It will surprise exactly zero of our readers that prices of second-hand vehicles are through the roof. A constricted new car supply which leads to a dearth of trade-ins has contributed to customers facing the prospect of paying exorbitant sums for previously loved vehicles. Now, a new stat from Edmunds.com puts a precise number on the issue.
If you’re in the market for a new vehicle, you’ve likely noticed that some of the models you were interested in aren’t available in your preferred format and happen to be accompanied by sizable dealer markups. Well the used market, formerly a refuge for those seeking a bargain and a shrewd way of dodging the steepest period of deprecation, isn’t doing much better.
According to Black Book, the typical transaction price for used vehicles has gone up by over $500 in less than a month. Pegged at $27,000 in November, the average secondhand car now trades for over $27,500. As we’ve recently covered just how wild secondhand vehicle prices have become in 2021, we’ll keep this one relatively brief. But it must be said that automotive values are starting to seem totally disconnected from anything that could be considered rational as cars now have MSRPs a third higher than they were at the start of 2021. (Read More…)
The Toyota Camry made leaps and bounds after the model debuted as a sedan sub-variant of the Celica in 1980. The first Camry to stand on its own was the V10, a very boxy four-door on sale for just four years, from 1983 to 1986. In the North American market, the front-drive V10 Camry replaced the rear-drive Corona as Toyota’s compact offering. And though the V10 was designed in part with export markets like North America in mind, its successor the V20 used the North American customer as its starting place.
Used-vehicle prices set another record last month thanks to elevated demand and suppressed production of new cars. Depending on who you ask, the typical transaction fee for a secondhand automobile rose nearly 50 percent in November vs the same period in 2020. While the pandemic had meaningfully suppressed demand during that time, that’s still a staggering increase over any 12-month period.
Sharing Cox Automotive’s Manheim Used Vehicle Value Index, Automotive News nailed down the annual difference to a 44-percent increase. This also represents the November pricing index swelling by 3.9 percent against October, which is noteworthy in itself. But what does that look like in dollars? (Read More…)
Today’s Corona is the third to appear in the Rare Rides series. We started in early 2020 with a 1968 Corona Coupe and followed up that October with a Mark II wagon. Today’s entrant is from the last time North Americans could buy one.
Our Buy/Drive/Burn today is yet another reader suggested trio, this time from SoCalMikester. Mike wants to take a look a three quite affordable compact hatchbacks from 2007. Honda, Nissan, and Scion are all on offer today, but which one’s worth your limited number of 2007 dollars?
On a recent Buy/Drive/Burn that featured some alternative Japanese compacts from 2008, frequent commenter theflyersfan suggested a second look at the same three cars, but in hotter variants. Today’s the day, and it’s 2009.
In our last edition of Buy/Drive/Burn, we considered the Mazda Protegé, Mitsubishi Mirage, and Subaru Impreza sedans from 1998. Most of you preferred the Protegé as your Buy of the three. Today we fast forward to the same offerings in 2008, and see if things shake out differently.
Now that fuel prices are popping off and it’s becoming glaringly obvious that we’re falling into another recession, one would hope that automakers would be prioritizing their more economical models. Unfortunately, most manufacturers operating in North America spent the last decade culling the smallest models from their lineup. Domestic brands took the practice so far that several no longer offer traditional cars, opting instead for compact crossover vehicles yielding higher price tags and broader profit margins. Foreign brands were only marginally more reserved with the ax.
This has helped move the average vehicle transaction price beyond $42,000 in the United States, according to Edmunds, with used rates sitting somewhere around $28,000. Though the cause isn’t entirely down to there being a complete lack of econoboxes on the market. Increased regulations and the industry’s newfound obsession with connectivity/tech have also increased pricing. But it doesn’t change the fact that we’re now confronting a situation where almost nobody is selling the kind of small, affordable vehicles that cater to shoppers needing to be thrifty right when they really need them. (Read More…)
Today’s Rare Ride will upset some of you. It’s one of those cars that was very common in its day, entirely disposable, and a prime example of the characterless econobox. Yet because it was such a throwaway, nobody ever saved one – except this one.
Visiting us from 21 years ago, it’s a Chevy Metro with 400 miles.
Large, luxurious, and very serious, the first generation CL was also an SEC and S during its life. While Mercedes-Benz played the Nineties naming games with its lineup, the W140 soldiered on in two-door format as a last-of for a top-tier Mercedes coupe. (Read More…)
With automobile prices ballooning to egregiously high levels, one might assume that the industry would be in rough shape. But they’d be dead wrong. Supply chain disruptions have actually created a captive market where consumers are desperate to lay their hands on whatever products are available. In the automotive realm, this has allowed retailers to set ludicrous prices and rake in larger profits per transaction. While inflation may eventually catch up to these entities, the gravy train is currently parked at the station and dousing big business with its warm, brown effluence.
Nobody knows this better than the folks at AutoNation. Because the company just released a quarterly profit report that blew its rosiest projections out of the water. Net income its ongoing operations was $361.7 million for Q3 2021, double the $182.6 million witnessed in Q3 of 2020, while revenue rose 18 percent to $6.4 billion. (Read More…)
Last week, Mexican President Andrés Manuel López Obrador made a pledge to legalize millions of vehicles being illegally imported from the United States. While it sounds like a phenomenal way to help the nation to contend with product shortages that are driving up vehicle prices around the globe, all of the cars had been smuggled previously and many were presumed to have been stolen.
This has created a lot of tension. Despite there being evidence that these vehicles frequently end up becoming workhorses for criminal cartels, illegally imported beaters also provide a cheap alternative to poorer residents right when automotive prices (new and used) have started to disconnect from reality. Times are tough and destitute families aren’t going to care where a car comes from when it’s the only one they can afford. So López Obrador has officially launched a new regularization program designed to bring these automobiles into the fold. (Read More…)
The Pontiac Grand Prix was a long-term staple in Pontiac’s lineup, a Driving Excitement alternative to the Buick and Chevrolet cars with which it shared its various platforms. Though it faded from its initial personal luxury prominence, Grand Prix had one final V8 hurrah at the end of its life. It was a sort of return to form after many years with a maximum of six cylinders. Let’s check out some GXP goodness.
The Rare Rides series is a friend to the General Motors J-body. In 2018 we featured a 2000 Sunbird from ’83, in 2020 there was the ’84 Oldsmobile Firenza Cruiser, and earlier this year a ’91 Cavalier wagon.
But we’ve never featured the OG J-body main event, a first-gen Cavalier. Let’s go.
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