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More Than 80 Percent Of Americans Can’t Afford New Cars
(jalopnik.com)
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this post was submitted on 06 Oct 2023
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“Are there people flipping cars like they do with houses?”
Yes. Dealerships. Used car lots. People who offer you $3,000 on trade in and turn around to sell the vehicle for $9-11,000 after a detail and oil change.
People should never trade in or sell their car to a lot/dealer, because they are almost always settling for about a quarter of its value. But the convenience of not having to find a buyer is awfully tempting.
I don't disagree with anything you're saying, but I'm talking about new cars. Outside of profiting off of EV rebates as someone else mentioned, I don't know of anyone buying new cars to flip. Which is why talking to people about immediate depreciation seems silly to me.