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Thread: Fear of an Impending Car-Price Collapse Grips Auto Industry

  1. #11
    Senior Member Subcompact Culture's Avatar
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    Quote Originally Posted by MetroMPG View Post
    Copied my post (see above) over from the Cheap Mirage thread...



    Theory: It may be a buyer's market for dealership cars and a seller's market for private sales... depending on where you live.

    I'm going to test the market with my Mirage, now that it's finally all spiffed up.

    One reason it may be a private seller's market: In Ontario, car dealership sales departments are currently closed, so if someone wants/needs a car, the private market is the only option for the moment. The question is: are there enough people who want/need cars right now to matter?

    I have a saved search for private sales in my area (<$5k, manual trans ) that I look at almost daily, and the number of private sales listed right now is higher than normal. That suggests my theory may be bunk!

    Only one way to find out.
    I was also thinking of putting my Mirage on the market, too. But that is a very interesting theory. Our dealers are open in Oregon; at least some of them. I had to go to my local Mitsubishi dealer to pick up my car for a little warranty work, and they will not let you in the building. You have to meet them outside. We'll see.



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    A good friend works at Ford and he's hearing that their dealer is doing insane deals to sell off cars their lot; 0% for 84 months for qualified buyers + zero down + no payments for 3 months. That's pretty insane but at the same time, I guess it just really depends on where you're wallet is at in this current situation. I have seen commercials on car dealers about no car payments for x months too. But I guess it depends on the dealership too.

    Would I buy a new car? Hell yes. But, it wouldn't be a Mirage. It'd probably be a Outlander PHEV. But, unfortunately, I'm not part of 'that' market of buying a brand new car. I'm pretty picky on car prices, options in the car, etc. I'm also into old JDM classic cars, specifically a 93-95 Lancer Evolution II / III. lol

        __________________________________________

        click to view fuel log View my fuel log 2015 Mirage DE 1.2 manual: 43.4 mpg (US) ... 18.5 km/L ... 5.4 L/100 km ... 52.2 mpg (Imp)


  3. #13
    Senior Member Top_Fuel's Avatar
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    Quote Originally Posted by 2of9 View Post
    A good friend works at Ford and he's hearing that their dealer is doing insane deals to sell off cars their lot...
    The last time the automotive market collapsed was during the 2008 financial crisis. I purchased a new Pontiac G5 back then for 55% off of MSRP. I stacked a lot of rebates along with a $4500 "Cash for Clunkers" rebate if anyone remembers that.

    That would be the equivalent of buying a 2020 5-speed Mirage ES for $6,900.

        __________________________________________

        click to view fuel log View my fuel log 2015 Mirage ES 1.2 manual: 52.2 mpg (US) ... 22.2 km/L ... 4.5 L/100 km ... 62.6 mpg (Imp)


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    Senior Member Dirk Diggler's Avatar
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    I bet Craigslist is filled with owners who can no longer afford their cars.

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    Quote Originally Posted by Dirk Diggler View Post
    I bet Craigslist is filled with owners who can no longer afford their cars.
    I would be more of the opinion that this is not going to create a great private seller's market for cars, especially cars like the Mirage. Gas just dropped again in my area to $1.14/gallon for E15 & $1.19/gallon for E10. Eventually things will return to normal.

    The market is flooded with new & used cars. Huge discounts & low financing will pull some customers in that direction. Not saying that's what people should buy. Competing against 0% financing for 84 months, no down payment for 90 days, etc.... (I just saw Jeep doing that, too.) is tough. Someone buying a used car from a private party isn't going to find that sort of financing. Even though the used car may be better for them financially, people are drawn by those things.

    Spending huge amounts of money on something that becomes somewhat worthless 10 years later doesn't interest me that much any more. Regardless of the deal - vehicles are still money pits not investments.

  7. #16
    Senior Member Subcompact Culture's Avatar
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    I'm seeing some excellent financing incentives. But where are the deals for people who aren't going to finance? I haven't seen those yet.

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    Senior Member Dirk Diggler's Avatar
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    This. Im waiting for $9k new Mirages like in 2014.

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    Quote Originally Posted by Subcompact Culture View Post
    I'm seeing some excellent financing incentives. But where are the deals for people who aren't going to finance? I haven't seen those yet.
    The last new vehicles, my brother, dad, & I bought had to be financed to get the best deals. Paying cash wasn't even in the ballpark. For my Dad & brother financing save them several thousands dollars. My brother got an extra $3,000 off for having GM credit that he had cut in half & threw away the year before. He was honest with them, because they brought up the card to sweeten the deal. They didn't care he didn't have it. If he got questions, he was asked if he would reapply for one. For $3000, he said yes. In both cases, their deals shifted $5,000 or more in their favor by financing. They both wanted to pay cash.

    My dad played their game on his new GMC Terrain. He paid off the entire vehicle with his first payment with no penalty.

    My brother (4WD GMC Sierra pickup) was told to wait 3 months before paying it off.

    I was told the same by the manager of White Bear on my Mirage deal. Paying cash would have cost me more. That's the dealership world we have these days. Even my local credit union suggested taking the financing rebate & refinance with them 3 months later if need be.

    If trades become part of the new vehicle transaction, I think people will get hosed with cars like the Mirage. A 2015 Mirage with 70,000 miles on it has an average trade in value of $2000 on kbb.com. I wouldn't give away a car like that for $2,000.

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    Quote Originally Posted by Dirk Diggler View Post
    This. Im waiting for $9k new Mirages like in 2014.
    Updated new 2017 Mirage could be had for $9,000. It's why I bought one at least.
    Last edited by Mark; 04-16-2020 at 11:59 PM.

  11. #20
    Senior Member Dirk Diggler's Avatar
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    I think this level of desperation amongst manufacturers and used car lots will do major discounts for cash buyers. I was screwing around calling used lots arguing to take 20% off their MSRPs. 2 out of 11 used dealers took the bait and told me to come in. All the Hondas & Toyotas I called about, no ball though. The 2 that hit were a 2017 Mirage and a 2014 Hyundai Accent. Who knows if they truly would of done it? The other 9 dealerships just laughed at me.



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