It took a lot of vehicles off the road which in turn increased the value of those that remained. Our business is based off of repairable vehicles and get the most bang from vehicles that are less than 10 years old. But there were still a lot of older vehicles being repaired in that time because it was cheaper to repair than replace. But with the incentives it was just enough for those vehicles to go away.
Plus around the same time you had a recession going on and new car sales tanked. It was a tough time for our industry and we are still acquiring businesses that have never been able to recover.
We went from delivery trucks to small cars in a lot of places. We went from replacing vehicles at 100K to 125K then 150K in miles. Now we just look at each individual vehicle and make the determination.
So that fish wagon that Wrench is looking for is still sitting outside my office. In the old days we would have replaced it at 100k and put a good, well taken care of vehicle back on the market, but instead we are going to run it into the ground until it's worth nothing. And this one in particular is getting close at 187k.
Add all that to what new trucks sale for and it turns into a mess. The last truck my dad bought was almost $70,000! It was ridiculous. Cooled seats, backup camera, all these crazy safety features, and on and on. It was nice but you didn't feel right using it like a truck. He had to buy a small trailer so he could haul stuff because you sure as hell weren't putting ANYTHING in it's wall to wall carpeted bed.
It just seems that we are pricing ourselves out of everything trying to have the latest greatest all the time. I saw a bass boat for sale last night. 15 years old. Almost $23,000.