A
anon_mlxxvlbug9dpa
Guest
I had a 4Runner for years and traded it in for like 10% less than I paid for it. They hold their value better than anything out there.
Millenials the new Boomers?
- Thread starter UncleMark
- Start date
The used car market it completely bonkers right now. There just aren’t hardly any deals out there. I’m a buy used guy but that age old thinking may not be correct right now.
A
anon_mlxxvlbug9dpa
Guest
That's exactly the point. It's not about the money, but the time and energy to deal with all of the replacements, etc.
How close did you pay to sticker, if you don’t mind me asking? I’m in the market and dealer aren’t moving much.
The used Toyota I bought over the winter is now selling for 4-6k more than I paid. Barely a discount over brand new ones.
New cars are a major shortage right now due to the chip production issue. I wouldn't even bother buying a car this year (new or used) unless you just had to. Great time to sell an extra one though.
Same goes for houses. Lots of millenials now flush with money for first time in their lives.... all battling to buy big family homes in the burbs.
Recent listing in Zionsville this week.... listed at $625k... millenial aged family's offer of $650k was good enough for 7th place. House was probably $550ish a year or so ago
Last edited:
Yeah I’m pushing the car purchase to 2022. Hopefully things level out.
A friend had a 3 year old truck with over 40k on it. Dealership called him and offered his $2k less than he paid. He drove directly to the dealer.
You’re a finance guy. You think there will be a correction? I know much of what gave rise to 08 (stated income/no doc) isn’t present today and buyers are qualified but this spike is crazy.
As an aside on used cars unlike in the past the entire country really is the market. If you can find a deal anywhere shipping isn’t prohibitive
If you’re around Indiana, drive to Jasper to their Toyota dealership. Its MILES better than Bloomington. I don’t deal in Indy so I can’t talk much.
I think people are overpaying and when supply ever catches back up they are likely going to be flatlined in appreciation over coming years. But in no way is it crash worthy. Down payments are large, qualifications are very high, and even the amount of cash buys being completed is amazing.
But until lumber prices return to earth, construction is not going to be able to fix the under supply issue.
Suburbs were under built for the population bubble of millenials....as for the last decade they were all good delaying marriage/ kids..... and living in urban apartments and condos.
Older folks are aging in place.... not selling off their homes as was once expected.
Quite a prefect storm.
Well....they are selling them before they actually hit the lot around here. I paid really close to sticker. 35k give or take
Thanks. That seems to be the common theme. At least you got yourself a really great truck.
Crazy. Certainly not what was predicted during the early months of Covid. A big hurricane will bring Fla back to reality but few regions around the country have been insulated from the surge. So the million dollar question is when will supply recover. I would imagine foreclosure stays ending will create some supply. Who knows how much.
Yeah. I thought about trading last summer but didn't. Probably touch and go on which would've been the better time. I felt like I received a pretty good number for my trade-in.
Bingo. Repossession (auto) volumes are ludicrously low. Just our clients, probably 300k down in 2020 alone and it continues to present. There's a bubble out there somewhere. Cue the Jaws music.
Unless my kids have “a calling” I’m going to try to push them to finance/economics.
Last edited:
2011 Ford Focus. 68,000 miles. $4500. The newest, nicest car I've ever owned.
You guys can all kiss my ass.
You guys can all kiss my ass.
some day you need to share your story while maintaining your anonymity. too smart and clever for this life you portray. i'm not certain i even believe it
Lazy takers aren't all dumb.
I should clarify, it's the nicest, newest car that I've had for my daily driver. SWMBO has had and still has better.
I did read it. That is one reason why I said the story is a crock. What motive would an appraiser have to adjust down a bank appraisal because of race? This one makes zero sense on many different levels. Appraisal reports contain comparable sales and adjustments to comparables based upon a number of factors. It’s not unusual for appraisals to have big differences. Both of these cases had the first appraisal at the beginning of the pandemic; the whole economy was messed up, including the real estate market.I guess you didn't read the accompanying NYT's article about a mixed race couple who had a similar experience. The wife, who is black, removed all of the black identifying artwork and pictures and replaced them with her husband's white family photos. The subsequent appraisal came back over 40% higher. Btw, the couple's bank agreed with them that the first appraisal was too low and I'm betting they didn't live in a black neighborhood like the woman in Indy.
Black Homeowners Face Discrimination in Appraisals (Published 2020)
Companies that value homes for sale or refinancing are bound by law not to discriminate. Black homeowners say it happens anyway.www.nytimes.com
We know it's illegal to discriminate when appraising a home, but if there is a low risk of getting caught, then it's being done.
You’ll get tired of it and leave your keys in this one too.
Appraisers are motivated to increase to get a loan approved if the client is a lender or decrease if the client is corporate purchase for a transferred employee.
The example in this thread doesn't pass the smell test.
My trailer depreciated by $500. I didn't tell them about the bathroom remodel.
I used to think that was a lowest of a low blow insult, then this board came along. 😁I just wish you would stop channeling Cliff Clavin.
i'm guessing your "higher earning years" were based in being an unproductive govt mooch.
you didn't think those share valuations were based in actual metrics did you?
and you did get addicted.
Last edited:
Gotcha. I haven't had to look in over a year so was not aware the prices there have gone up.
Yeah, I am in Hamilton County and locked into buying right at the tail end of the 2008 downturn, got my house at the time for around $150,000 and comps are currently going for twice that. They have gone up about $75k just since last fall.
The original house I built in 2004 for like $110,000 I have seen comps to it listed for $220,000 now...and we are talking a no frills 1250 sq ft starter house.
I think a bunch of people purchasing right now are going to find themselves upside down soon. If you are a seller and you can do it, sell now, rent, and buy later.
I saw photos from Kentucky of thousands of trucks that have been built but are missing their computer chips because of the shortage. I imagine that's playing into the pricing big time, and it may be a couple of years before the chip industry catches up.
I don't know if people watched the 60 Minutes episode this week on chips. Flat out Intel admitted they are a couple of generations behind Taiwan in chip technology. Simply put, we can't buy American because we can't make them. Now Intel is promising to catch up, Or more likely they are promising ketchup because I doubt the other is going to happen.
The story spoke of China investing heavily in chips in an effort to catch Taiwan, the program failed. There is fear that China may just conduct a hostile takeover of Taiwan. Now I know the main reason for these comments about a likely war between China and Australia involves their trade, but I imagine fears of Taiwan come in somewhat https://www.dailymail.co.uk/news/ar...ralia-China-tensions-reach-boiling-point.html.
I don't know if people watched the 60 Minutes episode this week on chips. Flat out Intel admitted they are a couple of generations behind Taiwan in chip technology. Simply put, we can't buy American because we can't make them. Now Intel is promising to catch up, Or more likely they are promising ketchup because I doubt the other is going to happen.
The story spoke of China investing heavily in chips in an effort to catch Taiwan, the program failed. There is fear that China may just conduct a hostile takeover of Taiwan. Now I know the main reason for these comments about a likely war between China and Australia involves their trade, but I imagine fears of Taiwan come in somewhat https://www.dailymail.co.uk/news/ar...ralia-China-tensions-reach-boiling-point.html.
Wifey was like "we should sell and move to nicer house". I reminded her we'd have to buy a house in the same area, also at a 25% increase.
