Used Value Dropping Fast

[voxel]

The entire Auto industry is going through a major adjustment. Market values change in general, but this is an abnormal shift. Values will continue to decline for the next year if not longer.

Auto Lenders are taking a blood bath on repos. Sub prime loans aren’t available. Even people with credit are facing double digit rates, with large down payments required. This has shrunk the number of buyers. On top of that dealer new car inventory is the highest it has been in 3 years, and that was with a strike.

It really depends on the brand. Stellantis overpriced their garbage and have months if not half-a-year of supply on the lots. It's why you can get $10K-$15K off Jeeps too. Toyota/Honda? Maybe a few thousand discount at most and not as much supply.

https://www.coxautoinc.com/market-insights/new-vehicle-inventory-december-2023/

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[PaBronco]

A local dealer has a 2023 Badlands two door, mid package, 6k miles. Current asking price is $44k. I can only imagine what the fellow got when trading

 

[RustysBronco]

New or used?

MSRP mid/late 2022 was around mid-50s for that config. I've seen used ones in that range for certain. Lowest I've seen for a new 23 loaded BL is $57K ($6K off)... in fact a bunch of them.



Nah. MMR/Manheim/wholesale is the most accurate. Values have been steadily dropping since late summer and have been under MSRP for 6-8 months now which prevents dealers from flipping them to auction. My guess is MMR values are $8K under current MSRP.

I argue supply has exceeded demand for months now. Ford will reprice or provide rebates to lower OTD price back to late 2022 in my opinion.

https://www.bronco6g.com/forum/thre...-production-7-427-sold-12-143-produced.88189/

If you can find a 4 door with a hard top, decent options, miles and SAS, under $55k, he will buy it. We're struggling to find one for that sort of money in the southeast.

 

[FilmcoBronci]

Folks. We all knew, at some point, the trap door would open.
We have squeezed out 68k miles to date so have already had 3 owners worth of enjoyment!

 

[FordFamily4Fun]

Auto Lenders are taking a blood bath on repos. Sub prime loans aren’t available. Even people with credit are facing double digit rates, with large down payments required. This has shrunk the number of buyers. On top of that dealer new car inventory is the highest it has been in 3 years, and that was with a strike.

^This

Bronco buyers paid MSRP or above for what is primarily an adventure/fun vehicle. As much as we like to think a 4-door Bronco is a practical vehicle, it is not so much - and especially compared to cheaper minivans and 7-seat crossover SUVs that cost a lot less when interests rates are sky high for the two biggest purchases people make - homes and cars. When the first Broncos were ordered the economy was humming and interest rates were really low. Now we have inflation everywhere. People are buying used practical cars. Not enough people can afford - or *feel they can afford a $50k vehicle these days. When I drive down the highway it is a sea of relatively inexpensive compact crossover SUVs - and a I bet a lot of people driving those wish they could afford an Explorer or Highlander with more room, but then they worry about the gas mileage hit. As for me, I buy and hold cars until they die since they are depreciating assets, so not concerned about resale. As for wishing I had bought later when Broncos were cheaper, can't live that way. You can't time the markets unless you get lucky doing so or an obvious once in a 20 year fluke happens that is obvious.

 

[voxel]

If you can find one with a hard top, decent options, miles and SAS, under $55k, he will buy it. We're struggling to find one for that sort of money in the southeast.

Too many miles? Probably lol.

https://www.bartowford.com/vehicle-details/used-2022-ford-bronco-badlands-1FMEE5DP1NLA71060

There's definitely a premium still on used Badlands. The weird part is my Heritage 4 door, 2.7L, Sas, hard top was only $53K. Cloth seats, no sway bar, and no full underbody shield are the main differences.

 

[MWILD]

it was gonna happen at some point. Plan to pay mine off by next year and I’ll keep it for a long time. It will eventually become my weekend toy.

 

[M Redwood]

my 2 dr bb 10 days ago was 35600 today went to 32600 on carvana

 

[Jruta]

Lol I’m almost 60. What did anyone here really expect?

I bought mine for keeps because it’s the very first vehicle to have the WOW factor for me as an adult, and I could never before afford a new vehicle in my lifetime.

Anyone who bought to flip has either made a mint or is a fool.

As my dearly departed dad said to me when I was a younger man who got a 60’s Mustang “Don’t fall in love with it Johnny, it’s just a machine”

…

 

[coachoates]

Complaints when Bronco prices increase... complaints when Bronco prices decrease...

 

[FordFamily4Fun]

I bought mine for keeps because it’s the very first vehicle to have the WOW factor for me as an adult...

As my dearly departed dad said to me when I was a younger man who got a 60’s Mustang “Don’t fall in love with it Johnny, it’s just a machine”
…

I don't know. I'd say that 60's Mustang was your first car with a WOW factor and probably still beats out the new Bronco in that arena. New Bronco beats out modern Mustang, but a 60's Mustang!? All I can say is WOW!

EDIT: '65 Mustang GT. Iconic.

 

[RustysBronco]

Too many miles? Probably lol.

https://www.bartowford.com/vehicle-details/used-2022-ford-bronco-badlands-1FMEE5DP1NLA71060

There's definitely a premium still on used Badlands. The weird part is my Heritage 4 door, 2.7L, Sas, hard top was only $53K. Cloth seats, no sway bar, and no full underbody shield are the main differences.

Yeah probably a little too much.

 

[Potter]

If you can find one with a hard top, decent options, miles and SAS, under $55k, he will buy it. We're struggling to find one for that sort of money in the southeast.

Check Brandon Ford. I just picked up a new 2023 wildtrack and was able to get 6k off msrp

 

[Bullitt]

I purchased a 2001 Bullitt Mustang brand new for 26,500...and still own it today.

I purchased my 2022 Badlands Sasquatch brand new for $54,500...and of course, own it today.

When you buy your cars to last you a long, long time, used values mean nothing.

My advice: Enjoy your Bronco's... Take good care of them, pay them off early and keep them for a long time. Win/win

 

[Tricky Mike]

My last Carvana offer was about 1/2 of original MSRP on a 21 with 20k. I think that would be pretty normal pre-covid?

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