By on January 11, 2017

2016 Chevrolet SS blue

Mattias writes:

I’m doing my responsible midlife crisis thing, and I’m wanting a V8 sedan. My budget is around $40,000, and I’m looking at used examples of the Lexus IS-F, Cadillac CTS-V, and Chevy SS.

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By on August 4, 2016

Used cars

There’s been a slow, yet steady change in the automotive marketplace over the last eight years, and you, the consumer, have been the lobster sitting in the pot as the change has occurred. The market has gotten significantly worse for car buyers. The number of franchise and independent dealers has been reduced by almost half. And yet, those surviving dealers have had an unprecedented run of year-over-year growth since 2008.

But as that growth has slowed in 2016, car buyers find themselves paying more money for used cars than ever before. We know that the typical American household can’t afford the typical new car sold in America, but we may soon be approaching a day when that same household can’t afford the typical used car, either. In fact, according to NADA Data, the average used car transaction price in 2016 will crest $20,000 for the first time in history, and will be 59.1 percent of the average new car transaction price of $33,903.

What does all of this mean to you? That buying used may not be the smartest financial choice you can make. In fact, it might not be very smart at all.

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Recent Comments

  • Hummer: Jeez, I can’t imagine paying that much for 1 vehicle, $1,900 is what one could expect to pay for about 3-4...
  • geozinger: Fnck. I’ve lost lots of cars to the tinworm. I had a 97 Cavalier that I ran up to 265000 miles. The...
  • jh26036: Who is paying $55k for a CTR? Plenty are going before the $35k sticker.
  • JimZ: Since that’s not going to happen, why should I waste any time on your nonsensical what-if?
  • JimZ: Funny, Jim Hackett said basically the same thing yesterday and people were flinging crap left and right.

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