The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on June 23, 2021, 12:41:08 am
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Some used vehicles now cost more than their original sticker price
Published: June 22, 2021 at 4:52 p.m. ET
By Associated Press
‘The market is very strange right now,’ thanks to high demand, low supply
DETROIT — When it was new, the window sticker price on a typical 2019 Toyota Tacoma SR double cab pickup was just under $29,000. Two years later, dealers are paying almost $1,000 more than that to buy the same vehicle, even though it’s used.
Then they’re selling it to consumers for more than $33,000.
Welcome to the wacky world of U.S. car and truck sales, where the pandemic and a global shortage of computer chips have pushed prices to record levels.
In the past year, used vehicle prices on average have climbed 30%, according to Black Book, which tracks car and truck data. That’s created many crazy situations where high-demand vehicles are selling for more than they did when they were new, said Alex Yurchenko, the company’s senior vice president of data science.
“The market is very strange right now,” said Yurchenko. “Dealers need the inventory, so they are paying lots of money for their vehicles on the wholesale market.”
Yurchenko has found 73 models of 1- to 3-year-old vehicles being sold at auctions (where dealers buy their vehicles) for prices above their original sticker, which is called the manufacturer’s suggested retail price.
more
https://www.marketwatch.com/story/some-used-vehicles-now-cost-more-than-their-original-sticker-price-01624395136
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I saw this earlier and calculated that my used 5 year old Dodge is worth more than I paid for it a year ago. Had I not given my ol Dodge to my X (which pizzed my current off), I'd be a wealthy Man. *
*OK, I'd still a broke man with many pizzed off women at me.
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Just sold my 19 year old 4runner with 221k on it for almost half what I paid for it when I bought it used in 2007.
Depreciation was only about $750/year.
Still drove like a top, but I couldn't resist the current escalating prices of used vehicles.
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Mr. M just sold his 2015 BMW (purchased in 2018) to a dealer for at least two or three thousand dollars more than KBB said it was worth.