You know that’s the case when you can sell your used vehicles for more than what you paid for them.
Chevy Silverado owner Franko Dokaj stopped by his dealership recently expecting to buy new floor mats. Instead, he walked away with a killer deal: The store offered to buy his one-year-old truck for $3,000 more than what he originally paid for it last spring.
“I was like ‘holy cow’,” said Mr. Dokaj, who uses the truck for his car-detailing business. “This is something that I’ve never seen happen.”
And CRA will hunt him down for not claiming a capital gain. Yet, in reality, there was no gain because it was more like a loss due to the money having far less value.
And people really are so dumb they can’t see the coming economic crash.
Absolutely crazy. The lady that sells us bootleg farm fresh eggs rolled in with a brand new SUV. Besides farming, she also works as a bookkeeper of some sort for a car dealership. Her boss had been making offers on her 3 (4?) year old truck for weeks. She finally gave him an offer she thought was crazy and he took it. Dealerships are desperate for good used vehicles.
“Dealerships are desperate for good used vehicles.”
That means you’ll have to pay more for a good used vehicle from a dealership than the dealership will pay you for a good used vehicle. Same as it ever was.
If you have a good used vehicle, keep it and keep using it. It’s worth more than money.
My favorite vehicles are ones that are paid for so we’ll be keeping our 2008 truck until it gives out. Low kms since it only gets used for hauling recreation vehicles, hunting and moving big items.
Even finding a good used car for a young driver was a challenge this spring. Sounds worse now.
Many years ago, there was apparently enough of a demand for the early model VW Rabbits that, according to what I heard, they appreciated in value.
I drove mine for 14 years and traded it in 30 years ago (today’s almost week short of the exact day) on a Golf. I think the trade-in price was, numerically, about 10% of what I paid for it.
Given that new trucks are going for 10 to 15k above msrp because of the chip shortage, so many people are choosing to buy used as a result.
Anybody want a 10 year old raccoon infested Subaru? No a/c, 14 mpg, 72% chance of starting on any one try. Blue.
Might be interested if the 10 year old raccoon is in good shape.
I predict that this Pandemic is officially over…
CDC orders the scale back of Covid testing as the current testing they were using can’t tell the differences in viruses.
The flu virus and the Covid virus was positive in their testing.
https://archive.is/1O0uQ#selection-679.0-679.373
They just knew you had a virus but not what kind it was…
Hmmmm.
Pretty lame in forcing everyone for a Covid shot.
That’s just one of several PCR tests. That is not all PCR tests.
Kind of suggests I was right about the missing flu; it was ther all the time but used to feed the covid hysteria.I
+++Robert, you were right as was I.
When you believed the first line of bullsh*t, “Budgets will balance themselves!” then it’s only a matter of revolutions like this, “Money and economy are fine!” before we find ourselves spiraling into the big dirt nap of all depressions. America and for that matter the other western nations that followed, believed that a man’s worth was in his productivity. That fundamental truism has existed since we came together to form societies. It has advanced us, as a race, to the absolute moon and stars. Now the movement afoot is to declare all people that believe and advocate this truism as the enemy. Only an idiot, moron, Liberal, Democrat,… oops repeating myself here, could believe that an economy could thrive on used outdated equipment. The bottom line here is that the captains of industry are now so far behind the Chinese Eight Ball that they realize there is no coming back.
China has that supply chain yanked good and hard
Shitte, I have a 2007 Golf I want to get rid of in the fall and I thought it might be worth five hundred-nope some dealers are selling them for 10,000 or more. Fingers crossed I get a fraction of that this fall.
My parents bought a Skoda 100 in 1976, they sold it in 1986 for nominally more then thy paid for it when they bought it. Welcome to communism kiddos.
Easier to purchase a car than a house in 2021 Canada.
Bad credit = financed
Bankruptcy = financed
Infrequent employment history = financed
Where else will Canadians live when rent and mortgages become more insufferable?
I wasn’t intending to sell my 2014 Cadillac ATS, as I loved it. It handled as well as a BMW but with better looks and not the ‘dime a dozen’ commonness of the Beemers. I paid $24K for it in 2018 and kept it pristine.
A dealer offered me $20K in trade on a 2015 Pathfinder I intend to use for towing a trailer, with a difference of about $4,500. So sure, you’ll get good trade-in value, but unless you’re going down to one vehicle, you’re going to be buying into the same high demand market.
Bought a 2002 Corolla with 138k 4years ago for $3200. An Uber Eats driver hit it a couple of months ago and dinged a quarter panel and the back bumper. Fairly minor damage, but an awkward spot to repair. Insurance company wrote it off, gave us $3300 for it. We’ll probably drive it for another 10 years & the insurance is cheaper now.
My dealer emailed offering to buyout the final 7 months of the lease on my 2018 Chevy Equinox, wave the nuisance fees and put me in a 2021 Equinox for the same monthly payment with no money down. I thought it was a scam email, but they can make more selling it now as a used vehicle than the buyback value at lease end. So it’s a combination of current low inventory and possible future low inventory because the buyout will be way cheaper than buying the same car used.
Was at the Stampede with in-law as had scored infield tickets to the rodeo. Sat next to a couple who had a dealership a few towns down the road and they confirmed decent used vehicles are are being bought back for more than the original price. So offspring, whose ’08 vehicle developed major brake problems (as in $1600 – $2400 plus) probably did okay in scoring a 2018 car with a lot more features at less than the original price. Kid may have lucked in.
When i retired eight years ago, I took a look at the overpriced SOS in the lots, and went straight to the parts counter. Ordered a short block, tranny (can I say that?), and diff for my 03 Silverado, installed them myself, and am still rolling. About $10k for a new truck.