Quote:
Originally Posted by JoeFromPA
Great info - thank you!
For context, auto auctions are typically the lowest price a car will reliably sell for. People buy at auctions because they WONT find it lower elsewhere and could possibly sell it for more.
Recent year Auction cars are usually not worthwhile to CPO for some reason, which should give you pause as well when considering valuations.
If anything, this supports a pretty strong residual value for 2015s.
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I completely agree with everything you said. That's the reason I buy at auction, because I won't find a particular car cheaper anywhere else. I can pay over MMR and still make a profit.
We all know the MMR is a basic auction evaluation and doesn't reflect options or packages on each car, so a true valuation needs to happen on a case-by-case basis. Some of these cars are selling for $70k+ at auction, while the MMR might state $60k.