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2020 LX, cherry black
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Discussion Starter · #1 ·
With all the negative reporting on the gen 3’s, what the heck is going on with used prices? I checked values on mine for a 2020 LX with 15k miles in excellent condition and KBB is telling me $18k for trade-in and $20k private sale???

What’s going on here?
 

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Shortage of cars due to chip problems and cancelled parts orders due to Covid.
If you bought a nearly new car last year you’ll likely get back what you paid for it now in trade in if it’s a reasonably desireable vehicle.
On my other vehicle which is 20 months in to a 36 month lease the dealer offered to pay off the lease for me if I wanted out of it as he would sell it at a profit even after buying it for the residual + my lease payments payoff. He has a few used cars and very few new ones. Most of his allocation the rest of the year is pre-sold.
I drove past the Kia dealers and their overflow stock lot is empty and their main lot is around 25% full at best.
 

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Yep. Supply is short for various reasons, many Covid related.
You might have got a deal a year ago, but now demand is up.
So, prices of both new and used go up too.

If we're lucky prices may come down in a few months or a year.
Same for motorcycles.
No help if you need to buy now. :cautious:
 

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2020 Soul GT-Line, 2010 Soul Sport
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With all the negative reporting on the gen 3’s, what the heck is going on with used prices? I checked values on mine for a 2020 LX with 15k miles in excellent condition and KBB is telling me $18k for trade-in and $20k private sale???

What’s going on here?
I tried to swap out my 20 Soul for a Seltos. KBB said my car was worth $19k in excellent condition with 5900 miles. Thinking KBB was correct, I went to two Dealers. My dealer would only give me $16k as a 2021 GT Line was selling for $20k already. CarMax offered me $17500 but I decided to keep my Soul.
 

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I have had my 2017 Soul+ and the dealer I purchased it from offered to buy it back for $400 more than I paid for it six months ago. Apparently, they are popular cars, and now that we own 2, I can see why :)
 

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My 2017 + died in a flash flood 2 weeks ago and I just picked up a used (program) 2020 Soul S for $18,700 with 17k miles.

Back in December, when I purchased my 2017 +, I paid $11,500 for it with 70k miles... The exact same (spec's) car, in my area, this past week = $16,500.

Used dealers won't haggle with you either due to the supply and demand..... Most lots around here had 150-200+ cars 6 months ago, now they're lucky to have 20-30.

Used Kia Soul models are selling for just $1000 less than what the new ones are (after the current $1500 rebate).

Crazy times!
 

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I bought my latest vehicle at 0% financing so I'm actually ok with inflation creeping in a bit, as that means lenders may start cranking up the finance rates. If you're in the market for a new or used vehicle, you'd better get one now before this market makes it hard to get what you want.

I told a few co-workers last year that if they were ever anywhere near buying a new car, that when Covid was in full swing, that it was the time to strike.
 
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