Car market in 2023

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Car market in 2023

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2022 Dec 17, 6:40am 9,122 views 81 comments

I bought and sold a car in the past month as we upgraded our 5 seater SUV to a 7 seater to accommodate our family.

I can confirm that without question, used car prices are dropping. Cars are sitting on the market longer, dealers are more willing to negotiate, and buyer pools are decreasing compared to just 6mo ago.

We haven’t even scratched the surface of the repos coming in CY23 from the volume of people who took out big loans over the last two years at near 0 prime rate who are now underwater.

Also, the chip industry is catching up to the shortage that existed in the pandemic which is further flooding the market.

2023 will be a great time to buy a used car.

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Tenpoundbass 2023 Apr 13, 7:09am

Eric Holder 2023 Apr 13, 1:29pm

BayArea says

Nope

I’ve had water pumps go after 50k on some cars and never go on others. When they go I replace them. Sure, it could happen at an inopportune time but again, I’ll take that risk.

My current Lexus is 22yrs old and has 166k miles on the original timing belt and water pump.

If you are replacing a timing belt, you’d be crazy not to do the water pump at the same time.

Also, I’ve seen 200k timing belts that appeared to have no visible wear that I could detect by eye.

Sometimes it's not the belt itself - it's a pulley or water pump which seizes and kills the belt (and the engine if it's interference design). But the recommended intervals ARE very conservative indeed: for example some cars have recommendation for TB change at 60K outside of CA and 105K miles in CA. Same fucking belt in the same fucking engine. With low-revving Toyota V8 I can see it going 2x the recommended distance no prob.

Another point is there is no recommended interval for WP change on chain-timed engines.

BayArea 2023 Apr 13, 10:11pm

Yes, that is 100% right.

Timing belts have been known to snap due to seized water pumps.