Are private party used cars affected by the inflated car market? I only hear about dealerships and the prices at dealerships moving down, what about private party sales, are they just as inflated? I just sold my compass and I am thinking about getting another car, possibly a Sequoia. Should I wait or is the private party market not going to change much, or is now the time to buy. I was thinking at least for a Sequoia now might be better because gas is still high, but I wonder how inflated the price is. KBB says 4k to 6k and it's listed at 5800, I would try to get it down to 4k or less because it has some issues. What do y'all think? Thank you.
Private sellers are a better purchasing option than dealerships by far. Cash is king with private individuals. Dealerships don't care, they know what they want to sell a car for, and they will sell it at that price, simply because the dealership has much more "visibility" than a private person.
Having said that, you might reconsider buying another car, if you don't need it right now. The air is going to be sucked out of this bubble of a car market sooner or later. Interest rates have shot up, etc. It's only a matter of time until rates cause sub-prime borrowers to not be able to afford their payments. Once that happens, the market will go through the floor.
If you're not pressed for vehicles, you might look around to see what's available and take your time. Don't race into anything. I was beginning to think the same thing about gas hog vehicles. They'll be the first casualties in these crises.
First and foremost, have a trustworthy mechanic go over any prospective purchases. Good luck!
Thank you. Would the KBB value be inflated as well? I would try to get it under KBB but if that's inflated as well then I will just wait
Yes, it would be inflated as well. While there are some advantages with a private sell compared to a dealership or these online companies like Vroom/Carvana, expect to still pay more than usual. It is just how it is right now.
Ah okay, thank you!