Car prices are soaring, and they’re not going to stop

AzScorpion

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Looks like it's going to be a bumpy ride for a while now. Glad Ford locked in 2021 pricing for those who had their Bronco orders in by March 19th.


https://countryhighlights.com/us-news/car-prices-are-soaring-and-theyre-not-going-to-stop/


And the price increases aren’t over yet.

The average new car price hit a record $38,255 in May, according to JD Power, up 12% from the same period a year ago.

Wholesale prices for used cars sold at auction are up 39% since the start of this year, according to other data from JD Power. Retail used car prices are up a more modest 20% in the same period. That’s also a significant jump for this time of year, and the higher wholesale prices are pointing to bigger increases on the way.

“That puts wholesale used prices at the highest level they’ve ever been,” said David Paris of JD Power. “And we are seeing used retail prices accelerating rapidly.”
The US economic rebound has pushed consumer prices up at the fastest rate in nearly 13 years, and used car prices alone were responsible for a third of of the 5% overall jump in May.
It’s a 180-degree turnaround in the market from a year ago, when many car dealerships were closed by the pandemic or limited to providing service and maintenance. Massive job losses and a shift to working from home caused a 30% plunge in auto sales in the second quarter of 2020, the biggest quarterly decline since the Great Recession.
Now sales are booming, with May’s seasonally adjusted sales rate for new car sales to consumers rising 34% compared with a year ago, and up 10.6% compared with the more normal sales month of May of 2019.
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Bob902

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Ouch. Glad I have a new truck
 
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AzScorpion

AzScorpion

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My rx7 has gone up like 10k since I got it. Now my ranger is worth more than I paid. Diamond hands yall hahaha
Yeah it's kind of like the housing market right now. It's on fire and would a great time to sell where do you go? Unless you have a second home you're most likely going to spend more unless you're moving from a high COL state like CA,NY or HI.
 
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DeathRanger

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I wonder if used car markets will cool a bit with new cheaper vehicles coming out.

I've seen old gen rangers for 10-15k. If new maverick is 20-25k, that really lowers the bar for used cars.
 

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I just sold a 4 year old used motorcycle for more than I bought it new in 2017... how messed up is that? Thankfully I have a few in the garage. Good time to unload extra wheels if you have them.
 

TremorOwner

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Hmm... didn't think about motorcycle. I have one I barely ride...

This pricing nonsense is why I sold my Tahoe and traded my Jetta for the Ranger. I made out like a king compared to "normal times".

Now if I could just sell my place for a metric eff ton of money but not have to spend it all on a house with some land because of the inflated prices.
 

P. A. Schilke

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I wonder if used car markets will cool a bit with new cheaper vehicles coming out.

I've seen old gen rangers for 10-15k. If new maverick is 20-25k, that really lowers the bar for used cars.
Hi Peyton,

I traded in my 2007 Regular cab XL Ranger with 26,000 miles for a 2019 fully decked out 2019 Ranger at the dealer in Nogales Arizona. My Ranger had a shelf life in the dealer's hands of 30 minutes before it was sold. I did not even have the title to it with me... Had to drive home some 40 miles and back... Trucks here in AZ are in demand. I bought the 2007 new as I was looking for used but with the Z plan it was cheaper to buy new than a quasi clapped out Ranger of which there were many at astounding prices....

Best,
Phil Schilke
Ranger Vehicle Engineering
Ford Motor Co. Retired
 

DeathRanger

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It will be also interesting for used car prices as gas prices continue to climb this summer. Those overpriced, low mpg vehicles won't be as popular
 

Dr. Zaius

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The KBB trade in value of my Ranger is now more than $10k over what I paid for it.

I'm gonna do the whole Carvana/Vroom/KBB instant cash offer research again later this week and see what transpires.

If I can get $8k in my pocket over what I paid, I'll sell it.

(Or so I've told myself several times here lately...)

Edit: Just checked and Carmax (the lowest offer I received) has gone up $2k.

They are now higher than Vroom or Carvana
 
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The KBB trade in value of my Ranger is now more than $10k over what I paid for it.

I'm gonna do the whole Carvana/Vroom/KBB instant cash offer research again later this week and see what transpires.

If I can get $8k in my pocket over what I paid, I'll sell it.

(Or so I've told myself several times here lately...)

Edit: Just checked and Carmax (the lowest offer I received) has gone up $2k.

They are now higher than Vroom or Carvana
So just curious - if you sell, what will you replace it with? Or do you have other transportation you can use? As others have said, its great you can sell your car/truck/house for a great price - but then most of us need transportation and a place to live and you will end up spending inflated prices to replace it, so what's the point?

If you do have "extra" vehicles, now is a GREAT time to unload them and make some money.
 

Dr. Zaius

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So just curious - if you sell, what will you replace it with? Or do you have other transportation you can use? As others have said, its great you can sell your car/truck/house for a great price - but then most of us need transportation and a place to live and you will end up spending inflated prices to replace it, so what's the point?

If you do have "extra" vehicles, now is a GREAT time to unload them and make some money.
Nothing right now.

I'll be perfectly content driving my Jeep for a good while.

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