Heres why Car Prices are SO HIGH right now! - Flying Wheels
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- Опубліковано 29 вер 2024
- The used car market is incredibly expensive right now and here are all the reasons why used car prices are so high
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Literally weeks ago there was a plethora of videos saying “used car prices are crashing and are going to devastate and destroy the used car business ”
Bought a 2017 accord sports special edition a few days ago. Dealer wouldn’t budge. Said their inventory was dry. I figure the covid thing was a good time to buy but it had the opposite effect. Giving that i was a cash buyer i was shocked that they didn’t budge much at all.
Being a "cash buyer"'' on a 2017 hurts Your negotiation
Lou mason how so?
@@30minforasn Dealer makes money on the financing.
You kept replaying the same clips . Like there was 3 or four clips that were played twice . Basically have the video was a reapeat if what it just said
yeah hes not so good at editing
i seen that too
The content was so good he played it twice.
I didn't mind or matter. Not like I paid top dollar to go watch a movie premier.
We probably have not seen this much disturbance in the market since WW2, when virtually all civilian car production was stopped 1943-1945. Towards the end of the war my grandfather was able to sell his 1939 Plymouth for what it had cost new.
we appreciate your transparency dude!
I made a offer for a truck when the pandemic started for $8,000, the dealership shut down for awhile now he wants $12,000 since he reopened. Unreal
I been to those auctions. Theres people that have exportation license. And they bring bring customers in. They charge 500 bucks. To get them the car they want. Thanx to that they overdid and raise prices.
Cars at auction here today in Texas we’re selling between $500-$1000 below MMR this is the first day I’ve seen this happen in the last 4 months.
thanks for your info...i'm in the market for a gently used truck but i'm not in a rush...i'll let this blow over a bit
Yeah its crazy...I sold out three weeks ago and have been looking for new inventory but I can’t stomach these auction prices
I was looking for a new or used truck a while ago. Shopped around for months and prices are ridiculous. Be interesting when the payment grace period is over . I should be able to pick up a cheap truck say around December I am thinking . The financial company’s are just as bad as the idiots buying these vehicles. Going to be bad
In NY where I live car prices went down
Have you ever had a Deja Vu? Have you ever had a Deja Vu?
Have you ever been to Deja Vu?
Stay disciplined prices are crazy they will eventually go back to normal
Dang I wish I lived there. I would apply for a job. U would be a awesome boss
Why don’t you put a link in the description for the app you use to scan the VIN to obtain all the info. ?
Because only licensed dealers have access to login to those apps
Frank Galardo that’s not the info I’m getting on that app nationwide.
Dealer only apps
Thanks for sharing
Q: Are automobiles smoking overpriced pot?
A: Does that explains why prices are SO HIGH?
the red beetle was really nice
you said it.....60 hp rocket lol.....Funny though? Those were cool even way back when.....have you priced out a micro bus recently? Fully restored some are fetching $100,000.00.
@@muskokamike127 crazy money
@@FlyingWheels I KNOW right? But too bad on that convertible. I was thinking you could do $4K and sell it for $7K but I'm talking up here in Canuckistan.
One thing about convertibles: you do NOT want to own one in the city...they are constantly being cut so thieves can unlock the doors.
I had a buddy who had a rabbit convertible in the 90's. He only owned it 18 months because it was cut 7 times in the 18 months. He eventually just left the doors unlocked but the last straw? they cut the roof even though the doors were unlocked!
Flying Wheels which app do u use for scanning the vin and finding the mmr price?
Who the hell would break into a VW Rabbit??? lmbo!
What is the name of the Mannheim Car Value app on the App store? Can anyone get it? Monthly fee? Thanks.
Yep! Auction prices everywhere are through the roof unfortunately. Been trying to get inventory for weeks
I'm almost empty
I’ve learned a lot from you
nothing like seeing the same stuff over and over
what is the app you used to scan vin
What were you towing??? Lol
You Shld see the boost psi cluster if it’s sc
Come to Barbados. You can buy a 1991 Corolla for us$3000.....
Hi, there was the name of the app that you are using?
What is the app that you used?
Get the Lightning!
Wait 4months and everyone will be broke
Not me!!!LOL
Now its been 4 months lol
Used car prices are high, because there's a lot of demand for used cars since new cost so darn much.
and everyone thought there'd be a glut since so many people were going broke with no income for so long.....up here it isn't so bad. I've been shopping for a new motorcycle and there are a TON for sale and prices are dropping daily.
I haven't bought a car in seven years, went out looking and holy crap the new car prices are crazy. Having something made of plastic, sitting outside, scrapes, weathering, costing an average of $30,000.00 plus registration, taxes, license, interest, is nuts. Some of the trucks I looked at a payment would be over a thousand a month.
No shit expensive new means used is worth much more than used books say, obviously depending on the type car though
when a NEW cars value drops 12 to 15000 THE FIRST YEAR U KNOW U GOT RIPPED.
@@randy1ization I know people that finance a Jeep brand new and then sell it for more money 5 years later
All sorts of schemes being used to keep markets (stock, housing, oil, cars) from crashing. We’ll see if it’s sustainable.
it is not
Schemes but money is still moving around regardless. I don't see it falling apart honestly.
Whenever someone tells you that they aren't making a lot of money in a business, you wonder why/how they stay in business.
Bc that's all we know and its better than being someone else's bitch for 20/hr
I have to call BS on them
A lot of us stay in a business when it doesn't make sense money wise. Money isn't everything.
There's some serious Deja-Vu going on, several repeats of the same clips
I'm seeing the same crazy ass prices here in Delaware at the state surplus sale. Folks paying stupid money for cars that don't seem to deserve it.
Maybe they have ways to sell them at higher prices, ways that I don't know
Same in California bro it’s absolutely nuts
Had the same thing at a recent auction - this was an asset liquidation and the two vehicles in the auction were way overpriced early in the bidding....
Hey there Chris, love your channel
I've been noticing this too.. a lot of people over paying for vehicles.. for some im like damn did he want that for himself?? Idk how they are making money off it
Yes my inventory is gone. But I refuse to pay extreme prices. You could get stuck on those cars. I rather have no cars in my lot than ripping people off. I rather buy from fb market place.
luis ibanez same here.....
Me to 👍 but not Facebook Manheim not running cars 🚘
It’s still business as usual. How would you make money?
@@roveirdatu3851 go to other auctions buying private owned. Here in Indiana the bubble has not burst yet!
Same here. We sold most of our inventory and we cant buy anything now
Right now the only book that matters is your check book. Much simple time before covid MMR does not seem to matter to most buyers now
MMR is meaningless right now
MMR doesn't matter to alot of buyers year round
Minimum Marginal Return. MMR??
@@FlyingWheels Minimum Marginal Return. MMR??
roy rogers Manheim Market Report
Just want till the goverment money becomes dry. Then we buy ;)
When the government checks run out there will be a lot of repo's. Then the price of cars will go down, but what kind of shape will the repo's be in?
Probably in good shape since no one has been driving much. Cost of fuel has gone up, limited entertainment options...the REPO rep will show up unannounced and pickup a vehicle that someone else will purchase at a much affordable rate.
This makes sense to me Mike.
@@user-lc7zt8sk6i false. Fuel has gone down. It's cheaper by me $1.89and since covid, here in milwaukee Wisconsin traffic isnt too far off pre covid numbers. True on entertainment in a sense. But you can still see a movie here, go to the mall, etc pretty much everything like before.
@@B0xlife1
That's Wisconsin for ya pal. Surprisingly
@@B0xlife1
I could go for a 12pk of Spotted Cow right about now
We have a economy that's artificial AKA steroids but drugs are never good and often cause more damage then good
I've also heard the new car dealerships are having long waits on getting new inventory from the shutdown (parts availablity is backlogged) so they are having to keep and sell more used inventory to make up the difference.
Maybe look on fb market for cars 🤷♂️ might be cheaper then the auction
Even Craigslist is dried up lol.. FB marketplace SUCKS
Is it me or does the video keeps repeating itself at certain sections?
No your right it kept reapeating
At what time? I'll cut it out
2055
So what your telling me is that I need to get into the auction business
Prices are crazy right now in the Pacific Northwest every thing selling at or above KBB retail and well above MMR.
Lost my small 3 car a month dealership here in Utah, was doing fine until February, people still where buying but cars I’d normally get for $1500 at Manheim and sell for $4000-$5000 with a little bit of loan fee. Now I couldn’t even buy those same cars at auction for $4000; I think it’s compounding on the fact that medium and larger dealers could get so much government relief in terms of loans and payroll that they spent more on inventory. Along with new car manufactures offering 6 month deferment and 25-30% discounts the used market has dropped off. I couldn’t operate in my nitch anymore.
_Someone needs to go back in and re-edit your video Craig. Really like your channel though._
You say all these cars at auction are dealer trade ins. That may be true for older cars. But there are a ton of rental and fleet cars for the fairly new cars at auction.
Thank the federal reserve for printing endless amounts of funny money.
Now I see what you mean dealers make their money when they buy, not when they sell.
Maybe the repo market will balance the whosale dealer market. I suspect a wave of repos are coming.
Terry Smith yep waiting for that also..... don’t forget the flooring dealer repo
@@yousafyunes3788 not in my market real estate is red hot, lots of investors want to park cash to hedge the inflation that is coming.
Yousaf Yunes idk maybe depends on the area. I’m in NC and the housing markets have gone way up. Also I wanted to buy a newer truck and they have gone up, I waited as I thought I could save money. Made no sense to me. All I can think is pent up demandis now driving prices up, and then a market correction will occur in aroun 5 to 6 months.
No jobs no money poor credit no new cars sold. Jack up the used price but still can't afford no sales you make nothing you loose job you go broke. Solution is you give real fair price on used cars. Not these b s no haggle price.
I disagree with this guy. Car lots were open during Covid...small and new dealers alike. We sold out bc it was tax season. Now there aren't enough trade ins bc most people are not trading in used vehicle and stepping up.
Craig....hire an editor :) quit wasting time on auction site...Proxy everything you want in 5 minutes... my local used car guy just low balls about 25-30 cars... if he happens to get some ,just extra gross profit
I have been trying ro buy a 2015 ford F150 Xlt for months now but way too over priced. I refuse to buy it for more than its worth.
Honda gave me three months without any penalties and my first payment due was my normal monthly payment. It did however extend the length of the loan by three months.
I think the prices will go down after the stimulus and the extra $600 of weekly unemployment runs out . Probably go even lower than they were before as there are an extra 40 million unemployed and millions of those jobs aren't coming back. But there is already talk of more Federal stimulus that might keep things afloat until after the elections. So just hold on and don't get too many cars you overpaid for .
That's going to be scary
I can't wait because trucks prices are crazy and they go quick. So I'll wait and not take a loss on over priced cars.
PLEASE THE MMR IS A JOKE RIGHT NOW AND HAS BEEN HAHAHAHA IF YOU WAITING TO PAY MMR YOU WILL NEVER BUY A CAR!!!!!
PS.. been in game 15 plus years the dealer auction is more like the retail auction lol go to a carmax auction you will see kbb retail plus being paid
How do dealers even profit if they pay retail? Just curious
I'm trying to figure out the same thing
The question is, where is this easy money coming from? A Friend that works at Home Depot told me, people are coming in and buying $6-700 dollar lawn mowers with no hesitation.
I’m kinda glad it’s not just here in Australia where used car prices are thought the roof. We’re calling it the COVID tax lol.
Same here
How are these folks making money?!
I bought a used Lexus at a GREAT price back in May, this is after a month of no-sale due to government forced shut down due to state of emergency. Now, fast forward to August, I see that prices have gone up up up. That goes to show how quickly the dynamics change in the world of automotive sales.
You took 23 minutes to say something that could of took 2 minutes. Gheeez redundant non sense..
He wouldn't survive in metro Atlanta
Two other factors that are driving up prices... First is "winning culture". I've noticed that winning now has a monetary value. Buyers at these auctions are willing to pay at least an extra grand for the feeling of winning. Second is the increase in amateur buyers. There used to be an almost unwritten agreement among dealership buyers not to bid over a certain price because doing so hurts everyone. This has gone away as the number of small volume buyers has increased. You see buyers coming to auctions and bidding on one or two models of cars because they want that specific model. Some buyers aren't even worried about factoring in margins for resale because they're keeping the car and not reselling. I see people buying cars for themselves using a friend's dealer license far more often that I used to.
@11:00 somebody is tailgateing the hell out of you!.........SLAM ON THE BRAKES! LOL Great video Craig
Was i towing something?🤔
Watching all these cars sell for retail or over in what should be closer to whole sale makes everything so confusing
Buying repos is a major risk just like a drunk one night stand
arent repos the majority of what is at dealer only auctions?
No.
There's a mixture of everything. Repo, salvage, trade-in, lease, donated
@@kennethcarr2449 how do you know which car is a repo, vs trade in, lease, donated
@@wazup3333 it tells you the inventory type when u log on whatever auction you are using.. some are repo some are trade ins .. some are trades within dealers
I call BS car dealer's do nothing to a used car except wash it till it's sold maybe
As a dealer your screwed cuz as a consumer I will low ball you on the price and if I don't get my reasonable price I walk
There is no longer an ass for every seat
How do I know
I sold and bought cars
What a waste of life
@Marc A all of these high mileage cars use to go to Mexico
I can say that I bought 05 bmw x5 3.0 230000 miles on it paid twice of wholsale book
But will buy another if it's a one owner
So far no luck
Don't buy from Dealers ever
This guy has been calling this trend right from the beginning, everyone else has been saying the opposite.
Prepare for a plummet. We are at a climax right now on the verge of a very fast decline
That sucks because during this whole coronavirus thing around March I bought a 2005 F150 with a rebuilt engine in a rebuilt transmission for $5,500 no body damage perfect interior easily worth 10 grand y'all just bought at the wrong time you're supposed to buy in the height of an issue not at the end of it after everyone figured out it's not a big deal
On my way to work, I drive along a "Used Car Row" Too many dealers to count. I do know of 3 that closed down, and some others that as you said, normally have a full lot of cars, but now, some have just a handful. Yet, an Auction near my place of employment is bursting at the seams, seems they have no space for anymore cars.....
Carvana has offered me within $200 of what I paid for my car brand new
How old is your car?
I did go to one yesterday. I’m fortunate enough to know people who have a dealers license, but man we’re people going over MMR and buying retail. Great video as always!
Trump dollars, tax refunds, cars sell well at the low end in the sweet spot from $1,500 to $3,500.
Ill wait to buy a car!! Not gonna overpay regardless the reason.
I had to order a Toyota Tacoma 2nd gen single cab from Ohio and I live in New Mexico..... but only 69 k, 4x4, camper, off-road wheels and tires 2011
There was a time where a radio was an option now people want back up cameras, GPS, electric everything from trunk to soft close touch . You pay for all the extras. Cars grow in size , horsepower increase and so on but people are willing to pay for a 60k F150 no problem at all. I love cars but I don't spend my hard earned money on something where I lose money every single year. It's not a house where I usually keep my value . There're still options out there . Get the base model trim it. I know the look is more like meeeh but it saves you money . Do you need a vehicle to impress people on the road and driveway or for your daily needs ? You make the decision.
We are having the same issue here in Australia 🇦🇺 trying to buy cars or caravans at the moment is absolutely hopeless.. everything is either way overpriced or sold instantly If reasonably priced. Great time to be selling though just not buying
I keep hoping the prices are going to get right soon but it doesn’t seem to be budging. Hey Craig how are you affording to buy cars across the country with the cost of shipping
Searching constantly
Hi, I am not a dealer but more of a project car collector. The 1998 model year is my limit. So 1998 and older. I am one of those guys that look at CL and FB marketplace on a daily basis and try to cover as much of the US as possible. Call it a guilty pleasure. Some people watch the financial markets I watch the prices of pre 1998 cars.
I had the expectation that the price of old cars would drop. The reason being the economy, inflation, food, the pandemic, unemployment ..etc. I expected that people would get rid of their toys or convert the old junker into cash. But I don't see that happening, at least not yet. Why are the old cars holding or increasing in value?
I can understand the situation you are describing in the newer used car market. That is transportation. My niche is not transportation so it should respond to different market conditions.
I would appreciate hearing your opinion on the old (pre-1998) car market. Thank you
One thing that I can say is that when on simulcast and there are live bitting and online the auctioneer bumps the price I have called them out on it that's why we have to be safe with the purchase we are making because the auctioneer and the owner of the units give them a cut sad to say but true blessing to all have a great day
Because sub prime financing is available. All these dead beat buyers are buying cars way over priced because they don't give a shit about the price. All they care about is the payment. I've seen it first hand when I was at the dealer last month. I was haggling the price and the guy next to me was buying a comparable car to mine for 2-3k more. I was like, are you nuts? Didn't care. Approved for the finance. Just wanted the ride. The salesman told me that these sub prime customers end up getting there car repo'd after 6-12 months. Ridiculous if you ask me.
People have a lot of money to put down . You have to get more money down now . As a wholesaler I am busy as hell but I am also getting less cars on lease returns because they are keeping more than they would in normal times . Crazy times for cars right now .
How do you wholesale cars?
Very entertaining! I’m a car guy like you are and I enjoy how there is no ego involved ! It’s not about anything but great information in a fun and some what exciting way ! I’ve made my living in this industry for 30 years!
Another problem I think contributor was the cash for clunkers fiasco. However a 15 year old truck with 205,000 is not worth $15,000.00 period. Auction cars are problems on tires. They are cars dealers can't sell for some reason, insurance totals, lease returns all sorts of things. I say absolutely never buy an auction car unless you want to fix it.
.....front line needs work....cars are like food, we eat with our eyes.....Can you flip a repo immediately, or do you have to wait for a specific period?
As soon as the free money is gone car prices are going to dive south , meat prices are going to drop , the streets are going to be filled with people who are homeless. It's going to get ugly.
Really the biggest factor is the weak US Dollar, which looks strong relative to other currencies but it’s still weak. It’s why everything is expensive, not just cars. Has anyone noticed over the past 10 years? The low annual inflation rate reported by government is a lie.
I'm not buying to many car right now, Because in South Carolina prices are crazy especially on trucks people are over paying for cars with 300,000 miles on it. I'm not getting stuck with a car for a long time because I overpaid for it, and now I'll have to overpriced it.
Here it is, September 1st 2020 and I am perusing the internet trying to find out why I have to pay through the nose to get my daughter a used car for college and work. You answered my questions. Thank you. I guess that she will have to wait, I am not going to be bent over for a used car.
I hate to be Captain Obvious but your views increase exponentially when Alissa appears in them. She should start her own youtube channel about detailing cars.
Do they have any older cars like 60s to 80s muscle cars? Im looking for a 240zx to a 280zx. Have you seen anything like that or chevelles..Do you have to be a dealer to bid?
Very good video.Thanks
So the question I have is, are those dealers who are buying cars above value selling them for a profit.
Here in SC there's a used car dealer every 1/2 mile and many of them are buy here pay here.
Not even sure how that changes things.
Dont forget too that the new car manufacture's were shut down for a while and now they are running full bore. They were in a shortage due to that but just give it a little bit and all prices will come back down. Im going to wait to buy a new car or good used. If you can wait it out for 2-3 months, I think it will be worth it. Housing is more important than a new car will be..
S0 you touched on a majority of the issues. The one thing the you left out was franchise dealers are not getting new car Inventory, so they are keeping their trade-in's , not taking them to auction and buying a bunch of used cars to make up for their lack of new car sales. They can not get new cars in because the factories were closed so they are buying pre own cars to make up for their loss and new car volume.
I worked for Carvana when it first started out. Honestly they may overpay for their vehicles but usually that’s because they have customers already asking for the particular vehicle so they know they will sell it.
"To much risk" How about a boat?
What a joke!!!!! Used car prices going up ..Haha. wtf people not working, no jobs schools closed, nowhere to go and you say prices are up
Idk man people are dummies and with all this stimulus money and unemployment money coming in, people are buying regardless if you decide on increasing the price. I mean cmon man, people are getting double the pay of people who are actually working smh