With the COVID pandemic continuing to ravage the USA, people are scrambling to buy used cars, from what I read. The average sale price of used cars went up by 16% in July alone. Yet, the sale prices of our cars continue to spiral down into a black hole.
In Fall of 2016 (4 short years ago), the asking price for my 2005 Quattroporte with 40+K miles was $29,000, and that was the cheapest in the area from a private seller. I managed to get it for $23K. All dealers selling even the early QP V models were asking more than $30K if the mileage was under 50,000.
Fast forward to now, there is a really prime looking 2012 QP S with just 34K miles at a nearby dealership, asking price is only $25K. This car is 7 years younger than mine (do the math!), but it's been only 4 years since 2016, and times have changed. Not for the better. Makes no difference that COVID is making used cars a hot commodity.
In Fall of 2016 (4 short years ago), the asking price for my 2005 Quattroporte with 40+K miles was $29,000, and that was the cheapest in the area from a private seller. I managed to get it for $23K. All dealers selling even the early QP V models were asking more than $30K if the mileage was under 50,000.
Fast forward to now, there is a really prime looking 2012 QP S with just 34K miles at a nearby dealership, asking price is only $25K. This car is 7 years younger than mine (do the math!), but it's been only 4 years since 2016, and times have changed. Not for the better. Makes no difference that COVID is making used cars a hot commodity.