Used car market. Where’s the top?
 

As we all know, used vehicle prices have gone through the roof lately, and now I’m wondering if it’s time to cash out and hold until the market recovers.

So do you guys think we’ve hit the top yet? And when do we think it’s going to stabilize back to pre-2020 prices?

Last October I found a steal of a deal on a 5.9 Dodge diesel truck. Super clean 4wd truck with right around 100k miles. We were planning to buy an RV so the diesel would be needed. Now plans have changed and I really don’t need a truck this massive. I’m looking at the market and think I could roughly double my money if I sold it. I can go without a DD vehicle for a few months if it looks like the prices will recover in the fall.

What would the forum do? Cash out now and buy a smaller truck later?

Hold a few months and cash out?

Or skip all the hassle and just drive the damn truck? 🤣

As you know, RV and travel trailer sales are very strong. A lot of people wanting to get out and about after lockdown. Many are looking for a tow vehicle to dedicate to the trailer or have just gotten back from a trip and decided they need "more power".

I think you'd find your truck snapped up quickly.

Funny. I thought about blowing out my Boxster and Landcruiser simply because I could profit like 15k.

But I am a total tightwad.

It's a sellers market. I would cash out now and wait for that 2022 maverick lol

Oh me too. I’d be driving a Jetta I just picked up for $600 if I sold it. 🤣🤣🤣🤣


I have driven the truck 2x in the last month. It’s just too big to want to take most of the time unless I need the truck bed. I could downsize to a half ton and have something more enjoyable to drive and put some cash in the bank.

Hahahah. I’ve thought about that. I’m worried about the rear seat leg room in the maverick. We have two teenagers that are still growing!

Since you've only driven it twice in tha past month and have another vehicle to drive, it seems like a no brainer to sell it and pick up on a good used or new crew cab later on when the market settles. I sold my truck last year because I only put maybe between 5 & 6 K miles on it a year and didn't need a heavy duty truck anymore.

I agree. If you aren't using a vehicle sell it now and you can buy the same thing for 20 or 30t% less in 6 months or a year.

I've been in and around the car business since I was a kid. Seen a lot of ups and downs, but never like this. It really depends on when the chip shortage is resolved or brought current on existing new vehicles.

A buddy who just moved to Costa Rica offered me his 2016 4Runner limited for $20k, I don't need another car so I told him the market was hot and to try one of the car groups.
He was all ready to except the 1st offer of $23,500, I told him to look up the value and do from there. Well, he ended up with $27,500, so that much more to go with the sale of his condo to buy a working farm in Costa Rica.

Once new cars start becoming available, that would be the end of it.

I bought a new VW Golf Alltrack S in 2019 for $22,000 and change.

I just saw the same car as mine advertised at the dealer with 11,000 miles for sale: $30,000!

Trying to time the peak is hard. Sell and take your profit off the table, given that you don't need to buy.
Buddy was just offered 1k more than he paid for his TRD Pro 4 Runner 2 years ago.

Glad to see you guys are all on the same page. I think I’m going to post it high and stay firm. I don’t need to sell, but for a big enough bag of cash I’ll part with it! 🤣

I know if I had a vehicle that was a hot seller right now I'd move on ASAP.

I bought a 2018 320i a few months ago and, while it's super clean and low miles, I sort of wish I had gone with a Five series. But like the real estate market, if I sell for current price, I'll overpay for the next one.

In a similar position, going to sell my 2021 Tacoma after 8 months and 11,000 miles and drive a company truck until the supply catches up.

Ya, the only way selling now works is if you can sit it out for a while before buying back in.

Yup. Right now the new car shortages are driving up the used market. Eventually this will equalize, along with the free government money drying up. If I had a vehicle that I didn’t need as a daily driver today I would absolutely dump it in a heartbeat for big money.

From what I hear a big shortage of HD trucks for the foreseeable future. You should do well selling out the Cummins truck.