It's hard to tell. With inflation the way it is, it might just be that the rest of the market will eventually catch up to what's happened with used car prices. They increased the money supply by something like 40% in 2020 alone. But I agree. I do think the chip shortage will be resolved and newer cars will flood back into the market. It may take a year or two to get back to normal. I'm in no rush.
Definitely not since average used car prices jumped by 42% in less than 2 years.
Used car prices could crash - will they?
How used-car prices normalize after the new-car shortage ends could have profound impact on the entire industry
Used Cadillac CTS-V with Manual transmission for Sale - CarGurus
Search Used Cadillac CTS-V with Manual transmission for Sale Nationwide. We analyze millions of used cars daily.
Not around here. The only Dealership lot that is full is the M/B Dealership and I assume it is that way because a new M/B is typically above the average price people around here are willing to pay.
The Dealership I work at typically had around 450 new cars/trucks/suv's in stock before 2020. If we have 40 new vehicles in stock right now I would be shocked. The parking lot that held inventory is a big open lot right now and has been for over a year. Every new vehicle we get in is usually sold or will be sold in a matter of 2-3 days. We have folks who don't care what the color or options are, they just want to buy. The sales staff is less than half of what it used to be. Who wants to be a car salesman when there are no cars to sell?
That being said...the service department is busy. People are spending a lot of money fixing up older high mileage vehicles, and why not when there is no inventory of new vehicles?
Dealerships are empty here still. I should take pics of how barren they are. They might have a lot sized for 400 cars, but only have 50 on the lot.
Been car shopping and can’t find the model/color/options I want. I refuse to settle though.
Been car shopping and can’t find the model/color/options I want. I refuse to settle though.
Yeah, Gen 1 CTS-Vs may not be a bad option if I don't wait for the 32.9-52.8k Gen 2s to come back down with the market. I like that champagne '04 with 74k on it for 23k. Of course, then I look at KBB and see that it should be $19k and that trade-in is $15k. I feel like I'm low-balling when I offer what the books say is fair value.
If the market really is 40% high and it comes back down to reality next year, then I'd save $13-21k on a Gen 2 or $8-12k on a Gen 1.
I would just keep my eyes peeled is all. If you're sensitive to them in your mindset, you'll come across one that somebody is putting out there. Look for club forums etc...
I could sell mine right now for $20k-ish more than I bought it for (not that I would).