trade in values exploding

[Axe]

Please tell us how it goes. I am not 100% about Vroom or Carvana.

In and out in 6 minutes. They didnt even start it til after everything was signed and they handed me the check. Went forward and reverse in the driveway a few times, that was it. Price as quoted online, $34,272. And that was with no inspection sticker because the buttwads at Koch 33 failed it for a dime sized crack in the windshield that they passed the last 2 years.

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[Pancho Kornwallace]

In and out in 6 minutes. They didnt even start it til after everything was signed and they handed me the check. Went forward and reverse in the driveway a few times, that was it. Price as quoted online, $34,272. And that was with no inspection sticker because the buttwads at Koch 33 failed it for a dime sized crack in the windshield that they passed the last 2 years.

Carvana or Vroom?

 

[Axe]

Carvana or Vroom?

Carvana

 

[Pancho Kornwallace]

Carvana

Based on the sample of people posting here...

Carvana Good / Vroom bad in terms of customer experience. Unfortunately, my Vroom quote is higher.

 

[PDiddy]

Caravna would buy my gladiator from me for 2k less than I paid for it a year ago.

I’m considering getting a ram 1500 for large tow capacity and range. I was looking at used but it doesn’t make sense. New ones are only a few thousand more.

 

[Streetfish]

Carvana is coming to get my FJ Saturday... they offered me 34k for it. That's what I paid brand new. Heck, even if they get here and say we're only giving you 30 I'll take it

Damn, wonder what my 2014 FJ TTUE w/ 98k miles would fetch. I paid 27k about 1.5 years ago.

 

[awall987]

Damn, wonder what my 2014 FJ TTUE w/ 98k miles would fetch. I paid 27k about 1.5 years ago.

I just put in for a quote on Carvana for my 2011 FJ with 68k miles. I bought it back in 2013 for $27k and the offer is for just over $27k. Crazy I can sell if for $30 more than I paid 8yrs ago. I'm not getting my Bronco for a while so not sure if I can use just the LJ yet. I'd also take off as much after market parts as I can and sell those separately.

Too bad the Carvana quote on my 2005 LJ is a complete low-ball, $9k not even close.

 

[Streetfish]

I just put in for a quote on Carvana for my 2011 FJ with 68k miles. I bought it back in 2013 for $27k and the offer is for just over $27k. Crazy I can sell if for $30 more than I paid 8yrs ago. I'm not getting my Bronco for a while so not sure if I can use just the LJ yet. I'd also take off as much after market parts as I can and sell those separately.

Too bad the Carvana quote on my 2005 LJ is a complete low-ball, $9k not even close.

Lol that is nuts. I bought the FJ because my lease was up on my previous car but I've really grown to love it. I'd like to keep it when I get the bronco but it will be hard to justify, especially with these prices.

 

[BroncoAZ]

yeah man, my lease on my Tahoe runs out this Oct. Right now my car, according to KBB is worth about 10k+ more than the residual. I'm thinking of buying it out, and then leasing a 2021 Tahoe. HOWEVER, as hot as the trade in market is, it's borderline impossible to find anything new. I literally can't find a Tahoe.

Same with the housing market. Houses in my neighborhood have exploded. We could easily make upwards of close to $200k more than what we bought our house for. So my wife asked me "should we sell the house?". I was like yeah, but then where do we move? anything we'd buy would be just as expensive. So at least in that situation, it's a wash. My neighbor made out tho, empty nester, was ready to downsize. Made a killing.

These car and house values have a name, it’s called inflation. Our currency has been devalued by the constant flood of government money pouring in for years, then exacerbated by Covid. For those of us that are cash savers, we’re actually losing money while it’s sitting in the bank. The $50K I have saved for my Bronco is probably down 20% in value in the past year. I don’t think we’re going to see prices go back down, but wages certainly won’t keep up.

 

[rugbysecondrow]

These car and house values have a name, it’s called inflation. Our currency has been devalued by the constant flood of government money pouring in for years, then exacerbated by Covid. For those of us that are cash savers, we’re actually losing money while it’s sitting in the bank. The $50K I have saved for my Bronco is probably down 20% in value in the past year. I don’t think we’re going to see prices go back down, but wages certainly won’t keep up.

Yes and no. If you locked in the price for the Bronco, And you are using the cash for Bronco, then the inflated prices won't hurt you. If you were waiting until 2022 because you want a magical green Bronco with 37 cup holders, then yes...inflation will bite you.

Do I think we have inflation, yes. Does inflation account for the sharp 30% increase in used car values...nope. it is basic Supply and Demand. Once the supply side is correct, prices will fall back closer to normal, with some built in inflation.

If you are lucky enough to be able to sell high, while having your Bronco prices locked at pre-surge levels, this will be a good opportunity for some.

 

[PowPow]

These car and house values have a name, it’s called inflation. Our currency has been devalued by the constant flood of government money pouring in for years, then exacerbated by Covid. For those of us that are cash savers, we’re actually losing money while it’s sitting in the bank. The $50K I have saved for my Bronco is probably down 20% in value in the past year. I don’t think we’re going to see prices go back down, but wages certainly won’t keep up.

Absolutely. Keeping money in a savings account right now is actually losing money due to inflation rates being more than interest rates.

Luckily my Bronco down payment money is in the stock market. So while these delays suck, at this rate I'll be paying cash for the thing... Hopefully!

 

[BroncoAZ]

Absolutely. Keeping money in a savings account right now is actually losing money due to inflation rates being more than interest rates.

Luckily my Bronco down payment money is in the stock market. So while these delays suck, at this rate I'll be paying cash for the thing... Hopefully!

I have other money in the market that is growing, but I keep a year’s worth of mortgage payments in a separate account as an emergency fund. The other~$50K cash savings is leftover from selling my 2020 Raptor last fall. It was closer to $80K and I was saving it towards a boat this year, but I purchased a more modest boat for $28K so the rest covers my Bronco or whatever.

With these used car values I should’ve kept the Raptor and sold it now. At the time I was moving cross country for a new job with a company truck. With the Bronco on order I figured I didn’t need the Raptor, there’s no place to properly use a Raptor anywhere near Cape Cod.

 

[PowPow]

I have other money in the market that is growing, but I keep a year’s worth of mortgage payments in a separate account as an emergency fund. The other~$50K cash savings is leftover from selling my 2020 Raptor last fall. It was closer to $80K and I was saving it towards a boat this year, but I purchased a more modest boat for $28K so the rest covers my Bronco or whatever.

With these used car values I should’ve kept the Raptor and sold it now. At the time I was moving cross country for a new job with a company truck. With the Bronco on order I figured I didn’t need the Raptor, there’s no place to properly use a Raptor anywhere near Cape Cod.

I hear ya... not the same comparison, but I sold my Saab 9-3 in Sept to invest the money vs having it sit out front, leak oil and depreciate... but boy was I wrong, even my lousy Saab has doubled in value since Sept. but oh well, can't predict the future... If I could, I sure wouldn't be complaining about an extra $1500! haha.

 

[Kevin W]

Dang, I did a Kelly value in March $13500 was the value. Just resubmitted the same application today and it’s $16148. Quite a jump in value. Already had two dealers call asking me to bring it in for them to see.

 

[Graybs]

My 2019 Tacoma lease was set to expire on May 21, 2021. Instead of turning it back into the dealer and having to pay for some minor cosmetic damage, I took a trip down to Carmax yesterday and got a check for more than $4k. I couldn't believe it. If I had not seen this thread, I would have just turned it back in and paid money. Now I've got a little more for my down payment!

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