Even if you wanted to buy a new car, a lot of people need a loan to do that and banks are not in the lending mood right now with cars. The economy is looking bad, and banks know the first loans to default are auto loans (which is already happening). Even if you don't need a loan, prices are still too high.
Exactly! A new 2000 Caravan used to be around 20K which is around 37k today. I definitely don’t think there is $21,000 worth of technology and government-mandated safety equipment in those Pacifica minivans. We live in a weird time. Chrysler is on life support. Dodge wants to be Tesla. Jeep thinks they’re Range Rover. RAM prices their trucks like they’re Fabergé eggs. 🤦♂️
I test drove one of those Pacificas and holy moly that transmission blowssss 😂 I floored it and the car stuffer steps for 4 seconds then accelerates. Typical Stellantis trash 🎉🎉🎉🎉
When the dealers decided to add 10 to 15% to an already bloated MSRP they lost me as a customer. I’ve bought my last new car, isn’t worth the aggravation with the dealer.
#1...I don't see prices moving down in my area, at all. #2...Any sane person should be able to figure out why nobody wants to pay $90k for a pickup truck!
As I get older I care less about driving a newer car. It becomes more of an appliance sort of like a dishwasher - you don't generally buy a new dishwasher until the old one breaks, stops cleaning the dishes, and is too expensive to fix or you can't find parts to fix it anymore . My daily driver is a 15 year old diesel BMW with 161k that runs perfect. I'll drive it until it suffers a catastrophic failure and then buy something else. My philosiphy is if I get at least 15 years of use out of a vehicle, I got my money worth. Anything extra is bonus time.
@@XxFolksxX why if it does the job? Trading it means going into debt or writing a large check. Not having payments gives you more margin to invest for future goals like early retirement.
Car prices are allegedly crashing (but still above pre covid level pricing) and dealerships are still adding on extra fees on top of extra fees like it's going out of style.
The thing is that they claim their fees are "mandatory." If they insist, just take those fees off of the price you negotiated for the car. You'd be surprised at how often they do that, especially if you get up 5 minutes after they leave to "check with the manager" and start walking toward the door.
@@IceManLikeGervin is it really the dealers anymore? go build the vehicle online the price is outrageous. What are the dealers supposed to do? Charge the 2018 price for Mercedes GLE when the MSRP is now 26,000 more?
@@Ryan2022 They all play a role in jacking up the price of new cars (and used cars of which some are selling at a price more than when they were new) and the numerous add-ons. It's like a pyramid scheme pricing/add-on scam around selling cars.
You sound like me, and I am only a year younger than you. I bought my only brand new car in Germany back in 1985. I paid a little under 10k for a brand new Audi. The most I paid for a used car was 29k about 3 years ago. Cars are ridiculously expensive these days, I know you can relate.
I drive a twelve and a half year old kia optima 153K that has a big dent in rear quarter, carvana offers me $1600 for it, to me it's worth much more than that, it runs great, it had a few repairs but not many, and it is still reliable. I don't plan on replacing it unless something expensive breaks on it. Cheap taxes, less expensive insurance rate (no collision) and if it gets a scratch, than it's no big deal.
Don’t know where you’re at but in Central Illinois in farm country local dealer prices haven’t BUDGED AT ALL so where are you getting info prices are coming down? They’d have to drop at least 50% for vehicles to be affordable again.
Car prices are high for one reason only: credit lines. People are overleveraged and so car prices are inflated. In the past, people didn’t dare sign off on such long loans except for homes. Now, people do it for cars and even vacations! The only way this resets is with a car loan crash just like what happened to homes in 2008.
It is because prices are still way TOO HIGH. It's not just the interest rates. I know that if I bought a new vehicle my car insurance would probably TRIPLE! In my opinion vehicles used to be depreciating assets. Now I believe vehicles have become depreciating LIABILITIES that are not worth owning.
I was interested in a 2024 Jeep MSRP 62k..the dealer was willing to come off that price 10% and that was it..I walked,this Jeep was on their lot for 180 days and that was a month ago and it's still there today.
A new car should be between 10k to 15k a little nicer car should go for 20k. A truck without the bells and whistles should go for 25k one with the bells and whistles should go for 35k.
@@markproulx2765 I would say killing the small car is part of it,but what has really driven the prices up is these lease schemes and the government checks the government handed out for COVID .
My car is a 2006 Ford Taurus, in 2006 I bought it in cash. I can't logically replace it with a similar new car at 4X what I originally paid for this car. Inflation since then has not gone up 4X! I will try to keep this car rolling as long as possible!
Learned a long time ago not to buy anything that deprecates very fast. Drive a new auto off the dealers lot and the value drops immediately! Look at the value 5..10 years later? Invest does not include new over priced electronic autos that most of us can't fix or even can afford repairs on!
Where are all of these supposed supplies of cars? Trying to find a Honda, Toyota, or Subaru is a challenge. Then trying to get a discount on one is even more of a challenge. Someone i know put a deposit down for ROFR on a 2024 Prius. The car arrived last week and they went to look at it. Dealer told them they weren't sure they would be getting ANY in 2025, so if they refused it might be two years before the next available unit arrives. They still refused it despite the warning. There are plenty of Jeeps, Chevys, Fords, Nissans, Mazdas, Hyundais, and Kias. Very little discounting on any of them other than the Jeeps
They’re going the “we’ll go out of business before we lose a penny on the lot or reduce profits route”. What sucks is they’ll likely just crush the cars and strip them for parts instead of selling them cheaper if they sit too too long
Toyota, Honda, Mazda, and perhaps Subaru are high on demand and therefore selling well. Big expensive trucks outside of commercial use are sitting unsold at the dealerships. Here in Los Angeles, prices are high but I imagine it would be cheaper in less populated areas.
Very poor quality to say the least, and with too much low quality tech and expensive electronic crap To go bad that will cost you thousands not long after the warranty period ends.
1 car is 20 years old and the other is 11 years old. 193k and 83k miles. Honda and Acura well maintained in my garage run like new. Expect 300k or more no problem out of each . Last car payment was 2011 😁 , full coverage insurance is cheap $50 each car.
What opportunity??? New car prices are still waaaay too high! The manufacturers raised price extremely too much after Covid. Even if rates were low, prices are still too high because the MSRP prices outpaced people's income. How many people's income increased as much percentage wise as new car prices?
Everybody claiming car price crashes but when I got to these dealerships, every last one has hella dealer fees and mark ups plus these prices are still high as crap
You’re telling me if I go on the Mercedes lot they’re actually gonna give me a deal ?In what world is this? Which vehicles are the prices crashing on exactly?
My daily driver is a 2005 Corolla with 221k miles on the odometer. I do all maintenance on time, I don’t abuse it and it still runs as good as it did when I got it with only 37k miles. I do want to buy a new or “preowned” Lexus but I’m not really in a rush.
Financing made car manufacturers and buyers dumb. Avg Family Cars should cost no more than 2-3 months of salary. Back to under 20k or keep your damn car in the lot.
Where are all these vehicle prices "crashing" from all these videos claiming they are. I've been looking at new vehicles near and far and I'm not seeing it.
Car prices arent falling where I live. Everything is still 10-25k more than it should be. People are sick of lies like "car prices are falling", or " inflation is only up 5%". Come on everyman driver who do you think your fooling?
Not cheap enough - inflation is to blame as people can’t save enough or put up with high interest rates. Cars are priced too high and dealerships are stubborn.
I also noticed in the past people would have interest in new cars. After getting ridiculously priced out of the market, their priorities has changed and a new car is not as high on that list.
Used cars have really high mileage because people are holding on to them longer. So prices have gone down on higher mileage cars, but low mileage cars with premium options are still too high. Unfortunately, people are trading in their unreliable cars. So, I am very concerned about finding a decent used car at any mileage.
The last 2 months in S/W Ohio where my family resides I've never seen so many cars (in a long time) with 30 day tags on the roads driving around (we're out on the roads frequently)
Purchased a brand new Jeep Gladiator Rubicon in April of 2023 and sold it to Carvana August 2024. It put $10,000 down, had a $704 note, $225 monthly in insurance, $300 a month in gas and maintenance. I’ve been carless and using Lyft to get to and from work and I’m not sure if I will be getting another vehicle anytime soon…
The newest car in my 3 car fleet is 13 years old. Why would I pay north of $50k for a poverty specification pickup truck? The ugly little secret of vehicle manufacturing is it costs about the same to build a sedan as it does the most luxurious mass produced auto out there. In other words, it costs about $800 more in materials to build a $106k Grand Wagoneer than it does to build a $33k Accord. The Legacy 3 don't have an affordability problem, they have a greed problem.
2019 car payments for a person with an 800 credit score. 72mo $350 to $700. 2024 prices for the same vehicles $550 to $1,100 mo. Or around a 65% increase.
I noticed the price of some UTVs are dropping quite a bit in the last month. Cars will be dropping more soon. Ground beef is $6 a pound, no one can afford anything. Thanks Kamala.
prices have stalled. they went from extremely overpriced to just normal over priced............ still to high. i cant get myself to pay 35k for a 2020 truck with 110k miles on it......... just makes no sense!!!
If you have not been to a dealership in 5+ yrs, You will get Sticker - Shocked & leave. Manf, need to make cheaper packaged cars. 17 Million per yr sales days are gone.
I bought my car in Jan 2019 and thankfully only did a 4 year loan. So it's paid off. However I definitely can't afford a car payment now due to inflation and everything costing more, also have new expenses like childcare. I'm thankful that when I bought my Toyota my plan was to drive it into the ground anyways so hopefully I can get another 10-15 years out of it while not having a car payment!
The reason is that most modern cars are unrelialbe and boring. Ditch the unneeded electronics, dct+cvt trannys, turbos, plastic components, designed to fail components, make cars that are easy to fix with simple and inexpexsive parts. I want a vehicle that will last at least 500,000 miles.
Recently, a car popped a rock and hit our windowshield, and the crack spread overnight. With all those fancy monitoring car have now, a replacement will cost $1200. That's definitely a reason car insurance cost so much.
I see no REAL price drops in my area. Dealers advertise cheap leases, until you read the fine print. 6k-7k down plus tax, title, first months payment and fees. You're talking almost 10k. Ridiculous. These whores got rich during and after the pandemic and they're addicted to the money. They also have no stock, so they can say "Take It or Leave It". I guess there is a sucker born every minute. This will eventually lead to the elimination of the dealerships. Order online and the manufacturer makes almost all the money.
I believe that it is a combination of all those reasons mentioned with the biggest reason being that when car companies increase their MSRPs by 30-50% in five years, the 5-10% lower cost AFTER negotiations and haggling aren't nearly enough to motivate potential buyers.
I have. Owned a 2015 Honda Accord V6 9 years and there is absolutely nothing wrong with that car and I own a 2016 Toyota Tacoma, both are older but nothing wrong with them!!!! Sure I would like a new vehicle, but not worth it right now
You left out an important component. I live in West Virginia. We have a titling tax that is 6% of the purchase price of the car or if you have a trade in, 6% of the difference. $40,000 car = $2,400 in taxes on top of the insurance and interest that you mentioned.
I thought prices were crashing too BUT It ended up being a scam where the dealership lowers the price with a bunch of made up dealer discounts on used cars and new that nobody qualifies for or should i say they dont want to qualify for the discount because the discount requires that you pay it back with the way you qualify. Let me explain - i qualified for the 3k trade discount but they offered me 3k less for my pristine highlander, so the discounts are bogus tricks to lower the online price to trick shoppers into thinking that dealership has a great price instead up having the worst price - oops the cats out!!!! IMO i would steer clear of any dealership claiming to discount thier cars
They marked them up 25% then drop the price 10%, so that would be a factor. Dealers advertise price drops, but then want to charge you $500 for putting nitrogen in your tires. I can afford to buy a new car, but I learned not to pay $10 for a $5 item.
Here in Canada you can’t get the good vehicles (Honda/Toyota hybrids) and they mark up the ones that do come in. Mortgage rates went up for most people along with utilities and groceries. It’s no wonder people aren’t buying. I leased a 2022 Bronco and was going to give it up at the end of the lease but I may end up keeping it as the payout is less than I would pay for a lot smaller vehicle and potentially terrible reliability. I see way too many problems with new cars and I don’t trust used vehicles anymore because there are so many terrible drivers and most used cars have rebuilt titles. It’s a no-win situation. Wow, I just depressed myself!😂
Sticker price, interest and insurance are still too high. Msrp is 25% overpriced. Oh and the vehicles are getting way too much tech that spies and gives big corp information about you.
prices have fallen a little but we are waiting for them to crash back to sanity. that means $10000 at a minimum for some but alot of stuff like pickups need $40000 off
Well, I can easily afford a new BMW. But I won't buy until it is illegal for cars to track where I go, how I drive, and read everything that is one my phone to report it all back to the car maker, where they sell it to anyone who wants it. I can hold out another 10 years.
I don't see any price drops in my town.
High auto insurance prices
High interest rates
High sales tax
High registration costs
High car prices
If you’re in California get ready for mileage taxes .
Exactly correct.
Even if you wanted to buy a new car, a lot of people need a loan to do that and banks are not in the lending mood right now with cars. The economy is looking bad, and banks know the first loans to default are auto loans (which is already happening). Even if you don't need a loan, prices are still too high.
@@striperking6083 why do they have to get ready for it? It’s going to be implemented whether they like it or not and I’m sure most of them don’t care.
$58,000 for a crappy Pacifica still aint cheap enough
Exactly! A new 2000 Caravan used to be around 20K which is around 37k today.
I definitely don’t think there is $21,000 worth of technology and government-mandated safety equipment in those Pacifica minivans.
We live in a weird time.
Chrysler is on life support.
Dodge wants to be Tesla.
Jeep thinks they’re Range Rover.
RAM prices their trucks like they’re Fabergé eggs.
🤦♂️
58K for a Pacifica ???? Hilarious, does that come w a lifetime bumper to bumper factory warranty ?? Plus free tires and oil changes for life. ????
@@gma729Don't count on that!!! Of course you speak in jest 😂...♐🏹
Stellantis products are pretty much all trash which is why you see such massive discounts on them now on Autotrader.
I test drove one of those Pacificas and holy moly that transmission blowssss 😂 I floored it and the car stuffer steps for 4 seconds then accelerates. Typical Stellantis trash 🎉🎉🎉🎉
When the dealers decided to add 10 to 15% to an already bloated MSRP they lost me as a customer. I’ve bought my last new car, isn’t worth the aggravation with the dealer.
Crashing? Nothing is crashing.
Exactly mfs still asking 20k for 125k miles 😂😂
Tesla in FSD: Hold my beer.
Prices arent low brother. They are low in comparison to what they were a few years ago, but not in comparison to how much people make
@@Kuweiyo how much did you make
not really, they are as high as they were a few years ago
Amen
Until they crash 50%, they won't sell. They doubled the price the last 4 years.
#1...I don't see prices moving down in my area, at all.
#2...Any sane person should be able to figure out why nobody wants to pay $90k for a pickup truck!
Back THEN, pickups 🛻 were affordable for Farmer 🧑🌾 John, how times have changed.
As I get older I care less about driving a newer car. It becomes more of an appliance sort of like a dishwasher - you don't generally buy a new dishwasher until the old one breaks, stops cleaning the dishes, and is too expensive to fix or you can't find parts to fix it anymore . My daily driver is a 15 year old diesel BMW with 161k that runs perfect. I'll drive it until it suffers a catastrophic failure and then buy something else. My philosiphy is if I get at least 15 years of use out of a vehicle, I got my money worth. Anything extra is bonus time.
My 15 year old Elantra also has 161k miles and runs so good I just put new tires on it.
Trade it for Elantra N
@@XxFolksxX why if it does the job? Trading it means going into debt or writing a large check. Not having payments gives you more margin to invest for future goals like early retirement.
I like your style.
Car prices are allegedly crashing (but still above pre covid level pricing) and dealerships are still adding on extra fees on top of extra fees like it's going out of style.
It's all a scam, they say whatever to sell new junk nobody wants. I buy private sale, can't stand car salesman
The thing is that they claim their fees are "mandatory." If they insist, just take those fees off of the price you negotiated for the car. You'd be surprised at how often they do that, especially if you get up 5 minutes after they leave to "check with the manager" and start walking toward the door.
@@IceManLikeGervin is it really the dealers anymore? go build the vehicle online the price is outrageous. What are the dealers supposed to do? Charge the 2018 price for Mercedes GLE when the MSRP is now 26,000 more?
@@Ryan2022 They all play a role in jacking up the price of new cars (and used cars of which some are selling at a price more than when they were new) and the numerous add-ons. It's like a pyramid scheme pricing/add-on scam around selling cars.
Maybe start making vehicles without infotainment centers, push button start, wifi connections, other luxurious add ons
I am 63 and retired. I only ever had one new car when I was 26. After that I never spent more than 20k on a car.
You sound like me, and I am only a year younger than you. I bought my only brand new car in Germany back in 1985. I paid a little under 10k for a brand new Audi. The most I paid for a used car was 29k about 3 years ago. Cars are ridiculously expensive these days, I know you can relate.
That’s smart!
The only time I ever bought a new car was also when I was 26. Prices back then were still reasonable. Still have the car after 14 years
I drive a twelve and a half year old kia optima 153K that has a big dent in rear quarter, carvana offers me $1600 for it, to me it's worth much more than that, it runs great, it had a few repairs but not many, and it is still reliable. I don't plan on replacing it unless something expensive breaks on it. Cheap taxes, less expensive insurance rate (no collision) and if it gets a scratch, than it's no big deal.
Interest rates are still just too high for us to buy right now even with good credit…..
Don’t know where you’re at but in Central Illinois in farm country local dealer prices haven’t BUDGED AT ALL so where are you getting info prices are coming down? They’d have to drop at least 50% for vehicles to be affordable again.
Car prices are high for one reason only: credit lines. People are overleveraged and so car prices are inflated. In the past, people didn’t dare sign off on such long loans except for homes. Now, people do it for cars and even vacations! The only way this resets is with a car loan crash just like what happened to homes in 2008.
It is because prices are still way TOO HIGH. It's not just the interest rates. I know that if I bought a new vehicle my car insurance would probably TRIPLE! In my opinion vehicles used to be depreciating assets. Now I believe vehicles have become depreciating LIABILITIES that are not worth owning.
Exactly! The annual property taxes are insane also, our vehicles get a year older and thousands less valuable yet the taxes stay the same.
My insurance would increase quadruple, since I would go from liability to full coverage.
Homeboy cars are still expensive I have no idea what you’re talking about
I was interested in a 2024 Jeep MSRP 62k..the dealer was willing to come off that price 10% and that was it..I walked,this Jeep was on their lot for 180 days and that was a month ago and it's still there today.
A new car should be between 10k to 15k a little nicer car should go for 20k. A truck without the bells and whistles should go for 25k one with the bells and whistles should go for 35k.
exactly.
It used to be like that but they killed all cheap car like the micra the spark the kia rio ext
@@markproulx2765 I would say killing the small car is part of it,but what has really driven the prices up is these lease schemes and the government checks the government handed out for COVID .
@@markproulx2765 If people were allowed to only do a 60 month loan instead of a lease there is no way the prices could go up this high.
Car prices need to come down 30%, Stellantis products need to come down 50%.
My car is a 2006 Ford Taurus, in 2006 I bought it in cash. I can't logically replace it with a similar new car at 4X what I originally paid for this car. Inflation since then has not gone up 4X! I will try to keep this car rolling as long as possible!
I would spend some money on it to fix it up especially if it was well maintained.
Learned a long time ago not to buy anything that deprecates very fast. Drive a new auto off the dealers lot and the value drops immediately! Look at the value 5..10 years later? Invest does not include new over priced electronic autos that most of us can't fix or even can afford repairs on!
Where are all of these supposed supplies of cars? Trying to find a Honda, Toyota, or Subaru is a challenge. Then trying to get a discount on one is even more of a challenge. Someone i know put a deposit down for ROFR on a 2024 Prius. The car arrived last week and they went to look at it. Dealer told them they weren't sure they would be getting ANY in 2025, so if they refused it might be two years before the next available unit arrives. They still refused it despite the warning.
There are plenty of Jeeps, Chevys, Fords, Nissans, Mazdas, Hyundais, and Kias. Very little discounting on any of them other than the Jeeps
They’re going the “we’ll go out of business before we lose a penny on the lot or reduce profits route”.
What sucks is they’ll likely just crush the cars and strip them for parts instead of selling them cheaper if they sit too too long
Toyota, Honda, Mazda, and perhaps Subaru are high on demand and therefore selling well. Big expensive trucks outside of commercial use are sitting unsold at the dealerships. Here in Los Angeles, prices are high but I imagine it would be cheaper in less populated areas.
Best time ever...we stopped buying cars, fast food, and excess junk. Keeping every penny in savings and got healthier...love it
I'm not buying due to reliability concerns
Very poor quality to say the least, and with too much low quality tech and expensive electronic crap To go bad that will cost you thousands not long after the warranty period ends.
1 car is 20 years old and the other is 11 years old. 193k and 83k miles. Honda and Acura well maintained in my garage run like new. Expect 300k or more no problem out of each . Last car payment was 2011 😁 , full coverage insurance is cheap $50 each car.
Dude, do your research. Car prices are still high. Check the other youtubers like CQA and ECB.
OK, I’ll start doing research. Thank you.
What opportunity??? New car prices are still waaaay too high! The manufacturers raised price extremely too much after Covid. Even if rates were low, prices are still too high because the MSRP prices outpaced people's income. How many people's income increased as much percentage wise as new car prices?
Crashing? $1500 off not no deal
i just traded in my 2014 Toyota highlander for a 2024 Cadillac XT4….love it!
my other car is a 2017 Corvette with stickshift
Keeping my 14 year old one, never buying another new one and definitely not an EV or Hybrid.
I haven’t seen prices”crashing”
prices are not crashing anywhere. people are not refusing to buy, people are unable to buy due to the increased cost of everything else.
And so begins America’s Democracy of the Weimar Republic.
Everybody claiming car price crashes but when I got to these dealerships, every last one has hella dealer fees and mark ups plus these prices are still high as crap
I’m sorry but 2K off on a over priced HD truck is not a good deal. They went up 40% in the last 4 years.
You’re telling me if I go on the Mercedes lot they’re actually gonna give me a deal ?In what world is this?
Which vehicles are the prices crashing on exactly?
Exactly, here in Houston the prices are stupid high!
@@gabrielaaron I mean, which car prices are crashing?
@@Ryan2022 The vague ones that way people keep clicking on these videos
Not in South Texas. They still be high!
15 year old cars
Because most people don't have money...8 dollars for a carton of eggs?
My daily driver is a 2005 Corolla with 221k miles on the odometer. I do all maintenance on time, I don’t abuse it and it still runs as good as it did when I got it with only 37k miles. I do want to buy a new or “preowned” Lexus but I’m not really in a rush.
Financing made car manufacturers and buyers dumb.
Avg Family Cars should cost no more than 2-3 months of salary. Back to under 20k or keep your damn car in the lot.
Where are all these vehicle prices "crashing" from all these videos claiming they are. I've been looking at new vehicles near and far and I'm not seeing it.
Because a new civic is $36k and my 10th gen was 23k and is paid off
Car prices arent falling where I live. Everything is still 10-25k more than it should be. People are sick of lies like "car prices are falling", or " inflation is only up 5%". Come on everyman driver who do you think your fooling?
Not cheap enough - inflation is to blame as people can’t save enough or put up with high interest rates. Cars are priced too high and dealerships are stubborn.
$1.4 Trillion in credit card debt, average mortgage $3500 -- Bidenomics brother
All that happen in 4 years. Wow?!
@@everymandriverDavid slept through the pandemic and supply chain shortages.
I also noticed in the past people would have interest in new cars. After getting ridiculously priced out of the market, their priorities has changed and a new car is not as high on that list.
Used cars have really high mileage because people are holding on to them longer. So prices have gone down on higher mileage cars, but low mileage cars with premium options are still too high. Unfortunately, people are trading in their unreliable cars. So, I am very concerned about finding a decent used car at any mileage.
The last 2 months in S/W Ohio where my family resides I've never seen so many cars (in a long time) with 30 day tags on the roads driving around (we're out on the roads frequently)
Purchased a brand new Jeep Gladiator Rubicon in April of 2023 and sold it to Carvana August 2024. It put $10,000 down, had a $704 note, $225 monthly in insurance, $300 a month in gas and maintenance. I’ve been carless and using Lyft to get to and from work and I’m not sure if I will be getting another vehicle anytime soon…
Buy used dude
The newest car in my 3 car fleet is 13 years old. Why would I pay north of $50k for a poverty specification pickup truck?
The ugly little secret of vehicle manufacturing is it costs about the same to build a sedan as it does the most luxurious mass produced auto out there. In other words, it costs about $800 more in materials to build a $106k Grand Wagoneer than it does to build a $33k Accord.
The Legacy 3 don't have an affordability problem, they have a greed problem.
2019 car payments for a person with an 800 credit score. 72mo $350 to $700. 2024 prices for the same vehicles $550 to $1,100 mo. Or around a 65% increase.
And all the markups and worthless add-ons that people stupidly paid has put them way underwater on their loans.
I noticed the price of some UTVs are dropping quite a bit in the last month. Cars will be dropping more soon. Ground beef is $6 a pound, no one can afford anything. Thanks Kamala.
prices have stalled. they went from extremely overpriced to just normal over priced............ still to high. i cant get myself to pay 35k for a 2020 truck with 110k miles on it......... just makes no sense!!!
Dealers adding a $700 documentation fee, this is ridiculous.
If you have not been to a dealership in 5+ yrs, You will get Sticker - Shocked & leave. Manf, need to make cheaper packaged cars. 17 Million per yr sales days are gone.
Car prices have outpaced salary increases. Plain and simple. My salary has barely budged since the pandemic. Car prices have doubled.
Insurance needs to be sliced by 50% and MSRP by 33% a Ford Maverick should be 17K base trim for reference not 24K
Idk what dealers you been looking at. New prices of trucks are still twilight zone crazy. Same with other cars. They haven’t come down much
I bought my car in Jan 2019 and thankfully only did a 4 year loan. So it's paid off. However I definitely can't afford a car payment now due to inflation and everything costing more, also have new expenses like childcare. I'm thankful that when I bought my Toyota my plan was to drive it into the ground anyways so hopefully I can get another 10-15 years out of it while not having a car payment!
i don't see any price drop lol. still expensive AF!
Used car prices now in January 2025 should NOT be the same as they were in 2024
The reason is that most modern cars are unrelialbe and boring. Ditch the unneeded electronics, dct+cvt trannys, turbos, plastic components, designed to fail components, make cars that are easy to fix with simple and inexpexsive parts. I want a vehicle that will last at least 500,000 miles.
Recently, a car popped a rock and hit our windowshield, and the crack spread overnight. With all those fancy monitoring car have now, a replacement will cost $1200. That's definitely a reason car insurance cost so much.
Used car dealers should make reasonable deals but they aren't
Interest rates
They are not going down in Miami
Vehicles are not entering discount. They are still overpriced.
I see no REAL price drops in my area. Dealers advertise cheap leases, until you read the fine print. 6k-7k down plus tax, title, first months payment and fees. You're talking almost 10k. Ridiculous. These whores got rich during and after the pandemic and they're addicted to the money. They also have no stock, so they can say "Take It or Leave It". I guess there is a sucker born every minute. This will eventually lead to the elimination of the dealerships. Order online and the manufacturer makes almost all the money.
Where?
Can’t buy a new car too expensive.
they are not crashing LOL they are too high!
? The advertised price may have fallen.... But walk into a dealership... The prices are still the same... High as hell.
Still way over priced look at the situation we are still in
Duhhhhhhh Prices are still way to high
Why do Americans want huge expensive tanks? Or do they?
I guess alot of people wish they were car guys and techs...I would never buy a new car 😂😂😂
I’m 💯 dealing with this. It’s spot on.
Too much for average person!!!
I believe that it is a combination of all those reasons mentioned with the biggest reason being that when car companies increase their MSRPs by 30-50% in five years, the 5-10% lower cost AFTER negotiations and haggling aren't nearly enough to motivate potential buyers.
Leases are high too. Averaging about $100 more per month. Mostly because of both higher MSRP and interest rates.
I have. Owned a 2015 Honda Accord V6 9 years and there is absolutely nothing wrong with that car and I own a 2016 Toyota Tacoma, both are older but nothing wrong with them!!!! Sure I would like a new vehicle, but not worth it right now
I have a 2000 Nissan Frontier v-6 crew cab. Easy to work on. Easy to work on with carry over technology from the late 90’s. No problem.
You left out an important component. I live in West Virginia. We have a titling tax that is 6% of the purchase price of the car or if you have a trade in, 6% of the difference. $40,000 car = $2,400 in taxes on top of the insurance and interest that you mentioned.
I thought prices were crashing too BUT It ended up being a scam where the dealership lowers the price with a bunch of made up dealer discounts on used cars and new that nobody qualifies for or should i say they dont want to qualify for the discount because the discount requires that you pay it back with the way you qualify. Let me explain - i qualified for the 3k trade discount but they offered me 3k less for my pristine highlander, so the discounts are bogus tricks to lower the online price to trick shoppers into thinking that dealership has a great price instead up having the worst price - oops the cats out!!!! IMO i would steer clear of any dealership claiming to discount thier cars
One just turned 20, the "newer" one will be 10 this year. Been looking a bit, but nothing really excites me...especially considering prices!
People have expensive tastes their pocketbooks can’t cash. No one forces them into a $700-$1k monthly payment..
They marked them up 25% then drop the price 10%, so that would be a factor.
Dealers advertise price drops, but then want to charge you $500 for putting nitrogen in your tires.
I can afford to buy a new car, but I learned not to pay $10 for a $5 item.
Insurance interest and that down payment.
Here in Canada you can’t get the good vehicles (Honda/Toyota hybrids) and they mark up the ones that do come in. Mortgage rates went up for most people along with utilities and groceries. It’s no wonder people aren’t buying. I leased a 2022 Bronco and was going to give it up at the end of the lease but I may end up keeping it as the payout is less than I would pay for a lot smaller vehicle and potentially terrible reliability. I see way too many problems with new cars and I don’t trust used vehicles anymore because there are so many terrible drivers and most used cars have rebuilt titles. It’s a no-win situation. Wow, I just depressed myself!😂
No price drops in my area or on line
Car prices are stupid high still and there is ZERO negotiations in bringing down prices.
Sticker price, interest and insurance are still too high. Msrp is 25% overpriced. Oh and the vehicles are getting way too much tech that spies and gives big corp information about you.
Outrageous prices in Canada! Quality now seems to be gone, and you have to fight with dealerships to get anything done. Terrible industry now!
prices have fallen a little but we are waiting for them to crash back to sanity. that means $10000 at a minimum for some but alot of stuff like pickups need $40000 off
The online car sites and some dealers selling used cars to the tune of 11%-14% interest! GTFOH.
A lot of the new vehicles are having a lot of problems. Quality has gone down resulting in many recalls on vehicles!!
Well, I can easily afford a new BMW. But I won't buy until it is illegal for cars to track where I go, how I drive, and read everything that is one my phone to report it all back to the car maker, where they sell it to anyone who wants it. I can hold out another 10 years.
Because they are Still too high. The cheapest pos is 21k then add tax and license. Oh, yeah outrageous doc fees ($1150 in Fla).