Car prices

Have car prices gone up??

I’ve come to the conclusion that we no longer need to drive “luxury” cars. I don’t know if it’s just something that happens as you get older, it just seems like a waste of money.

So we started looking around at large SUVs....everything from a Tahoe to a Kia Telluride. $800 -$600 to lease?!?!

These weren’t even the top of the line, we just wanted things like leather seats and technology packages. Seriously, $600 a month for a Kia??????

My $600 a month “luxury” lease was going up to $675 and that annoyed me so I thought for sure I’d be able to get something for $375 maybe $400. But wow. I’m having sticker shock!!!

And does the majority of Long Island who drive a Tahoe pay $800 a month lol

Car prices

Haha I wonder that too... does everyone pay that much. You can do a good deal on a 2020 AcuraMDX because they just came out with a new model so they are trying to get rid of the 2020s. The Telluride is in high demand so that may affect the price.

Re: Car prices

My nephew is a numbers genius when it comes to cars. He continuously says it’s not the make and model but the deals and incentives each brand is giving at the time you look.

I got my jeep Cherokee overland , fully loaded for $280 a month 3 yr lease (gave my old jeep in as a trade and got $3k for it) I looked at Nissan Rogue and morano - over $500 and $600. Which were the e same price as the Audi!

So your best bet is to start with checking which companies have the best incentives right now and go from there. You should call one of those car brokers. They know the best deals around and will absolutely get you a great price

Message edited 2/14/2021 1:13:44 PM.

Car prices

I think most people buy Kias new so lease prices are high since people typically don’t buy used Kia SUVs. Your luxury car probably is easy to sell at the end of your lease term.

Even though anTahoe isn’t luxury - it’s not a cheap car so that could be why the lease prices are higher.

It also depends on what types of deals are being run. My father in law was once quoted $600/month for a CRV lease. So he switched to Toyota for half the price and now he’s back to Honda with a much more reasonable lease price.

Re: Car prices

I couldn't believe how much leases have gone up. We thought about leasing a larger SUV. We had a GMC and we wanted to upgrade, but we were told the larger ones start at 1k a month now (with money down and perfect credit)!!

I called Ford to ask about the Explorer and they said their inventory is low because some of the factories had to stop production of parts to make respirators and masks for Covid. Maybe other makers did the same and that's why the prices have gone up so much?

We ended up with another midsize from another brand. The payment is still a bit more than our last lease, but there was no way I was going to pay over 1k a month for a GMC

Car prices

Try the Rodo app. We've always gotten great deals.

Re: Car prices

The reason car prices have increased is as follows:
1. Many manufacturers of both cars and individual component parts ceased manufacturing before the covid lockdown last March. In China, companies close down for a few weeks for the new year, so they had stopped production in Late November and early December, not March 2020. Couple this with other companies shutting down through June 2020, this meant that component parts were not manufactured for six months.

2. When covid hit the US in March 2020, many people wanted to move out of cities and stopped using public transportation. They purchased both new and used cars in numbers the industry had not seen before decimating the existing stock of cars.

3. For the past few years there were massive floods and those vehicles hat would normally go on to the used car market were removed, reducing the then current used car market.

4. A few years ago there was a program called cash for clunkers. This program destroyed many older cars.

Due to reasons three and four above, the normal number of used cars had already been reduced, making reason two completely obliterate the used care market. So now, there are very few used cars and the price of used cars has dramatically increased. This, coupled with the stoppage and slow down in production, coupled with rising demand has drastically increased current car prices.

Message edited 2/14/2021 3:01:27 PM.

Re: Car prices

Car prices

Ugh, loathe car shopping for this reason. Wish they could just do the research for me across brands, give me my options, no games. I keep seeing those ads on FB that I think do something along those lines. Anyone ever try that? I drove a Benz for 7 years before making a wiser decision. It was fun for its time but now I don’t care what it is as long as it’s an suv

Re: Car prices

Re: Car prices

Leasing has gotten very expensive. We bought a new Highlander a year ago and we were going to lease again but it made more financial sense to just buy it, the difference in monthly cost between the two was minimal. We have the Platinum AWD, the lease was going to be about $730/mon but to finance it was $800/mon. Didn't made sense to lease at those prices.