Used Car Market Update | Oct 2024

Used Car Market Update | Oct 2024

[abrahamg]

When he smiles at the beginning you know it's good news.

[igotaction]

I can foresee a shift in people trying to downgrade to a slightly used Toyota, Mazda or Honda and then dump there $1000+ payment car and keep the more reliable car for a longer period.

[dave]

Many years ago I looked at a used Dodge Daytona on a lot. I asked how much, the salesman gave me a price. It was a fair price, I was willing to write it up, but they wouldn’t. I told him I would be back next Saturday with the money, I had to see my credit union.
I returned Saturday with the money. Now they wanted another $1, 500.
No, we already agreed on a price. So I got up to leave … the, it was $1, 000 …. $500 …..by the time that I reached the door it was $200 more.
I left, with my money.
That car sat on the lot for several months afterwards.

[shamrock]

I bought an M8 this summer for 66k that sat on the lot for almost 4 months.They tried to add almost 2k of junk fees. 1800 for inspection. Their inspection was the oil change and recon. They also wanted to charge 800 because I was using my own financing. I threatened to leave and they dropped the junk fees plus another 2500 off the price.

[Guido_Sarducci]

What a perfect way to avoid all the BS. Show up w/ a cashiers check made out to that dealership, and tell them "10 minuites"! Perfect!

[ehiracheta]

I love these updates....just bought a car on Saturday. I know from watching these vids to play hardball. Got the deal I wanted and didn't really fight for it...guess they just wanted the sale more than anything.

[rustybumperclassics]

These dealerships and banks are a total shit show right now

[ZaKRo-bxlp]

I've noticed that dealerships are now backloading leases in order to get cars out the door. But long leases on cars are a bad idea because it's a given now that people will stop paying once they run out of disposable income thanks to inflation from housing and other things.

[MrKormmodity]

As a Vegas local those “Buy Here Pay Here” places on Boulder were/are nothing but predatory car lots. As well as the car lots on east sahara

[kammillen]

I agree and have had the same experience with finding a maserati levante s. The price drops every week.

[Patrickherrero]

most dealerships are on a 90 day float. most dealers look at turning the inventory between 60-90 days. manufactures look at the 90 day supply on how the incentives are. most banks only go about 120% of loan to value.

[t.smithtf]

Great video. 👍🏿 I just looked at and drove a 2021 Mercedes C-Class for my wife. Luxury car dealership wanted $35k for it. I offered $32k. They told me no, the price is the price. The car had no service records for the first 3 years of ownership, needed front tires. This car has been sitting on their lot for 2 months! Ended up buying a certified Mercedes c-class 4 days later. Also looked at a 2021 E-Class, at a Genesis dealership, and they dropped the price $3000 trying to get me to buy the car.

[mwaynem]

There is a trend in late model HD pickups with high mileage in my area. Private sellers want more money for their truck than what a dealership is asking for a similar truck. They aren't getting it. You know that they paid too much for it and still owe way more than it's worth and can't get the trade-in value high enough to pay off the loan. You have to be desperate or stupid to pay $30k or $40k for a pickup with 200k or more miles on it.

[jordankline]

It’s awesome to see a video regardless of topic, that is not politically influenced. It’s refreshing and make your content more credible and palatable 👍🚗

[newfellazlive]

This is why I don’t believe in the supply and demand since Covid. Seller always has the power.

[YeahOk]

Thank you for this straight to the point video. 💯💯

[oomar]

Thanks Lucky, excellent content, always insightful and informative!!!

[jmsena]

Listed my 19’ fiesta st for 18500. Got offered 14, 600 at carmax. Thought I was priced right. No offers or messages came in. Dropped the price, same story, dropped the price again, same story. Ended up just selling to a dealer for around 15k. Received zero interest on this car. Things dried up no other way around it.

[joemonahan]

Real knowledge. Thank you!
Joe from Townsend Delaware

[rustybumperclassics]

I've seen a few medium size dealers close down here in socal.