get from them a week later, it will usually give you an immediate number.

Carvana will always give you an offer within a few seconds unless their system messes up and it tells you that they're looking into it and will get back to you (they won't, but if you run your car again a few minutes later, you'll probably get a number).

Carmax will usually give you a number immediately, but sometimes they will say they need to see your car. They may or may not give you an offer if you try it again an hour or so later, the next day, etc.

[wdc330i]

Just looked up my car again (the 2), and Carvana's quote has gone up by $700 in less than a month.

[FC]

I could almost certainly sell my nearly 8yo LR4 for over half what I paid.