Used car prices in the future: up or down in a year?

Post by **matthew1** » 02 Jul 2022, 14:44

I've given this a bit of thought. There's a large number of moving parts to this question. What do you think?

Post by **scot850** » 02 Jul 2022, 16:02

My vote is more in hope than it will necessarily happen. We have virtually no Volvo private sales in Calgary any more. All are dealers whether Volvo or others. Seldom see a vehicle for sale under $40000 CDN unless it is over 5 years old and out of warranty.

The few private sales are truly hopeful prices. $9000 for a 150,000 mile + 06 XC70 with no service records and faults? Really??
A year ago those were $3-4000 cars and still not worth it as you know you have $2-3000 is repairs to bring the car to stage 0.

Neil.

Post by **Krons** » 02 Jul 2022, 19:05

Ultimately it is supply and demand. I hope supply improves as new car supply slowly improves and demand cools a bit with higher interest rates. Seems current prices are not sustainable.

Post by **FireFox31** » 03 Jul 2022, 14:08

I expect car supply to increase due to fixed supply chain problems, demand to decrease due to increased interest rates and inflation (people having less discretionary income), and further decrease due to the recession that business fears will inevitably create (job loss, less income, etc). The current rush to increase manufacturing capacity may actually create excess supply in a few years, leading to significant or even desperate discounts, especially if the recession overlaps that excess.

I've been patiently waiting for a specific used car, tracking prices daily since December 2020. I've saw prices rose and cars sell quickly. Now I'm seeing lower priced cars and even they're hanging around for a month even with a price drop. So many other sellers are trying to ask 2021 prices but those cars have been sitting unsold for many months.

Post by **abscate** » 03 Jul 2022, 14:29

I’m holding firm on my EV ready blue V70

Post by **June** » 03 Jul 2022, 16:37

More expensive. Inflation... June

Post by **MrAl** » 04 Jul 2022, 08:15

scot850 wrote: ↑02 Jul 2022, 16:02 My vote is more in hope than it will necessarily happen. We have virtually no Volvo private sales in Calgary any more. All are dealers whether Volvo or others. Seldom see a vehicle for sale under $40000 CDN unless it is over 5 years old and out of warranty.

The few private sales are truly hopeful prices. $9000 for a 150,000 mile + 06 XC70 with no service records and faults? Really??
A year ago those were $3-4000 cars and still not worth it as you know you have $2-3000 is repairs to bring the car to stage 0.

Neil.

This is interesting. I bought my 1988 Hyundai with 65k miles for $1000 USD. 20 years later i had to pay $2000 for this Volvo 1998 but it did need a new air pump and SAS valve and some other things.
It's hard to say what prices will be, but with inflation i dont see an end to the rise in prices especially since that also seems to coincide with people wanting to keep their older vehicles longer which keeps the availability of used stuff down.
Just before i bought my Volvo I was appalled to see that at a local used car place the cheapest car there was $4000 USD and when i went to take it for a test drive the battery was dead.

Post by **scot850** » 04 Jul 2022, 11:01

Agreed Al. If the cars being sold were actually any good and maybe needed say $500-1000 spent on them then maybe, just maybe.

Having said that, a 98 V70R has just come up for sale in the back of beyond, Engine supposedly runs and trans supposedly ok. But can't test drive it as 'some bearing' is bad and the brakes are grinding. Does that sound like a car you are willing to pay $2500 CDN for, especially as it will have to be towed, and the car is also a rebuild and an 'R'.

Me thinks not!

Neil.

Post by **vtl** » 05 Jul 2022, 07:38

scot850 wrote: ↑02 Jul 2022, 16:02 $9000 for a 150,000 mile + 06 XC70 with no service records and faults? Really??

Why would you want service records? Talk to the owner, maybe he is turning his own wrenches. I have no official records on any of my vehicles, only what I fill for myself.

Post by **MrAl** » 05 Jul 2022, 08:26

scot850 wrote: ↑04 Jul 2022, 11:01 Agreed Al. If the cars being sold were actually any good and maybe needed say $500-1000 spent on them then maybe, just maybe.

Having said that, a 98 V70R has just come up for sale in the back of beyond, Engine supposedly runs and trans supposedly ok. But can't test drive it as 'some bearing' is bad and the brakes are grinding. Does that sound like a car you are willing to pay $2500 CDN for, especially as it will have to be towed, and the car is also a rebuild and an 'R'.

Me thinks not!

Neil.

Hi,

Mine had grinding brake in the back passenger side. It needed a new drum so ended up getting both sides done.

What does the "R" stand for, dont remember hearing about that.

Is it a wheel bearing?
Maybe talk it down to 1500 or something?

Used car prices in the future: up or down in a year?

Where are used car prices going?

Used car prices in the future: up or down in a year?