The Used Car Market is SO Screwed Up You Could Pay MORE Versus a NEW Car

the used car market is stupid and after more than a year of waiting for it to return to some level of rationality I decided I was going to wade into the used cars see if I could find what I'm looking for as a deal and I found out that the used cars cost more than the new cars this is really stupid but a true story and I'm going to show you exactly what I found so welcome back to all cars y'all I am John and if you've been on the channel before you know I'm a fan of the Ford Maverick I loved it when it came out and I really want a pretty base level with a hybrid but this has been something that Ford either cannot or will not produce enough of and apparently Global Supply chains are still making it prohibitive to try to build the hybrid so what Ford is doing I've done a whole video on it is raising the base price then making the hybrid the optional engine and charging extra fifteen hundred dollars for it so my wife and I recently went on a vacation and had a good time and while we were driving around and talking I still want a Maverick now I have a car I'm perfectly happy with this is going to be something I add and I don't need something fancy it really is going to be something to toodle around in and try to keep for a long time so inexpensive is the best I can get now when I priced the Maverick originally I could get an XLT that mid-level trim with a luxury package couple other things for about twenty seven thousand dollars and I decided after talking to my wife on this vacation maybe I just need to buy used they've been out for a couple of years so let's see what the used car market looks like so I came home and I went to CarMax and I was totally surprised they had a few they had quite a few for sale but they had several one in my market and a couple around that were xl's now this is the base level trim here and you can see here oh they're 1 000 miles on it 38 000 for an XLT here's an XL two thousand miles on it 37 000 here's one thirty seven thousand dollars you can't option an Excel that high with Ford well I thought now we all know CarMax is not going to be the cheapest they're going to pay a little bit of a premium here for the the service the the the sales experience so I thought well you know let's look at carvana not the cheapest but let's look well here we go same results XL 35 XL fifteen thousand sixteen thousand miles 31. all right still not finding a deal here but knowing these two are pretty expensive let's look at one of my local dealers now the one I look at they are probably the biggest in our area and they're part of a network of dealerships so they can pull from them and across all of their dealerships they had four four and the cheapest was this XL it's nowhere close to me it is the hybrid it has 20 000 miles on it for thirty two thousand dollars and so this is what blew my mind is I'm waiting for a used one I'm waiting for honestly a deal thinking that 27 and it's going to depreciate from there and when I say that they're more expensive than a new one I absolutely mean it now we have heard in the news that the used core Market is becoming a little bit more rational after when when covet hit we had this huge run up in prices because we didn't have any new cars to sell the supply chains were all clogged up so people flooded into the used car market people weren't driving so they weren't selling their cars it drove prices way up but finally it peaked and it started falling until recently the past month or two prices have actually been increasing again but the news was telling us it was getting better and that's what this chart here shows so I decided to run over here and let's take a look at Ford and build one to see if I am correct that you can't option an XL up to what you could buy it used this is just unbelievable so here we are at Ford this is for 2024 so this is after the new prices have taken effect keep that in mind Hybrid engine is actually more expensive right there okay it won't let me highlight it but the EcoBoost is what comes with the optional all-wheel drive system that'll boost the price up quite a bit so we're going to keep this so we're going to start with the XL base level model here let's add red because I like the red and it's 500 and I'm going to go through here and start picking every single option I can so let's add uh twenty two hundred dollars for all-wheel drive and uh yeah I absolutely want the tow package and I absolutely want to Copilot 360. and then we're going to go through all these options a splash guard bed divider toolbox whoop yes yes if it adds 500 I want it uh toolbox sure uh passenger side let's try that one too sure uh that had zero dollars um so we'll keep that the way it was uh the tonneau cover this is the most expensive one we'll take it truck bed lighting sure we want a Bed Extender nope we don't want anything that lowers the price tray liner spray in spray in bed liner we want that protective film absolutely and of course we want these air deflectors trailer hitch don't need that because we've got the tow package tailgate lot for forty dollars absolutely we do I do want to lock my wheels can't have somebody riding off with my tires engine block heater you know what I live in the south sometimes at night it gets down to like 15. absolutely need an engine block heater here and then we don't need the hood deflectors because we do have the protective film let's see what the bed crossbars do yeah that wants to reduce the price we don't want that so we'll leave that the way it is and then I want a commercial roadside assistance so I don't need these two other ones I absolutely need an ash cup I don't smoke but let's get that too all weather floor liners Trace Styles said absolutely I want that see if the smoker's package is separate yep it is and then a console Vault I feel I need that it's critical to my life and there we go we get down to the summary 33 890 maxed out base level Maverick 33 890 or I can go over here and buy one for thirty seven thousand and you know this is not maxed out with everything I just put it in so what am I saying here well I feel sorry for people who are in the used car market right now there are some deals out there there are some pretty affordable cars out there but they're things that people don't really want they're the Mitsubishi mirages they're the Nissan versas the Centras and things like that those can be a lot more affordable I've seen some of those that are like oh that price seems pretty reasonable but I was shocked at the truck prices um now my stepson actually bought a full-size truck that kind of feels like a deal not huge but it feels like at least you didn't get ripped off right but the Maverick is the one that really surprises me and when I've spot checked uh like the GMC uh Canyon or the Ford Ranger things like that those prices are super super inflated so part of this is the demand for trucks and part of it is the used core Price Market right the used car market the Maverick is the one that surprised me I fully believe in my heart this is an artificially generated shortage by Ford they are they're pumping their production into higher trim higher line higher full-sized products instead of into the Maverick and fulfilling the demand that's actually there and that's partially artificially inflating this right here so what does that mean for me personally you and me just sitting around talking well it means I'm going to continue to wait I don't need a truck I don't need a new vehicle right now and if I did I'd probably go get a little Runabout but I'm completely shocked that in today's world where you're not looking at a vehicle like the 70s where you've got a a full-sized Oldsmobile that gets eight miles per gallon and you're trying to get into a Civic right this is just a little truck and they sell tens of thousands of them and the used car market means it's actually more expensive to buy used than to just buy new why would you do this well because you just couldn't wait any longer let me know what you think Below guys I appreciate you being here please like me please comment and if you have any questions let me know thanks

Channel: All Cars with Jon

Views: 3,282

Keywords: car, cars, automobiles, trucks, All Cars, All Cars with Jon, maverick, ford maverick, used cars, used car prices

Id: XPm-WQtIjVA

Length: 9min 56sec (596 seconds)

Published: Mon Jul 31 2023