Used Value Dropping Fast

[voxel]

Of course each brand will differ. But my point is that the market as a whole has changed. If you have this same chart from a year ago it would indicate less inventory on all brands compared to this chart.

A year ago, Stellantis products still had massive oversupply so not much has changed except there is even more supply lol.

I argue folks are still buying cars but they are choosing "practical transportation" over "weekend toy" which is what the Bronco is IMO. See rises in Maverick, Escapes, Edges, Explorers and decline in Broncos, Mustangs, etc. Cars like Challengers and Chargers have basically collapsed.

Cox still thinks auto sales will continue to increase in 2024

https://www.coxautoinc.com/news/cox-automotive-forecast-january-2024-u-s-auto-sales-forecast/

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[Fly by Nite]

Carvana offer for my 7 month old 2 dr V6 BaseSquatch is $38k. MSRP was 46k, I paid 41k.
With a 2024 2 dr with V6 and Squatch now over 55k, I expect mine to hold value better than most.

My only other new vehicle purchase was my '91 F-150 Nite. I paid $18k for it (Invoice). MSRP was 20k and I bet I could get close to that if I sold it today. (It's mint!).

 

[Twister22]

Bought mine around $4500.00 under MSRP. My dealer sells at $50.00 over invoice! My wife's we bought off the lot for sticker.

 

[Gnomad]

Carvana is at $35K for my 2 door base, 12K miles, which is still a bit over what I paid after PP and with upgraded tires. I'm thinking 2 doors are holding values better.

Base doesn't exist any more so I ran the builder for the cheapest equivalent. $45K! That's a big jump over a year.

The Bronco is the first vehicle I've bought that hasn't dumped in value after I bought it. It's good to know that if I needed to unsaddle myself I could do it painlessly. Our loca dealer does have some on the lot but they don't have any $35K ones on the lot.

 

[One more upgrade]

Every few months I check my 21 Basesquatch out on carvana and noticed about a 3k-4k drop in value.

I have a lease and was considering a buyout in October; however, at this rate it seems like there will be zero or negative equity at that point.

Anyone else notice a huge drop off or is this just a carvana issue?

Car values have been unrealistic since COVID-19. Never in history has one been able to buy a new car and have it be worth more the following year. Bronco is no different. I purchased mine to have fun; I don't care what the value drops.

 

[Arrowbear Rider]

LOL, I don't even want to know what my 2021 is worth with 90k miles... They will probably want me to pay them a disposal fee.

With a low value and most of your money out of it from use, you really don't have to worry about trail damage. I'm not saying abuse it or have an I don't care attitude, but small damage, scratches and dings are now just memories not to be worried about.

 

[NJBronco]

Now that supply has outpaced demand for new Broncos, that was bound to happen. Don’t be surprised if by summer, you don’t see 2024 Broncos being sold for $5000-$10000 under MSRP.

 

[0ne]

Sure will

Let me know when you sell too, what’s your current spec, mileage, mods? Thx

 

[Wardognal]

A year ago, Stellantis products still had massive oversupply so not much has changed except there is even more supply lol.

I argue folks are still buying cars but they are choosing "practical transportation" over "weekend toy" which is what the Bronco is IMO. See rises in Maverick, Escapes, Edges, Explorers and decline in Broncos, Mustangs, etc. Cars like Challengers and Chargers have basically collapsed.

Cox still thinks auto sales will continue to increase in 2024

https://www.coxautoinc.com/news/cox-automotive-forecast-january-2024-u-s-auto-sales-forecast/

The article actually states that sales came in below Cox’s forecast. But an Increase in sales should mirror the increase in inventory. While sales may be increasing “slowly according to Cox”, it is not increasing with inventory.

 

[Jhopkinson]

Let me know when you sell too, what’s your current spec, mileage, mods? Thx

2022
2.3
3,800 Miles
Mod bumper & Aux switches
Not much in the line of mods..
RC Triple Fog lights
Turbo Blow off
JL Oil separator
K&N Filter

 

[Brockdog12]

Local dealer has dealer discounts of $2000 off MSRP.

 

[tourproto]

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

What blows me away are people who think they can make money off of a Bronco. Its a fool's game. A car is a depreciating asset for at least 15 years, and then once in a while a car will increase in value for reasons that are difficult to predict.

Covid put the world in a weird place and the impact on new cars drove the used car market up in an unsustainable way. Plus the Bronco was the "new shiny thing". That time is now over. The Bronco is not a Porsche 911 GT3 or a Ferrari. There will be tons of them out there. Maybe certain colors (AMB) and tranny options (7MT) may fetch a bit more, but its gonna be decades before a used Bronco is worth more than original MSRP again.

Buy what you want and can afford, and don't think you can get back more than 50% of everything you put into the Bronco and life will be just fine. It isn't an investment. It is a depreciating asset.

 

[ByrdDogX]

Supply and demand.... Doesn't get much simpler than that.

 

[Dude1967]

I'm not worried. I bought mine to keep it. For years, the Wrangler was one of the best residual values in the land. The same demographic and residual exists for the Bronco. We are in an overall market correction for non-essential things right now. Once the money flows again, toys like Broncos will be fine. Standard production vehicles are depreciating assets, some just better or worse than others.

Well said.

 

[Now I Go Bronco]

Funny thread.

imagine thinking that a car that hit its heights during a period of world wide, unseen scarcity was going to hold sticker value over its lifetime.

Not to mention they are currently, literally trying to stop people from buying big ticket items with interest rates which will be even higher on used autos.

Everything is going to be ok unless you thought you were getting all your money back five years after you bought it.

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