General Discussion

MrsCoffee

(5,825 posts)

4. Used car prices are at an all time high.

Fri Jul 14, 2023, 10:31 AM

Jul 2023

For a few years now.

We had $5k to spend for a used car for my son four years ago. It took two years to find a decent car for that price. I know prices are higher here in the bay area, but that was ridiculous.

Simple economics tells us that lower supply coupled with high demand will drive higher prices. Before the pandemic, the average price of a used car was $19,827, but it's now $26,686 (a 35% increase).

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

57 replies

= new reply since forum marked as read

Highlight:

Millennials And Gen Z Can't Afford Their Auto Loans, And It's Only Getting Worse [View all] BlueWaveNeverEnd Jul 2023 OP

Fleet sharing is the way to go- like Free2Move, car2go etc. Blues Heron Jul 2023 #1

An old junker is rarely snowybirdie Jul 2023 #2

There are no cheap new cars... viva la Jul 2023 #3

Define cheap. MineralMan Jul 2023 #22

agree Celerity Jul 2023 #34

Don't most cars sell a good deal over list price these days? iemanja Jul 2023 #42

Here is a listing for new 2023 Mirages in the US, if you are wondering about prices. Celerity Jul 2023 #45

Thanks. Yes, you can get a Mirage for MSRP or lower. MineralMan Jul 2023 #49

Except there are very few dealers offering those types of cars at MSRP. Progressive Lawyer Jul 2023 #38

+1 uponit7771 Jul 2023 #47

Not the Mitsubishi. MineralMan Jul 2023 #48

How about long distance? viva la Jul 2023 #55

I wouldn't choose the Mitsubishi Mirage for that use. MineralMan Jul 2023 #56

I think my next car will be a hybrid. viva la Jul 2023 #57

I actually have never spent that much on a car-- viva la Jul 2023 #54

Used car prices are at an all time high. MrsCoffee Jul 2023 #4

A lot of old cars won't pass inspection for emissions or safety Mariana Jul 2023 #5

my car passes inspection.. 12 year old car. It doesn't have the backup cameras, computer screen and BlueWaveNeverEnd Jul 2023 #16

Same here, although my car is "only" ten years old DFW Jul 2023 #18

My favorite car that I ever owned got totalled last month. Mariana Jul 2023 #27

Cash for Clunkers took a lot of cheap cars out of the market. Mr.Bill Jul 2023 #31

Cash for Clunkers ended in November 2009. Mariana Jul 2023 #32

What's more important is what it did to dealer auto auctions. Mr.Bill Jul 2023 #33

Some states still have an active "Cash for Clunkers" program. California for example. Progressive Lawyer Jul 2023 #37

Planned obsolescence is real RANDYWILDMAN Jul 2023 #6

There are very, very -- the pandemic destroyed the used inventory obamanut2012 Jul 2023 #8

You seems like an out of touch old person and Jspur Jul 2023 #10

Bingo! snowybirdie Jul 2023 #23

I just don't buy used cars anymore... Happy Hoosier Jul 2023 #36

My point was that most young people I have seen try to get cheap and used cars but Jspur Jul 2023 #39

"An old junker is rarely seen these days" Act_of_Reparation Jul 2023 #17

Old junkers are major expenses waiting to happen. Sky Jewels Jul 2023 #21

Not to mention, it might get benched at the next annual inspection. Mariana Jul 2023 #28

Right. Sky Jewels Jul 2023 #43

mine is a 2007 iemanja Jul 2023 #41

what is a junker? pstokely Jul 2023 #46

currently in the market for a used car..just not much out there dembotoz Jul 2023 #7

" looking hard 100 mile radius" A HERETIC I AM Jul 2023 #26

The ladders have been pulled up to the point... Hugin Jul 2023 #9

The American manufacturers are to blame for this - they refuse to make affordable cars FakeNoose Jul 2023 #11

It's done by design they know most people can't Jspur Jul 2023 #12

You can say that again bedazzled Jul 2023 #15

The headline is a lie unfortunately gulliver Jul 2023 #13

My 2001 Tacoma 4wd has 106,000 miles on it sky_masterson Jul 2023 #14

I have 2011 Honda Civic and have close to 100K on it Jspur Jul 2023 #40

I have a 2008 Toyota RAV4 with 200,000 miles womanofthehills Jul 2023 #50

all they have to do onethatcares Jul 2023 #19

I wonder why some of them can't make their payments? Mosby Jul 2023 #20

These people must be making incredible paychecks too. GoodRaisin Jul 2023 #24

Exactly inthewind21 Jul 2023 #25

And this isn't taking in to account the length of the loan: Liberal In Texas Jul 2023 #29

I pay $448 a month pfitz59 Jul 2023 #30

Just bought an 18 year old Toyota for $6000 mn9driver Jul 2023 #35

You guys are driving some shiny new(ish) cars! GenThePerservering Jul 2023 #44

Just bought a Subaru CrossTrek for my 18-year old. SYFROYH Jul 2023 #51

That's why I'm hanging on to my 2001 Ford Ranger Starry Messenger Jul 2023 #52

Buying a new car on credit was one of the more idiotic things I did as a young adult. hunter Jul 2023 #53