Automotive bubble....has it burst?

Are you guys seeing truck prices move down at all with today's fuel prices? I'm reading prices at the pump are here to stay for at least a year. I would think the Covid truck buying price gouging will deflate at least a little.


I saw this for sale right up the road from my house. I thought $50k for a 5 year old truck with almost 100k on the clock is too much, but it is right on the money according to KBB. Actually under by about $2k.

 
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drkelly said:
Are you guys seeing truck prices move down at all with today's fuel prices? I'm reading prices at the pump are here to stay for at least a year. I would think the Covid truck buying price gouging will deflate at least a little.


I saw this for sale right up the road from my house. I thought $50k for a 5 year old truck with almost 100k on the clock is too much, but it is right on the money according to KBB. Actually under by about $2k.

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Almost better to just find a 10 year old truck with 100k miles for $20k. At least that way you have the ability to repair it without having a dealer plug it into a computer

Of course Troy will tell you that you can buy a 5 year old mint condition car with $5k and a bag of chips but I swear that guy “makes them an offer they can’t refuse. Wink, wink”
 
I know some fakebook accounts I follow seem a little more lively with folks trying to move stuff. Haven't seen prices plummet but I think things may calm down to a bit more reality. I think I'm seeing people trying to liquidate items that are not making them money or are redundant items. The other movers I have seen are things with high miles and use that probably are the least efficient. Either or the short of it is folks are starting to get pinched a good bit more in the hip pocket.
 
NickMaul said:
Almost better to just find a 10 year old truck with 100k miles for $20k. At least that way you have the ability to repair it without having a dealer plug it into a computer

Of course Troy will tell you that you can buy a 5 year old mint condition car with $5k and a bag of chips but I swear that guy “makes them an offer they can’t refuse. Wink, wink”
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I think finding a 10 year old 2500 4x4 crew cab truck with 100k on the clock for $20k would be almost impossible. A truck like that would be $30k or more.

Crap breaks on older trucks too. My current truck is 21 years old. I would like to buy something fairly new so I can keep it for 10-15 years. I don't buy and sell vehicles very often.
 
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drkelly said:
Are you guys seeing truck prices move down at all with today's fuel prices? I'm reading prices at the pump are here to stay for at least a year. I would think the Covid truck buying price gouging will deflate at least a little.


I saw this for sale right up the road from my house. I thought $50k for a 5 year old truck with almost 100k on the clock is too much, but it is right on the money according to KBB. Actually under by about $2k.

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Sold my 2015 Sierra with 98k miles for $32k Friday. Listed at $34 before Ukraine situation happened. I backed off and sat on it as fuel skyrocketed but when it stabilized around $4.00, went to marketplace.

I bought it new for just under $43k. 2 years ago KBB on it was $24k...

Also, saw gas for $3.75 today. I hope we've somewhat leveled off, but I don't expect it to go much cheaper than this for a while.
 
drkelly said:
Are you guys seeing truck prices move down at all with today's fuel prices? I'm reading prices at the pump are here to stay for at least a year. I would think the Covid truck buying price gouging will deflate at least a little.


I saw this for sale right up the road from my house. I thought $50k for a 5 year old truck with almost 100k on the clock is too much, but it is right on the money according to KBB. Actually under by about $2k.

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Saw this jewel on the FB today.HE even posted the 71K window sticker.
Screenshot (5).png
 
drkelly said:
I think finding a 10 year old 2500 4x4 crew cab truck with 100k on the clock for $20k would be almost impossible. A truck like that would be $30k or more.

Crap breaks on older trucks too. My current truck is 21 years old. I would like to buy something fairly new so I can keep it for 10-15 years. I don't buy and sell vehicles very often.
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You have to move very quick on low mileage trucks.

I wanted a brand new truck so I could be out of the circuit of fixing something critical once or twice a year, but holy shit the numbers are just not worth it. Ended up buying a suburban with 145k miles instead that I want to keep around for a long time.

We will eventually need to buy a new car in four or five years and didn’t want back to back car payments.
 
drkelly said:
It would easier to stomach if my salary had also gone up 58%.
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We got a whole pile of checks from Uncle Sugar last year.

Heard from a guy at a tech company that they're giving everybody 20-30% raises this year.
 
shawn said:
We got a whole pile of checks from Uncle Sugar last year.

Heard from a guy at a tech company that they're giving everybody 20-30% raises this year.
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My SIL works as a programmer. She had a job offer with a 25% raise last summer. Her current employer offered her an 18% raise so she decided to stay. That would be nice.
 
Back to the OP, I drove past a few big car dealerships a few nights ago. Their lots are still empty on the new car side, full up on the used car side. Also, the gas price run-up in 08 happened coincidentally with the end of a market cycle, where this one is just getting started. I don't think you'll see people reconsider their vehicle choices until there are new cars again and fuel prices are in the $7-8 range.
 
My .02. No prices are still way high. The Tremmor I looked at I Hartsville was traded back in. They had it for sale for $69k. Ot was a 2020 with 7k miles and original sticker was $55. It sold in a few days.
 
Jody Treadway said:
I'm thinking about listing my 22 Lariat for stupid $$$ out west. They're bringing up to 20k over sticker
Insane
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but then you still need a new truck of your own. Can you get it for less stupid?
 
Jody Treadway said:
Through a fleet program, yes.
But only if I got stupid $$$ for my existing one.
Doubtful and not needed. But if I can make a dollar, I will.
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Take the money! I didn't get $20k but made a handsome profit when I traded in my one year old truck last Thanksgiving. I thought I must have timed the bubble right when I saw it still listed on their site today.
 
Jody Treadway said:
Through a fleet program, yes.
But only if I got stupid $$$ for my existing one.
Doubtful and not needed. But if I can make a dollar, I will.
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I was told fleet programs had more color choices. I'd sell mine and order a new green tremor if you need another to qualify for "fleet" status....
 
Prices are finally starting to drop.

www.motor1.com

Used Car Prices Slightly Down Month Over Month

There are fewer available used cars than before, which means the demand is up but the availability is down. This creates a natural jump in prices.
www.motor1.com www.motor1.com
 
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