Are used truck prices finally dropping?

[Morgan3820]

All the trucks on Facebook marketplace have price drops. Prices seem to be lower on Auto Trader as well. Still not low enough for me to buy, but it appears to be a step in the right direction.

 

[SkyChaser]

The housing market is on its way down, too, so I wouldn't be surprised.

 

[midwestpa24]

Housing, cars, airplanes, and a lot of other markets are starting to collapse as interest rates and inflation surge.

 

[TCABM]

Down is relative.

NADA and KBB trade in values are still 15-25% higher than what I paid all in for the truck I got in 2019.

2017 F150 KR 5.0 with 74K miles today.

Movement is good overall, but I’m interested in how this shakes out over the next six to nine months as new prices are still higher than a giraffe’s nose.

 

[mandm]

Doesn’t inflation mean prices go up?

 

[GaryM]

Doesn’t inflation mean prices go up?

Yeah, but big purchases commonly financed will feel a lot of downward pressure as interest rates shoot up.

 

[TCABM]

Doesn’t inflation mean prices go up?

Supply side and demand side factors are independent and can (but don’t always) amplify one another.

Then there’s cost of money which is also an amplifier. And don’t forget depreciation might be impacted positively or negatively, too.

But all that is child’s play.

 

[kmacht]

Check out auto loan rates. Now that they are back in the 6 to 8 percent range people are finding they can’t afford a lot of what they previously could and those that can afford it are buying new again now that dealership inventories are coming back to where they were pre pandemic.

 

[Sierra_Hotel]

Hope not, need to sell mine real quick

 

[cowtowner]

Prices are trending down. You can track them online

Used Car Price Trends - CarGurus