CNN Says sell your old car now for top value

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  #1  
Old 02-21-17, 01:50 PM
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CNN Says sell your old car now for top value

Just read this article on CNN.com.

sell your old car now for top value

The premise of the article is that they are seeing a decrease in available used car inventory due in part to people not buying new cars during the last recession. Therefore, used car values are increasing.

I won't argue with that statistic but I don't agree that it means I should sell my used cars. I own 4 cars (wife, myself and 5 kids driving). Two cars are from 2011 and the others are 1999 and 2000. All are paid for and regularly maintained. Why would I sell something that I can rely on just to put myself into debt (leasing or a car loan). Yes, I can get more money from it this year than I could last year if that article is true but I will almost always make more selling a can now rather than letting it age another year and get another year of wear and tear. Where is the great insight?

I am trying to figure out who the article is targeted at. Who is this group of folks that will decide to sell an older car (5+ years old) now just because they read the article? Were they planning to get a new car anyway and this just improves their timing? It certainly isn't the folks that are causing the lack of inventory in the first place because we had no intention of getting rid of our used cars to begin with.

It feels like they are trying to manipulate the market. Like this article is more of an advertisement for car sales than it is a news article meant to inform. Am I the only one offended by this type of "news" story?

- Peter
 

Last edited by pjaffe; 02-21-17 at 01:50 PM. Reason: forgot the word "car" in the title and link
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  #2  
Old 02-21-17, 03:25 PM
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It feels like they are trying to manipulate the market.
You hit the nail on the head. What else can you expect from CNN or any other Fake News channel & the corporate media? BTW, I knew that long ago. Here's a quote from another article by the same author.

Low gas prices make it harder for automakers to sell as many of the efficient vehicles as they need to in order to meet the regulations.
Drive your cars until you can't drive them any longer.
 
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Old 02-21-17, 03:28 PM
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My personal truck is 16+ years old. I don't think I am going to get anything more then about $5 for it even with its very low miles. However, don't show this to my wife as she has an '08 Impala and would like to get a crossover.

Vehicles are always a loosing game. People put so much importance on vehicles, to me they are just a tool to get a job done. I wouldn't say I am offended by the article, it just makes me roll my eyes and say "whatever".
 
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Old 02-21-17, 03:36 PM
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The starter went out in my 15 year old truck this morning. A few hundred dollars and it was running before mid-afternoon. Much cheaper than the gas and time away from work just to drive to a auto dealer.
 
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Old 02-21-17, 03:51 PM
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People put so much importance on vehicles
OMG, I work for one of the big 2 and I cant believe what they put in these cars. Read the avg transaction price is $35K which I hope everybody buys as my variable pay this year was out of the park.

However, I have not, nor will I ever, purchased a new car since 1984 and hope to heck they keep offering basic LS modes without all the krap so I can continue to have a supply of 3-5 year old cars at half the price of new.

Think prices are high now, wait till all the autonomous vehicles start coming out!
 
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Old 02-21-17, 04:19 PM
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Dane, at least the Ram starter is easy to get to. I haven't thought about mine, but it is likewise 16 years old, has 480,000 miles on it, cranks every time I turn the starter, does what I expect of it, so I have no desire to sell it. New trucks choke me with their prices. Besides, I'd be afraid I'd scratch it somehow. I've seen almost identical trucks selling for more than I paid for it, so I guess that article has some virtue......not that it was from CNN.
 
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Old 02-22-17, 02:49 AM
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Low gas prices make it harder for automakers to sell as many of the efficient vehicles as they need to in order to meet the regulations.
Reminds me of a conversation I had with a man in AutoZone's parking lot a years ago when gas prices were $3+ per gallon. He had a nice ford with a 390. I made the comment that the only thing the new cars had going for them was better fuel mileage. His response was 'you can buy a lot of gas when you aren't spending it on a car payment'

Seems like every few years they say there is a shortage of good used vehicles and the price increases. Personally I don't see the need to trade vehicles just to get a new one. If I like a vehicle and it runs decent - I'll keep it a long time.
 
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Old 02-22-17, 05:25 AM
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I spent the night in Arlington, Tx last night & meet with a 1st cousin for dinner to visit. She was asking my opinion on doing a little work on her car before she trades later this year. She has a 2002 Toyota with about 210,000 miles on it. She usually buys certified pre-owned vehicles 2 or 3 years old... she never buys new.
On the same note, I haven't bought a new personal vehicle since 1997. Everything my wife & I have bought has been used. We wont ever buy a new one unless we win the lottery or something where money is abundant.
I'm driving a 2007 Dodge 1500 4X4 with 175,000 miles. I am considering buy my boss's (the company owner) 2015 F250 Super Duty Platinum when he trades in December 2017. I think that will be the last vehicle I ever buy & will last me for the rest of my life.
 
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Old 02-22-17, 06:08 AM
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[/QUOTE]Seems like every few years they say there is a shortage of good used vehicles and the price increases[/QUOTE]

In 2012, it was super storm Sandy that caused a shortage. That was in the North East.
 
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Old 02-22-17, 06:35 AM
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I am trying to figure out who the article is targeted at.
The same readers they think will stockpile gasoline or buy an economy car every time they predict that gas prices are going to skyrocket by year's end--without ever a legitimate cause for the increase. These predictions are as reliable as weather forecasts but with one key difference: unlike the weather the public just *might* heed the prediction and act on it--turning it into a self-fulfilling prophesy. And causing us all to pay more at the pump.

Seems to me I keep hearing about continuing record sales and profits from new car & truck sales. Don't know where CNN gets their "facts". Well...actually I DO know.
 
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