I’VE BEEN CONTEMPLATING what to do about my aging van. New engine or a different van with lower mileage? So the past few months I’ve been checking out various used vehicle sites.
Used car prices had been shooting up the past couple of years—about 42% since 2020. That’s partly due to a shortage of new vehicles. COVID-19, supply chain problems, chip shortages… And van prices in particular have jumped because of demand spurred by #vanlife, Nomadland, soaring rents, stagnant wages, and increased homelessness. My searches showed that sellers had been demanding at least $20,000 for high mileage vans that had been rode hard and put away rusty. Uh, no thank you.
But when I looked at today’s offerings I was surprised there were several decent looking vans in the $6,000 to $10,000 range with less that 150K miles. Hmmmmm… It’s only a small sampling, but maybe prices are dropping.
Expensive fuel might be one reason. Gotta get rid of the gas guzzlers. What’s more, automotive industry analysts see vehicle supply and customer demand reaching equilibrium this fall and prices returning to something more reasonable. Zac Palmer at AutoBlog writes:
A new report from Automotive News suggests that the current used vehicle price boom will die in late 2022 and early 2023.
Using data and analysis from consulting firm KPMG, it’s predicted that average used car prices will fall about 20-30% in a return to a normal relationship to new car prices. Of course, this is contingent on vehicle supply,
Even if it takes until late 2022 for new car supply to catch up to demand, KPMG believes that used car prices will start their downward trend before then.
However, that article was from six months ago. Who knows what they predict now, with inflation being what it is. Will it reduce demand? Will it create more motivated sellers? I guess we’ll watch and see. What’s the market like in your area?
If you can adjust a Toyota Pious rebuilt for $6,000.00 is a good deal. 1 year warranty from Auto B Yours (812) 752-5050. I bought one from Steve and it was great. Set the thermostat at night and sleep easy. In the cool months I headed south, north for the summers. Plenty of room and GREAT fuel economy. Most of the time I was at the library, gym or just sitting in a chair having a cool one. A full size bed, sleeping bag, comforter and soft pillow and I was golden. At least look at them before you over pay for a can.
Hi John,
I live in a ’12 Scion xB and am just short enough (5′ 7″) to fit laying down flat (no bent knees) in the back with the passenger seat all the way forward. Gas cost is really straining my budget!
How tall are you?
Do you mean Toyota Prius? Do you know if the rav 4 is the same setup as the Prius? This would give more room inside and it’s 4×4 if there not to expensive
Three years ago, I bought a 2017 Chevy Express 15 passenger, 3500 van. It had 38000 miles on it. It had a 6 liter V-8 engine and a 6 speed transmission, I paid 23K$ for it. Over the three years my partner put about 29K miles on it towing a 20 ft travel trailer. I sold it 2 weeks ago to CarGurus for $23,986. First time in my 78 year lifetime that I ever heard of someone making that kind of a profit on a vehicle.
With the rental market forcing many to look at their motor vehicles as their homes too I see used van prices still being out of fear market values. I am amazed at what people are asking for vans that should be headed to the junk yards.
I’ve been living in my 98 GMC Sierra 4×4 for 3.5 years, it runs great, however I want to update to a nice van, preferably a 2500.
As I’ve shopped around I’ve found them (like you said) around the 160.000 mile range for prices to high. I’m on a limited income,(SSI), so I’m waiting for a decline in prices. ??
For sharts and giggles, I searched for a similar ExpeditionVehicle to our 1996 Ford CF8000.
The culprit needed the mandatory Cummins 505ci/8.3l mechanical (no carnsnarngled computers) and Allison 3060 automatic.
If it has a locking axle and air-conditioning, that would be a comparable.
.
Gadzooks!
I found one — us$139,000.
A hundred and thirty-nine thousand fedbux.
.
.
I’m 1981, The Clash wondered:
* “Should I stay or should I go…”
Thank you for your information.
I think if I was looking for a new(er) vehicle at this time, I would wait until the usual Thanksgiving-Christmas downturn in the car market. By then, the effects of high gas prices AND doubling interest rates should be apparent, whatever they turn out to be. The entire car market should then be looking at year’s end approaching, with what should be dismal earnings data.
Volkswagon will start selling their 100% electric minibus in the USA market in 2024. This game changer may force poor quality cargo van brands prices to drop like a brick. Who wants to buy a gasoline cargo van when VW ID Buzz 100% electric minibus camper arrives? Who wants to continue being a mechanic for gasoline cargo vans when BW ID Buzz minibus camper arrives?
Most van makers will have electric versions within the next few years.