Don't hold your breath. Until automotive electronic chips, boards and ECM's resume their previous production levels, (which won't be anytime soon and mostly likely, even greater reduction in production is coming) you're going to see the used market continue their upward climb in value. Supply and demand rules have no boundaries.
Yes that's true but last time I went to the grocery store my food has skyrocketed in price. And today when I go again prices are up even higher. Rent is going up 20 to 40% in many areas mine included. How are people going to be able to buy cars for inflated prices When people's budgets are being eaten up by inflation that is much higher than reported? The reality is they can't and that's why we just had a negative GDP print and will continue to have cracks form....just like the negative retail numbers. Companies are starting to miss forecasts and it's a "big surprise". Many of us saw this coming from a mile away lol. It takes time but the cracks already showing in the economy and the numbers prove it as companies continue to miss and customers pull back because our budgets are getting destroyed.
I will give a follow to any Purple Raider lol. I just refinanced my house in November at 2.65%. The current rate is 3.95% with the same lender. Unreal.
Haha I'm an honorary Raider 😂. My sister went there. Beautiful campus! But yes, it is crazy how quickly rates have risen. It'll take some time, but the cheap money party is leaving the station quickly.
Not sure why, but you showed up on my RUclips home page. I hope you are right. I've been driving my 08 Grand Cherokee with 135k on the odometer without any major issues... although I know it won't last forever. Hopefully car/truck prices will crash. But then again, I've heard that about the housing market for the last five years - and that continues to boom.
Must be the RUclips algorithm haha. It's out of control but there's a limit that we are hitting with what people are going to be able to borrow as interest rates are rising. The cost of money is going up. The housing hits close to home because I am a first-time home buyer and was planning to purchase this year. I have less faith in a housing crash because the FED does not want to see values go down and people lose the wealth effect. That being said, as interest rates go up many will get priced out unfortunately. Hopefully that has somewhat of a slowdow on transactions and inventory can build. Time will tell. 🍻
The truth is that people are asking for a price that no one has in cash and if someone does have that cash they rather go to the dealership put that down and have lower monthly payments what these private sellers don't understand is that banks do not really give money for you to buy vehicles from private sellers so all these people who are listening to the market and selling their vehicle for more than what it is are gonna sit on a egg that won't hatch because reality would tell you that you rather take all that amount of money and put it on down payment for a new car and get lower payments but these sellers seem not to understand The truth is that people are asking for a price that no one has in cash and if someone does have that money and cash they rather go to the dealership put that down and have lower monthly payments and be assured not to have any mechanical issues at least for 1st 3 years what these private sellers don't understand is that banks do not really give money for you to buy selling their vehicle for more than what it is There gonna sit on a egg that won't hatch because reality would tell you that you rather take all that amount of money and put it on down payment for a new car and get lower payments but these sellers seem not to understand
Not any time soon. Definitely not this year. And it won't crash because there's less new cars that will be used in a couple of years. Interest rates won't shift it (and they're still going to be low).
Time will tell. However, demand falls in recessions and rates will hurt lending. It's already starting hurting mortgage demand. Those rates are not set by the federal funds rate.
@@3VJohnny. .I've also read, & heard rumors about a crash coming within this year, 2022. Another reason I'm getting my truck appraised very soon. What goes up, must come down.
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Don't hold your breath. Until automotive electronic chips, boards and ECM's resume their previous production levels, (which won't be anytime soon and mostly likely, even greater reduction in production is coming) you're going to see the used market continue their upward climb in value. Supply and demand rules have no boundaries.
Yes that's true but last time I went to the grocery store my food has skyrocketed in price. And today when I go again prices are up even higher. Rent is going up 20 to 40% in many areas mine included.
How are people going to be able to buy cars for inflated prices When people's budgets are being eaten up by inflation that is much higher than reported? The reality is they can't and that's why we just had a negative GDP print and will continue to have cracks form....just like the negative retail numbers. Companies are starting to miss forecasts and it's a "big surprise". Many of us saw this coming from a mile away lol.
It takes time but the cracks already showing in the economy and the numbers prove it as companies continue to miss and customers pull back because our budgets are getting destroyed.
I will give a follow to any Purple Raider lol. I just refinanced my house in November at 2.65%. The current rate is 3.95% with the same lender. Unreal.
Haha I'm an honorary Raider 😂. My sister went there. Beautiful campus!
But yes, it is crazy how quickly rates have risen. It'll take some time, but the cheap money party is leaving the station quickly.
Not sure why, but you showed up on my RUclips home page. I hope you are right. I've been driving my 08 Grand Cherokee with 135k on the odometer without any major issues... although I know it won't last forever.
Hopefully car/truck prices will crash. But then again, I've heard that about the housing market for the last five years - and that continues to boom.
Must be the RUclips algorithm haha.
It's out of control but there's a limit that we are hitting with what people are going to be able to borrow as interest rates are rising. The cost of money is going up.
The housing hits close to home because I am a first-time home buyer and was planning to purchase this year. I have less faith in a housing crash because the FED does not want to see values go down and people lose the wealth effect. That being said, as interest rates go up many will get priced out unfortunately. Hopefully that has somewhat of a slowdow on transactions and inventory can build. Time will tell. 🍻
The truth is that people are asking for a price that no one has in cash
and if someone does have that cash
they rather go to the dealership put that down and have lower monthly payments
what these private sellers don't understand is that banks do not really give money for you to buy vehicles from private sellers
so all these people who are listening to the market and selling their vehicle for more than what it is
are gonna sit on a egg that won't hatch because reality would tell you
that you rather take all that amount of money and put it on down payment for a new car
and get lower payments
but these sellers seem not to understand
The truth is that people are asking for a price that no one has in cash
and if someone does have that money and cash
they rather go to the dealership put that down and have lower monthly payments and be assured not to have any mechanical issues at least for 1st 3 years
what these private sellers don't understand is that banks do not really give money for you to buy
selling their vehicle for more than what it is
There gonna sit on a egg that won't hatch
because reality would tell you that you rather take all that amount of money and put it on down payment for a new car and get lower payments
but these sellers seem not to understand
Yeah it's a house of cards. Once the cheap money goes away people will not be able to buy these overpriced vehicles.
Not any time soon. Definitely not this year. And it won't crash because there's less new cars that will be used in a couple of years. Interest rates won't shift it (and they're still going to be low).
Time will tell. However, demand falls in recessions and rates will hurt lending. It's already starting hurting mortgage demand. Those rates are not set by the federal funds rate.
@@3VJohnny. .I've also read, & heard rumors about a crash coming within this year, 2022. Another reason I'm getting my truck appraised very soon. What goes up, must come down.