CAR SALES TANK... Here's Why People Have ZERO Interest!
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- Опубликовано: 17 июн 2024
- Car Market FCUKED - What You Need to Know!
Monthly car payments are skyrocketing, repossessions are through the roof, and dealers are still asking over 7% above MSRP on average. Yet, despite all this, we’re just weeks away from seeing deals on new and used cars like we haven’t seen in years! Want to know why? Let’s dive in!
The Current State of Car Payments
The average monthly car payment for new vehicles in the U.S. has reached an eye-watering $735, up from $725 last year. This increase is making car ownership more expensive, driven by factors such as inflation, supply chain disruptions, and heightened demand. Yet, demand has recently decreased, and few dealerships are willing to offer deals below MSRP.
Interest Rates Impact
Interest rates on car loans have surged, with new car loans averaging 6.73% and used car loans at 11.91%. Higher interest rates mean more of your income goes toward car payments, affecting your budget and contributing to rising repossession rates.
Over MSRP Dealership Practices
Dealerships are still pricing new cars 7.2% above MSRP on average. While this is a drop from 8.9% last year, it’s still too high. The top cars priced above MSRP include the Mini Hardtop and several Porsche models. However, there are some cars priced below MSRP, like the Hyundai Kona and Ford F-150 Hybrid.
Repossession Rates and Economic Effects
Repossessions are on the rise, with 1.5 million vehicles repossessed in 2023, up from 1.2 million in 2022. High-interest rates and expensive car payments are straining budgets, leading to more repossessions and slowing economic growth.
The Silver Lining: Market Shifts
Despite the challenges, there’s hope. New car prices have started to trend downward, and used car prices are falling as well. The national supply of new vehicle inventory has hit an 80-day high, the highest since June 2020, indicating a potential buyers' market soon.
Tips for Getting the Best Deal
Research and Compare Prices: Use online tools like Kelley Blue Book, Edmunds, and TrueCar.
Check Dealer Inventory: Look at multiple dealerships' inventories online.
Pre-Approved Financing: Get pre-approved for a loan from your bank or credit union.
Know Your Credit Score: Understand what range of interest rates you should expect.
Negotiate the Price First: Focus on negotiating the vehicle's price before discussing financing.
Be Prepared to Walk Away: If the dealer isn't willing to meet your price, find another dealership.
Look for Dealer Incentives: Ask about current promotions or special offers.
Consider Buying at the End of the Month: Dealers are often more willing to negotiate at the end of the month.
Negotiate Interest Rates: Compare the dealer’s financing offer with your pre-approved loan.
Watch for Additional Fees: Question any excessive or unnecessary fees.
Ask for Added Benefits: Request perks like free maintenance packages or extended warranties.
Conclusion
The car market is challenging right now, but smart buyers can still find great deals. Research, compare, and be prepared to negotiate. With these tips, you can navigate the market and get the best deal possible. Like, subscribe, and stay tuned for more tips and insights!
Let us know your thoughts in the comments below. If you enjoyed this video, make sure to give it a like and subscribe to our channel. We’re posting new content almost every day, so you won’t want to miss any updates. Check out our other videos for more tips and advice. Thanks for watching!
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To get into a vehicle you want it’s $700+ a month. Something is going to have to give sooner or later as potential car buying money goes to rent or property taxes.
People forgot about student loans, rent/mortgage moratoriums, and couple that with the government giving away money people who didn’t see this (crash) coming starting to feel the strain. I paid off my Subaru STI right before the virus happened and I’ve been saving for a Supra the whole time. I’ll hold off until the market levels out. With interest rates what they are currently, I’ll be able to get one for a decent deal soon.
People...do not get loans or anything else from a bank if you can't afford something you want to buy. You will get in debt so fast you'll be struggling for the rest of your life. I live in Greece and you won't believe how many people got in debt after purchasing a loan, even with good salaries.
Our economy runs on debt.
@@aaron___6014doesn’t mean you should .
Your comment makes no sense. People wouldn't get a loan if they could afford it out right. Of course you go in debt with a loan, how else do you get in debt??
@@domini384 People get loans if they also have part of the money or if they don't want to liquidate. Chill.
@@TheMoukis You act like its common for someone to liquidate an asset to pay for something.
I'm glad the people that yolo bought cars they can't afford during covid are finally facing the consequences.
You take delight in others struggles or downfall? That’s weird but you got it.
Someone is petty, I see.
@@DaGr8t1 I wouldn't go as far as calling it delight, it's more of a "we told you so" feeling.
All this did is prove that the average American has a room temperature IQ. Like, we literally went through this in 2008, and Americans did the same thing.
@@TheRealCatof I get that aspect. But at the same time it’s their money. It may have made sense to them at the time and a lot of people didn’t foresee themselves getting reduced hours or losing their jobs so that plays a factor as well.
I’ll be petty. F**k’em. Same ones calling people broke through the pandemic and flexin on IG getting their cars repo’ed brings me joy. I just saved money and I’m about to buy a new project for cheap.
Glad to see a new ideal video
loan term was 67 months, not 36 as you said - big difference.
The price of used Jeep Wrangler’s are still ridiculously high in the Atlanta Area.
Used Jeep Wranglers have always retained high percentage of the new sticker price. I think it is because they have magic powers that makes and average looking person smokin' hot when they drive one.
There is a Toyota dealership in Hemet CA selling Camrys under MSRP. If you got $$ down more than fair %. I think if you have something people want they will buy them at a fair price. They sell every one they get
Sales down 10% . Hardly a crash!
Just wait .. the fun has just begun ...
@@nrich5127 been hearing this for over a year! Sales still chugging along. Back down to around pre-pandemic levels
Is a 10% drop "Chugging along"? Seems pretty significant.
@@robbro3589 10% from pre-pandemic levels. Car prices are not going to drop much. If the worse happens . They will just idle factories. And do 0% apr. Or longer financing.
A young person looking to buy their first car should pay cash, then put what would be their monthly average $735 car loan payment into a high yield savings account for when that jalopy finally expires. Then for the next fifty or so years they need a car, they will be continually earning interest rather than paying interest. The cycle would be pay cash then save for their next vehicle, never incurring car loan debt. If instead you start off on the car loan treadmill you will never get off and will be poor the rest of your life, your choice.
Play stupid games....win stupid prizes
They get mad as heck if you don’t get gap insurance
More inventory, fewer buyers. It could be a tipping point. Now I know the rest of the story!
Been trying to get a used n new cars or suv or truck but dealers are awful smh
I've been "WANTING" a new truck, I recently got an out-the-door quote for a 2024 Sierra 1500 Elevation at $38,800 (no mark-ups or add-ons) which MSRP is at 54,054. I think it's a great deal but what holds me back from the purchase is those interest rates. Even with a low rate, I'll still be looking at payments around $730-$800 with a 72 month term. My current payment for a 2021 Silverado Custom is $520, 72 months at a 3.84% interest rate. I'll wait it out instead.
Look at me still driving a 2002 Astro van , and getting ready for early retirement .
@@kwhopper1100 That's awesome congrats!! I still drive my 2002 Ram 1500 as my work truck.
@@aaron___6014 Legacy Chevrolet/GMC located in Waxahachie, Tx...good luck!!
What dealer
@@aaron___6014 I think my comment was deleted when I replied. But it's the only Chevy/GMC dealer in Waxahachie, TX.
I'm not paying over msrp and I'm getting 25 camry 1 of the best sellers that isn't even on lots .. gotta order them... im thinking I got a good price 31300 camry se white black interior which I wanted... is that a good price? Considering redesign hybrid... 4.99 interest 60 months
Hey if you can afford it and like the car and purchase is what matters.
Explain to me why would someone pay 40% to much for a vehicle that is poorly engineered and is so complicated that the dealer has a hard time to diagnose and is almost guaranteed to be problematic because reliability is an afterthought.
People have zero interest in buying vehicles because banks have all the interest , as in high interest rates 😮
Debt is stupid way to by a car. If you are poor, buy old one and save money to little better one next.
Automakers seem desperate to make car ownership as unenjoyable as possible. They are far to expensive and all seem to be low quality.
Pure money pits.
More and more young people are holding off learning to drive for as long as possible and some all together.
And there is growing desire for alternatives besides private cars. Like the walkable city, biking, buses, etc. Its all small now. But if automakers dont slash prices and lower their profits they might create a future where they dont exist because they have made the process so miserable.
I really love my car but I have seen so many young peoples life on hold because they cant afford any car in todays world. They are stuck at some low end job and struggle to claw their way out. Cars are such wealth drains.
Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn't, pays it," -Albert Einstein
That was actually Confucius.
@@Av-vd3wk not according to Google
It was a joke…
Just say no. Also: God bless the people keeping our economy going by buying and financing things like cars and trucks and SUVs. Learn that being frugal does not mean just being cheap - its all about value. Loans add no value - actually make things more expensive. Just one time keep a vehicle after you pay off the loan (or just buy a cash car). Then each month set aside the money that would go to a car payment. Do this until you have the money to buy a new car for cash, no payments. Keep driving your cash car until it is truly good and dead. Don't tell the car dealer you are a cash buyer, let them battle it out thinking they can sell you the car for cheap and make up that lost profit in reserve money they make off selling your car loan. Then once in finance just write a check for the total. Then start the process of setting aside what would be your car payment into a fund to buy your next car. Keep driving your new car until it is really dead. You will find that you will have many years of not needing to save up money - use that to invest or improve your life in other ways. You are welcome, enjoy!
Your buying advice will work half of the time if you’re buying cars that people don’t really want and there is a high inventory. Like a VW Taos or a Mazda CX-30 (or any EV really) it will not work if you want a car everyone wants or sports cars. If you want rebates and big discounts look at American trucks and SUV’s.
But Dealers WILL NOT chase you out the door if you’re being annoying and demanding stuff like the OTD price. Be a nice human being and also don’t put up with bad pushy aggressive sales reps. Ask for someone else or go to another dealer. My PSA for the day lol 😂
It’s not zero interest. It’s about 10% and up.
Nissan ultimate repo cut was 😂
Everyone is broke end of video
People can’t drive at all
I see no point in paying so much money just for transportation…for people to run into and drive off
Of course the cops can’t do anything lol
That keeps me at bay
I can buy a car and someone can take it away from me
I’m good I’ll keep my e-bikes
for dudes its to get giggles from females...
GLORY!!!!'m favoured, $140K every 3weeks! And am retired i can now give back to the locals in my community and also support God's work and the church. God bless America
That's great! I'm motivated too! How can we achieve this challenge?
No specific one really, because there are lots of investment plans and strategies littered all over the internet today, for instance, investments like real estates,gold, drop shipping crypto currency and lots more
Warren T. Sonia is an amazing tutor for crypto. Highly recommended! She’s been my Tutor and Mentor for past solid 8years!
F. A. C. E. B. O. O. K.
F a c e b o o k 👇
Yall vested on rhat narrative
Rat*
All the vehicles that I would buy aren't sold in the USA (such as a Lexus LBX, to name one), so no temptation for me on any of the offerings in this market. Only exception would be a 2024-2025 Mazda MX-5 Miata RF 6-Manual, but the color choices on that vehicle are all unappealing (IMO) & thus keep me at bay.
Why are people taking loans out for cars? Pay with cash or you can’t afford it.
Why are you taking out a mortgage for a house? Pay with cash or you cant afford it!
@@domini384 , that's a good question.
A car is a depreciating asset.
A home is an appreciating asset.
@@KillroyX99 The depreciation only matters when sold so its irrelevant to the point.
@@domini384 , well you are spending more money buying a car with debt. That debt is not an investment.
@@KillroyX99 You are trying so hard to make a point yet keep failing lmao
old data for the fail. Lots of flash with lazy work. there is spot on tiktok for this type of trash content.