A Car Originally Costs 30000 – This simple, classic old car is selling for more than MSRP in new condition. The madness must stop.
This week we found a five-year-old Mitsubishi Lancer with 30,000 miles listed on Carmax. By itself, not a particularly interesting fact, except that it costs $ 29,998. That’s more than the original MSRP, more than cars sold new, and probably the biggest example of a broken used car market. Now. About a day after this post was originally posted, the price was dropped, so maybe someone at Carmax is reading
A Car Originally Costs 30000
Update: Friday, May 13, 2022 at 11:30 a.m. ET. In any case, it seems that Carmax has been dominated by a more rational mind, this Lancer has been quietly repriced from $29,998 to a slightly more reasonable $23,998. , which is more than what the original owner paid for the car when it was new, back in 2018.
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The Mitsubishi Lancer has never been known for being the cornerstone of small car quality (sorry Steph), but I recommend it to anyone looking for a new small car that is often more affordable than time tested. Choices from Honda and Toyota. Sure, the Lancer may not have won many awards before it died in 2018, but the worst thing I can say about the car is that it’s old, not necessarily bad. However, the Lancer’s biggest appeal has always been its low price, especially in the used car market.
But not here. The price of this thing is outrageous, even among the other lists of Carmax for vehicles. Similar, I called and asked if it was a typo. The lady on the phone assured me that this Lancer was worth $29,998. God.
The 2017 Mitsubishi Lancer ES is a low-end model, but that doesn’t mean it can’t have a few goodies. In the last few years, Mitsubishi has tried to create a budget Subaru Impreza fighter from the base Lancer and make all trims (except the base ES, where it is optional) all-wheel drive. The S-AWC system is mated to a CVT automatic transmission, powered by a 2.4-liter four-cylinder engine that hasn’t changed much since its introduction in 2006. The whole drivetrain is good enough, but old, and most importantly, not worth $30,000.
For reference, the Eclipse Cross can be purchased at the price of this Lancer. Two-thirds of Honda’s lineup, including the Civic Si, can be bought for this Lancer’s price. For this price, you can buy a very good and brand new car.
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This car is currently in Chattanooga, Tennessee, home to a recently delivered VW Passat that, you guessed it, can be bought for less than this used Lancer. Coincidentally, this Lancer was originally sold in Ohio, so I did a little follow-up. An Ohio title search reveals a solid 2018 car for just $24,000. A small price for a car that is technically a leftover model from last year, but with tax and registration, this original Lancer owner will likely pay at least $21,810 for the window.
Here are screenshots of a few similar Lancers for sale, oddly enough they all seem to be cheaper than the one that prompted this post.
I have no words. In five years, in hot seconds, this basic Lancer model has increased in price. It’s a simple, old car and no competition back in 2017. Five years later, this used car is competing with new car owners who don’t have much quality. If it isn’t all that great, then five years and 30,000 miles won’t make a better car. magically
This is just one example of how people looking for affordable and clean used cars are finding this market increasingly difficult. Some people say that the situation is stable and soon the price of used cars will be even. that he will leave by himself. I can’t shake that feeling, unfortunately. If I knew what I know now, I would travel in the car until 2018, buy all the Lancers on sale and sell them now, get the trailer. I could have retired earlier on my private island. That could be a problem, since the average price of a new car now exceeds $41,000, which is almost two-thirds of the average annual household income in the United States of $66,000.
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But it is not an insurmountable problem, even if you limit your purchase to $ 30,000, the amount recommended by some mathematical gymnasts for a loan period of 60 months. Cross.
We took that $30,000 to online shopping site CarsDirect to see what it could buy. The results may surprise you as 47 models are priced below our spending limit. This includes six 2021 SUVs/crossovers with starting prices below $20,000, 22 priced between $20,000 and $25,000, and 19 priced between $25,000 and $30,000.
In the $20,000 to $25,000 group of 22 SUVs/crossovers, prices range from $20,615 for the Honda HR-V to $24,680 for the Volkswagen Tiguan. This group includes three Kia models and two each from Chevrolet, Jeep, Mazda, Mitsubishi and Subaru.
Other SUV/Crossover list in order: Buick Encore GX, Chevrolet Equinox, Chevrolet Trax, Dodge Journey, Ford Escape, GMC Terrain, Hyundai Tucson, Jeep Compass, Jeep Renegade, Kia Niro, Kia Seltos, Kia Sportage, Mazda CX. -3, Mazda CX-30, Mitsubishi Eclipse Cross, Mitsubishi Outlander Sport, Nissan Rogue Sport, Subaru Crosstrek, Subaru Forester and Toyota C-HR.
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Finally, cars ranging from $25,000 to $30,000 include 19 models, ranging from the $25,071 Mazda CX-5 to the $29,771 Volkswagen Atlas. More than one at this price.
Other cars in this group are Buick Envision, Chevrolet Blazer, Chevrolet Traverse, Fiat 500X, Ford Bronco, GMC Acadia, Honda CR-V, Hyundai Santa Fe, Jeep Cherokee, MINI Countryman, Mitsubishi Outlander, Nissan Murano, Nissan Pathfinder, Nissan Rogue. , Subaru Outback, Toyota RAV4 and Toyota RAV4 Hybrid.
But if you don’t want to empty your wallet but are still struggling to afford an SUV/crossover, a sub-$30,000 model like the one above might be in your future.
* Financial experts generally recommend spending no more than 10% of your gross monthly income on a car, which means about $6,600 or $550 per month over 60 months. An online finance calculator translates this to a car value of about $29,500 plus a down payment.
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But it is not an insurmountable problem, even if you limit your purchase to $ 30,000, the amount recommended by some mathematical gymnastics for a loan period of 60 months.
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