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Old March 20, 2017, 13:54   #1
RG Coburn
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Are you guys seeing this?

Used car market going down?

http://www.zerohedge.com/news/2017-0...rash-most-2008

I'm always on the lookout for a better van for my tiny fleet,but I am not seeing anything resembling a buyers market. Just lots of way-over-my-budget vehicles. Even wouldn't mind finding a somewhat newer F series than my current 250 diesel,a 97,but damn,they seem to want well north of five figures even for old ones.
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Old March 20, 2017, 15:03   #2
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Not yet - patience
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Old March 20, 2017, 15:22   #3
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My buddy works at a car dealer in used cars. He has a 2016 Chevy 2500 van with ladder racks bins and bulkhead for $24,000
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Old March 20, 2017, 15:31   #4
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Here trucks are always an exception. You have to go out of state to get a decent deal.
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Old March 20, 2017, 17:44   #5
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Well,

6 months ago I had a hard time getting a call back on a diesel Ram 1500. Now I have them cold calling me on diesel 2500s with crazy low prices.

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Old March 27, 2017, 21:48   #6
Tak
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Used Trucks have been so high priced because NEW trucks are so g-damn expensive, how many average Joe's can afford those things anymore? They're all flocking to used.
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Old March 27, 2017, 23:48   #7
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Once the oilfield picks back up, dealers will be moving new trucks like crazy.

And if the oil market busts again, you'll be able to find hellacious deals on used 4x4 diesel duellys too!
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Old March 28, 2017, 01:34   #8
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market goes up and down, timing is key...its just like buying or selling a house.
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Old March 28, 2017, 07:53   #9
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So how bad is the 'subprime' market? They are loaning money at ridiculous interest rates to all the vunnnables who want a Mercedes or BMW. The housing
market is going to collapse too.
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Old March 28, 2017, 15:21   #10
RG Coburn
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Quote:
Originally Posted by easttex View Post
Once the oilfield picks back up, dealers will be moving new trucks like crazy.

And if the oil market busts again, you'll be able to find hellacious deals on used 4x4 diesel duellys too!
For myself,all I want is a plain-assed white diesel pickup with as few options as possible. For work,plain-assed white Chevy vans,with under 150K miles.
Racks and boxes are a plus.
It just seems like people are asking astronomical prices for 15 year old trucks,and I frankly don't have disposable cash burning holes in my pants. Obamacare ate the hell out of my wallet for the past whatever years,and prying out cash for things is tough.
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Old March 29, 2017, 00:10   #11
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I'm in the same boat you're in. I'm going to have replace my 1/2 ton Sierra shortly and market is ridiculous on trucks. Guess I'll have bite the bullet though because I can't fathom driving a car.
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Old March 29, 2017, 14:30   #12
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Just think 1/3 10 1/2 of the pickup truck is the box. one piece of stamped tin. weighs approximately 500 lbs. the rest is a cab, engine and transmission they should be a lot less for what you are getting.
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Old March 29, 2017, 14:43   #13
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I'm gonna be selling my 08 DC Tundra, 5.7L, 4d, power windows/door locks, backup camera, tonneau cover. 104,000 old guy miles. Oil change every 5K cuz that's easier to remember.

I gotta sell so I can throw the money against my new/used diesel - them diesels are expensive!!!
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Old March 30, 2017, 04:23   #14
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Quote:
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I'm in the same boat you're in. I'm going to have replace my 1/2 ton Sierra shortly and market is ridiculous on trucks. Guess I'll have bite the bullet though because I can't fathom driving a car.
Get a suburban. 3rd row seat lives in my shop and with it out and the middle folded I can stack plywood in it.

They are generally 1/2 the price of a "truck" and the difference more than covers the cost of my open and box trailer.
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Old April 09, 2017, 21:57   #15
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Used Trucks have been so high priced because NEW trucks are so g-damn expensive, how many average Joe's can afford those things anymore? They're all flocking to used.
Depends on the used truck you'll be buying though.
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Old April 09, 2017, 22:27   #16
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From jalopnik.com

Here's how the subprime auto loan grift works:

Take a $25,000 car, $28,000 out-the-door, sold to a sub-prime customer at (letís say 17.5%) interest, and assume $3000 for a trade-in/down payment, $25,000 is financed.
The car dealership has immediately taken their retail commission and probably also got a $250 incentive from the financing company. Dealer is paid off and no longer cares what happens to the car.

The financing company is the only party invested in the car, at this point. They are $25,250 invested. Their deal is 17.5% APR for 60 months. That comes out to a $700 monthly payment, according to bankrate.

Letís assume the buyer starts making late payments after 6 months and defaults after 12 payments:
Thatís 6 late fees at $35 each, 12 payments collected at $700 each ($236 of which is interest).
The bank has made $5568 back in principle, $2832 in interest (profit), and $210 in late fees. They repossess the car, bid it off to a new dealer for $20k.
Car Loan Investment: -$25,000
Incentive Investment: -$250 (I would guess)
Principal collected: +$5568
Interest collected: +$2832
Fees collected: +$210
Towing fees: -$200
Auction Price: +$20,000
Auction Fee: -$500
The bank makes $2,660 in the whole deal.

Now, itís still a gamble. If the buyer defaults in just 3 months, the bank loses money. At 6 months, they maybe break even. At 12 months, you saw my example. The average is probably 18 months, and as you get closer and closer to the 60-months, the bank profits more and more.

In fact, between 18 and 60 months, the bank profits MORE if the buyer defaults, than if he were to carry the loan to the end.

Think about it. If the buyer fulfills the full 60 months, the bank makes about $13k in interest. If the buyer defaults after 48 months, the bank makes $10,400 in interest AND they get to repossess and auction off the car for about $15k.
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Old April 09, 2017, 22:31   #17
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The question then is: Do you really want a used vehicle that may have never been serviced?

A 6 month old vehicle maybe.

Older than that, with a lot of miles, might be a trap.
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