Is The Used Car Market Collapsing? Steven Lang Has The Answer

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Steven Lang, a social media friend of mine, who also happens to be an expert on wholesale car sales. He is a dealer in Georgia, auctioneer, founder of 48 Hours and a Used Car, and a journalist for websites like Car and Driver, The /Drive, Yahoo Autos, Dashboard Light, Autoblog, The Truth About Cars, and Thrillist.

Basically, Steven knows his shit, so don’t bother challenging him.

Anyway, he was on episode 11 of The RawAutos Podcast a few weeks ago, and we talked about how Covid-19 is hurting the car market while potentially helping car buyers. In fact, my brother and I are both looking at buying a potential future classic that we can enjoy now, and then maybe sell five years or so from now, if not many years later. I talked about this on episode 15 of the podcast.

Steven, on his own YouTube page, talked about some of the used cars he’s been buying at wholesale auctions, and how cheap they are. Cars that he was once being bid against by CarMax, DriveTime, Carvana, etc. are now falling to him, as an independent dealer, for cheaper than normal.

In the video, Steve talks about a “deep decline in values” on cars like a clean Toyota Prius with complete service records he recently purchased for $8400 with 120,xxx miles. He also goes over a 2015 Nissan Leaf he purchased that has a brand new battery, a 2014 Buick LaCrosse with 52,000 miles for about $5500. Oh, and a Chevy Volt for $4800. Believe me, it’s crazy the deals he’s snagging on wholesale cars. Contact him and buy a car, if you need something.

One of the questions I will have going forward is: how long will this last? I’ve been saying for years that the used car market would hit a ceiling and then many cars would be exposed for superficial values. I’m curious to see what’s going to happen over the next six months.

Obviously we can’t be certain exactly what will happen. Speculation by experts is key, and Steve is one of those guys.

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