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Discussion Starter · #1 ·
I was literally a week or 2 away from picking up a year old Ecoboost 'Vert, but after reading this, it seems like used car prices may soon plummet? Not sure what to do or what to think. Anybody following this, have any advice?

 

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I was literally a week or 2 away from picking up a year old Ecoboost 'Vert, but after reading this, it seems like used car prices may soon plummet? Not sure what to do or what to think. Anybody following this, have any advice?

Scotty Kilmer seems to think so also.Since I'm not in the market for one, I haven't really followed what's going on here.

 

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If you think you can out guess the used car market, I would suggest you are better off turning that talent to the stock market. Seriously, this may be true or it may not be. How long do you wait to see? A month, six months? Do you think prices will drop 10%, 20% or 50%? I could have waited another year or two to buy my car. I would not have gotten my RC colour, which although was a bit of an accidental purchase, I am so happy with it that I can’t imagine having my original first or second choices. If you are truly happy with what you’ve tracked down, buy it, enjoy it, and don’t worry if you could have have saved some money six or eight months from now. If money is that tight, maybe you should just reconsider the purchase altogether. In any event, only you know and nothing anyone here says can change that.
 

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Discussion Starter · #4 ·
Just curious what other people think, as I will probably still make the purchase with more than enough down that I won't worry about negative equity. With the drop in mortgage rates. refinancing our house saves me over $300 a month, so as soon as the refi is complete, then I'll pull the trigger on the car.

With everything going on in the world today, just something interesting to ponder. I also read somewhere that oil plunged to $5-$8 a barrel? Really wondering more about what's going to happen to the overall worldwide economy.
 
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Discussion Starter · #5 ·
Well, I take that (oil prices) back...

 

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Just curious what other people think, as I will probably still make the purchase with more than enough down that I won't worry about negative equity. With the drop in mortgage rates. refinancing our house saves me over $300 a month, so as soon as the refi is complete, then I'll pull the trigger on the car.

With everything going on in the world today, just something interesting to ponder. I also read somewhere that oil plunged to $5-$8 a barrel? Really wondering more about what's going to happen to the overall worldwide economy.
There's nothing wrong with wanting to save money on a car purchase. I'd be doing the exact same thing you were doing if I were in the market. No doubt. ? Good luck.
 

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I'm in a similar situation. Trying to decide whether to buy now or wait and see if prices drop more. One convertible I've been watching has dropped $1.5k in 4 weeks.
It's not my first choice in color, it's kona blue, but it is getting close to a good price point.
I think I'm going to keep waiting.
 

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Discussion Starter · #9 ·
I may give it another week or two then pull the trigger.
 

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I may give it another week or two then pull the trigger.
Or go in now and make a low ball offer. Remind the sales guy you have nothing but time to wait for further price drops, he may not want to wait for a sale, with the end of the month coming.
 

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I was literally a week or 2 away from picking up a year old Ecoboost 'Vert, but after reading this, it seems like used car prices may soon plummet? Not sure what to do or what to think. Anybody following this, have any advice?

Dealers actually make the most PROFIT from used car sales as compared to new cars and right now the sales of new cars is WAY down. My Son just traded in his 2017 Ecoboost on a new GT and they only gave him $12,000 trade value for his Eco. I'm no car salesman so I really don't know the used car market values, but that seems kind of low to me, and his car was immaculate with 30k miles. Dealers are damn near out of business right now so they are desperate to make a sale. Don't know what they will mark-up on that resale of that car, or if they will try to make as much as possible on used cars to make up for new car sales losses. On the other hand, their lots are full up with cars and rental cars like Avis, Alamo and Enterprise have overfolwing lots. They need to either rent or sell and it looks like they are doing neither right now, so it might be a buyers market for deals now.
 

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I just went to my local Ford dealer last night and inquired about 2 things. (1) What they'd give me on trade for my '19 that stickered for $32K and has 2,400 miles on it, and (B) what kind of price they'd give me on a GT that stickered for $46K.
Long story short, they offered me $18K for my 'Stang. They provided me a printout of various used '19 Ecoboosts in our area that included the asking price. Sure enough, there were cars with fairly low miles in the sub-$22K range.
I'm happy with my Mustang, but I was just curious how bad they would want to get rid of a 2019 GT. I assumed since they are much more expensive cars and they already have 2020's in stock that I might get lucky.
 

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Dealers actually make the most PROFIT from used car sales as compared to new cars and right now the sales of new cars is WAY down. My Son just traded in his 2017 Ecoboost on a new GT and they only gave him $12,000 trade value for his Eco. I'm no car salesman so I really don't know the used car market values, but that seems kind of low to me, and his car was immaculate with 30k miles. Dealers are damn near out of business right now so they are desperate to make a sale. Don't know what they will mark-up on that resale of that car, or if they will try to make as much as possible on used cars to make up for new car sales losses. On the other hand, their lots are full up with cars and rental cars like Avis, Alamo and Enterprise have overfolwing lots. They need to either rent or sell and it looks like they are doing neither right now, so it might be a buyers market for deals now.
I could be dead wrong, betting we see a more aggressive buyers market 5 or 6 months down the road. First; summer has historically been a good time to sell cars, slowing down in the fall and winter. Especially for Convertible buyers. Second; the current economy has been artificially pumped up with Federal dollars. Huge unemployment benefits, other Federal payments, this will come to an end. Many that planned on getting there jobs back are going to be disappointed. Third; most states and cities are in terrible financial shape, they will be making major cuts in spending.

The result is going to be a extremely depressed auto marketplace. Car manufactures won't have the rental car companies to fall back on. They will be forced to offer record setting incentives to keep there factories open.

This is my opinion, based on over 40 years working with the auto industry.

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