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Old 08-02-2021, 7:31am   #1
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Default Used car prices are still skyrocketing

Pickups and SUVs lead the way

https://www.foxnews.com/auto/used-ca...ocketing-worst

New car transaction prices have reached record highs due to the ongoing semiconductor shortage affecting supplies, but don't head over to the used car lot expecting to find a deal.

Prices on pre-owned models were up 32.7%, or $7,583, in June compared to last year, according to the latest survey by online marketplace iseecars.com.

"While used car prices are expected to remain elevated for the foreseeable future, we are waiting to see if prices are going to keep rising or if they will start to decline towards pre-microchip shortage levels," iSeeCars Executive Analyst Karl Brauer.

The increase in prices has been steadily climbing in recent months. They were up 16.8% in April and 26.4% in May, which look like bargains compared to June. Relief could be on the way in the coming weeks, as the Manheim wholesale price index dropped 1.3% in June, but it usually takes about two months for that to be reflected in retail sales.

Coupes, convertibles and pickups are leading the way with spikes of 41.3%, 40.9% and 38.6%, respectively, while hatchback cars are at the bottom of the list at 26.3%.

Regardless of the model, people with a spare car to sell are sitting in the driver's seat, but some are set to make out much better than others.

Prices for used Nissan Leaf electric were up 48.1% in June, topping the list ahead of the Mercedes-Benz G-Class – which was selling for an average of $158,835 or $50,271 more than last year. The Chevrolet Camaro, which is currently struggling to find customers as a new car, was third, going for a 45.1% premium.

Here are the 10 vehicles with the largest price increases:

Nissan LEAF - 48.1%

Mercedes-Benz G-Class - 46.3%

Chevrolet Camaro - 45.1%

Lincoln Navigator L - 44.2%

Ram Pickup 1500 - 42.6%

Lincoln Navigator - 42.4%

Audi A5 $44,376 - 41.8%

GMC Sierra 1500 - 41.3%

Ford Mustang - 41.3%

Chevrolet Spark - 40.6%





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Old 08-02-2021, 8:07am   #2
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I got nothing
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Old 08-02-2021, 8:10am   #3
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This, like housing, is another bubble that has got to burst at some point.
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Old 08-02-2021, 8:17am   #4
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wholesale prices appear to have hit their peak.

I've been watching Camaro/Corvette prices and I have noticed the market definitely seems to have weakened...at least locally.
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Old 08-02-2021, 8:34am   #5
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I was offered $8k over what I paid for my C7 from my local Chevy dealer. Not as a trade in, just wanted to buy it from me.
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Old 08-02-2021, 9:46am   #6
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It really is crazy! I'm kicking myself for not buying a GT3 a year and a half ago.
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Old 08-02-2021, 9:58am   #7
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Originally Posted by sublime1996525 View Post
It really is crazy! I'm kicking myself for not buying a GT3 a year and a half ago.
I came close to buying a C7 about a year and a half ago...but I thought he was a little high still.
Turns out it was the beginning of the climb. :kicksrocks:

NFW I am paying $50k for an 2015 Z51 with average miles now.
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Old 08-02-2021, 10:16am   #8
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I was offered $8k over what I paid for my C7 from my local Chevy dealer. Not as a trade in, just wanted to buy it from me.
Sold mine for $15K over what I paid. Hell, they paid over MSRP.
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Old 08-02-2021, 11:04am   #9
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Old 08-02-2021, 12:36pm   #10
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Quote:
Originally Posted by Mike Mercury View Post
Pickups and SUVs lead the way

https://www.foxnews.com/auto/used-ca...ocketing-worst

New car transaction prices have reached record highs due to the ongoing semiconductor shortage affecting supplies, but don't head over to the used car lot expecting to find a deal.

Prices on pre-owned models were up 32.7%, or $7,583, in June compared to last year, according to the latest survey by online marketplace iseecars.com.

"While used car prices are expected to remain elevated for the foreseeable future, we are waiting to see if prices are going to keep rising or if they will start to decline towards pre-microchip shortage levels," iSeeCars Executive Analyst Karl Brauer.

The increase in prices has been steadily climbing in recent months. They were up 16.8% in April and 26.4% in May, which look like bargains compared to June. Relief could be on the way in the coming weeks, as the Manheim wholesale price index dropped 1.3% in June, but it usually takes about two months for that to be reflected in retail sales.

Coupes, convertibles and pickups are leading the way with spikes of 41.3%, 40.9% and 38.6%, respectively, while hatchback cars are at the bottom of the list at 26.3%.

Regardless of the model, people with a spare car to sell are sitting in the driver's seat, but some are set to make out much better than others.

Prices for used Nissan Leaf electric were up 48.1% in June, topping the list ahead of the Mercedes-Benz G-Class – which was selling for an average of $158,835 or $50,271 more than last year. The Chevrolet Camaro, which is currently struggling to find customers as a new car, was third, going for a 45.1% premium.

Here are the 10 vehicles with the largest price increases:

Nissan LEAF - 48.1%

Mercedes-Benz G-Class - 46.3%

Chevrolet Camaro - 45.1%

Lincoln Navigator L - 44.2%

Ram Pickup 1500 - 42.6%

Lincoln Navigator - 42.4%

Audi A5 $44,376 - 41.8%

GMC Sierra 1500 - 41.3%

Ford Mustang - 41.3%

Chevrolet Spark - 40.6%





Wtf drives a Chevrolet Spark?
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Old 08-02-2021, 1:03pm   #11
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Quote:
Originally Posted by Anjdog2003 View Post
Wtf drives a Chevrolet Spark?
I hear that in San Francisco they call it the

Spank.











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Old 08-02-2021, 3:16pm   #12
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The Chevrolet Camaro, which is currently struggling to find customers as a new car,
This surprises me. I thought the Camero was a good seller.
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Old 08-02-2021, 3:43pm   #13
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Quote:
Originally Posted by Giraffe View Post
This surprises me. I thought the Camero was a good seller.
It was, but sales have cratered.


80k when the Gen 5 came out.

STEEP decline the last couple years,
Less than 30k in 2020.
Less than 10k YTD.

Granted it wasn't the main reason, but they killed the 4th gen when sales were around 30k per year.
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Old 08-03-2021, 7:53am   #14
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Totaled my 99 Miata two years ago. It was in great shape with a low miles engine, new clutch, etc. Insurance refused to give me more than 2k for it. I couldn't find anything even the same year, much less condition, for under 5k. Still hope to replace it with that generation someday- but- I haven't seen one with less than 200k miles, automatic or worn out clutch for under 8500 bucks in MONTHS. Same goes for all the other models of cars/ trucks I like. Prices on older cars have also skyrocketed. This is stupid.
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Old 08-03-2021, 8:50am   #15
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Quote:
Originally Posted by Chemtrails99 View Post
Totaled my 99 Miata two years ago. It was in great shape with a low miles engine, new clutch, etc. Insurance refused to give me more than 2k for it. I couldn't find anything even the same year, much less condition, for under 5k. Still hope to replace it with that generation someday- but- I haven't seen one with less than 200k miles, automatic or worn out clutch for under 8500 bucks in MONTHS. Same goes for all the other models of cars/ trucks I like. Prices on older cars have also skyrocketed. This is stupid.
I'm figuring about a year and a half for the market to come back.
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Old 08-05-2021, 1:14pm   #16
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It's amazing that cars were fine for 100 years without semiconductors. Most semiconductors are used in the Infotainment systems which we shouldn't be allowing if cars in the first place. Your first responsibility when behind the wheel is to DRIVE THE ****ING CAR not be infotained.
If cars only relied on semiconductors to run the engine the amount of semiconductors for each car would go down significantly.
Don't get me wrong, I work in the semiconductor business and it's been a great few years for us. My bonus's are off the charts.

Another thing that was not mentioned is maybe people are buying used cars in record numbers because of the impending ban on the ICE and they'd have a late model car that is grandfathered in before the ban. That would surly drive up prices.
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Old 08-05-2021, 2:28pm   #17
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Old 08-05-2021, 3:21pm   #18
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Quote:
Originally Posted by Giraffe View Post
This surprises me. I thought the Camero was a good seller.
Free Federal funding coming to an end scared the market segment. With the new announcement, I expect an uptick.
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