MachE used cars value really tanked this much?

[Logal727]

Are writing off Ford for the depreciation or some other reason?

I ask because a new GV60 Performance stickers for $70k (with no IRS rebate possibilty) and 1 year old used ones can be had for around $55k on cars.com while 2023 Mach-E GTPE models are almost all around $60k or more, so it could be argued that Ford's are holding their value similarly or better.

Note: I'm not bashing the GV60, it's probably a great car but I don't think anyone can claim it will have a better resale value.

Also, Carvana seems to be low-balling everyone lately, why settle for them?

PS: I pay no attention to what cars were selling for last year, it was a bubble and if you did sell, you'd have been paying way over in ADM for whatever you replaced it with. ...unless, of course, you didn't need to replace it; in that case, you would have sold mine in a heartbeat!

Carvana is a bad example, they are barely holding the company together. I don't see them being around much longer.

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[MachEr]

Maybe it's certain areas. My 2022 GT with 7,700miles is still upper $50k's

 

[ericNdfw]

Maybe it's certain areas. My 2022 GT with 7,700miles is still upper $50k's

Wow - quite a difference. Here's the same '22 GTPE in my area:

(note that my prior comment had the value for a 2021 year)

 

[azerik]

January 2023 I paid $53k for my Prem.
Sept 2023 Carpvana offers $25k
Yeeehaaw. I'm about $3k from paying it off though.lol

 

[Logal727]

January 2023 I paid $53k for my Prem.
Sept 2023 Carpvana offers $25k
Yeeehaaw. I'm about $3k from paying it off though.lol

Dang that's good lol, I will prob break even on what I have left to pay if I traded it in now, which I guess isn't terrible considering depreciation of cars

 

[djett]

You can check out Recurrent to see what kind of offer you get. https://www.recurrentauto.com/sell

 

[stealthytolkien]

I am sorry OP.

You bought a “beta” car from a “beta” EV maker and expect it to have “any” resale value? I’m surprised you’re getting even those numbers. Expensive “betas” take a bath.

Even today, if resale is on your mind, stick to Toyotas and Hondas and stay as far away from EV (including Tesla) as possible.

People who are in the market for an EV are generally well to do and don’t want to deal with used cars / battery degradation when they can get today’s technology for a few thousand more given the rapid technological growth of EVs.

 

[bp99]

We sold our 2021 at a year old with just under 10,000 miles. Got thousands more than we paid. The issue now is what others have said, the market is way down. Not that it's a year old vehicle with 6,000 miles.

Used car prices in '21 and '22 were a historic aberration. While one should never say 'always', he was correct 99% of the time saying you'll take a big hit selling early (unless it's a collectible). Using that example from '22 isn't a rebuttal, but simply bragging about near perfect timing.

 

[skiingj]

May I ask why go from MME to GV60? With $70K MSRP. Mid 200 range, it just does not seem too good of a choice to me.

$12k off sticker, AWD, hopefully better dealer/maintenance/software experience, better warranty. My MME only gets 244 mile range. Free EA charging for three years. Only downside I have found is the middle screen size is much smaller. What downside do you see?

 

[MachLovin]

Welcome to reality.

lol you're always spot on. Welcome to supply and demand.

 

[skiingj]

Are writing off Ford for the depreciation or some other reason?

I ask because a new GV60 Performance stickers for $70k (with no IRS rebate possibilty) and 1 year old used ones can be had for around $55k on cars.com while 2023 Mach-E GTPE models are almost all around $60k or more, so it could be argued that Ford's are holding their value similarly or better.

Note: I'm not bashing the GV60, it's probably a great car but I don't think anyone can claim it will have a better resale value.

Also, Carvana seems to be low-balling everyone lately, why settle for them?

PS: I pay no attention to what cars were selling for last year, it was a bubble and if you did sell, you'd have been paying way over in ADM for whatever you replaced it with. ...unless, of course, you didn't need to replace it; in that case, you would have sold mine in a heartbeat!

There is so much to like about the MME. Without getting in to deep, my MME has been in the shop over four months in 24 months, all for minor issues. The software has not been great. I have come to hate my MME. Carvana was the best I could find, I do not want to deal with private. I am leasing the GV60 with $12k off sticker.

 

[Mach1E]

Your problem here is selling a 1-yr old vehicle with 6,000 miles. You're always going to take a big hit selling so early.

Usually true, just not true for the last 3 years.

That’s what makes the giant drop in resale values so hard to swallow for people. Recency bias.

Still waiting for this to happen in the boat market.

For the last 15 years, people have been able to sell their couple year old boats for MORE than they paid new.

We keep saying “that can’t last forever,” but 15 years is definitely long enough to be a trend.

The “why” for the boat market is the exact same “why” for cars the last few years-

Waiting lists and high inflation. Prices of the new boats keep going up and you have to wait months (or years) to get a new one.

This year? No waiting lists for cars anymore and prices of new ones went DOWN. So it has killed the used car market.

Give it another year and things will normalize some. Used cars were for sure too high the last few years, but I think they over corrected on the down side this year.

 

[ChehRob]

Sounds like getting a year-old MME might be the best strategy. And those overpriced maintenance agreements might cost little enough to make that low price worth it.

ps - My five year old RAV4 may finally be worth less than what I paid for it. And oh yes, its been in the shop once a year for an oil change.

 

[ericNdfw]

There is so much to like about the MME. Without getting in to deep, my MME has been in the shop over four months in 24 months, all for minor issues. The software has not been great. I have come to hate my MME. Carvana was the best I could find, I do not want to deal with private. I am leasing the GV60 with $12k off sticker.

Totally get it then.

I've been fortunate that mine has only been in service once that took more than a couple hours. It has, unfortunately, had to go in for body work 3 times (RIP my resale value), but every time the dealer collision center folks have done a great job and parts delays have been pretty minimal.

Sounds like you scored a deal on the GV60, hope all goes well for you in it.

 

[BigMach-E]

When I traded in my 21 Select AWD, it paid off my remaining loan. Had a pretty decent interest rate on that. Between getting my ESP refunded, Fed tax credit and CVRP, it basically amounted to having a lease on a car I loved for about 600 a month with no down for almost 2 years.

Now I have a 21 GTPE with glass roof, active park assist and Kick to open tailgate, I have the most loaded MME that Ford has ever made. I love this one more, and I’ve taken a crazy hit on depreciation, but I don’t care, I’m keeping this thing for another 9+ years or whenever the wheels fall off.

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