Should I buy?

[99Cruiser]

I respectfully disagree. From my experience (9/11 and 2008) When the economy goes to s***, used car value go up (because many people who need cars can’t afford new ones). But 200’s are not necessarily trending with the average used car market as a whole.

Another thought on waiting even if the price went up as Eric suggested might happen, is this the best time to buy an asset right now based on the uncertainty of what is unfolding? Unless you really need a vehicle right now, time is on your side. Plus Eric said it was not the best deal.

I can dream of a $35 k Hellcat with Dodge offering 50% off. My dad bought a Ford F150 new in late 2008 for half off.

 

[Lester did that]

Another thought on waiting even if the price went up as Eric suggested might happen, is this the best time to buy an asset right now based on the uncertainty of what is unfolding? Unless you really need a vehicle right now, time is on your side. Plus Eric said it was not the best deal.

I can dream of a $35 k Hellcat with Dodge offering 50% off. My dad bought a Ford F150 new in late 2008 for half off.

If you have the cash on hand it's a fair price from a dealer. If you can wait 30 days till things are really bad they will probably let it go at cost or cheaper if they need cash money. Maybe you could even negotiate free inspections for 2-3 years but start at 5 years. Same goes with oil changes. Or they will just close so make sure you have one of the dealers personal contact info. If it where me, and I'm doing this, big purchases can be played well right now. When people panic it's the time to buy, when they are optimistic is when you get top dollar on the sale.

 

[Eric Sarjeant]

I really think you need to go with your gut. There is no playing hard ball with a dealer on a used 200 unless your the one selling it to them. Every time I get one in on trade I sell it in <2 weeks, I recondition it right, price it right, and hold firm to a fair number. It sucks seeing people drag their feet and missing on the right vehicle that’s perfect for them. It’s not like buying a new Camry. There are typically less than 10-15 of any specific older model year 200s for sale in the country at any give time. Just my opinion. Find one that’s got a solid history or maintenance and a good frame in a color you like and roll with it.

 

[Hokie24]

Thanks, everyone, I really appreciate all the feedback. Maybe one last question, well sort of the same just posed differently.

Let's eliminate the price or say I can get it cheaper. And IF all maintenance was done timely and IF it's in good mechanical condition, how many miles could I expect to get without any issues? I know I'm asking a tough question, but just so I know how reliable these things actually can be.

 

[Willie G]

You're asking based on prior maintenance, but how it is maintained in the future (by you) has a FAR greater bearing on expected lifespan, i.e., if you stay on top of things and act in a preventive manner the sky's the limit. IMHO, YMMV, etc.

 

[Zaicran]

If you have time you might want to wait. I have a feeling all assets including vehicles will be dropping in price. Nobody is out car shopping right now. It is like a ghost town in Austin right now unless the store sells groceries.

Might be a good time to buy

 

[Zaicran]

Another thought on waiting even if the price went up as Eric suggested might happen, is this the best time to buy an asset right now based on the uncertainty of what is unfolding? Unless you really need a vehicle right now, time is on your side. Plus Eric said it was not the best deal.

I can dream of a $35 k Hellcat with Dodge offering 50% off. My dad bought a Ford F150 new in late 2008 for half off.

I wish I got my Hellcat at 1/2 off...lol

 

[99Cruiser]

Eric, what are your thoughts on this Forbes article about car prices new and used and is Toyota going to be in a better situation than the other manufacturers?

Study Predicts Prolonged COVID-19 Pandemic Could Sharply Reduce Vehicle Sales

The COVID-19 crisis could cause U.S. new vehicle sales to fall by as many as 2.4 million units from 2019 according to research released Monday by ALG, a subsidiary of TrueCar.

www.google.com

 

[Hokie24]

So the LC is still available and they dropped the price to $18,800. I might be able to play hard ball with them now.

 

[grinchy]

I expect to see 350k no problem. I’ve invested several thousand in maintenance type items and more thousands in mods. Now we’re good and married. I paid bottom dollar on a high mile version and no regrets.

 

[Hokie24]

I expect to see 350k no problem. I’ve invested several thousand in maintenance type items and more thousands in mods. Now we’re good and married. I paid bottom dollar on a high mile version and no regrets.

What are the maintenance items I should expect, if they haven’t been taken care of already?

 

[99Cruiser]

So the LC is still available and they dropped the price to $18,800. I might be able to play hard ball with them now.

I noticed a lot more used cruisers are in the "good deal" designation on car gurus. The one you are looking at moved up from high price to fair deal. However it seems to be a better buy than the 2008 1 owner in Grapevine TX that has 202k miles at $18,500 but has an accident reported, since yours is newer and no accident.

Houston is in a bad position economically with the low oil prices right now in addition to the stay at home order. Maybe the dealers are trying to move some inventory. I wonder if the auto auctions are still taking place and if so what are the volumes?

 

[grinchy]

What are the maintenance items I should expect, if they haven’t been taken care of already?

Well, you never know, right? But I've done all the wheel bearings, brake rotors, most all the fluids (oils, diffs), suspension refresh, tires, had the audio system fail, and so on. None of this was stuck by the side of the road stuff, just regular maintenance. I found some sins while replacing things, like minor unreported accident damage, a rear diff 30% low on gear oil. The oil filter area was an atrocity. All this stuff pretty easily resolved.

I had very good longitudinal service records and was able to speak to previous owner, and he personally knew the first owner, so in general I got a good feel for what I was in for pre-purchase.

 

[99Cruiser]

This article addresses my question and states that auctions are mostly shut down and used car prices may be falling Fear of an Impending Car-Price Collapse Grips the Auto Industry

 

[grinchy]

This article addresses my question and states that auctions are mostly shut down and used car prices may be falling Fear of an Impending Car-Price Collapse Grips the Auto Industry

So you bought it then? Or will this be your second '08?

 

[mooneywa]

My experience in the Great Recession time was that the car I was buying was very well priced, but consequently my trade was not, so it all kind of evened out. I suppose the real deal is if you are buying without a trade, and even then it probably depends on the dealer. It'll be interesting to see if these high-volume mega dealers or the smaller guys are hit harder. The stuff sold in the finance office I'm sure balances out selling at a low price, but what happens when all the music stops? I'd assume the shell game gets pretty tough with everything going on and high overhead and market and so on...

If you want a very fascinating (yet sad) read, search the story of Reagor-Dykes Ford in Lubbock, TX. $40M fraud with Ford Credit on floor plan shell games.

Ford: This may be one of the largest frauds in the history of the United States

Ford Motor Credit filed additional documents with the bankruptcy court Friday morning, claiming this may be one of the largest floor-plan financing frauds in the history of the United States.

www.kcbd.com

I bought two 200s and the buying process for each was night and day. First one ('15) was priced comically high at a small BMW dealer in Ohio. The initial round of negotiations left us $15k(!!) apart, they didn't seem serious so I politely declined. Lots of statements about how rare and valuable despite it being for sale for 7 months and counting... about a week later the emails started coming with price drops. After about two weeks we settled on a deal at $1k higher than my offer. Of course when I got there out came the foursquare and the paint protection and the nonsense.

The next 200 ('17) I got in September of '18 was from a large volume GMC dealer locally listed without a price because it just came in and they hadn't even added pictures to the website. I called to inquire and their initial offer was spot on for what I would have considered. I didn't even counter and the deal was done and out the door in 90 minutes with friendly, polite, and non-pushy sale and F&I guys.

I'd guess that if you're the #1 LC dealer in the US you probably have a good command of the market and can probably get a bit of a premium knowing that it will be inspected and reconditioned appropriately. But generally speaking, it's very hit or miss with dealers selling them just like it's very hit or miss finding a dealer who will correctly work on them.

 

[99Cruiser]

So you bought it then? Or will this be your second '08?

I am not buying a second 200 at this time unless a great deal pops up, that was the OP. I am currently looking at 27'-30' airstreams and if I need a 3/4 ton with 2 adults and 2 teenagers or maybe an LX570 with AHC.