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Thread: 7.3%

  1. #1
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    Default 7.3%

    7.3% That's how much the price of used car and truck prices have increased in the last year according to the U.S. Labor Dept. Locally we've had two pre-owned businesses close in recent weeks due to a lack of inventory. I traded mid-size pickups back in April. The dealer offered me above Blue Book value and my old vehicle sold after two days on the lot. I guess the craziness continues. Any thoughts?

  2. #2
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    I think it's a lot more than 7.3%. I thought I saw 30%, with trucks being even higher.

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    Searching for a V6 6MT Accord Coupe for my son, and the prices are crazy. A car with 40k on it going for almost what I paid brand new 5 years ago. Doesn't help that its a unicorn, but still.

  4. #4
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    2017 Silverado's with 40000 miles are going for more than they the original MSRP! 40-45M

  5. #5
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    I bought a USED 2016 f150 last June 16000
    Same specs this year 25000

  6. #6
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    Quote Originally Posted by wirev View Post
    2017 Silverado's with 40000 miles are going for more than they the original MSRP! 40-45M

    Yep paid 41000 for my 17 1500 silverado crew cab and was offered 42 for it.  Could trade for 8k.  IIIIIFFFFFFFFF you could find a truck.....

  7. #7
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    Yeah, that 7.3% can't possibly be right with these numbers, and some others I've seen. Let's get that chip maker up and running in Sconnie! Weren't they supposedly going to get that done a few years ago?

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    Quote Originally Posted by xcr440 View Post
    Yeah, that 7.3% can't possibly be right with these numbers, and some others I've seen. Let's get that chip maker up and running in Sconnie! Weren't they supposedly going to get that done a few years ago?
    Oh boy you had to bring up that up...  da fox



  9. #9
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    I should have posted this with the original. The document is dated 6-10-21 CONSUMER PRICE INDEX – MAY 2021 The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent in May on a seasonally adjusted basis after rising 0.8 percent in April, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 5.0 percent before seasonal adjustment; this was the largest 12-month increase since a 5.4-percent increase for the period ending August 2008. The index for used cars and trucks continued to rise sharply, increasing 7.3 percent in May. This increase accounted for about one-third of the seasonally adjusted all items increase. The food index increased 0.4 percent in May, the same increase as in April. The energy index was unchanged in May, with a decline in the gasoline index again offsetting increases in the electricity and natural gas indexes. The index for all items less food and energy rose 0.7 percent in May after increasing 0.9 percent in April. Many of the same indexes continued to increase, including used cars and trucks, household furnishings and operations, new vehicles, airline fares, and apparel. The index for medical care fell slightly, one of the few major component indexes to decline in May.

  10. #10
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    Quote Originally Posted by gary_in_neenah View Post
    I should have posted this with the original. The document is dated 6-10-21

    CONSUMER PRICE INDEX – MAY 2021
    The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent in May on a
    seasonally adjusted basis after rising 0.8 percent in April, the U.S. Bureau of Labor Statistics reported
    today. Over the last 12 months, the all items index increased 5.0 percent before seasonal adjustment; this
    was the largest 12-month increase since a 5.4-percent increase for the period ending August 2008.
    The index for used cars and trucks continued to rise sharply, increasing 7.3 percent in May. This
    increase accounted for about one-third of the seasonally adjusted all items increase.
    The food index
    increased 0.4 percent in May, the same increase as in April. The energy index was unchanged in May,
    with a decline in the gasoline index again offsetting increases in the electricity and natural gas indexes.
    The index for all items less food and energy rose 0.7 percent in May after increasing 0.9 percent in
    April. Many of the same indexes continued to increase, including used cars and trucks, household
    furnishings and operations, new vehicles, airline fares, and apparel. The index for medical care fell
    slightly, one of the few major component indexes to decline in May.
    That makes more sense, but it's up 7.3% in May compared to April, not compared to May last year - i.e., a one month increase instead of a 12 month increase.

  11. #11
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    No matter what, it's all "Price Gouging!" on vehicles.

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    YoY is somewhere in the 29-30% range. Ridiculous for a depreciating asset.

  13. #13
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    5% year over year, 7.3 for vehicles: The consumer price index, which represents a basket including food, energy, groceries, housing costs and sales across a spectrum of goods, rose 5% from a year earlier. Economists surveyed by Dow Jones had been expecting a gain of 4.7%.
    Last edited by ddhanna; 06-10-2021 at 03:14 PM.

  14. #14
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    Quote Originally Posted by wirev View Post
    No matter what, it's all "Price Gouging!" on vehicles.
    THIS - Anyone "trading" in a vehicle in this market is just giving cash to the dealer.....

  15. #15

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    According to NADA my Ram is worth about 5k more than I paid for it 2 years ago with an additional 30ish thousand miles on it. Crazy times...

  16. #16
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    Micky D's ceo on the business show this morning.  Box chicken went from 40 bucks to 130 bucks.  ANyone got any ideas what would cause that??????  I think the same thing as lumber prices.  Price gouging.  Isn't there some guberment agency that is supposed to protect the consumer??  Oh thats right there is shortages....

  17. #17
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    No surprise with the amount of cash they pumped into the economy with the stimulus checks and PPP "loan" BS. I was looking up companies that did not miss a beat and had a great 2020 and was floored what they got, Of course you're not going to lay anyone off when you are as busy as ever. When your payroll is taken care of you might as well buy a new truck lol. Car sales were busy as ever and my locally owned GM dealer got 1.1 million lol

  18. #18
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    I have a 2016 z71 with less than 30000 any offers ? It’s a double cab red on red

  19. #19

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    dow jones up 40% 5/1/20-5/1/21

  20. #20
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    Quote Originally Posted by rp7x View Post
    I have a 2016 z71 with less than 30000 any offers ? It’s a double cab red on red
    Put the vin into carvana and get a no hassle quote, then decide if you want to sell it. Show it to local Chev dealer and they are likely to write you the same money on the spot.

    Bear

  21. #21
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    Lumber futures are crashing.
    https://finance.yahoo.com/news/lumbe...210144368.html

    Just think, maybe I will get a decent social security cost of living increase this year.
    https://www.thinkadvisor.com/2021/06...raised-to-5-3/
    Last edited by Midwest Player; 06-12-2021 at 02:21 AM.

  22. #22

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    I traded the wife’s 16 explorer and was super happy getting a certified 2020 Yukon slt for 50k they gave me 9k less than I bought the explorer for in 17 and she put 93k miles on it so was good for me. Even delivered it for free 540 miles one way. Have to search be are some deals out there but really far and few

  23. #23
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    Hahaha you dont need it with all da bajillions yah make gambling.

  24. #24
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    Prices are up. But if you look, you can find decent (considering the market) deals. Scored a 2020 6.2ltr GMC Denali (up optioned), a 73k truck, with 8,000 miles. For 55k, included was the extended warranty, 5y 100k bumper to bumper.
    To get this top teir truck, at base model cost. I'm pretty happy.
    EDIT
    This truck is considered NEW, it was driven by the owner of Mauer GMC. So its never been registered or titled. So has all the new vehicle purchase perks.
    Last edited by sweeperguy; 06-13-2021 at 06:13 PM.

  25. #25
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    Quote Originally Posted by garageguy View Post
    Hahaha you dont need it with all da bajillions yah make gambling.
    Most of the online casinos in MI are not easy money with the exception of Bet River's welcome bonus. Some of the bonuses offered are really not much of a deal at all. So far I played 6 MI online casinos and their welcome bonuses. Here they are in order of best to worst that I played.
    1. Bet Rivers
    2. Golden Nugget
    3. Draft Kings
    4. Bet MGM
    5. Four Winds
    6. Twin Spires (verdict is still out on this as it is a loss rebate and not a deposit match. However, the loss rebate is paid in site credits)

    So far I played 23 times at the MI online casinos which includes the mini bonuses they offer. I won on 22 out of the 23 times with wins ranging from $2 to over a $1,000. I like the mini bonuses where the play thru doesn't take every long, but you might only win something like $40.

  26. #26
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    Quote Originally Posted by slimcake View Post
    Micky D's ceo on the business show this morning.* Box chicken went from 40 bucks to 130 bucks.* ANyone got any ideas what would cause that??????* I think the same thing as lumber prices.* Price gouging.* Isn't there some guberment agency that is supposed to protect the consumer??* Oh thats right there is shortages....
    It is not gouging. For the last year plus the majority of all the restaurant s have either been closed completely or cut way back to take out only. The supply chain changed to service the businesses that were still open. Like grocery stores. Many meat products have distinct packaging that differentiate fast food vs regular grocery products. Then all of a sudden they let all the restaurant s open up at the same time. This has set up new supply issues for both the restaurant industry and the grocery industry. You can't just flip a switch. It is going to take time for everything to settle down. Prices will remain high for a few months.

  27. #27
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    I recall the big 3 or 4 offering huge cash back incentives over the past 10 years or so after they had successfuly jacked truck prices to the sky the previous years.

  28. #28

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    7.3% would be a deal. I was looking at a 2017 Porsche 911 Carrera it had 30,000 miles on it and they were asking 70k in August 2019. I didn't buy it because I thought that price was a little steep. That same car is 100k all day long right now. Everything is crazy. I am about to sell my boat for 5k less than what I paid for it 13 years ago.

  29. #29
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    Yea hey Fuji you still wanna sell your Mustang????  I would give ya $37k for it!!!!

  30. #30
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    Just saw this, kind of confirms the crazy prices.

    Average used-vehicle prices were up 48% in May from a year earlier, according to an index produced by auction company Manheim, Inc

  31. #31
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    All i know is i purchased my 2015 f150 Lariat for $35k with20k miles on it 3 years ago .Today with 53k miles on it i could sell it for close to $37k according to local ads and car sites so yea its crazy 






  32. #32
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    Quote Originally Posted by slimcake View Post
    Yea hey Fuji you still wanna sell your Mustang????* I would give ya $37k for it!!!!
    I sold it prior to moving to Bemidji, got it all back by selling to Ford Dealer. They paid 38ish and had it on their lot for 42.5 and ot sold in a day.

    Just got a 21 Sierra and ran ot through Carvana, they'll pay 5k more than I paid..must be selling them outside the country.

    Bear

  33. #33
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    Carvana? Evidently they didn't get the memo about price increases.....lol.....offered $8500 for my 2016 f150 in vg cond.

  34. #34
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    Quote Originally Posted by snobuilder View Post
    Carvana? Evidently they didn't get the memo about price increases.....lol.....offered $8500 for my 2016 f150 in vg cond.
    Carvana definitely got the memo, they’re going to pay me $9000 more than what I paid for my 2020 tundra, last month it was $7000 more, definitely going the right way, I think I’ll wait another month and see what they offer me then

  35. #35
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    They hit you high and then walk it back when they see your vehicle.  Least that was my experience.  Fuji always finds the deals.  I think the rest of us pay a little more to make up for it.  He knows how to shop.  

  36. #36
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    Quote Originally Posted by slimcake View Post
    They hit you high and then walk it back when they see your vehicle.* Least that was my experience.* Fuji always finds the deals.* I think the rest of us pay a little more to make up for it.* He knows how to shop.**
    I think the key is age and miles, the longer owned and driven the more minor scuffs etc.
    I sold two that were both under 15,000 miles and they took them away with no deduction.
    The 2020 Passat I have today will go in December and have 32k in miles..I will have to plan on a $500 deduction at pickup so my expectations stay happy. Crap on the roads up here and farm semis as oncoming traffic at 70 MPH all day long are hard on the front fascia; grit marks everywhere.

    Bear

  37. #37
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    Quote Originally Posted by snomoman View Post

    Carvana definitely got the memo, they’re going to pay me $9000 more than what I paid for my 2020 tundra, last month it was $7000 more, definitely going the right way, I think I’ll wait another month and see what they offer me then
    I got a feeling my miles didn't fit there profile.

    But the same truck they offered $8500 for are $20,000+ on the lots after a "discount"
    Last edited by snobuilder; 06-18-2021 at 03:11 AM.

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