I haven't looked at cars for about 9 months…
At that time used car prices were inflated., so I decided to leave it for a while.
Is that still the case, or has the market adjusted? Are used cars are becoming cheaper?
I was / will be looking to spend about 10k or hopefully a little less. Better bang for your buck lately?
Thanks.
Used prices have eased but still too many dreamers wanting covid prices.
Friend of mine sold his Rav 4 Hybrid in less than 24 hours last week. Got about $2000 less than what he paid for it 18 months ago
It depends on the car.
The 2016 4WD I paid $32.5k for in 2021 was worth $42k in 2022/23 but it's a more realistic $28k- $30k now and I've noticed quite a few are for sale for months now.
If you have one of the better hybrids with low kms then that will bring good $$.
A lot of people are funnelling all their money into mortgages so there will be a lot of competition in the <$10k market
Seems to be normalising but lots of people still dreaming of COVID-19 prices.
Still a little inflated. People still expecting about 5-10% over what they really are going to get. Especially if it’s a popular car that has dozens of listing
Lots of bargains out there now, popular models sell quickly others take a while. With the influx of electric cars and then the price drops and eventual market saturation of Chinese models, look for the market to drop a lot in the next 6-12 months
Most ads are still stuck with 2020 prices!
New car ( except a few models ) are having very good discounts.
Without checking your location I already knew you were in Melbourne.
Renewed my 2018 ute insurance. Todays insured market value is same as my original demo purchase price.
I held out to buy my 4wd late last year and in the 9 months since i bought it prices have largely stabilisted.
The non-4wd version however has fallen off a cliff price wise.
Depends on the type of cars, i'm in the process of selling my next gen raptor. Should of sold it for $2K less then what i wanted a month ago, but didnt. Now i'm willing to drop double that to move it.
Hard to get a bite of the cherry, people hanging onto their cash.
Dealers are feeling it, and there is more movement in their prices.
S/hand market is the same too, some sellers are flexible others are bit more stubborn.
Your observation that the market is "inflated" doesn't make sense. If one particularly car is more expensive than others then it can be inflated, but if the whole market is "inflated" then it's not really - it's just the reality of prices now.
You need to say what sort of car you want - hatch, wagon, ute, 4wd, manual, etc. What fuel economy? How important is safety? No one else is going to do your research for you.
I don't follow the market closely lately as I've been in hospital and unable to drive anyway for 6 months, but I intend to follow more closely soon. Others have been following, hence my question….
I disagree with you, most people do agree the market was inflated, and some say it still is. Read the above comments.
Have you studied markets? I'm guessing you have no stocks or crypto etc. Markets can indeed get inflated. You try not to buy when they are.
I dont think it was inflated. Demand was high, so the market reacted accordingly. Yes, it was higher than before but it wasnt inflated by anything other than demand - unlike inflated grocery prices to boost profits. Used cars are subject to a value of what the buyers will pay. Demand was high because supply of new was low, not profiteering.
Crypto is a classic case of inflating value. It's supply might be limited, but value largely goes up because of speculators not much else.
Almost no one is buying cars as investments (it's a tiny percent of the market). They are bought to be used. It's not comparable to real estate, stocks, oil, gold, etc.
It's not about investment. It's about market prices.
YOU need to look at prices and see if what is avaailable suits YOU.
Demand for new has slowed. Price reductions have occurred to move product. Its probably reflected in used cars.