X5 / SUV Prices going up (or down?)
 

Since I bought our '04 X5 in February of '08, I have been meeting the used car dealer who is a friend and countryman and discussing prices in general. Right after my purchase the prices dropped by more than %15 but then stabilized. This I attributed to rise in Gas prices followed by people becoming accustomed to it.

Then, recently he was telling me that X5 prices in particular have increased by about 10% since I purchased (that is 25% increase from low) because of low prices given low dollar value and demand in countries like Saudi Arabia who buy from Boston and ship overseas.

For example, a 2001 with 100K+ miles sells for just below $15K, where it used to be around 11 or 12.

Thought you want to know.

I guess it depends where you buy or sell. I checked on my 03' 3.0 75K recently and it's only worth about 15K.

I can't imagine any SUV prices are increasing - maybe just stopped dropping?

It's a great time to buy a cheap big rig like an expedition, durango, explorer, tundra, etc. etc. ...

dealers are taking 10's of thousands off trade in's at the meeer mention of suv , as these vehicles are just sitting on lots round the country !

i'd say they are going down...obviously more when you'd try to trade it in rather than buying an older X...

I think that regardless of gas prices, the nation all together has shifted to become more efficient in what they drive. There will always be trucks & minivans and other large vehicles that people need. I was with a dealer (friend) a few days ago as he was researching prices for me, and told me that from the the day I bought my '01 3.0 (3? months ago) it has dropped from 15k to 12.5k at wholesale. This is in connecticut, he also suggested that we would see some slight rise in the coming months of the season.

There is going to be a rise again as gas prices go down. Gas prices have already dropped around 50-70 cents in my area just since June and oil is dropping quick.

I've noticed in general that certain cars are raising in price. My '95 740iL was only 4-5k last year but now bluebooks for 6k. Certain wagons like BMW AWD wagons and Audi wagons are getting hard to find and command a premium. People are ditching their giant unnecessary Soccermom/Dudebro mobiles and realizing that lowly cars can offer just as much cargo and passenger room for a lot less gas mileage.

-LC