The Stubborn Car Market Refuses To Crash!
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- Опубликовано: 1 апр 2024
- Today I give updates on both the new car and used car markets!
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People want 10 or 20k for a used car with over 100k miles is insane. New cars cost 30k to 40k and people barely can buy groceries
Been trying to find my first car and I’m struggling to find decent cars under 5 grand that don’t have over 200k miles. I feel like I need to save thousands just to get something I actually want that’s not a beat to hell piece of crap
dealers are still the winners--trade in values have been pushed down, even though retail never really came down that much.
It’s not complicated. Calculate the cost of owning the vehicle and if it fits into your budget then go for it. If not, look for something that does.
The plain truth is if you can't afford to pay cash you can't afford the car. Better off fixing the old car
Ignorant comment. We bought a new 2014 F150 and 2015 Sienna. Paid both off within four years. They replaced old cars that we drove to the grave. Both still going strong. Foolish is buying new at the expense of the other parts of real life and trading cars frequently for a new car.
I just bought a 2021 GMC 3500 Denali, I can't believe what dealers are asking. Found a private sale for a somewhat reasonable price, but still crazy.
At least you’re not click baiting like everyone else constantly saying the market is gonna crash within the next 90 days
We are seeing used EV sales skyrocket right now. Prices in EVs have crashed thanks to Tesla and it makes used EVs much more affordable than anything comparable.
Beard looks better now, nice and clean.
Ram decreased incentives on 2024 Big Horn 1500. WTF?
Can you do a story about the Mazda CX-5s and the Subaru Forester's that come in via the Baltimore Port? Will the NY/NJ Port be able to input and process the cars til the Baltimore Port is reopened?
I am looking to buy the Forester or the CX-5 since they are on the lot and Subaru's are 2K under MSRP. I have an option for the CX-50 that is made in Alabama
Give it time.
Trust me, patience is key here. There are price drops on new vehicles in my area. Prices are still high on some vehicles but others have now started to get to normal MSRP numbers. But hard times haven’t hit yet.
Look after Memorial Day to see automakers make their biggest price slashes.
Longer warranties, zero percent financing will be right around the corner.
2007-09 recession all over again.
What’s rally is going to hurt people is negative equity in their current vehicles if they owe mare than what it’s worth.
I have no idea how people are affording these vehicles. Or how these dealers are staying in business.
Pretty easily. Sub 35k$ vehicles are affordable to both the average and median American household, assuming it's owned for at least 7+ years and fairly reliable. Make it an efficient vehicle and cost of ownership is well within the average person's means.
Lease and bigger down payments
Why do ppl keep talking about low rates like thats a good thing? You will in fact see. Venezuela….
We had rates under Obama and trump…nearly zero percent.
Venezuela and Cuba have been f’d by sanctions….Venezuela was especially screwed because they relied heavily on oil
@@diegoharo7943Yeah, people are acting like this is a solely partisan political problem. It isn’t. The industry is a large contributor to these issues along with both political parties.
It's supposed to be Altcoin season too but it's not...
I value your videos. You are the only one posting videos about the car market that actually make sense. Yes, interest rates coming down in summer will provide some relief to shoppers, but only if they are not too upside down in the vehicle they own. It’s a perfect storm when buyers over paid in 2021-2022, meanwhile used car prices have come down significantly which means customers will get crushed when it’s trade in time. Carmax, carvana and similar business models have been inflating prices for years creating unnecessary inflation. You could argue that buying a new car is actually a better long term value, especially when new cars offer much lower interest rates. Carvana is not a car seller, they are “bank note” brokers. They lock in an inflated interest rate from customers that is too high to begin with then sell the note on the secondary market and make a spread, just like home mortgages. Carvana would be better if they gave value to their customers by creating a lower rate to help serve the customer thus create deflation, not inflation. It’s all supply and demand. If people would hang on to their cars just a little longer, sell prices have no where to go but down. The best time for people to buy a car is later in year towards December and at the end of a month.
A week you had video that stated it crashed, More click bait
The mfrs are coming off a year or maybe years of "record profits" along w/varioius govt. subsidies(?). They're sitting on piles of cash that they can slowly burn through via unbuilt/unsold units. Not sure what the remaining "hardline" dealers are thinking.
I'm glad I'm not in their shoes.
The car market has crashed, but it will take some time for it to fully show. Just wait for some of these loans/floorplans the dealers have start to come due or that the payments far exceed any profit they ever thought they’d make. Buyers should just wait. The 2024-25 models might end up getting pushed back to ‘25-26 models.
A crash is sudden and violent. What's being described is a slight decline, which is normal for all industries
I have a used 2008 Toyota Prius with 315,000 miles and I want top dollar I want 3,500 dollars if you think that’s a lot then leave the car their because I’m not selling Prius is the best car Toyota has ever made. Plus I own a Brand new Toyota Venza.!!! I’m also renting my Toyota Prius to my friend so it’s making me money so when ever someone wants to bring me 3,500 cash 💰 for the Prius if not it’s still making me money.! I will not budge on the price!!!
Let’s go Brandon!! 😂
So basically you are saying once interest rates going lower ppl will b flocking to dealerships for the maximum monthly payments, ppl have a very short memory
You better believe people have very short memory. Every single person KNOWS that if everyone stops buying for a few months we could collectively bring prices to our demands, and yet people ignore this and still buy these vehicles at ridiculous prices
Yes people do have a short term memory and people don’t know all the facts and numbers. Most people are just read the the most current headline and that’s it.
Talking points that get peoples feelings in a frenzy will always win in the short term because peopydont look at the long term data
Save ,up buy a cheap new car
There are no cheap cars.that ended during covid. Even turds are expensive now.
Small town ford dealer here has full lot, every row used big trucks 5 years old . 100k miles. 80k . 4 rows of lightning trucks haven't sold any since they drove on lot. Won't negotiate.
What dealer
Means they're not full. Unless you're writing down vins, confirming with the dealership units which aren't sold, and re-checking every week assume those units are either moving and being replaced or they're used units that make no difference how long they've sat.
Or it means the offer was insultingly low.
GM had a good quarter . GM full size pickups sold almost 200,000 units .. a very good result. GM inventory at the end of March was 63 day supply, a perfect inventory number. GM is doing an excellent job at this point. EV sales were down.
Ev sales were way up
@@FAFO-cn3ev not at GM and Tesla
I'm going to get the keys, put insurance on the new truck in my name and "squat" in it until they pay me to give it back. No finance, no lease, no problemo. I've been learning from TikTok.
This are just devices to get you from one place to another. No need to buy to impress people so just stop buying these overpriced cars/trucks. Save your money and put it towards other things that you really enjoy and give you life memories.
You spend like 5% of your life in your vehicle. Some of us don’t want to spend all that time in a less than vehicle.
@@jonsatvoutdoorchannel6686 well than I hope you enjoy spending 100% of your time in the debt slave prison you are in.
Says someone who hasn't driven a good car or driven one well.
What a mindset to bring to an automotive channel. Just buy consumer reports and find something better to do with the time spent typing out this comment. Would make all party's involved better off.
Automobile technology is going through a seismic shift now so I will again lease my 2024 vehicle when my current lease is up at the end of the summer. Looking at a KIA Niro PHEV so I can drive an EV, but have the gas engine backup for longer trips. As I lease for 3 years, by 2027, the EV vehicles could be using batteries made by another material other than Li-Ion. The infrastructure could be a non-issue by then as well, and we could all have better access to clean energy to charge our vehicles. OR, we could be living in the Stone Age again, depending on who moves in our out of the White House in 2025.
The White House has and will be the same no matter who’s there
If I were to buy a new car I would go with a new corolla 26k out the door after taxes drive it 10k miles per year for 20 years 1.3 k per year Better off with a corolla 15 corolla has 152k will buy a new corolla @200k
Toyota is cleaning up the market right now because they have build quality and hybrids. Two things that other manufacturers except Honda and a few others lack. People clearly don’t feel secure enough in EV technology yet to make a transition fully in mass, but also don’t want to be solely on the ICE bandwagon with higher gas prices. Toyota has the best strategy here and Toyota dealers can’t move cars off the lot fast enough.
It will crash and I am using my patience because all the dealers in the Denver metro area are overflowing with cars, trucks, big trucks, small trucks, SUV’s, luxury cars, work vans, camper vans, RV’s and even John Deere has more inventory then I’ve ever seen. I’m in the market for a midsize truck. There are over a 150 Nissan Frontiers, 80 Chevy Colorados, 60 Tacoma’s (2023 and 2024’s) and even 15-20 GMC Canyons sitting on dealer lots. That’s 300 midsize trucks to choose from. I’m thinking the end of May or end of June to buy.
Said it on another video.
Stupid people will pay stupid prices.
It's really that simple.
So in other words, #Bidenomics needs to go
This is as much an industry issue as it is a governmental one. But both political parties have flooded the system with easy money and debt.
@@ryanfraley7113 It's an industry issue, but the industry is being forced to change due to a liberal government, making major interference through non legislative action via executive orders and EPA actions… also when you continue to print money loosely like the current administration is doing that doesn’t help either
And you think Trump is the answer. He failed after 4 years. Raped a women and is charged with inciting a riot on 1/7. You watched it on TV like everyone else. Please , I get you hate democrats fine, Trump?? Please.
Lot rot will correct the market. There's always idiots and fools who will overpay . The big car manufacturers have doubled their MSRP and their recalls have also doubled. Manufacturing crap at twice the price.
So this has been said the past 3 years. Should I set a reminder on another 3 years to see if that's the case, or do we think by then people still upset at prices will realize that the problem isn't with the majority of Americans able to afford a reasonably priced new car at today's prices?