We have 2 jeeps a 2012 Wrangler Unlimited Sahara and 2018 JL Wrangler Unlimited Sahara. In 2022 I wanted to trade my JL in on an either a new Gladiator or Wrangler Rubicon. The dealers here in the greater Seattle area all wanted more than sticker and the sticker was already ridiculously high. I could afford to buy even at their high prices, but I refused to pay more than sticker for a new car ever, and held on to what I have. I have no sympathy for what the Jeep dealers are going through now, as I think they have been price gouging for sever years now.
Yeah prices are NUTS! Need to drop 50% both new and used. I won't upgrade to a new work truck for $60k and I definitely won't buy a used truck with 150k for 15-20k.
@@jeradmiles1956 Why are other makers any better? It's all just perception. I had a Lexus LX470 and hand a ton of issues in the so called most reliable SUV ever made including the transmission going out but I also had a Mercedes GL450 that is said to be unreliable and took it from 90k miles to 135k with 0 issues, I did have one issue after letting it sit a few years it developed an air suspension issue but I was able to fix it myself with a new pump and valve body that was leaking cost me around $750 for both parts and I did the work myself, not that bad really.
Prices are just coming down to where they should have been...needs to drop another 10% --> 15% IMO. If you are underwater on a car that is poor choices...everyone should only buy what they can afford to pay off 100%...
Tesla having best sales year ever in united states. Legacy auto continues to fail as Tesla eats their lunch. Meanwhile fake news keeps saying Tesla is failing. Tesla has over 30 billion in cash. Ford has over 200 billion in debt. How about a little honesty here.
The prices have dropped!! I bought a 2023 jeep grand Cherokee at 8k below msrp and it is now worth 14k less than what I paid. That my friends is a drop in value.
But if a dealer sells it i bet it sells for close to current msrp. Look at Ram trucks right now. Ram 1500s are selling for 70k and people are stupid enough to buy.
I purchased my current vehicle (2017 model) in 2021, and paid roughly $5,000 more for it than if I'd purchased before corona. I was looking for a couple of years, and it was the nicest one I'd seen. The premium doesn't matter too much because I usually keep my car for at least ten years. I traded my last car after 12 years.
Hey guys, another great video! Thanks so much for going in depth on our study. Hope you find a good buyer for your Colorado, Andre ...and hope everyone buying used gets to take advantage of some of these lower prices.
I just spent $345 for a cat back exhaust system on my cherry 1996 Ford Aerostar XLT 3.0 van and I know this baby has 200lk left in her. Such a comfortable ride!
All this during a "booming economy". Just wait until we're in recession with higher unemployment. This is not going to end well for those that overpaid or didn't put anything down on their loans. We already have more repos than we did during the GFC!
Used car pricing has not dropped enough to make it a better value over new. Plus, many of the incentives on new cars are coming back. The desperation of buying a car seems to have subsided from the backside of covid days.
Good point! It’s the fickle fools like me that take a hit. Fortunately I sold my last new vehicle I owned in 2022. My newest vehicle I now have is a 2003 F150 Lariat Crew Cab. Then I have 43 others from 1929 Model A pickup restomod - 2002 F150 Lightning (supercharged V8 glory!!) 😂😂. I drive every classic, even the ultra low mileage ones. Wouldn’t own one if it was so special that I wouldn’t want to drive it! Took my DeTomaso Pantera out yesterday for a 300 mile drive round trip!! Took 1.25 tanks of premium,,,😂😂😂. Today I will detail the exterior & finish up on the annual service it gets. Wayyyy more fun than owning new. I have increased the value of my collection by just over $1.1 million in the last 18 months. Some good trades and loads of C10 pickups. The 10s are so popular they are becoming common, so a smart guy would liquidate that, but almost all are artwork to me so they could plummet in price and I wouldn’t sell. Did that twice already and regretted it both times. (Slow learner I guess 😂😂). I suspect the value of the whole collection will stay pretty flat to losing about 2% over the next 2 years. Better than owning new & taking a big hit in depreciation now. 😊
How is this news? The entire car market is crashing! New Truck pricing averaging $100k per vehicle is unsustainable. And, the secondary car market was inflated due to the lack and shortage of microprocessors for three years. I for one am happy to see the car industry crash. It will bring pricing back 25% above production pricing.
100k average truck price is a ridiculous exaggeration. Get off the internet, go outside for once and check out a dealer lot. I challenge you to find a pickup over 100k that isn’t a luxury vehicle with a bed and massaging seats. Hell even most of the Denali and Platinum trims are sub 100k and you get a hell of a lot more than you would from a BMW or Mercedes of that same price. Quit complaining and go buy a Silverado work truck or f150 xl
@@yunghernando3946 Nope, not an exaggeration. For the last three years, the average price for Dodge, Ford, and Chevy Trucks was $97K! Several industry videos explain how dealerships caused this with their $20K markups.
@@theylied1776 are you Canadian? Even during COVID I never saw a 20k markup on trims similar to an XL or XLT. Now in the 2010’s everyone got used to buying Lariats and up, the prices of everything in general have gone immensely and yes markups are a thing as well. Inflation wouldn’t be as bad if wages kept up. But they haven’t for decades
@@yunghernando3946 I see, English is your second language. The leading authority on the car market is CarMax. They release easy to find quarterly reports, I'll dumb that down, that's 3 months, for anyone to read. During covid there was a shortage in automotive microprocessors, auto manufacturing fell to its lowest production numbers in almost 100 years. So new and used car lots were marking up their vehicles by $20,000 sometimes $40,000.
I bought my 18’ 3500 Ram Limited at the end of 19’ after it was sitting on the lot for a whole year for $58k. I can hardly imagine after five years and 50,000 miles the kbb shows it is worth more than I initially paid. I happened to get a nice discount and full retail in my trade since my 1500 ecodiesel spent well over 60 days in the dealership with apparently unfixable issues.
I’m glad this is happening. Car prices are way too high. I bought a used ‘18 Chevy Volt when gas was very cheap and got an amazing deal on it. Planning on driving the same car for the next 10 years. Sorry car makers, I ain’t no sucker.
I knew a couple of people that had bought new trucks before covid that had the dealerships calling, sometimes a couple of years after they had bought it, and offered them as much as they had originally paid for them.
My wife bought her 2019 Jeep Grand Cherokee Summit new in 2019, it was around 57,000.00 MSRP. MSRP for an equivalent vehicle in 2022 cost 50% more!!!! Ridiculous.
Prices are not just dropping for used vehicles, but also new ones. We just purchased a new Jeep Wrangler Rubicon with a 22% discount from the MRSP sticker. I don't recall ever buying a new vehicle in the past with such a hefty discount.
That discount you got was because dealers are desperate to sell since no one is paying their current prices so they have to discount to move the metal. Even at 22%, I wouldn’t call it a deal as its still high for what you get but its better than paying msrp.
Part of the problem is the private sellers. You have asshats out there thinking that a car with a bunch of leaks, a bad engine or trans is somehow worth only a few hundred or a couple thousand less than a perfectly fine running and driving car of similar miles. For example. Been looking at Caliber SRT-4's and with anywhere from 90-120,000 miles with no major flaws they're worth 6-8k and back before covid they were worth between 45-5500. You have people out there selling them with blown engines, missing body panels and bald tires for 4500 to 5500 even though a used engine is somewhere around 2000 to have one dropped in and a good rebuild is 2500 at least before dropping it in.
There are flippers out there that do nothing to a used vehicle but drive it home ! No inspection - no fluid changes or any detaling and resell em for a couple thousand more than what they paid for it ! And the fuel gauge is always on E ! Buyer beware !
I just bought two used cars and sold one. All older. There is NOTHING decent for sale. Anything you buy will require massive reconditioning even from a dealer. I sold my perfectly maintained car for full book in 30 minutes but looked for three weeks and bought crap
Agreed, I spent months searching for a good Frontier/Xterra. I was lucky to have a second car. Everything out there was overpriced or had some kind of undesirable trait (poor service record, multiple owners, etc). Finally, finally, found a clean 1 owner 100k mile 6-speed 2014 xterra with 38 dealer service records on Carfax. Finding a gem can’t be understated. Bought it the day I saw it.
TFL lost $15k on the Model 3, but they also could have been eligible for $7500 rebate if they were most customers. That's part of whats pressing down values that would have otherwise only been down 12%.
I own a 2013 Infiniti G37 with 74K miles on it. It's been fully paid off for a long time. There's no car that can deliver the same driving experience at this price, $0, for me. Hence, I will keep driving this baby for as long as it runs.
Some major factors killing the auto industry: * Government over-spending that led to inflation, which makes the price of EVERYTHING go up. * Government subsidies of EVs, which drives up auto prices overall. * Price of petro-cars has been increased to help cover the cost of EV production. Petro-powered vehicles are far cheaper to make than EVs. * Government over-regulation of petro-cars, partly due to false claims about human contribution to climate change, and partly due to government officials wanting to make money off their investments in EVs (e.g. Nancy Pelosi). * Government over-regulation of the petroleum production industry (e.g. continuation of Obama's "Cap & Trade" policy). * Union Leaders pushing for wages so high that they ruin the profit of the company they work for. The UAW wrote their own death sentence. If the company cannot make money, then you are out of a job! Instead, union leaders should be pressuring the company to only make vehicles that can profit without any government subsidies. In other words, only make vehicles that people want to buy! Stop the silly electronic bells & whistles. Make something that is reliable and easy to fix/modify by oneself, sold at an affordable price. (I have a degree in Electronics Engineering Technology -- I want as little electronics as possible in my vehicle -- I know what can go wrong!) * Auto manufacturers have been too weak to fight government over-regulation, so they are losing their businesses.
Ford fusion S and SE can be had below 20k at Enterprise Car Sales. i purchased a 2020 for 13.9k compared to a dealership with more mileage and more money. I do recommend taking the car to a mechanic and asking them to delete all previous drivers data.
With the high prices of new vehicles, I'm in the used car camp. I'm happy to let someone be the first of the block to have one and pay the depreciation for me.
I don’t think people realize how much debt others are taking on to buy a new vehicle. I hope with the used prices going down, it will drive the new prices down.
I dislike the used car market in Australia, people sell their ‘problems’ onto others for way to much money, and used dealers sell brands like Toyota at a huge premium because securing new models have wait times on back orders.
I'm looking for a brand new jeep Wrangler 4x4 2 door only, MUST BE A 2 DOOR ONLY ! Can't find any on lots. Is this something I need to order directly with my local dealer or just keep waiting.
I ordered my Wrangler new. Get it exactly with the options you like. Make a list, select the color, engine, axle, final drive ratio and more. Then visit multiple dealers in your area and get the best out of the door price. Sure, you have to wait for it to be built and delivered but it is exactly how you want it and nobody has been using it for test ride.
New vehicle prices are ridiculous, as is a lot of the used market. I want to see prices continue to fall. Not used vehicles selling for what they went for in new condition back when they released.
I bought my 16 corolla in 17 for 12,900 sold it last year 23 for 10,000, was getting offers to trade it in about 2022 for 13,500, I just didn’t find what I wanted to get for a price I wanted to pay.
I haven't bought a 'New' vehicle since 1992. I buy used, around 5 years and less than 100k miles. My last purchase was in 2019. Not really interested in getting rid of her; I am disabled only drive 4-5k a year and it's the right size to get in and out of.
We were able to take advantage of the insanity when we left the US in 2021 unloading vehicles for more than we bought them for, although we of course paid the covid tax when we needed to purchase transportation in our destination country. We recently traded vehicles and took a AUD10k hit. I am all for vehicle prices coming back down to reality, however I do wonder if it is a canary in the coal mine for the economy as a whole.
Yes, Stellantis has made terrible decisions but these dealerships have had unbelievable markups since Covid. Over a year and a half I’ve seen dealerships giving discounts and making an effort to bring down prices EXCEPT Dodge, Jeep, and Chrysler dealerships. I haven’t seen any. I believe these dealerships greed is also a major contributor to their downfall.
First, the average price is falling but it's not crashing. Second, the reason the average price is falling is that there are fewer "premium" used cars in the lot nowadays. An increasing in repo vehicles and a large number of used cars with over 100k mi is why the average price dropped.
Before Covid, the only vehicles that really retained value for a long time were Full size trucks, and a Tahoe/Suburban. All these cars and smaller SUV's (that can't really tow heavy weight) shot way up in price... Not to mention used cars have a terrible interest rate. Not only were people WAY over paying for vehicles, they were then taking out 15%+ loans on them.. Just proof again, if demand is high, price goes up, demand is down, prices goes down.. Same with the housing market...
Paid cash for a new car in 2018. I daily drive my cars 365/ all seasons a year until they rust out. None of this hand wringing over new/used prices phases me a bit, and likely wont for another decade.
I believe that the higher percentage of cheaper cars on the market has alot to do with inflating living expenses since covid... cost of living has gone crazy so alot of people are getting rid of that 2nd or 3rd toy cars.. generally a family's 2nd car or "dads car" 😅 is generally cheaper vehicle.. I believe this is a huge factor to a flood in cheaper cars.
This is kind of silly. It's just the market returning to normal times. In the times before the pandemic, as soon as you signed the dotted line, you already lost like 20%. People starting taking crazy advantage of the supply chain issues where used cars retained or appreciated in value. A car is never an investment (unless you're an Uber driver or something). A car is an expenditure.
Buying new is a fools game. Regular vehicles are not assets; they are liabilities. If you use a vehicle for biz and generate revenue far exceeding the vehicle cost, that's different. If you want to get rich with the $ you already earn, whatever that amount is, do this: - Buy a reasonable vehicle for your lifestyle that 3 or 4 years old with 33 to 40k miles on it. Don't buy any dealer add-ons or products. Don't use their financing either (use a bank or credit union you have a relationship with). Pay cash if possible, since the amount should be $30k or less. - Maintain it well. Drive it to 150k miles. - Invest the $ you saved Unless you are driving a large amount of miles, you'll only have to do this every 6 to 10 years. Since you financed a small amount (or none at all), you are never under water.
must not be looking very hard. Back in July I was able to talk a dealer down $6k on my 2022 Defender. Remember when it comes to used cars... List Price does not equal Selling Price.
@@nothingtoseaheardammit in case you haven't noticed, a major hurricane named Helene came through and tossed everyone's salad here on the east coast, destroying cars like it was her job. We've also got Milton bearing down on us as the icing on the cake. I stand by my original statement as supply is low, demand is high. Also, talking a luxury brand down on a vehicle not known for reliability or good resale value isn't a brag. That dealer made plenty of money as those things are inexpensive at the auctions.
@@bandwagon240 It's definitely happening. We've been used car shopping for the last several months and we've seen the price of comparable vehicles drop by about $2000 just since August.
Am I wrong that I feel good that I got a little payback? I bought a used 2017 Infiniti in Fall of 2021. 6-8 months earlier that same vehicle could have been had for 5k less but I was coming off a lease and I had no negotiating power. Fast forward to this past week and I was able to trade that in for a 2-year-old used EV that was 25k off its MSRP. So if you're buying anything used (especially an EV) it is good despite not getting as much as I would have liked on the trade. Still after 3 years of them sticking it to us with high used car prices, I feel now is a good time to buy. Plus you have to keep in mind that for the next year or two, the supply of used cars will remain relatively low due to less people unable to trade and less leased vehicles from 2022 and 2023.
still a lot overpriced - here in Europe prices have dropped a lot more, but it all depends on the model and so on. Some even stayed at the covid level cause the market is tight and demand high while those niche cars are rarely sold for example special audi or mercedes models like the audi RS and so on. But everything has to match to stay high, in general Audi and Mercedes stalled big time in the past months, even a lot more for EVs in general. Best offer is a used Porsche Taycan if you can do the maintenance yourself or you are willing to pay for that which can become quite expensive. It is not the best EV out, for sure cause the new model year has crashed the used Taycan due to a high amount of innovations that the owners appreciate from efficiency over range and so on . Those owners wanna get ahead and get the hottest and best Porsche and therefore flood the market with use 2 to 4 year old for 100.000€ less. And that is the opportunity, if you can afford that maintenance which is important for the residual value and of cause the tire tear and wear or rather the price for new tires. great video - thanks.
Most of the vehicles on this list do not have the best reputation. People were forced to purchase them due to the covid induced shortage. Also, finance rates on used cars right now are quite high.
Andre, if you can add a cruise control for a few hundred bucks you might want to do it. I think the value of a truck and ease of selling in 2024 suffers without cruise control more than a few hundred dollars.
The increase in Wrangler price is because of the 392. Obviously there were no 392s on the used market in 2019. You should be looking at the median price and not average. Average gets skewed by the enthusiast models like the 392 and TRX. This average tells you nothing about the used Wrangler prices other than they introduced the V8.
Good news about being "under water" on a vehicle: Unless there's something seriously wrong with it, just pay it off and keep it. They are vehicles, not stock shares. Why worry so much about it's street value? Also, why rush to get back into another $500-$900 monthly payment for another few years?
At this point Id rather spend the money on a new Car. End of Nov/Dec you should be able to get a great deal on a new car for less than some of these Used cars
Yeah, more like a correction. Although hurricane Helene flooded out tons of vehicles, so I wonder what effect that will have as people start to replace totalled vehicles.
Jeep (Stellantis) continues to sneak up on you in the prison shower. It really is ridiculous. And I own a JL & Gladiator. But - TFL, please stop the alarmist thumbnails & clickbaity M.O. A standard market correction is not a “PRICE CRASH,” nor is it even a fall. It is a correction of an inflationary anomaly. Tracking it out to 2014 would have shown standard deviations on market values of used vehicles.
This. Is. So. Heart. Breaking. What will the consumer do being able to purchase a vehicle for a reasonable price. Now, the new vehicle needs to drop $20k to bring them back to normal, but I have a feeling manufacturers will create a shortage.
Unfortunately there has been a 30% inflation over the past four years that’s 15k on the average sale priced car. Inflation doesn’t reverse only slows. New cars are not coming down.
It’s already happening. Stellantis has drastically cut back production of Wranglers and Gladiators because they just aren’t selling, have stated they won’t start production of the 2025s until the current ones are sold, and I’m willing to bet will produce drastically lower numbers of 2025 Gladiators and Wranglers to keep this from happening again (and prices high).
Yeah Tesla markets it as a competitor to like the A4 and BMW 3 series because of the price points being the same but if you replaced the electric engine with, say, a 4 cylinder gas engine it would be more of a direct competitor to a base Honda Accord or a Nissan Altima but worse.
We have 2 jeeps a 2012 Wrangler Unlimited Sahara and 2018 JL Wrangler Unlimited Sahara. In 2022 I wanted to trade my JL in on an either a new Gladiator or Wrangler Rubicon. The dealers here in the greater Seattle area all wanted more than sticker and the sticker was already ridiculously high. I could afford to buy even at their high prices, but I refused to pay more than sticker for a new car ever, and held on to what I have. I have no sympathy for what the Jeep dealers are going through now, as I think they have been price gouging for sever years now.
seattle is always expensive pre 2019. i exclusively buy out of state now
I don't understand how the government allows this, I'm guessing they are in bed with the automakers.
Do your homework, new Wranglers can be purchase well under MSRP.
Jeep sucks.
@@michaelsteel5177now but not in 2022, like the comment states.
Yeah prices are NUTS! Need to drop 50% both new and used. I won't upgrade to a new work truck for $60k and I definitely won't buy a used truck with 150k for 15-20k.
They didn't drop enough!
because of inflation
The momentum will take it below that original 40%
@@wheelman2096because of dollar devaluation
I feel like especially with the stellantis products, it's a better deal to buy a new one with a heavy discount for a little bit more than a used one.
Especially if you want to keep it long term.
Best bet is to just not buy a Stellantis product
@@jeradmiles1956 Why are other makers any better? It's all just perception. I had a Lexus LX470 and hand a ton of issues in the so called most reliable SUV ever made including the transmission going out but I also had a Mercedes GL450 that is said to be unreliable and took it from 90k miles to 135k with 0 issues, I did have one issue after letting it sit a few years it developed an air suspension issue but I was able to fix it myself with a new pump and valve body that was leaking cost me around $750 for both parts and I did the work myself, not that bad really.
Prices are just coming down to where they should have been...needs to drop another 10% --> 15% IMO.
If you are underwater on a car that is poor choices...everyone should only buy what they can afford to pay off 100%...
I’m retired, grocery stores deliver, so does Amazon, I can Uber, why should I buy a new car?
Tesla having best sales year ever in united states. Legacy auto continues to fail as Tesla eats their lunch. Meanwhile fake news keeps saying Tesla is failing. Tesla has over 30 billion in cash. Ford has over 200 billion in debt. How about a little honesty here.
Prices still need to come down more, but people that paid over MSRP kind of deserve their own doing. Never pay over MSRP.
The prices have dropped!! I bought a 2023 jeep grand Cherokee at 8k below msrp and it is now worth 14k less than what I paid. That my friends is a drop in value.
But if a dealer sells it i bet it sells for close to current msrp. Look at Ram trucks right now. Ram 1500s are selling for 70k and people are stupid enough to buy.
I purchased my current vehicle (2017 model) in 2021, and paid roughly $5,000 more for it than if I'd purchased before corona. I was looking for a couple of years, and it was the nicest one I'd seen. The premium doesn't matter too much because I usually keep my car for at least ten years. I traded my last car after 12 years.
Hey guys, another great video! Thanks so much for going in depth on our study. Hope you find a good buyer for your Colorado, Andre ...and hope everyone buying used gets to take advantage of some of these lower prices.
I just spent $345 for a cat back exhaust system on my cherry 1996 Ford Aerostar XLT 3.0 van and I know this baby has 200lk left in her. Such a comfortable ride!
All this during a "booming economy". Just wait until we're in recession with higher unemployment. This is not going to end well for those that overpaid or didn't put anything down on their loans. We already have more repos than we did during the GFC!
Used car pricing has not dropped enough to make it a better value over new. Plus, many of the incentives on new cars are coming back. The desperation of buying a car seems to have subsided from the backside of covid days.
if you drive your car for 10-15 years it doesn't matter if you're underwater
Good point!
It’s the fickle fools like me that take a hit. Fortunately I sold my last new vehicle I owned in 2022. My newest vehicle I now have is a 2003 F150 Lariat Crew Cab. Then I have 43 others from 1929 Model A pickup restomod - 2002 F150 Lightning (supercharged V8 glory!!) 😂😂. I drive every classic, even the ultra low mileage ones. Wouldn’t own one if it was so special that I wouldn’t want to drive it! Took my DeTomaso Pantera out yesterday for a 300 mile drive round trip!! Took 1.25 tanks of premium,,,😂😂😂. Today I will detail the exterior & finish up on the annual service it gets. Wayyyy more fun than owning new. I have increased the value of my collection by just over $1.1 million in the last 18 months. Some good trades and loads of C10 pickups. The 10s are so popular they are becoming common, so a smart guy would liquidate that, but almost all are artwork to me so they could plummet in price and I wouldn’t sell. Did that twice already and regretted it both times. (Slow learner I guess 😂😂). I suspect the value of the whole collection will stay pretty flat to losing about 2% over the next 2 years. Better than owning new & taking a big hit in depreciation now. 😊
Depends. If you are stuck with a high APR loan and the credit market tightens up, your 25K Honda is now a 35K Honda. Not great for long term finances.
@logik… What you wrote doesn’t make sense.
Bingo. Drive the same car forever... Resale value and depreciation means nothing
How is this news? The entire car market is crashing! New Truck pricing averaging $100k per vehicle is unsustainable. And, the secondary car market was inflated due to the lack and shortage of microprocessors for three years. I for one am happy to see the car industry crash. It will bring pricing back 25% above production pricing.
100k average truck price is a ridiculous exaggeration. Get off the internet, go outside for once and check out a dealer lot. I challenge you to find a pickup over 100k that isn’t a luxury vehicle with a bed and massaging seats.
Hell even most of the Denali and Platinum trims are sub 100k and you get a hell of a lot more than you would from a BMW or Mercedes of that same price.
Quit complaining and go buy a Silverado work truck or f150 xl
@@yunghernando3946 Nope, not an exaggeration. For the last three years, the average price for Dodge, Ford, and Chevy Trucks was $97K! Several industry videos explain how dealerships caused this with their $20K markups.
@@theylied1776 are you Canadian? Even during COVID I never saw a 20k markup on trims similar to an XL or XLT.
Now in the 2010’s everyone got used to buying Lariats and up, the prices of everything in general have gone immensely and yes markups are a thing as well. Inflation wouldn’t be as bad if wages kept up. But they haven’t for decades
@@yunghernando3946 I see, English is your second language.
The leading authority on the car market is CarMax. They release easy to find quarterly reports, I'll dumb that down, that's 3 months, for anyone to read.
During covid there was a shortage in automotive microprocessors, auto manufacturing fell to its lowest production numbers in almost 100 years. So new and used car lots were marking up their vehicles by $20,000 sometimes $40,000.
Thanks Tommy and Andre. Prices are still too high for me but I’m interested by these trends 👍
I bought my 18’ 3500 Ram Limited at the end of 19’ after it was sitting on the lot for a whole year for $58k. I can hardly imagine after five years and 50,000 miles the kbb shows it is worth more than I initially paid. I happened to get a nice discount and full retail in my trade since my 1500 ecodiesel spent well over 60 days in the dealership with apparently unfixable issues.
Looking to buy used. Although I will wait 1 more year as I feel prices will continue to adjust downward.
I’m glad this is happening. Car prices are way too high. I bought a used ‘18 Chevy Volt when gas was very cheap and got an amazing deal on it. Planning on driving the same car for the next 10 years. Sorry car makers, I ain’t no sucker.
I knew a couple of people that had bought new trucks before covid that had the dealerships calling, sometimes a couple of years after they had bought it, and offered them as much as they had originally paid for them.
Yeah but not anymore. That was 2021-2023 situation.
@is6566 No, for sure not now, this was late 2020, early 2021.
My wife bought her 2019 Jeep Grand Cherokee Summit new in 2019, it was around 57,000.00 MSRP.
MSRP for an equivalent vehicle in 2022 cost 50% more!!!! Ridiculous.
And your still paying on that vehicle 5 years later 😂 2 more years to go at 850$/month! YOU'RE ALMOST THERE
I bought a 2016 summit stickered $55k two years used for $32k. Now they want like $80k for an equivalent. Incentives might bring it down to $70k.
The used car market is just returning to normal 😮😊
Normal would be 2019 pricing. It’s still 30% over that
Prices are not just dropping for used vehicles, but also new ones. We just purchased a new Jeep Wrangler Rubicon with a 22% discount from the MRSP sticker. I don't recall ever buying a new vehicle in the past with such a hefty discount.
That discount you got was because dealers are desperate to sell since no one is paying their current prices so they have to discount to move the metal. Even at 22%, I wouldn’t call it a deal as its still high for what you get but its better than paying msrp.
Part of the problem is the private sellers. You have asshats out there thinking that a car with a bunch of leaks, a bad engine or trans is somehow worth only a few hundred or a couple thousand less than a perfectly fine running and driving car of similar miles.
For example. Been looking at Caliber SRT-4's and with anywhere from 90-120,000 miles with no major flaws they're worth 6-8k and back before covid they were worth between 45-5500.
You have people out there selling them with blown engines, missing body panels and bald tires for 4500 to 5500 even though a used engine is somewhere around 2000 to have one dropped in and a good rebuild is 2500 at least before dropping it in.
Great deep dive!
There are flippers out there that do nothing to a used vehicle but drive it home ! No inspection - no fluid changes or any detaling and resell em for a couple thousand more than what they paid for it ! And the fuel gauge is always on E ! Buyer beware !
I just bought two used cars and sold one. All older. There is NOTHING decent for sale. Anything you buy will require massive reconditioning even from a dealer. I sold my perfectly maintained car for full book in 30 minutes but looked for three weeks and bought crap
Why did you sell yours?
Agreed, I spent months searching for a good Frontier/Xterra. I was lucky to have a second car. Everything out there was overpriced or had some kind of undesirable trait (poor service record, multiple owners, etc).
Finally, finally, found a clean 1 owner 100k mile 6-speed 2014 xterra with 38 dealer service records on Carfax. Finding a gem can’t be understated. Bought it the day I saw it.
@@dozie6650 I didn’t like it, wanted to build a minivan camper and my son who would have driven my car to college daily didn’t like it.
TFL lost $15k on the Model 3, but they also could have been eligible for $7500 rebate if they were most customers. That's part of whats pressing down values that would have otherwise only been down 12%.
I was looking a jeep grand Cherokees as a daily driver/off-roader because they have become more reasonably priced used.
avoid the 4XE models like TFL avoids airing down, they are absolute trash piles
I own a 2013 Infiniti G37 with 74K miles on it. It's been fully paid off for a long time. There's no car that can deliver the same driving experience at this price, $0, for me. Hence, I will keep driving this baby for as long as it runs.
That chip shortage . My Chevy Cruze I bought for 17k in 2017 new. A dealer bought it in 2021 for 18k when I traded it for an Audi.
It’s a curse to greedy dealers.
Some major factors killing the auto industry:
* Government over-spending that led to inflation, which makes the price of EVERYTHING go up.
* Government subsidies of EVs, which drives up auto prices overall.
* Price of petro-cars has been increased to help cover the cost of EV production. Petro-powered vehicles are far cheaper to make than EVs.
* Government over-regulation of petro-cars, partly due to false claims about human contribution to climate change, and partly due to government officials wanting to make money off their investments in EVs (e.g. Nancy Pelosi).
* Government over-regulation of the petroleum production industry (e.g. continuation of Obama's "Cap & Trade" policy).
* Union Leaders pushing for wages so high that they ruin the profit of the company they work for. The UAW wrote their own death sentence. If the company cannot make money, then you are out of a job! Instead, union leaders should be pressuring the company to only make vehicles that can profit without any government subsidies. In other words, only make vehicles that people want to buy! Stop the silly electronic bells & whistles. Make something that is reliable and easy to fix/modify by oneself, sold at an affordable price. (I have a degree in Electronics Engineering Technology -- I want as little electronics as possible in my vehicle -- I know what can go wrong!)
* Auto manufacturers have been too weak to fight government over-regulation, so they are losing their businesses.
Thank you LOVE it!
Great news.....the 2021 Toyota 4Runner with 68,000 miles is now down to $39,000 !!!
Ford fusion S and SE can be had below 20k at Enterprise Car Sales. i purchased a 2020 for 13.9k compared to a dealership with more mileage and more money. I do recommend taking the car to a mechanic and asking them to delete all previous drivers data.
With the high prices of new vehicles, I'm in the used car camp. I'm happy to let someone be the first of the block to have one and pay the depreciation for me.
I don’t think people realize how much debt others are taking on to buy a new vehicle. I hope with the used prices going down, it will drive the new prices down.
I dislike the used car market in Australia, people sell their ‘problems’ onto others for way to much money, and used dealers sell brands like Toyota at a huge premium because securing new models have wait times on back orders.
I'm looking for a brand new jeep Wrangler 4x4 2 door only, MUST BE A 2 DOOR ONLY ! Can't find any on lots. Is this something I need to order directly with my local dealer or just keep waiting.
I ordered my Wrangler new. Get it exactly with the options you like. Make a list, select the color, engine, axle, final drive ratio and more. Then visit multiple dealers in your area and get the best out of the door price. Sure, you have to wait for it to be built and delivered but it is exactly how you want it and nobody has been using it for test ride.
New vehicle prices are ridiculous, as is a lot of the used market. I want to see prices continue to fall. Not used vehicles selling for what they went for in new condition back when they released.
I bought my 16 corolla in 17 for 12,900 sold it last year 23 for 10,000, was getting offers to trade it in about 2022 for 13,500, I just didn’t find what I wanted to get for a price I wanted to pay.
thank you
Double the MSRP in 5 years, overpriced still
I haven't bought a 'New' vehicle since 1992. I buy used, around 5 years and less than 100k miles. My last purchase was in 2019. Not really interested in getting rid of her; I am disabled only drive 4-5k a year and it's the right size to get in and out of.
Price AND age of the used car is key to understanding this metric.
We were able to take advantage of the insanity when we left the US in 2021 unloading vehicles for more than we bought them for, although we of course paid the covid tax when we needed to purchase transportation in our destination country. We recently traded vehicles and took a AUD10k hit. I am all for vehicle prices coming back down to reality, however I do wonder if it is a canary in the coal mine for the economy as a whole.
Yes, Stellantis has made terrible decisions but these dealerships have had unbelievable markups since Covid. Over a year and a half I’ve seen dealerships giving discounts and making an effort to bring down prices EXCEPT Dodge, Jeep, and Chrysler dealerships. I haven’t seen any. I believe these dealerships greed is also a major contributor to their downfall.
First, the average price is falling but it's not crashing. Second, the reason the average price is falling is that there are fewer "premium" used cars in the lot nowadays. An increasing in repo vehicles and a large number of used cars with over 100k mi is why the average price dropped.
Before Covid, the only vehicles that really retained value for a long time were Full size trucks, and a Tahoe/Suburban. All these cars and smaller SUV's (that can't really tow heavy weight) shot way up in price... Not to mention used cars have a terrible interest rate. Not only were people WAY over paying for vehicles, they were then taking out 15%+ loans on them.. Just proof again, if demand is high, price goes up, demand is down, prices goes down.. Same with the housing market...
It's not a drop that matters, I have no idea in your area of Colorado but in Northwest ohio...they haven't and people are still buying at sticker
Oh man, I just traded in my kia niro that KBB valued at 18500. Thanks to a carmax appraisal of 21k, the dealer I was working with gave that to me.
I want a -20% market correction.
Might be crashing in the states, but here in Canada people are still asking 30k for mid 2000's trucks with 300k km on them
I'm now in the market for a good used Toyota. I haven't purchased a vehicle since 2016 so it's a painful process.
Paid cash for a new car in 2018. I daily drive my cars 365/ all seasons a year until they rust out. None of this hand wringing over new/used prices phases me a bit, and likely wont for another decade.
Why watch the video then?
I believe that the higher percentage of cheaper cars on the market has alot to do with inflating living expenses since covid... cost of living has gone crazy so alot of people are getting rid of that 2nd or 3rd toy cars.. generally a family's 2nd car or "dads car" 😅 is generally cheaper vehicle.. I believe this is a huge factor to a flood in cheaper cars.
This is kind of silly. It's just the market returning to normal times. In the times before the pandemic, as soon as you signed the dotted line, you already lost like 20%. People starting taking crazy advantage of the supply chain issues where used cars retained or appreciated in value. A car is never an investment (unless you're an Uber driver or something). A car is an expenditure.
I am surprised this list isn't full of junk kia and hyunDIES; but then again, can't expect them to fall much more under scrap prices
Buying new is a fools game. Regular vehicles are not assets; they are liabilities. If you use a vehicle for biz and generate revenue far exceeding the vehicle cost, that's different.
If you want to get rich with the $ you already earn, whatever that amount is, do this:
- Buy a reasonable vehicle for your lifestyle that 3 or 4 years old with 33 to 40k miles on it. Don't buy any dealer add-ons or products. Don't use their financing either (use a bank or credit union you have a relationship with). Pay cash if possible, since the amount should be $30k or less.
- Maintain it well. Drive it to 150k miles.
- Invest the $ you saved
Unless you are driving a large amount of miles, you'll only have to do this every 6 to 10 years. Since you financed a small amount (or none at all), you are never under water.
Somehow I don't see the used car market going down here on the east coast.
must not be looking very hard. Back in July I was able to talk a dealer down $6k on my 2022 Defender. Remember when it comes to used cars... List Price does not equal Selling Price.
@@nothingtoseaheardammit in case you haven't noticed, a major hurricane named Helene came through and tossed everyone's salad here on the east coast, destroying cars like it was her job. We've also got Milton bearing down on us as the icing on the cake.
I stand by my original statement as supply is low, demand is high.
Also, talking a luxury brand down on a vehicle not known for reliability or good resale value isn't a brag. That dealer made plenty of money as those things are inexpensive at the auctions.
@@bandwagon240 It's definitely happening. We've been used car shopping for the last several months and we've seen the price of comparable vehicles drop by about $2000 just since August.
@@shawnhill4779 not around the southeast you haven't. Supply and demand...supply is now going to be lower with Milton rolling through.
GMC's quality is much better! From new. I still own a 1992 GMC,k 1500 4X4 suburban.
With Original engine, transmission & transfer case.
Still needs to go back to 2019 prices
Am I wrong that I feel good that I got a little payback? I bought a used 2017 Infiniti in Fall of 2021. 6-8 months earlier that same vehicle could have been had for 5k less but I was coming off a lease and I had no negotiating power. Fast forward to this past week and I was able to trade that in for a 2-year-old used EV that was 25k off its MSRP. So if you're buying anything used (especially an EV) it is good despite not getting as much as I would have liked on the trade. Still after 3 years of them sticking it to us with high used car prices, I feel now is a good time to buy. Plus you have to keep in mind that for the next year or two, the supply of used cars will remain relatively low due to less people unable to trade and less leased vehicles from 2022 and 2023.
still a lot overpriced - here in Europe prices have dropped a lot more, but it all depends on the model and so on. Some even stayed at the covid level cause the market is tight and demand high while those niche cars are rarely sold for example special audi or mercedes models like the audi RS and so on. But everything has to match to stay high, in general Audi and Mercedes stalled big time in the past months, even a lot more for EVs in general.
Best offer is a used Porsche Taycan if you can do the maintenance yourself or you are willing to pay for that which can become quite expensive.
It is not the best EV out, for sure cause the new model year has crashed the used Taycan due to a high amount of innovations that the owners appreciate from efficiency over range and so on . Those owners wanna get ahead and get the hottest and best Porsche and therefore flood the market with use 2 to 4 year old for 100.000€ less.
And that is the opportunity, if you can afford that maintenance which is important for the residual value and of cause the tire tear and wear or rather the price for new tires.
great video - thanks.
Most of the vehicles on this list do not have the best reputation. People were forced to purchase them due to the covid induced shortage. Also, finance rates on used cars right now are quite high.
Just bought a 2021 $150k car for 78k market is great for luxury used.
Andre, if you can add a cruise control for a few hundred bucks you might want to do it. I think the value of a truck and ease of selling in 2024 suffers without cruise control more than a few hundred dollars.
The increase in Wrangler price is because of the 392. Obviously there were no 392s on the used market in 2019. You should be looking at the median price and not average. Average gets skewed by the enthusiast models like the 392 and TRX. This average tells you nothing about the used Wrangler prices other than they introduced the V8.
We are so back.
Would be interested in adjusted for inflation pricing percentage
What about the 4Runner?
I wish the NC Miata prices would come down.
I would say interest rates played the biggest reason
Good news about being "under water" on a vehicle: Unless there's something seriously wrong with it, just pay it off and keep it. They are vehicles, not stock shares. Why worry so much about it's street value? Also, why rush to get back into another $500-$900 monthly payment for another few years?
Market correction
100k jeep that really cost 30k is a correction not a crash .
At this point Id rather spend the money on a new Car. End of Nov/Dec you should be able to get a great deal on a new car for less than some of these Used cars
You said you were thinking about your Chevy Colorado is your next vehicle going to have cruise control Andre?
I'd call it moving in the right direction but certainly not a crash.
Yeah, more like a correction.
Although hurricane Helene flooded out tons of vehicles, so I wonder what effect that will have as people start to replace totalled vehicles.
Corollas should start at under 20K as they were before this madness.
Could you do a video about ram trucks.. I’m finding crazy good deals on auto trader that no one’s talking about. Just saw a lone star for 34,000.
A 5% drop on average does little in my eyes. I think they will go lower.
Jeep (Stellantis) continues to sneak up on you in the prison shower. It really is ridiculous. And I own a JL & Gladiator.
But - TFL, please stop the alarmist thumbnails & clickbaity M.O. A standard market correction is not a “PRICE CRASH,” nor is it even a fall. It is a correction of an inflationary anomaly. Tracking it out to 2014 would have shown standard deviations on market values of used vehicles.
They can’t stop being sensational because they need clicks.
@@is6566 Good point. I'll give you that one.
*market correction
Fixed it for you
Im looking for a F-150 2015-2017 5.0.
chant wait to see what the used price of the new Rollsroyce ev specter
The average age of American automobiles has ZOOMED to 14 years old! "Build Back Better" in ACTION!!!
Kamala is gonna fix everything! 😂🤷🏽♀️
😂😅@@DB-os7wl
@@DB-os7wl 👍🏿
It's still too expensive, and new cars, forget it!
This. Is. So. Heart. Breaking. What will the consumer do being able to purchase a vehicle for a reasonable price. Now, the new vehicle needs to drop $20k to bring them back to normal, but I have a feeling manufacturers will create a shortage.
Unfortunately there has been a 30% inflation over the past four years that’s 15k on the average sale priced car. Inflation doesn’t reverse only slows. New cars are not coming down.
It’s already happening. Stellantis has drastically cut back production of Wranglers and Gladiators because they just aren’t selling, have stated they won’t start production of the 2025s until the current ones are sold, and I’m willing to bet will produce drastically lower numbers of 2025 Gladiators and Wranglers to keep this from happening again (and prices high).
I'm under water... It sucks
Why are you thinking about selling your Colorado?
I've lost everything because of the used car market
A price change of less than 10% YoY is a crash?
Especially considering the change in the cost of financing.
Financing costs are going down. The Fed just dropped the prime rate by 1/2%.
@@shawnhill4779 the latest jobs report might mean the end of reductions
50 to 60% off do it and they will come 22s and 23s
Tough noogies to those that HAVE TO sell
Not enough not even close
These are all rental cars being dropped from the fleet. Flooding market will reduce prices
23k for a used rouge? wow....
i never realised the model 3 was so expensive. its got worse build quality than a corolla
Its about the cheapest made car I've ever planted my posterior in.
Yeah Tesla markets it as a competitor to like the A4 and BMW 3 series because of the price points being the same but if you replaced the electric engine with, say, a 4 cylinder gas engine it would be more of a direct competitor to a base Honda Accord or a Nissan Altima but worse.
@@backwoodstherapy performance of a BMW or A4, build quality below a Nissan kicks.
Model 3 expensive? New, it’s less than the average American car price. Used, it’s probably the best buy out there.
Me who lives half world far from USA be like :- hmm intresting
Stelantis killed the ram 1500 its no longer in production
The classic. The standard ram 1500 is still being produced.