IT STARTED: The Car Market Is Collapsing
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- Опубликовано: 21 дек 2023
- IT STARTED: The Car Market Is Collapsing
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SOURCES:
home.treasury.gov/news/featur...
www.epi.org/nominal-wage-trac...
www.marketplace.org/2023/10/2...
www.nerdwallet.com/article/in...
caredge.com/guides/used-car-p...
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It was a wide angle lens - or maybe I just discovered the internet... Either way, have an awesome rest of the year, happy holidays!
you look jacked 💪
Since you mentioned it in the beginning of the video.. I cannot focus on anything else 😂
Got a good laugh though
2:15 - CLOSE YOUR EYES and think about Neil deGrasse Tyson.
OMG this guy have a very SIMILAR VOICE !
Where did you get your watch in the first 10 seconds of the video?
I love that you are starting to hit the car market more often!
Thanks man! Trying to keep up with you haha, it's impossible. Thanks again
@@AndreiJikh you're doing great, I've been a big fan for a long time!
Cathie Wood's Ted Talk about AI Taxi's and Self Driving Cars must've really spooked the car market because we might not need to own automobiles anymore.
It's normalizing not collapsing. The last three years were an anomaly in which prices spiked higher than ever before. They will still be too high even after going back to pre-covid levels.
paying $40k for a basic honda accord is INSANITY
Talk to the government. 40k today is 20k in 2000. That's the reality.
Our wages have been diminished by 40% or more relative to 2000 in real dollars.
@@timothyblazer1749 not sure what that has to do with a basic honda accord costing $40k and i mean BASIC
@@autobotdiva9268 Well, presumably there was no magic changing how much effort and materials were needed to make a honda accord in the last 20 years. So, if everything actually costs the same in basic terms, then you take the cost in 2000 and apply the inflation over the 23 years and that's what it'd cost today. Now my calculator shows the inflation from 2000 to 2023 isn't quite that bad, it's $34,746. But that's what you'd expect a "20k car" in 2000 to cost today.
@@autobotdiva9268he's telling you to learn math and economics
@@timothyblazer1749100% correct. Our wages are almost half because of inflation. So much for minimum wage being to high 🤥
The car you can actually afford is the one you can buy for cash.
Settle down Dave Ramsey lmao
@@467076 🤣 At the end of every month, I have no debts. I like it that way.
Cash is better invested into something that will actually appreciate in value
@@rodiculous9464 While your car depreciates, plus you pay 10% per year for owning it? What you say is true, but only if you own your car with no debt.
I 100% love driving a nice car. Gotta spend your money and live too. I will always drive something nice. It’s something, basically the only thing I like spending on.
Started looking at cars recently, been waiting for two years
Same Ive been wating for about two years too
I really appreciate the data and insight your guest brings to your show; thank you!
You can genuinely set yourself apart from the rest of your community by speaking with experts in the field like you have done w cars.
Man is literally just copying every other youtuber saying the market will collapse every week
Doom & Gloom sells apparently. Especially with anxious people
Great seeing LV locals getting together! Both channels are awesome
I'm going to lmao at oems that kept raising MSRP, at dealerships who think every car needs a markup, and at all the people that think every car will have a markup forever, when this happens
So I've been working some low voltage for my buddy. There's a plumber apprentice with a 2-3 year old mustang and I was like man one day you'll have a family and expensive house payment. He said my house payment is 1400 i'm missing the payment. That was yesterday when I realized someone making 17$ an hour has financed a car with 900 dollar payment or more. I immediately realized it's time to short the auto market
It's an insane market for sure, but it's finally over, cars are no longer an investment lol
except for a 911@@AndreiJikh
@@AndreiJikhwhen were cars an investment?
@@AndreiJikhunless you're talking about collectible cars like Jay Lenos, cars have never been an investment.
I make double that and just buy $6-8k cars cash, why on earth would you finance any car. A 10-15year old car still has a/c, power windows, decent fuel efficiency
It's baffling how an insurance company can refuse to insure ANYBODY when it's legally required (at least where I'm at )
Most straightforward explanation of the current car market ever.
my truck broke down January 2023. I work from home, the market is down the street. I keep putting it off fixing it because my insurance skyrocketed and I would be spending money to fix it and insure it and gas it just to be broke to not go anywhere, just to keep leaving it parked anyway. I thought that I was going to get into a new higher paying field but did not and then when I saved the money for the repair, everything cost so much that I keep dipping into that money. This economy is bs
Great video. Informative. And no shameless sponsor plug in the middle of the video. Thanks 🙏
the whole "insurance is a shared cost" is the biggest scam ever and honestly needs to get the regulation hammer but instead they rather regulate how the average person makes more money
Yea it's insane, I had no idea it was a shared cost
The regulators are the problem
Speaking as an Insurance Agent thats about to move into Underwriting. In my opinion, Credit being in Ins equation on rates needs to get thrown out plus set tort limits on liability claims, so lawyers are capped on lawsuits. Also, stricter laws on uninsured or underunsured drivers, so less are allowed to get or keep a license
Insurance only works as a shared cost... I'd suggest reading the underlying premise of how it works. Otherwise it'd just be a savings account.
@@Cody--- ...and lobbyists.
this car guy is great. When a company plays the audience and jacks up the price, they will inevitably suffer a year later.
I don’t usually comment but I love the videos with these experts talking about the market conditions especially when I have been looking to change my car recently.
facts same here
These videos are great! Everytime I'm close to pulling the trigger on getting a car, you put these videos up and I decide to hold off. I believe the wait will be worth it.
just lease one
Like @@Midnightcrawler5790 said, just lease one. You will own nothing and be happy.
Gosh, with insurance rates like that on new cars, I guess I'll just keep driving my dad's 2000 Ford Taurus. I'd much rather pay $50/month vs $500!
Hell ya bro I got a 2001 Taurus I keep alive just so I dont have payments lol
Love to see car prices fall in Australia
It's not happening..I've been in the market trying to buy and dealers aren't even trying to make a deal
I found out buying a car in the US is not as straightforward as it is in the EU. First and foremost you can only buy a car from dealerships and not from the manufacturer. Second, MRSP is just what's suggested, but then the dealership can go much higher than that (especially for high demanded cars).
For example, how much would you pay for a Corvette Z06 in the US? on Autotrader it spans from $140k to $280k, which is weird from an European perspective...
America has legalized corruption in the form of lobby groups. It makes everything worse.
Cue the price hikes and increased average price paid when the Fed gets forced to cut rates. I run into so many people earning barely above minimum wage financing new or barely used cars. Folks, you're all going to one day learn that for the most part, no one really cares what you drive. That $900/mo car payment really ain't worth it if it's eating half your paycheck.
Yikes, that is crazy on insurance. My cars are paid off, and I self insure collision and comprehensive.
Great to see two Vegas guys making a video!
I had no idea that is why car prices went down after you drove it off the lot. Learned something new. Thank you for the car market update! My wonder is; when does he think will be the "right" time to purchase a hybrid vehicle.
4:01 Can we take some time to appreciate the RAPID FIRE session!! This was super helpful! We know it’s ball park figures but nice to compare current prices with an expert!! 💯💯
I really liked when you went through each car specifically and their current pricing.
I like this car guy. He knows his stuff
My 2018 has only depreciated $2k. Not too shabby.
It's just going back to normal, seeing plenty of inventory marked thousands under msrp is the normal market.
Love this! You should do this every six months please! ❤❤❤🎉🎉🎉
Excellent. Could you do one for houses too?
This was a nice change. Enjoy you talking with experts in said field.
Beautiful watch man, is that a Cartier crash? Super classy time piece congrats brother
Great video and eye opening data. Seems that there is a general theme on how, why, or who is responsible for creating the car and insurance inflation costs.
Vegas insurance sucks because the drivers there are under insured and when accidents happen, people do not have the insurance and the insurance companies take the hit.. then pass over the premiums to the clients in the next years.
Great video! Very informative. Thank you! 👌
Really likes this video. Your guest sounds knowledgeable. Hopefully 😂!
It's Friday enjoy the fun
This is good news they can't artifically retain high prices they are forced to either drop the price or offer better package deals.
"they"
I’m middle class and been looking for a used jeep wrangler. Well reality set in and I’m better off keeping my oil leaking rust machine Silverado because of insurance and interest.
I wanted one but man they are crappy quality
I work car loans for a large credit union, we have been so dead this month we are prolly lowering our interest rates in January.
Dude that intro was epic 😆😆😆
I don't know about US but here in Canada Mazda dealerships still trying to sell 20% over msrp. As much as I would like to see "collapsing" it is not there yet.
Thank you. Buying a car is something I will have to face in the near future
Best of luck! It can be super stressful but as long as you prepare for it, you should be good!
My advice is buy a used Toyota Lexus or Honda Acura and take care of it. Should last 15-20 years.
Minimal chance of it being a money pit.
I'm in construction and have no choice but to own a 3/4 ton extended van.
I wish Toyota or Honda would make something like that 😅
@@douglasmoore8033 thank you
@@douglasmoore8033 My 2004 Corolla isn't even halfway used-up yet. I expect to own it for at least another 10 years.
I have a $500 1999 h9nda civic, it's been stolen before. Has no radio its camo green (camo because green paint is different shades and clear coat is peeling haha) and newish engine now at around 70kish miles.
I want a truck so been holding off for a bit, but I might pull the trigger in 2024 maybe in May?
The whole car market is a total crapshow right now. Good to hear your thoughts on it!
That's why if you have the credit I would always recommend leasing a vehicle.
I don’t know about these car videos
Very informative guest talking over bloody annoying low-res audio.
Super informative as I've been eyeing the car market. It's hard to imagine that people are paying over $1K/month for car insurance without any tickets or accidents.
I drive an EUC to work. No insurance needed.
Most of the flooding and hurricanes are in the East Coast and south. It barely even rains in California. What are you talking about??
Checkout the rates on Hyundai and Kia cars, they are through the roof,do a video on those
Demand for sub 30k EVs is huge. It's just that many of these manufacturers aren't making those.
Who is? Except for the self ingniting chevy bolt, I don't know of any.
Because it's too expensive to build them. We're still not there yet even though the government is pushing us towards them.
This is one of your best episodes 👏👏👏👏👏
Super Luxury 2014 Jaguar XJ Long for sale in Los Angeles right now
I never worry about resale value because I keep my cars 10+ years
In California there are a lot of uninsured drivers!
WELL DONE I WAS in the automotive business!!!.......In TORONTO and USA!!! Sometimes bringing cars from Florida up here!!! Made GOOD Money!!!! Acessories too!!!!!
This guy is a tough customer!
Hey Andrei I hope you have a good day thanks for the upload 😁
Thank you!!
Colorado almost double insurance!! My question is is there double claims? I don’t think so
Those EVs are really struggling. Same here in Europe.
How come you mentioned a lot of fords but no Chevy's.
Fewer, not less, cars.
for those insurance rates, you can buy a second car in case you trash the first one
no where in that conversation was there any hint at the market crashing. Great video though.
My insurance renewed this month too and it doubled. Called them up and the same excuse told in the video here. Thinking about selling my car just because of that. Terrible trend
In the UK. You cannot insure a new Land rover or Range rover due to theft and malicious damage
Cars that are more utilitarian then flashy fast will ultimately hold up way way better then something that is expensive to maintain, insure and repair. Toyota is the apple of vehicles… happy holidays everyone 😊
Yet I still can’t buy a used 2019 heavy duty truck for less than 50k, ridiculous!
Dang everyone starting to jump on the dealership doomsday trend…
What about all the money insurance companies are wasting on commercials, did they mention that too?
Mazda does make a great car right now. Doesn't have the Toyota premium just yet but they seem to be very reliable and well built.
The car market is a friggin racket .
9:15 “If you’re looking to buy an electric vehicle, now is the time”
I like that he wore the Cartier Crash while talking about car market crashing. 😎
So to be clear, what type of car did he say he would buy?
So hard to find a video this informative. Very good. Thank you.
Oh know 😢 are you okay⁉️
Not dropping in Vancouver BC, and no promotions, the financing is still at 6-8 percent minimum
Dealerships are getting are so out-of-hand.
Good advice, I'm keeping my truck.
Great advices! Thanks a lot! Short and sweet
Glad it was helpful!
More videos about the car market please. Great video!
Thank you for listing your sources wish more channels did that! Happy New year!
That's Kalifornia for ya, ruining things for everyone for decades.
man i've been looking at Andrei's right hand all video.. can't watch it seriously
LOL, it's the wide angle lens (12mm)
Just Kidding Andrei, nice video, lots of valuable info as always @@AndreiJikh
I don’t need it, but I would love to find a good deal on a Toyota Tundra 1794 Edition! 🚙
I see these headlines every week for a while now and it never starts collapsing. Time to use synonyms…
Very informative. Thanks!
Have a great weekend everyone ❤😊
You, too.
Andrei got jacked 💪
Lucky is the man💪for this topic
Very informative video. By the way, it's FEWER cars not LESS cars.
Wide angle lens distortion makes your right arm bigger.
Lucky's a lot of fun, good guy.
In addition, people are going to have to learn to partially self, ensure their collision that is get rid of the laws that limit the amount of the Retained loss that a policyholder can buy . Many states don’t allow you to take an amount higher than the first $1000 on a collision policy. This is ridiculous allow people to absorb the first $5000. This will eliminate a lot of spurious claims and make people a lot safer drivers when they realize that in a collision, they will have to pay the first $5000 to fix their car.