Anyone else think used car prices are outrageous

[Fromk]

I'd be curious to see if anyone else experienced this. I got a '94 4Runner last year. It was in this strange window where it was above blue book but below $5000. I could NOT get an auto loan from my bank to buy it. I know if I wanted to spend a lot more I could have gotten one very easily. I'm curious if other banks/credit unions/whatevers encourage people to spend more money and therefor allows used cars to go for more money.

I wound up getting a non-descript personal line of credit for it but I still felt like I was being punished for trying to live within my means.

[porfiriozg]

Car prices went way up after obamas cash for clunkers

[Great-Kazoo]

The other part of the equation is you the consumer. If you allow the sales dept to get you in a corner you loose. Go in ,tell them after browsing and they have said "my sales mgr said this is the lowest we can go" You will think about it and walk out.
They will either follow you to the door or mgr will intervene. let them know if you wanted to play games with price and monthly payment you would have purchased at dealer x this morning.
Then tell them this is where you want to be price wise and a monthly payment no more than $XX.xx

After that keep quiet. The first person who talks next looses.
read the fine print, finance paperwork and remember you don't need or want the stain resistant coating the put on the interior for $400!

[jerrymrc]

A year and a half ago I spent 2 months looking for a clean 00-03 Grand Prix for the wife. I found one but it took a little luck to get it @ $5K.

I'd be curious to see if anyone else experienced this. I got a '94 4Runner last year. It was in this strange window where it was above blue book but below $5000. I could NOT get an auto loan from my bank to buy it. I know if I wanted to spend a lot more I could have gotten one very easily. I'm curious if other banks/credit unions/whatevers encourage people to spend more money and therefor allows used cars to go for more money.

I wound up getting a non-descript personal line of credit for it but I still felt like I was being punished for trying to live within my means.

Better to just get a sig loan for that amount. To much hassle with appraisal and transfer of the title etc....

Then tell them this is where you want to be price wise and and the payment will take care of itself

FIFY

[MED]

Car prices went way up after obamas cash for clunkers

Cash for clunkers was a total disgrace! All it did was replace the manufacturer’s rebates with a government subsidy, find another creative way to spend money we don’t have, leave several dealers high and dry (some out of business), and destroy many perfectly good vehicles. Like mentioned before, all of those vehicles were taken out of the market before their time both as operating vehicles and parts vehicles. ABSOLUTELY STUPID!!!

I generally always find a really good deal on my vehicles. Although, I am also not impacted by the “consumer mark-up” got to have it. I generally buy vehicles that do not demand a premium market value; my wife and I drive 50-60 thousand miles a year so we drive them into the ground.

Also, dealers are always shocked when I walk out on them. When I purchased my wife’s Jeep, they wouldn’t listen to me, I walked, purchased from one that did listen, and I came back to the first dealership to buy something stupid at the parts counter. I made a point to say to the sales staff, “… Hey, like my new Jeep!”

There is always a deal out there…you just need to be patient. If you got to have it, and got to have it today…you will get screwed every time.

[porfiriozg]

You can also try auctions, just make sure you have some who can check out the car before biding starts.

[Rooskibar03]

Or you can take advice from someone who's been selling for a long time and not be a douche towards your sale guy. Customers make buying a car much more difficult on themselves then they need to by following your advice.

Do some research on the car you want to buy and know the market. If your budget is 10k then look at car at or near 10k. Don't shop for 18k cars and expect us to come down just because that's all you can afford.

Average return on a used car is under 2 grand after the car has been reconditioned and made fit for sale. Car is priced more so there is "wiggle room" cheaper cars will have less margin.

Know that older cars (ie 06 and older in the eyes of the banks) will not offer financing more then 48 months and the rate willbe higher than what you want to hear. If you belong to a credit union it's better for older cars.

Unless you are writing a check the whole "don't discuss payment" thought process towards car buying is stupid. FACT-99% of the people I talk to have no idea how much a car payment is. No, you cannot buy a 50k car for 400 per month.

Cheap math for a 60 month car purchase.
200 per month = 10k financed
300 per month = 15k financed
400 per month = 20k financed

Best advice. Start with Internet department. Typically people there are more seasoned and work under a different set of standards. This gives you a chance to develope a relationship with someone before you go into the store. If you dont click with the sales person, call back and ask to speak with the used car manager. Shop the person as much as you shop the car. I sell 6 figure vehicles sight unseen over the phone because I take the time to develope a relationship with my clients.

Best advice if your treat me decent I'll return the favor. Treat me like a lesser human being and we are both going to dislike the process.

The other part of the equation is you the consumer. If you allow the sales dept to get you in a corner you loose. Go in ,tell them after browsing and they have said "my sales mgr said this is the lowest we can go" You will think about it and walk out.
They will either follow you to the door or mgr will intervene. let them know if you wanted to play games with price and monthly payment you would have purchased at dealer x this morning.
Then tell them this is where you want to be price wise and a monthly payment no more than $XX.xx

After that keep quiet. The first person who talks next looses.
read the fine print, finance paperwork and remember you don't need or want the stain resistant coating the put on the interior for $400!

[Rooskibar03]

Also, dealers are always shocked when I walk out on them. When I purchased my wife’s Jeep, they wouldn’t listen to me, I walked, purchased from one that did listen, and I came back to the first dealership to buy something stupid at the parts counter. I made a point to say to the sales staff, “… Hey, like my new Jeep!”

Don't worry, the sale guy at a Jeep dealer isn't to worried about the $100 mini commission he didn't get on your deal. All you are doing is ensuring your status a second class citizen when you come back. Common decenancy goes both ways.

[funkymonkey1111]

and fukashima.

i bought a 3 year old used car in 07. in '10, the kelly blue book value was higher than what i paid for it (which was the KBB value at the time)

[T-Giv]

I know Toyota's hold their value well but I've seen used Tacoma's with over 100,000 miles and an asking price of $20,000... the new price fully loaded is less than $35,000 with 0 miles on it. How can a truck only lose $15,000 of value over 10 years and 100,000 miles?

A buddy of mine just picked up a Tacoma with 140k...paid 16k for it. I was like .