trade in values exploding

[AKBronc49]

I won't be selling anything but I decided to punch in my '11 F150 Limited in NADA/KBB to see what it's worth these days. I bought it in 2014 with 22k miles for $31k (lease payoff). As of yesterday it books for $29k with 79,500 miles on it. I about fell off my chair! 7 years and almost 60k miles later I've only lost $2k. Now when I bought it I had plenty of equity in it but still. Watching the local market the prices just keep going up and up!

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[Robertriley]

This is Crazy. I only paid $18,500 new off the lot 12 years ago. It's like renting the car for $83 a year plus service and maintenance.

 

[Low Hammer]

Most assets are either facing shortages or exploding in cost. It’s called inflation; the consequence of a massive increase in government spending and no corresponding increase in production

 

[dejones64]

This is just pushing me to want to unload my current vehicle now. We can probably survive with just one for a while. I checked Truecar (price was so-so), and then KBB which was drastically better so I'm not sure what to believe yet, and then it's like the stock market - trying to wait for the top.

Would used car prices drop if chips make a comeback?

 

[soonerbronco]

I bought my '20 JLU Rubicon (with 6k miles) April of '20. Paid $47K + tax. Has every option available except BSM. The dealer texted me 2 weeks ago to buy it back for same price but with 18k miles. I wish I could figure out the sales tax credit for my new Bronco.....

 

[BEM-S4]

Just traded GF 3-series on a new one which we ordered. They guaranteed the trade price for the ~10 week wait plus it’s 30% higher than when we looked in Jan. Cant complain about that!

 

[Bronco4lyfe85]

Oh my god. I just checked the value of my wife’s 2017 Cruze we paid 11.5K for. 12-13K? They want to pay me more than i paid for a 4 year old car with 45K miles?! I wish I had a spare for her because I would totally jump on this.

 

[DaBronCo33]

Yeah it’s killing me right now not to be able to ditch my ride. Need my build date already!!

 

[irishdore]

I can also confirm the current used car prices dealers and Carvana/Vroom will pay are about 30%-35% higher than 6-9 months ago. I had my 2013 Ford Fusion Titanium with 64,000 miles and 8 years of kids' crumbs with some bumps and bruises (like minor buffable grocery cart-like dings) quoted at a worth of $9,813 last October. Now, I can get approx. $13,000-$14,000 for it from quotes I've seen.

I, too, have had discussions with my wife about do we just cash in and go down to one vehicle until the Bronco. The major hold back for me is the same as others have said: the uncertainty of when I might receive my Bronco. If by end of this year, then I think we can make it work. If it went well into this same time in 2022 (e.g., a year from now), then no way.

Best,
David

 

[Broncodave]

Would used car prices drop if chips make a comeback?

Yes. Chips and the other commodities will get back on track and then cars will start being cranked out again by all the manufacturers.

There will be a few people that will have their cake and eat it too (get a Bronco and also be able to sell old ride at good price) but most will have to decide to sell car early or not, while prices still hot.

 

[Happytown]

Everybody tryin to figure out if they could ride a bike to work for a few months right now

 

[RedHotFuzz]

i get that I guess what i meant is if vehicles are going to hold value so well, why spend money on leasing. No way they let you off the lot for less than $500/ month for a bronco no matter what the residual is.

Because if residual values are (unnaturally) high when you lease, you'll get a lower monthly payment. And if the residual value drops dramatically (due to their unnatural levels to begin with) during your lease period, the lessor eats that loss, not you. Leasing seems to be a safe way to go in such an environment.

 

[Broncodave]

Everybody tryin to figure out if they could ride a bike to work for a few months right now

I hope those people already own a bike.

I’ve actually got a couple ones that my wife and I never ride. They are like new. I’m probably going to sell them while that market is shit hot too. New bikes are backordered for many months.

 

[jevus2006]

My '14 Ford Focus (82k miles) is being sold to AutoLendersGo for $7000 and will be picked up tomorrow. When I first reserved the Bronco, it was valued around $5k. We will be a 1 car family for a while now. Hopefully not longer than a year.

Carmax online offer was $6900
Carvana around $6100
Vroom at $4800

 

[RedHotFuzz]

Everybody tryin to figure out if they could ride a bike to work for a few months right now

If only each of us had a semi-clear idea of when our individual Broncos would be built/delivered...

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