Here’s When Car Prices Will Drop Like a Stone This Year

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Toyota Tacomas with 300,000 miles still selling for $10,000. Guess I'll keep waiting...

I got a paid off Camry for work/errands and paid off Odyssey for family trips. I'm set for life and will only upgrade with cash once my house is paid for.

Keeping old reliable efficient cars going makes more sense than any other way.

Last time I bought a car was 2017. Cannot believe new cars are averaging 50k and up. F that.

It's currently near the end of March, 2023. Prices for used vehicles are still the same as they have been for the last six months. I know this because I've been without a vehicle for that long and have been monitoring the prices waiting for some respite. I am beginning to think the prices will never recover.

Just picked up a 2015 Camry with only 70k miles on it. Really happy with the car so far. It was between that, a Honda Accord, and a Subaru Legacy.They all had their pros and cons, but I went with Scotty's advice and got the Toyota!

After you do your used car research, have about three different cars in mind that will fit. That way, when one of them becomes available, you will be ready for it without hesitation.

Shout out to the designers of these videos. They are masterclasses in visual information presentation.

Everyone who used to say oh just wait you'll save big Don't count on it.. if you need a used car go buy one. Dont waste your life If you got something that works keep fixing the thing until it explodes.

Last year I picked up a 2017 Kia Sorento with 50,000 miles. Not your favourite car I know but I still have a 2014 Kia Soul with 225,000 and have had no major repairs. The Sorento was priced at $24,000 and I traded in a 2009 Ford F150 with 200,000 miles and to my surprise got $7,500 + $1,300 off the cars price. Walked out the door paying $17,000. Quite happy the way things turned out.

Never really answered the question of when used car prices will drop like a stone. Guess it was just worth mentioning to buy at the end of month, buy inventory held for 90 days, and don't expect used car prices to return to normal till 2025.

I'm waiting for a 94 Celica remake with a Scotty Kilmer bobblehead on the dash!

Scotty, I've been running my (UK) 2003 Ford focus 1.6 for 17 years, 113000 miles on the clock, 1 clutch @98000 and a little oil being burnt, not planning on replacing for a while yet, nothing out there giving value for £'s like that baby.

My one and only Carmax experience was them putting a significant amount of miles on a car I selected and had "shipped" at my cost....then wanted the same price and the car had food all over the driver's seat. No thanks.

Most experts are saying to wait about 60 more days before buying any car - new or used. It will soon become a buyers market. The number of new cars being produced have more than doubled since the logistics issues (chip and shut down due to OOVID) Inflation, predicted recession, increasing interest rate and expected unemployment will slow sales of new and used cars. Many dealers are complaining that they are having problems selling used cars (especially at the inflated price) while trying to make room for new cars. The banks are also concerned about massive numbes of repossessions. Banks are putting records reserves in anticipation of such.

I don't see the prices falling off a cliff.

I bought BOTH a house and a car last year... It was definitely the most unpleasant experience I every had when buying something new, but I am glad I did so due to the interest rate that is still going up

Looks like a good time to sell a used car before prices go down. Thanks Scotty for the info!

I have also read that manufacturers are going to cut production and implement alternative cost savings while keeping new car prices high. This will in turn actually keep used car demand and prices high. 🤷‍♂️