President & CEO of CarMax Bill Nash tells CNN Business' Alison Kosik why used car prices surged during the pandemic and what that means for the company.
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Here’s why used car prices are so high
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If you can buy private party way better deal.
True, but then you buy it as is, usually.
@Gary Steele the beauty of finding the deal.
@Gary Steele
When u buy at the dealer u also buy as is… specially a small car dealer
Yeah I recently got 95000 miles 2014 Nissan Sentra with $7000 from the private seller, whereas almost $10000 include service fee.
Because they know we all got stimulus checks. Duh!.
Have you seen the price of a brand new car? People are financing those for up to 7 or 8 years. No thanks!
New car prices arent that much different. At this point, you’re better off buying a new car over a used car. And the new loans are crazy but I always thought anything over 4 years was crazy so what do i know.
@cowardlycourage yes, because the new car no repairs — not regular maintenance– for a good 7 years is worth it.buy a new lesser 🚙✅
$40-$80k for a new truck vs $25-$35k about a decade ago?
Used trucks with over 100k miles for that $25-35k price. I Guess ppl are willing to pay. Ill pay $5k+ to put a new engine or transmission in my 10 year old vs those high prices. Every dealership and i drive by has plenty of cars in the lot.
@cowardlycourage I know right. I paid mine off in 4. But these new loans are crazy. I guess people are figuring out that buying a car brand new is a horrible investment. At least a used car is depreciated
@cowardlycourage Guess that depends if you have the income to buy new and finance it like a mortgage. What happens if you’re 65 with a small pension? Guess used will have to do. BTW. I only bought one vehicle in my life new and will never do it again.
I invested in a Segway for my half mile commute to work and saved $6000 last year by eliminating one car payment and insurance.
@Steve H is this your idea of “Welcome to the neighborhood”?
That’s really cool 😎
@Barry McCockner — LOL! Plug your distillery and I’ll buy $100 worth of whatever you’re selling.
@Steve H that’s not going to happen.
@Barry McCockner — Shocker.
A car is a depreciating asset. Men go crazy in congregation. Why would you invest a significant amount of funds on a vehicle. Buy a used Toyota Camry and change the oil. That vehicle should last well over a decade. Forget the luxury cars and sports cars. Just flushing money down the toilet. At least a home appreciates (in many areas the appreciation barely keeps up with inflation).
New car prices are insane ! I feel it’s biggest waste of money.
Last 15 years or so I’ve been buying used have no regrets. There are so many options out there.
So supply is down and people have a little extra money so dealers thought now would be a good time to raise prices and rip everyone off.
Bitcoin as a store will be one of the only safe havens if there is another financial crash it will shelter from both drops in stocks bond etc other investment it will shelter against fait currency crashing and it is also easily movable and unconfiscatable
Bitcoin is not also subject to negative interest rates which are been prosposed and launched throughout the whole world and have yet to hit the United States but probably will eventually be here as well.
Bitcoin is the future, investing in it now will be the wisest thing to do especially with the current situations like low salaries, pandemic etc, it helps us to be financially stable
Sad but unfortunately true
@Lonnie ulibarri Bitcoin is dropping like a rock, get off my thread shill
Interesting. I bought a used car three years ago, drove it at least four times a week, and then this year I sold it to Carmax for *more* than I paid. When they made the offer I was shocked but I didn’t question it and I took the deal. I was wondering how it was possible, and now I have my answer.
Cuck nation news is not giving you the real answer, they gave you a gas lit place to put blame. Its basic economics of supply and demand. No one will buy a $50-100k car to become apart of the used car supply and older cars fade away. Thus there is less supply of used cars but the demand is still the same. Thus the prices are higher now. The stimulus check just gave people more access to a used car but its not the real issue. In 15 years when fossil fuels are illegal and no one can buy a new Tesla, we will all be walking again. Thanks Biden for giving us a taste of the future last week on the east seaboard gas shortage.
@J S Remember to take your meds.
New and used vehicle prices are insane. I was looking for a used pickup in the 10 thousand dollars range and it’s depressing what they want for 10k today versus what 10k would get you 1 to 2 years ago. I’ll just hold onto my 10k and drive my current 2 vehicles till they literally fall apart. Luckily I’m not in a situation where I need a vehicle immediately or I’d be screwed. I’ll wait a year and go from there.
Same. Sadly it seems 10k will get you a 20-30 year old truck with 200k miles. I almost can’t believe it. I can get a new engine or transmission installed in my car for that price 😅
Conversation kits..hydro or electric…Any chassis..
Cheap from Japan.. sell engine n gearbox…
Amazing moment!
I’m gonna take care of my car and run it into the ground when it reaches 200,000 miles. I’m not doing car loans anymore, especially when cars just get more expensive year by year.
I have a 99 Sebring with 85k miles on it, a 2003 Express Explorer with closing in on 100k, a 2003 Honda VTX with 29k and a 1994 Honda Goldwing with around 53k on it. Take care of your stuff and it’ll take care of you.
200,000 miles isn’t the limit. If you take care of it with regular maintence, you can go further. It’s the little things that pop up as a vehicle gets older that can cost you. Shocks, muffler system, tie-rods, bearing seals, fuel pumps, brake calipers, etc. Still cheaper IMHO though. I have a 2010 Ford Ranger with 180,000 miles on it and it runs great. The only costs were the external parts outside of the engine. Hope to get 10 more years.
I agree with you. I still have my 2011 that I bought brand-new. Paid off in 2014/2015. No car payments. Perfectly happy with that. Meanwhile people lease their entire adult lives and don’t realize the $$$ they’ve wasted. All because they want to sit inside of a new car every 3 years.
At least he’s honest about it.
In a nation where 70% live paycheque to paycheque buying a new car with very long financing is a huge risk. Even buying second hand with financing is a huge risk, sad state of the nation. All money going to the top and trickle down is just a fantasy.
The only thing that ever trickles down is piss an crap 💩 Lol
I think you mean “paycheck”, that’s the correct spelling.
@JasonDrvmz he spelled it correctly. It is just the British spelling.
Car prices are you going up because everyone and their dog is gouging the public… gotta keep sweeping in all that cool, hard cash.
Whatever! The cars that don’t sell in a year get shipped to the desert to rust in a parking lot, while dealers make a fortune selling an item that needs repair!
Somebody answer why gas is so high… Biden is doing a wonderful job 😂🤣😂🤣😂
Well this is a kind of a letdown I was saying after I fix my car was going to get another one now I’m having second thoughts🤔
So CNN… why is this one of YouTube news reports and not what is happening with Fauci? Priorities, CNN. It’s about time you start reporting on THE NEWS that matters. FFS….
It’s a combo of making up for their losses, and knowing people are receiving stimulus, when people get free money, they spend it, very few have the ability to save$, even when they worked for it.
Thanks ccp for the info I know you just realized this trend but intelligent people who are looking for a car realized this three months ago thanks for being on top of this! What would we do without you?