Used Value Dropping Fast

[Tricky Mike]

My last Carvana offer was about 1/2 of original MSRP on a 21 with 20k. I think that would be pretty normal pre-covid?

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[GroovyGeek]

I was shocked to visit my local dealer's website to see that they still had 24 2023 Broncos for sale, including two Raptors! Discounts range from $2000 for the Raptors to $4500 for the normal models.

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"Discounts" with about the same amount of dealer junk added on

 

[mcinfantry]

Damn
Gonna have to come up switch some really killer sob stories to flip em now!

there were some real good ones how they had no choice but to sell it for more than they paid

I see people buy sell cars a lot and are upside down.

but to be honest you can’t take it with you! Spend it if you got it and you only live once

 

[bigblockfox545]

Could care less about the falling prices. Currently happening to every vehicle in the market. New or used.

The only thing that will make me sell my bronco is if a coyote goes in. Preferably not in the highest trim level. Would like a black diamond, hoss 3.0 and a coyote.

If not I'm keeping mine for the long haul. Great rig.

 

[Googz13]

I appreciate that there are people here that will keep their bronco’s forever and hope to pass it on to family, but the focus of the question is was not meant for that group.

As a mass produced vehicle, the vast majority of bronco’s will make it to the used market and eventually the crusher.

 

[mpeugeot]

Every few months I check my 21 Basesquatch out on carvana and noticed about a 3k-4k drop in value.

I have a lease and was considering a buyout in October; however, at this rate it seems like there will be zero or negative equity at that point.

Anyone else notice a huge drop off or is this just a carvana issue?

LOL, I don't even want to know what my 2021 is worth with 90k miles... They will probably want me to pay them a disposal fee.

 

[mpeugeot]

I went to a few dealers and the offer on my 23, OBX, 3K miles, SAS Hard top was $43,000 for the highest offer, I will keep it with that kind of hit.

I had a different experience this past November, I had a 2023 2door OBX adv 4x4 high package with tow (MSRP 51,270; paid $40,476) and with 5k miles got $49k on trade.

With that offer and the discounts on the F-150 XL 5.0 STX 4wd, I walked out with a new F-150 and kept my now near worthless 2021 2.7 Bronco OBX adv 4x4 with Lux and tow packages.

 

[Wardognal]

It really depends on the brand. Stellantis overpriced their garbage and have months if not half-a-year of supply on the lots. It's why you can get $10K-$15K off Jeeps too. Toyota/Honda? Maybe a few thousand discount at most and not as much supply.

https://www.coxautoinc.com/market-insights/new-vehicle-inventory-december-2023/

Of course each brand will differ. But my point is that the market as a whole has changed. If you have this same chart from a year ago it would indicate less inventory on all brands compared to this chart.

 

[Bigfx]

Yeah, the whole I got ripped off and that’s ok with me bc I’m keeping it forever thing is hilarious, I mean it’s like a reminder of being impatient and making a bad decision!! I mean I got mine 4k below sticker with price protection and I still overpaid lol. The pandemic/covid really did a number on everyone, no one thought the floor was going to fall out and it is but its slowly happening, we will all have to pay the piper I just hope most of yall are old like me and have your own homes etc so while it burns a little it’s not financially strapping you down.

 

[ralexander1211]

Wishing I'd waited just two months to get mine! Going for almost $5k less than what I paid.

 

[BroncoBuckaroo]

Bronco’s are doing better than most

It’s all cars new and used. EV’s are worse..nobody is buying them.

massive inflation with no real increase in wages combined with high interest rates..thats your huckleberry

 

[Fmuguira]

2 year order/wait here… when arrived sticker was $7K higher than my order price; not to mention they were still wanting $5K of ADM still …. So my 23 BL was$12K under the “got to have it” price folks were paying. ( Happy I waited and PP was honored or I d of walked…. Apparently lots of folks don’t care about what something costs or they be got money to burn; not my situation !!!)

 

[ramblinwreck]

I really feel like this is just a return to normal. Vehicles all lost 1/3 to 1/2 their new value in 3 years. It has always been this way. And that 1/2 off won’t include ADM. So the most impatient of you will lose more than half.

COVID and shortages and 0% interest rates al combined to grossly inflate the values of used cars. It was always unsustainable. I bought a Porsche, drove it 4 years and 40k miles and sold it to Carvana at the peak for what I paid for it. How does this make any sense whatsoever? A wholesale price on a 4 year old Porsche was same as new price?

Now that times are returning to normal, expect your $60k 24 Badlands to be worth $30k trade-in come 2027. This is really good news for used car buyers.

 

[cbrenthus]

Prices go up, and prices go down. I paid MSRP for my bronco just over a year ago and got nearly sticker for my wrangler trade-in that was three years old with 20,000 miles. if I was doing it today, I’d probably pay 3 to 5 grand less for the bronco and get 3 to 5 grand less for the wrangler

 

[1st 75th ranger]

I'm not worried. I bought mine to keep it. For years, the Wrangler was one of the best residual values in the land. The same demographic and residual exists for the Bronco. We are in an overall market correction for non-essential things right now. Once the money flows again, toys like Broncos will be fine. Standard production vehicles are depreciating assets, some just better or worse than others.

love mine bought to keep not to sell

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