Here’s When Car Prices Will Drop Like a Stone This Year
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- čas přidán 2. 02. 2023
- Buying a used car. Car Prices Just Fell Off a Cliff and You Can Save Big on These Brands, DIY and car review with Scotty Kilmer. Best time to buy a car. Cheap cars to buy. Ford, Chrysler, Dodge, Chevy, and GM, do they still make good American cars and should you buy them now? Should I buy a car now? How to get a good deal when buying a car. Best new and used cars to buy this year. Car Advice. DIY car repair with Scotty Kilmer, an auto mechanic for the last 55 years.
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What do you think of Seafoam carbon cleaner? I have a 2.7l v6 ecoboost f150 and those engines are know for carbon build up issues. Haven't had any issues yet but want to prevent it sooner and keep my truck engine running healthy. Love your vids btw! They have helped me in successfully running an auto repair shop.
Scotty, I’m thinking about buying 2021 mazda cx9 what’s your thoughts about Mazdas ?
Like always, great video, Scotty!!!
drop like a bolder
Qqqqqqq
Toyota Tacomas with 300,000 miles still selling for $10,000. Guess I'll keep waiting...
They want 8k for Toyotas with 200k mikes people are crazy
2006 Prerunner 175k miles - I been offered 7100-9100 ,, 8500 trade in on a used Tundra , may just trade
Keeping old reliable efficient cars going makes more sense than any other way.
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.
what year Camry?
Smart man
Are you Dave Ramsey?
Same here, I'll never take out another auto loan.
Paid off jeep and odyssey. Both well maintained and running strong.
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.
New cars are about the same price at this point. I'm considering getting a new car.
I know how you feel. I have been hawk-eyeing the market past 2 years but I just got a 2010 Kia optima with 82k miles and clean carfax from a BMW dealership for 6.9k after taxes. Made sure it was manufactured in Korea too for reliability.
@@jengafalls a family member found a good deal on an older Volvo in good shape, private sale ended up buying it. Good luck to you!
It sucks i been looking too they’re selling junk cars for so expensive
5:38
Same!! Been monitoring since last year, getting a used Toyota or Honda in my area (DMV) without crazy mileage is like a needle in a haystack!!
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!
For how much and what part of the country (if you don’t mind me asking)?
A new Toyota is $20,000. If you paid more than $9,000, which you did, you didn't do your due diligence before buying.
Leases and loans don't count since credit does require you to pay a premium.
Me and my Family buy Honda’s and Mazda’s
@@FxckRacism paid.
@Kevin Humans are still better than phones. Well, not really, it highlighted the mistake.
Shout out to the designers of these videos. They are masterclasses in visual information presentation.
Nice Capris too
Editor?
Agreed
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.
I don't see the prices falling off a cliff.
I think they're keeping car supplies low because they don't want us driving as much.
@@HolyEyeWasHere American brands are chock full on the lots here. But Subaru and Toyota is slim pickings.
@@HolyEyeWasHere Who are “they”? Try to explain to yourself how this benefits them. Work through 5 or 6 different steps to come to a conclusion. Now apply that to all your superficial conspiracies. 👍
@@andyburch1819 World Economic Forum. This is talked about frequently and the major topic at their annual Davos meeting. Look up Klaus Schwab. That's the leader of the WEF. There's other thinktank groups but this one has major global influence.
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.
love the soul, a great car tbh!
Keep helping people Scotty 💯
Looks like a good time to sell a used car before prices go down. Thanks Scotty for the info!
Then what else will you buy tho? Lol wait forever
You keep posting about prices are going to drop and I’m still waiting 😂
How much you want them to drop?
@@rasheemthebestfirstone3274 like 10% more but one can dream
I'm waiting for a 94 Celica remake with a Scotty Kilmer bobblehead on the dash!
A scotty bubblehead for your toyota actually sounds like an amazing idea for merch
Bobble arms too
😂
I hope to god they bring the Celica and the Honda Prelude back. I can guarantee it would disappoint me though. They’d make them hybrid crossovers 😂
Scott Kilmer Badging
Thanks Scotty very informative
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.
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.
They are already pretty much back to normal where I live
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. 🤷♂️
It’s been their business model for years.
5 months later, this has turned out to be on the money
Thx for the videos, I learn so much from these!
I'm still waiting for used car prices to come down to where they were ten years ago, as a percentage off of new. I bought my current car in 2013 (2011 Acura with 18k miles) for $13k off of sticker which was about a 35% depreciation. Granted, that was a private party sale.
Avoid Carvana & Car Max to save money, those both are rip-off places
Scotty, thanks for this video as it's perfect timing for me!
This video is really helpful!
B I N G O!! Scotty is spot on. I am a 40 year vet in auto repair and owner operator.
Well…it’s been 5 months…is he still spot on ?
@@qbanz00 absolutely yes, dealers are actually selling for MSRP
@@1965Flipp not where I live…trucks are still marked up
If a dealership insists on a price OVER sticker price, JUST LEAVE. Let them price gouge their mother on the street corner when they have ZERO sales!!!
How do I find out sticker price?
Is it the msrp price thing
Legit.
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.
Advice I needed right here hold to what I got
I think my next vehicle will be an electric scooter. It's now on sale @Costco.
Possibly the best way if short trips. No insurance requirement is a plus.
I bought a E-bike actually have two of them. But latest one has duel motors and batteries. Ariel Rider Grizzly. I also got a little trailer for it. And instead of starting my car letting it warm up and then driving about five miles round trip. Wasting at least a couple gallons of gas. I figured out I'm saving at least ten bucks in fuel alone besides the ware and tare drivin thease short trips. With my Grizzly it costs me about Thirty Cents to do the exact trip 😊
Scotty been saying that for a while and prices are still high. At least not here in Florida
The dealerships hate you. Thank you sir.
That's why Tesla has the best approach.
@@Sal3600 is a step in the right direction but the tesla system is far from good.
Everyone hates dealership... if cars sold without dealership, Everyone will own one.
@@longsho2796 the car companies have been trying to get rid of the dealership system as long as they have been selling cars - they still serve a purpose for the time being - of course dealerships make next to nothing selling new cars - the signficant money is in the paper, used cars - and service . just look at any family owned dealer - and where the "family jobs " go to - it is always in finance - that is where the $ is
Scotty is the man! To the point right away!
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
You must have bought them at a all time high.
😂bad timming to buy a rn just wait 2 years trust me
@@prntfyus renting for another two years is throwing money away.
@@charles9571 facts
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.
Just got a 2019 Mazda Cx5 Grand touring sport. Decided I’d rather have a fully equipped older model instead of a newer base model
Thanks for the review champ!
Great work Scotty! Scooby snacks for you.
Well done. Well done .
The Dodge dealer where I live is advertising 21% off new price. No, they just jacked it up when the hyped up "demand" came about. Now they are just trying to sell off excess stock. Pity the person who bought one last year or just before the "price drop".
Thanks!!! for the great tips! Rock on Scotty!!!
I have 3 Toyotas and a Lexus... I'm sitting out 2023.....😅😅😅😅😅😅😅😅
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.
I contacted a dealer ready to buy a 2023 Crosstrek Base with no options and standard transmission. I was ready to pay MSRP. The dealer told me they had Crosstreks on delivery but they were loaded with extras, not as I wanted. And, he told me IN FEBRUARY that to get what I want I have to wait until the 2024s are available to order! Really?
Come to edmonton alberta they are still asking crazy prices but I do believe the prices will drop dramatically
Explain to me how the dealers make a killing for over a year, then prices fall back to normal and in 2 months their broke,,,,,,,,,,, grasshopper and the ant story?
Why is it that only new cars are affected? They are using semi conductors on these new electric cars with no problems! Or so it seems. Why are they pushing highly electric machines that uses more electronics and semiconductors while at the same time saying not enough for regular cars? I looked at a Chevy truck that had a dashboard that looked like a Garmin cockpit on a Cessna 182! Where did they get those from when all we want are simple reliable cars and trucks that are dependable?
Buying a used car is really hard right now when your income isn’t much due to your location. Smaller towns = smaller incomes & fewer places to buy cars but definitely doesn’t stop the dealers from asking $22k for a 150,000 mi car 😐
I started with a budget of CAD20k here on Toronto for a used car. But seeing the sky high prices we changed strategies and decided to go for a new CX5. Got it at MSRP with a few freebies thrown in with a 3 months waiting.
Same here. I was in the market for a cheap work car. I thought a Chevy Trax would do the trick. Dealer had one 3 years old with 40,000 kms and they want $30,000.00 Can. For Trax! Insane for an economy entry level car when my budget sea only $20,000.00 Can max
I have my 2017 Escalade 62k miles great condition and covered under warranty another 2 years. Thought about trading and lowering my payment but these rates and prices are outrageous on used cars.
Plan on possibly buying a good used car, but waiting to see what happens around spring time.
You might be disappointed. Even though I already have mine, I'm angry about it. I want to see affordability for everyone.
@@henrystowe6217how can I buy something then
I refuse to buy either one new or used I hope they all go outta business
Just bought 2003 Toyota camry v6 xle. Can’t be more happy I only paid 4k and it almost drives as good as my 2017 accord SE which is close to 20k
Scotty, I think you need to do some financial videos and tips for young folks as there'd be some nuggets of wisdom
I was happy to hear him talk about budgeting. He should expand on that.
Yeah my LC is dangerously rusty. (bought a lemon few years back) I want to buy another one, but this time in good condition.
I am noticing prices on used BMW x7 are actually up after inching down a few months ago
I have been hunting a used Truck for almost two years now and Prices are so high that I am giving up for a couple of months.
The interest rates on everything suck right now. I found a way to get a 2.25% interest rate with a Credit Union by doing a personal secured loan. You have to have all the money you need to do this, essentially you borrow against your own money, it's a great way to build credit if you can do it.
Dealerships are having a tough time selling their one-of-a-kind Honda Accord with 150k miles. Many buyers are looking at the same car. Give them your number for a daily call reminding you the Honda Accord is in high demand
Hey Scotty, can you please review the ford ranger. Thinking about buying a Tacoma but the ranger looks interesting 🤔 can you please do a video
Buy a car online?
Why not sign up for a mail order bride while you're at it?
They have pictures too.😖
My car is 10 years old. It works great. I just do it regular maintenance myself. Not in plans at all to buy any car.
Today I purchased a 2005 Toyota Solara SLE V6 with 161k miles for $4300 .... Guy wanted $4500 and wouldn't budge ... I reluctantly paid the lowest he would take and smiled all the way home because the car drove like it was brand new off of the lot. This will be my depression/recession car and I couldn't be happier (it's a beautiful Toyota and runs like one too!)
I have an 03 solora and still drive it i love tye v6
Sticking to the old car i have seems to be the best thing for me. Runs great, maintenance has been done, still love the way it looks. So in these times i just don't see the point. In the future however i think i'd like something a little more economical. I'll just wait it out for now.
Dude! I see you in thumbnails all the time and I only just now realized the guy I keep seeing is not Richard Dawkins.
I was going to buy a new chevy, but they are back ordered 3 to 6 months. So I'll just wait until they get stock in and by then, its will be closer to the end of the year and interest rates will force car companies to offer rebates to bring people in.
8:28 tips for buying a used car this year 😊
Many young consumers were priced out of the market. Most used car lots were sold.
i just hope i can pay for a decent used car by the end of this year without paying a brand new car price 😴.
Same
Live in Hawaii.. seen a 2017 toyota 86 list price go from $15K , slashed down to $7K. Still no one is buying it for over 5 months
I’m patiently waiting as I look for a reliable low mileage used truck, van or suv to replace my current ride. Prices still high.
I'd love some motorhome or mini camper van type advice for used cars... :)
I think there’s a surplus now because many people bought them during the pandemic and discovered it’s not in their DNA.
Thanks for the T I P -i MAY NEED TO UPGRADE LATER THIS y E A R !!!!!!!!!!
Traditionally cars have always been a depreciating asset. It was an anomaly that used car prices rose as much during and after the pandemic. Up to 50% appreciation! New vehicles also rose due to supply /demand issues. You could buy a new truck drive it for 80,000 KM and sell it for the same or more than you paid for it. That is not normal. Used car prices are heavily influenced by auction houses that sell used vehicles. Used car dealers purchase vehicles at these auctions. The sellers at these auctions put reserves on the price of those vehicles. The used dealers buying are bidding under the reserve prices now. If the vehicle does not sell it goes back into the auction next week, with a lower reserve price. Sellers are going to be slow to reduce that reserve price, but reality sets in and they realize and they start dropping their reserve prices. Car dealers do not want to lose money on used cars they paid a high price for so they will slowly reduce their prices. Their borrowing costs have also increased. So inventory is costing them more to hold. So the used and new vehicle markets will revert back to traditional pricing but only in time. That reversion will go back to traditional pricing. You are starting to see some price reductions now. Tesla lowered their prices, and Ford followed with reductions of the Mustang Mach E. Interest rates, rents, housing etc are all rising so consumers are feeling the pinch. They will want incentives to buy a new or used vehicle. They will want lower prices or they will not buy. But if we do not have a "soft landing" in the economy as the federal reserves around the world are trying to engineer and go into a recession that will accelerate the drop in prices of everything including vehicles. Then there is the subprime car loan market. If people can't make their vehicle payments, the vehicle gets repossessed. This is not that big but banks were over-exuberant in lending on vehicle loans during the pandemic. So if you can put off a new or used vehicle purchase. The market will revert back to normal, it always does.
I suspect it depends where you live but those tote-notes have grown and grown in popularity I think that is a bigger market than you might realize - not that it is a good thing - just lots of people with credit problems in this day .
The number one rule- don' t buy from a car dealer! Buy from a private party. Every negative thing you' ve heard about new and used car dealers is true!! Listen to Scotty.
I learned years ago an hour before they close they're always wanting to make the last deal of the day. And are willing to negotiate better
Thx to Scotty I bought a brand new Toyota February of 2020 days after I watch Scotty say this is the last time you will be able to buy a brand new car. Ha ha I got to avoid the crazy car market all together!
The problem was the dealer didnt have the base model that we wanted only the expensive models. So we waited two months and got what we wanted.
Am I the only one who feels misled? He said that used car prices won't drop significantly, not "like a stone". Oh well. I love him, great videos, but not necessarily what I clicked for.
I've been hearing this for the past 6 months 😂
Not in my area,prices still high. I saw a 2016 Camry with over 100k miles for 16 grand. Hahaah
Wow. That's crazy.
So, where is the "Get ready for prices to drop like a stone" part?
I’m trying to pick up a some what used Volkswagen GTI somewhere between 2015 and 2019, thank goodness I work at Volkswagen dealership, so I do get a discount , thank you Scotty for the advice!!!!
I’m trying to decide between a 2018 or a 2023 GTI S. I can get the 2023 at msrp. But I heard VW this summer is suppose to bring back initiatives and better lease deals.
Scotty’s on FIRE!🎉
0:55. Nice Capri. My dad had one. One time the brakes failed and he had to use the curb to brake. Thank god he was old school enough to know what to do. It caught on fire too. Then he gave it to my brother.
Wish this would happen in Canada. Especially in Alberta
I am noticing a slight reduction here in Nova Scotia. Just be patient if you can especially for older (10+ year old vehicles in good shape).
Hoping for a drop in Ontario too its a small fortune for junkers even
I just sold my 2008 Toyota hilux I bought it 3 years ago and sold it for 4k profit, it was definitely a good time to sell but now I need to buy one 😅
Dont expect used car loan interest rates to plummet...
I was recently at a Honda dealer and Mazda dealer and their lots are about 3/4 full. Gone are the "market increase" on the dealer sticker. Boy we Americans allow them to dictate to us the prices and when they go to Congresw for ballouts who do we think foots the bill? Exactly
Golly SO damn much advice re: 2023 car market it’s dizzying!.. I guess it’s like analysts for any market. If you need a car, buy one… otherwise follow sage advice “buy low, sell high!” It’s so emotional to ignore but it’s true.
Heck I have a beautiful 2001 Lexus GS300 w/57k miles I bought from original grandma owner. I should sell it now for 2x what I paid, but I don’t because it might go up more eh? 🤦🏼♂️🤦🏼♂️🤦🏼♂️
Only offer I had on my Mazda 3 up for sale is the scam artists from craigslist
I hear you man craigslist has gone to h***. I'm having better luck on marketplace.
I want the 23 Tacoma TRD pro before the new redesign but it's the worst time to buy 😢
Prices and interest rates are still sky high in the DFW area.
??
Can't find Altima. Car dealers out of stock. Next delivery will be in April. Shortage of chips. Dealers adding 1000 for delivery fee. Used cars are selling fast , because 100 k immigration moving to North America.
Actually it's been happening in the last 3 years already... Expect traditional cars to drop in cost gradually... 😳
I picked up a '06 MDX just B4 the pandemic, AWD with 160K miles now... I think this will be my last car, as I am 61 now; it is solid in the wet, & my wife likes the ride . . .
Looking for a 2012 or 2014 Toyota Sienna, under 150,000 miles. Hoping to spend no more than 8,000. What are my chances?
Rather buy from private party but what's new buy used car listing method now newspapers no longer used?
Spent 3 months watching prices on used 4Runners come down. Dealers were very hungry and aggressive honestly.
Interest rates are to high. Lucked into hopefully a well taken care of machine.
Watched prices just drop and some cars were there for over 160 days!
Thank Scotty!
Hope so used cars are so expensive and usury rates are pretty high atm.
Still waiting for them to drop
I am looking for Honda crv or rav4 hybrid . Is it good time or price May go down later this year.