I don't know if anyone here has checked the market lately but it is evident here in California that the luxury car market has totally collapsed. When I bought my Jaguar in September you could not find any 2017 or later Maseratis, Jags or Cadillacs for less than $30K and now they mostly are less than $30K. I could today buy a 2019 Jaguar XJ for the price I paid for a 2014 in September. Older Maseratis are going for peanuts or people like me are just not even bothering to sell them. It is a very strange world out there. Business Insider has reported the entire car dealership industry is facing a "deflationary spiral" as demand has all but disappeared.
Car values collapsed
SeanFulop
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I don't know if anyone here has checked the market lately but it is evident here in California that the luxury car market has totally collapsed. When I bought my Jaguar in September you could not find any 2017 or later Maseratis, Jags or Cadillacs for less than $30K and now they mostly are less than $30K. I could today buy a 2019 Jaguar XJ for the price I paid for a 2014 in September. Older Maseratis are going for peanuts or people like me are just not even bothering to sell them. It is a very strange world out there. Business Insider has reported the entire car dealership industry is facing a "deflationary spiral" as demand has all but disappeared.
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With the ever-increasing, crazy price of New you'd think that would not happen...
Manufacturer incentives are doing 0% APR loans on new cars, meanwhile the average used car loan rate is 15% currently.
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Yeah, I agree. Regarding financing, well, I guess I have never considered it. I end up buying fairly "frugal-minded" cars.
I think these days the used car market is entirely financed. Very few people buy cars with cash. I bought my Jaguar with a wire transfer in September and the dealership didn't even know how to furnish the banking information to be able to receive a wire. I had to tell them myself what my bank needed to be able to send them money.
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If my business were still active of course I'd finance a vehicle if the business activity required a car or transport to "work"... but I'm currently winding-down things. Last new car I bought was in 2017... a Mazda6 bottom-trim car, $CDN 22k.
I just have trouble rationalizing how many "shekels" it takes to buy a new vehicle, what with how long it takes me to earn those shekels....and the joy I derive from the vehicle. It takes a lot to "entertain" me, hehe.
I just have trouble rationalizing how many "shekels" it takes to buy a new vehicle, what with how long it takes me to earn those shekels....and the joy I derive from the vehicle. It takes a lot to "entertain" me, hehe.
I feel that for sure, and these days if you can buy without financing the world is your oyster with used cars. You can even still get the factory warranty on them.
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Good for buyers, bad for sellers!
I don't think that explains it at all. It's just a slow drift down the drain, currently accelerating. No more car lovers, the maintenance costs finally killed them all off.
Some data: In 2010 I paid $14K for a 1988 Porsche 928 with 133,000 miles on it, mostly decent condition but, issues. Completely repainted, not super well. Dashboard totally cracked up. Aftermarket stereo badly installed. Aftermarket imitation wheels, wrong offset and size. Many badly rebuilt parts installed to try to fix it mechanically, all of which failed one by one. Nevertheless, I enjoyed the car and sold it for $13K in 2017, after putting at least 30K miles on it (odometer broke during that time so it was TMU).
Fast forward to now, I can't sell my 2005 QP with 85K miles on it in beautiful condition, original paint, perfect dashboard, excellent seats, original stereo etc. working well, no bad parts installed. No one will pay me $13K for it, or maybe anything at all for it. It's like a boat anchor, it is worth less than nothing. Yet the value of money has changed a lot since 2010.
The red 2008 sold for $16K, although it was a weird one-bid auction.
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Its a 20yr old Maserati with limited parts availability, let alone limited people knowing how to work on them. There, I said it! The younger generation is full of smart phone educated pussies that can't even change a tire, drive a manual, check their oil etc. God forbid they get their hands dirty.
Also, high interest rates are huge killer for those aspiring to own a luxury car, even a used luxury car. Good year to hang on and wait for interst rates to fall, probably by end of year.
The Porsche 928 was just the same back in 2010; 20 years old, limited parts, few experts. Yet it was easily worth double what these Maseratis are now worth, adjusted for inflation. There must indeed be a changing attitude prevailing among the younger crowd, all they want is BMW.
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Perhaps a little harsh on the young folk
Though I'm not young almost everything I know about car maintenance was gleaned from youtube - a lot of it on my smartphone.1 - 19 of 50 Posts
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