[Dutt1113]

Is selling your used car a good idea right now? I was wondering because any profit you may make on your car will be basically out the window when you have to go buy another used car at an inflated price. Doesn't make sense to me right now to Sell High to then Buy High.

[Bob in IL]

Originally Posted by Dutt1113

Is selling your used car a good idea right now? I was wondering because any profit you may make on your car will be basically out the window when you have to go buy another used car at an inflated price. Doesn't make sense to me right now to Sell High to then Buy High.

That would be a tough decision right now. I've been checking offers on our '19 X3 from CarMax, Carvana and Vroom and a couple of them are tempting. We're thinking of going to one car (keeping the G30) so I wouldn't have the dilemma of getting another one right now at an inflated price.

[LogicalApex]

If you can sell without the need to buy immediately then you can come out with an advantage. Selling high and buying low when the market cools off again.

There may still be price arbitrage opportunities for selling then buying, but they’ll require some legwork to sort out.

[CFoote]

This chip shortage will go on for at least another year. It's going to be a headache for so many things unfortunately.

If you have a nice car, I would hold onto it. Enjoy it and ride this out.

No point in selling high and buying high, as you said. Inventory is very limited too even with the high prices.

[Dutt1113]

that's the thing. I would need to find another vehicle. I wouldn't buy another m550 because that's just dumb. Keep what I have. I would save money and look at something like 18-19 S5 sportback or 18 RS5 coupe using profit from selling. I don't think RS5 is nicer than my loaded m550, just different and sportier look and drive for sure. The S5 is nice for being cheaper and saving money. There's really no cars that peak my interest or that make it worth selling to get. The cars I really want just came out so I have to wait 2-3 years for them to take the depreciation hit, then I can take advantage of those. I would consider 20' S7, g80 m3 xdrive, maybe b10 s5, who knows.

[jsf721]

Well as long as you don't have to replace it. It is a good time to sell any extra cars.

[Joe-BMW33]

Seems like you answered your own question within the question. Yes, it's a good time to sell but also a bad time to buy. If you have extra cars that you would like to replace, sell now high, wait a year and buy lower than today.

All that said, we are talking about +/- 10%. So your car that was worth $50,000 4 months ago is now worth $55,000 and the $70,000 car you want to replace it is sticking hard to the sticker of $77,000.

[Boosted_8]

If you are not driving for work much and are happy to use a partners vehicle for a year or so, its a great time to sell high.

[TacticalGunnarM550]

Depends what you're selling, i was in and out of bmws for a while, had a 2019 Durango srt8 with higher than normal miles on it..i wanted back into bmws and when i found my M550 i sold my Durango to Carmax for 7k more than i owed on it.. i jumped and got my 18 M550i with low miles.

[aerof16]

I would only sell if I was buying a new car and knew I could get what I wanted in the new car.

For example: I moved and was shopping for the new Jeep Grand Cherokee L for my wife and kids, as we will see snow in our new location and likely spend some time off road during the nicer months. The supply chain shortage means that Jeep is shipping vehicles off the factory line without some standard equipment.

We bought an Overland, which comes standard with air suspension, except for now they don't have the parts and instead provide a credit on the window sticker for not providing it. Tow packages with Jeep are not available on most Grand Cherokee and lower models, they are saving them for the Wagoneers (more expensive). Jeep told me sunroofs are next on the hitlist.

So just be warned, if you are buying new you may not be able to option a vehicle the way you want. However, I found a Jeep that had been on the dealer lot for 2 months. Not ideal but they received it before the supply chain shortage, so it has all the equipment. Also got $5k off MSRP. Not the best deal in the world but still a pretty good deal considering the market.

[TacticalGunnarM550]

Originally Posted by aerof16

I would only sell if I was buying a new car and knew I could get what I wanted in the new car.

For example: I moved and was shopping for the new Jeep Grand Cherokee L for my wife and kids, as we will see snow in our new location and likely spend some time off road during the nicer months. The supply chain shortage means that Jeep is shipping vehicles off the factory line without some standard equipment.

We bought an Overland, which comes standard with air suspension, except for now they don't have the parts and instead provide a credit on the window sticker for not providing it. Tow packages with Jeep are not available on most Grand Cherokee and lower models, they are saving them for the Wagoneers (more expensive). Jeep told me sunroofs are next on the hitlist.

So just be warned, if you are buying new you may not be able to option a vehicle the way you want. However, I found a Jeep that had been on the dealer lot for 2 months. Not ideal but they received it before the supply chain shortage, so it has all the equipment. Also got $5k off MSRP. Not the best deal in the world but still a pretty good deal considering the market.

Yeah it's only going to get worse, it may not be the best time to buy, but if there's something you want and you can negotiate a solid deal, do it. My CPO 18 M550i was a good deal, i also got an extended warranty for an additional 100k miles good til 2029 with it..i had to jump on it.

[aerof16]

Originally Posted by TacticalGunnarM550

Yeah it's only going to get worse, it may not be the best time to buy, but if there's something you want and you can negotiate a solid deal, do it. My CPO 18 M550i was a good deal, i also got an extended warranty for an additional 100k miles good til 2029 with it..i had to jump on it.

Yep, there are still deals out there to be had. The dealers I have been chatting with think things won't go back to normal until late 2023, we'll see.

I would recommend letting sites like Carvana make you an offer though. Sold a F30 to them for top dollar, really easy to work with too. On the other hand, they low balled me on my Hellcat, so I sold that privately.

From that experience I would say that, if you love your car and are only selling for money, don't. I sold my Hellcat 8 months ago for a hefty profit thinking I'd buy another when the market corrects in a year (from the time of sale). Obviously, it has not and I'm still waiting. Wish I never sold it.

[LogicalApex]

Also I imagine you'll see a bump in offer pricing as this thing drags on since almost all car manufacturers have blocked selling lease turn ins to anyone other than the brand's dealerships. As the third party sellers struggle for supply I imagine they'll add some cream to the offer for owners who aren't leasing...

But as aerof16 noted. Sell if you're selling for valid reasons. Losing a car that you love only to be thrown into the pit would be brutal.

[aerof16]

Ok, one more bit of advice.

If you bought a new car within the past few years, it's likely worth more than you paid for. I traded my wife's SUV in that we had for 1.5 years and 16.5k miles for $1500 more than I paid for it. Add to that the $5k we got off MSRP of the new Jeep and it was a no brainer for me.

Carvana, Vroom, etc are also making really high offers on some vehicles. If you're thinking you want a NEW car, then shop around a bit and see what you can get for your current vehicle.

[FrankW1029]

If you have something like a Corolla or Sienna that all the sudden this market gives you extra $3000 on what you were going to get. Sell like it’s hot! And then get into something that you can get for msrp.

If you already have a luxury car you are paying less vs what deal you will get now, there’s no point to get a new car.

[ksoze]

The chip and supply chain issue will not be fully resolved until the 2024 model year, according most industry analysts. Plan accordingly. Interestingly, those issues have actually increased the dealers bottom line, even with close to empty lots. Its a sellers market for a while.

[hristo104]

I have been on the market for a few months now and selling was great but buying is proving to be an issues

[smbsocal]

The market is interesting right now.

I recently sold our '17 Z06 Vette for just about what we paid for it new and got a '20 C8. The dealer that took the Z06 in trade listed it for well over what we paid for it new.

I have been looking at trading in my DD for a M550. What I have found is that you can get a good price for trading in BUT not always. Some dealerships will absolutely low ball the trade in. It looks like some dealerships are hurting pretty badly due to the market and can't purchase used cars so they will low low ball you.

[Germanauto]

My Lexus really went up in value due to the chip shortage. I probably got $3-4k more from it than I would have pre-pandemic. I was due for an upgrade as well. Japanese cars hold their value well. A comparable year/mileage 3-series would have been worth like 50% of what my IS was worth.

Deals on new cars are few and far in between. At best I found one dealer in NorCal willing to give me a solid lease on a 330i M Sport. However I was still getting my Alfa for less. We all know these aren't the hottest selling cars so in theory that would help. However in the LA area most dealers didn't have much inventory and weren't negotiating much. But there is one dealer that is well known to always be overstocked on inventory and wanting to push volume rather than profit per unit. They cut me a deal I couldn't refuse.

[cclcal]

a great time to sell if you have extra car.
Sold my 2013 911 which i owned for almost 4 years and out 20K miles for 6K$ more than I paid.
But I really do miss that car.
Ended up getting a '18 M550 as we got great deal and need the 5 seater.
Almost sold our 2020 Hyundai Palisade w 20K miles to Carvana as they were offering what I paid when new. But did not sell because not sure what i would replace it with.

[Joe-BMW33]

Originally Posted by cclcal

a great time to sell if you have extra car.
Sold my 2013 911 which i owned for almost 4 years and out 20K miles for 6K$ more than I paid.
But I really do miss that car.
Ended up getting a '18 M550 as we got great deal and need the 5 seater.
Almost sold our 2020 Hyundai Palisade w 20K miles to Carvana as they were offering what I paid when new. But did not sell because not sure what i would replace it with.

I would have kept the Porsche, the M550 and dumped the Hyundai !

[cclcal]

Originally Posted by Joe-BMW33

I would have kept the Porsche, the M550 and dumped the Hyundai !

yeah, dont remind me, ive had some 2nd thoughts already, miss the 911 more than i thought i would

but we need the hyundai for ski trips