Covid driving up pricing

[NovaChris]

Hey guys,
I've been lurking in the background and searching for my ideal F80, I feel that covid has been driving up the prices due to limited supply? Anyone else finding that? I found a perfect one at Carmax where they actually dropped the price twice and now the prices have seem to go up. Am I crazy?

Chris

[White340]

Originally Posted by NovaChris

Hey guys,
I've been lurking in the background and searching for my ideal F80, I feel that covid has been driving up the prices due to limited supply? Anyone else finding that? I found a perfect one at Carmax where they actually dropped the price twice and now the prices have seem to go up. Am I crazy?

Chris

Nope this is what I've noticed as well.

[No.401_Speed]

Prices are up across the board. We were talking about this last week whether it was due to the new G80 or COVID. Seems new car production is down so used prices are up.

The chart below will default to recent data, so plug in a start date of 1/01/15 and you'll see the recent uptrend.

https://www.cargurus.com/Cars/price-trends/BMW-M4-d2258

[B Watts]

I don't know about today but when I bought my F80 2 months ago, the dealer said the plants were shut down and they weren't making new vehicles. That dealer's lot typically has 800 cars on it and when I purchased mine they had around 300 the salesman said. Lack of inventory is driving prices up.

[bimmer pleaser V2]

Generally speaking, used car supplies are down due to auto auction shutting down so you may see some high prices but once auctions open back up and cars get repossessed you should see a drop. Having said that, prices for high end cars like the one you're looking for are not going to fluctuate much because people who can afford such cars are less likely to be financially affected by the pandemic.

[NickyC]

Up up up.

Horrible time to buy used, seemingly good time to sell what you have and buy new.

[tebbnsx]

Originally Posted by NovaChris

Hey guys,
I've been lurking in the background and searching for my ideal F80, I feel that covid has been driving up the prices due to limited supply? Anyone else finding that? I found a perfect one at Carmax where they actually dropped the price twice and now the prices have seem to go up. Am I crazy?

Chris

It's most definitely true. I'm a hyper car broker and it's certain a reality in that market as well.

[NovaChris]

Well looks like I'll be waiting a bit longer!

[B Watts]

Originally Posted by tebbnsx

It's most definitely true. I'm a hyper car broker and it's certain a reality in that market as well.

That sounds like an awesome job. How does one get into being a hyper car broker?

[aerostar]

You can have my 2018 ZCP 41k miles for 65k

[tebbnsx]

Originally Posted by B Watts

That sounds like an awesome job. How does one get into being a hyper car broker?

Man! I started over 5 years ago selling mainly Porsche cars and slowly moved up by finding the clients that have no budgets. Well let me say they have budgets still but way beyond the realm of mere mortals such as myself. Most of my clients buy million dollar plus cars regardless of the state of the economy. It must be a good problem to have lol.

[pasta]

Definitely seeing this. I'm also looking to find one and Canadian prices have definitely gone up, not to mention only 1,104 were brought here in the first place. 😒

[ano0oj]

Not just M models, I'm seeing the same happen to my wife's 440i coupe -- I can sell it for maybe $1-2k less than what we bought it for 2 years ago.

[m4tic]

I've been lurking here for the better part of 2 years learning about the F8X platform and deciding if I want to buy one when my then current vehicle lease was up. I passed on so many good cars earlier this year.. the biggest kick in the pants was a loaded 16 ZCP F82 with 4600 miles for $45k.. and only minutes away.

[Soul Coughing]

I can attest to this. We were recently shopping for a new SUV for my wife and I was planning on putting her 2013 Wrangler Unlimited Sahara up for sale privately, but I did a tertiary look on Vroom.com and Carvana.com and found that they'd buy her 7 year old Jeep with over 65k for over $27k, so jumped on that! Carvana asked for no photos, just a run of the VIN, and we scheduled a pickup for a week later. They arrived, barely looked at the car -ignoring the bald tires, few small scratches, etc..- and within 15 minutes had cut us a check and had put the car on a tow truck and left. I asked the guy about it and he was saying that they'd bumped the prices up a lot due to not buying any cars for 2-3 months. I was lucky to get my M3 ZCP at the beginning of July in my budget, as prices since then have jumped a lot. Even back then, M3's in the specs I was looking for, were only sitting on lots for 1-2 days before getting picked up. Crazy

[Redacre]

Originally Posted by Soul Coughing

I can attest to this. We were recently shopping for a new SUV for my wife and I was planning on putting her 2013 Wrangler Unlimited Sahara up for sale privately, but I did a tertiary look on Vroom.com and Carvana.com and found that they'd buy her 7 year old Jeep with over 65k for over $27k, so jumped on that! Carvana asked for no photos, just a run of the VIN, and we scheduled a pickup for a week later. They arrived, barely looked at the car -ignoring the bald tires, few small scratches, etc..- and within 15 minutes had cut us a check and had put the car on a tow truck and left. I asked the guy about it and he was saying that they'd bumped the prices up a lot due to not buying any cars for 2-3 months. I was lucky to get my M3 ZCP at the beginning of July in my budget, as prices since then have jumped a lot. Even back then, M3's in the specs I was looking for, were only sitting on lots for 1-2 days before getting picked up. Crazy

So that's how it happens...

I just bought my wife a 2015 Macan S on Carvana on Monday and we are returning it today because it tripped nearly every code in the world. It was a perfect build spec, so I took it to my mechanic to see if it was salvageable and it didn't even have the right brake pads or tires. At least Carvana is reimbursing me for all my expenses, but such a shitty experience. I bet they will just clear the codes and try to sell it to some poor bastard that doesn't know any better.

[CT_M3]

I can also attest to this. I just got my M3 in June. While @ the dealer, there was another M3 for sale which was dinged up, didn't have CPO. My car was higher miles but CPO'd (generally same options).

Bought the car and two weeks later, for grins, I went to the dealer's site and the dinged up M3 had increased by $2.5K (essentially the price I paid for mine). It had an accident on record, a big dent on the A pillar and the paint needed TLC vs. mine which had no accident and CPO.

Thanks for the link! M3 Trend: https://www.cargurus.com/Cars/price-trends/BMW-M3-d390

[therealkenc]

BMW dealers are offering early lease terminations and buy-back deals (just got a bunch of emails from them this morn, and was reminded to unsubscribe)... so yes, prices on used BMWs (and cars in general) are definitely up.

[therealkenc]

Originally Posted by CT_M3

I can also attest to this. I just got my M3 in June. While @ the dealer, there was another M3 for sale which was dinged up, didn't have CPO. My car was higher miles but CPO'd (generally same options).

Bought the car and two weeks later, for grins, I went to the dealer's site and the dinged up M3 had increased by $2.5K (essentially the price I paid for mine). It had an accident on record, a big dent on the A pillar and the paint needed TLC vs. mine which had no accident and CPO.

Thanks for the link! M3 Trend: https://www.cargurus.com/Cars/price-trends/BMW-M3-d390

June was definitely a better time to buy. I suffer from slight regret...but only slightly... and it goes away as soon as I hit the gas pedal and hear the rumble in my rear

[RickFLM4]

We got my wife a new Volvo SUV right after the lockdown was lifted in May. I guessed inventory would be a problem later in the year. I shopped BMW, Audi, Volvo and Lincoln and found most dealers were unwilling to deal much, especially if a car needed to be ordered. Got lucky and found a dealer willing to offer favorable pricing on a car we liked on their lot, and also offered a good trade-in. Not so sure we’d get the same deal today as new car inventory is a challenge for dealers right now. Many plants are either shut down, re-opened but operating at reduced capacity, or struggling to get enough cars out to fill lots.

[CT_M3]

I got lucky. I was cross shopping 911.1s before getting my car, but had an epiphany when I saw the strong price declines in the May, June, which caught my eye and I completely switched direction and started looking at M3s. The cars out there are now are mostly non ZCPs. I did miss some real steals but oh well.

At the end of the day, they are great cars. This market anomaly will disappear, just not right now. I'm with you, driving my car is a treat!

[kindafrosty]

Originally Posted by Soul Coughing

I can attest to this. We were recently shopping for a new SUV for my wife and I was planning on putting her 2013 Wrangler Unlimited Sahara up for sale privately, but I did a tertiary look on Vroom.com and Carvana.com and found that they'd buy her 7 year old Jeep with over 65k for over $27k, so jumped on that! Carvana asked for no photos, just a run of the VIN, and we scheduled a pickup for a week later. They arrived, barely looked at the car -ignoring the bald tires, few small scratches, etc..- and within 15 minutes had cut us a check and had put the car on a tow truck and left. I asked the guy about it and he was saying that they'd bumped the prices up a lot due to not buying any cars for 2-3 months. I was lucky to get my M3 ZCP at the beginning of July in my budget, as prices since then have jumped a lot. Even back then, M3's in the specs I was looking for, were only sitting on lots for 1-2 days before getting picked up. Crazy

From my understanding, the unusually high offers from Carvana and Vroom are a result of them two burning through Venture Capital money to gain market share, not a direct result of COVID.