Definition of “impress”. Buying something you can’t afford with money you don’t have for something you don’t need to get noticed by someone you don’t know.
It boggles my mind to see how many people (even the educated ones) still negotiate a car deal based on the monthly payment instead of the out of the door pricing despite thousands and thousands of financial experts telling them not to do so throughout the years!
This is the truth. But then basic finance is not a part of the standard school curriculum. I’m as surprised as you. Whenever I go into a dealership and try to steer them away from talking in terms of monthly payment they act surprised like no one else does this.
I realize now at my age it has nothing to do with financial education or someone teaching. It’s how you view money. Smart people view money as security. Monthly payment people view money as a means to a lifestyle. There are lots of educated people that go bankrupt and vice versa for uneducated.
I’ve been waiting since April 2020. Ontario Canada. Prices not going down, sleezy car dealership practices definitely going up. 70 yr old gal whose bought many cars in her lifetime.
@charlesstepinski9327 and to find out 1 year later that the same car is not even worth the amount over MSRP that you paid, much less the car itself. As Christopher Dawson said in the movie Running Man, " one of us is in deep shit!"
@@charlesstepinski9327 I remember in the peak of the market during pandemic the Toyota RAV4 Prime had $40k mark up. Imagine paying almost 90k for a Toyota crossover!
OUTSTANDING!!! Ur frankness and blunt assessment of the American consumer is refreshing and spot on! We need more ppl like yourself to tell the uncomfortable truths to the never ending parade of idiots, well done!
This is SO true. My father was a BMC/British Leyland and Datsun dealer in the 60’s and 70’s. He always said to anyone who asked what a particular car was worth, it’s worth whatever someone was willing to pay for it.
The same thing happened with ammo for years. Scalpers were buying ALL the available ammo at Walmart and Bass Pro and everywhere else, basically hijacking the entire supply, so they could sell it online on GunBroker for scalper prices. Even gun stores quit putting ammo on the shelves, because they were selling it online instead. Everyone kept complaining that there was no ammo in any stores and I kept telling them, "Stop buying ammo from scalpers. Make them eat it. Then the prices will come down and the shelves will fill up again." The supposed shortage lasted years longer than it should have because people are stupid.
As a person that isn't on either side of the aisle (not even affiliated with the GOP Nor Democrats at all). It's basically people power, doesn't matter who you are politically or anything else. We the people have the actual power basically to say no... Just have patience... And actually watch not just the used and new car market but the JDM and EDM imports coming in (even with the cars that aren't going to be popular next year with the 2001 cars from those are allowed in due to the 25 year import rule)... Plus as a crypto person (a hobby, not for the lolz or anything) also follow Socialgood (a shopping token) and tbh, JumpTask token as well... But yeah, patience is 100% the key...
Preach brother! I’m an auto broker in Las Vegas, and I swear every word you’re saying is 100% facts, I’ve been seeing prices drop week after week, I’m telling my clients to wait it out, but even today, you can find amazing deals.
They’ve historically tested this and time and again those bailouts come. They’re responding to learned incentives, they weren’t punished for this behavior in the past so they’ve no reason to change.
😅~Brillant show Lucky! ~Telling it exactly like it is!! ~Stay the hell away from the car lots! ~Pile up "cash"!! ~Buy only what you can afford with "cash"!👍 ~Get out of debt!
My 2014 Accord just crossed 200,000 miles and has been working great. I have no plans on getting a new vehicle. If I do get a new vehicle, it will be an SUV and used.
100%. I sold my corvette last year (Mar 2023) and paid off all my debt. I’ve been watching the used car market since. Prices are dropping. Some of the vehicles I’ve been watching are down around 10-15%. Still being patient. I’m in SoCal.
Lucky, you are a good dude. Thank you for saving me money over the years. I am not even in the market for cars rn and I watch all your videos religiously. You are a good business man and a good person sharing the truth bombs.
Bravo! I've keep suggesting the reason auto prices are so high is because too many consumers chose to pay those high prices. PERIOD. "But I needed a new truck!" So they overpaid, by a lot, for that new truck. I'm still driving a 2003 vehicle. I have no debt, very high credit score but I simply refuse to overpay for a new vehicle. The problem now is when to pull the trigger?
I was taking your advice and waiting for prices to go down. But then my next door neighbor bought a C8 corvette. When I saw it in his driveway, I immediately went out and bought a Porsche to show him that I'm better than him.
I work in credit risk for banks. Have developed well known credit scores. My comment about lending is a bank needs to find someone down and out enough to need a loan, but not too down and out such that they can't repay the loan. This balance is getting harder to pull off.
I work in the Recon department at a large franchise dealer and see the atrocious condition of many late model vehicles. Some of these “Idiot Buyers” are likely trading to a different vehicle because even they can no longer stand the filth they’ve caused and are too lazy to get their existing vehicle cleaned.
I’ve been waiting since 2021 to buy a new car. The last 30 days I’ve been searching and it’s been nuts. There is a Nissan dealer in Long Island who is selling the car I want, at a price only if I finance with them. Mind u I have cash. The car went from 26k to 34k after fees’s 😂 This really happened. Got back in my 2012 Camry and left
This is your best video yet. Sad that most viewers (consumers) couldn’t figure this out. Markets sets prices through demand. Buyers don’t know how to negotiate, so they pay above msrp, a high interest rate and a bunch of wasteful add ons to include a $4k warranty that costs about $800. Fools. And it’s made a mess of prices for the rest of watching this circus.
I was at a large Ford dealership 2 days ago getting my Wife's Navigator serviced. Walked around the lot to check prices. They had most used and new marked down.....and I had the lot to myself.
For almost 2 years we were used to new cars having markups, and used cars were overinflated by almost %50. It's going to take time for car prices to go down. If dealers get stuck in their overpriced inventory, they can't lower the price and make a profit. If this problem persists, the dealers will have to go out of business or just lose a lot of money.
Believe it or not, car prices have a direct correlation to Law Enforcement, or the lack thereof. Alot of these price "resets" are caused by unchecked criminals (drug dealers, fraudsters, scammers, etc.) just buying these cars (and real estate) for any amount with their ill-gotten gains. That's especially true here in Miami. Crackdown on criminal activity, and you'll see a drop in prices.
Sorry Lucky but you’re wrong. “Credit” drives demand and ergo, prices. Our monetary system is debt-based, “money”, is literally borrowed into existence. There have and always will be, stupid people but their ability to act on that stupidity, financially, is controlled by creditors. “Stupid is, as stupid does” - Forest’s Momma
It’s sad you actually have to say yet. Yes, dealerships got greedy and put ridiculous markups on their cars. Yes, banks got greedy and went along with giving out loans for the cars. But none of this would have worked if the customers weren’t stupid.
I have two cars - one is 11 yrs old, the other is 22 yrs old, both have more than 140k miles. Bought as used. All paid off of course. Still financially tight even though I make a bit more than 200k a year. Can’t imagine how I can afford 60k-80k cars and change them every 3-5 years.
I really needed to hear this video. I need to calm down and grow up. I'm 70 and have 2 gorgeous red Jaguars that are mint and run great. I'm salivating about a 3rd magnificent Jaguar that is priced well, and simply because I'm lusting and obsessed with the color and the depreciation discount factored into the price. I don't need it !! But I can buy it for $$60,000 less than it was new. And it's still mint in every way with 55k miles. It's driving me crazy! I'm literally climbing the walls about it !! I need a therapist and some rope and handcuffs to hold me back !! If you saw this car you would put a gun to your head because I got it before you did. It's that awesome!! It's better than any exotic car at one-tenth the price !! Thx, Mark 😂 I've got it bad🎉 I need a drink and a distracting dance at the Peppermint Hippo here in Vegas
Your savings off new aren't that much on a 3 year old vehicle, especially on good brands like Honda and Toyota. I'd go new, then you don't have to worry about how well the previous owner took care of the vehicle.
That was perfectly clear. It can be a challenge to wait and save but until enough people get sick and tired of going from one car loan to another and suffering from multiple repos then a lot of dealers will still keep prices up.
It's so annoying too. I have been driving around my $13k 2017 Impreza, I purchased in 2020. I was looking for upgrades and saw these ridiculous prices. I guess I'll stick with the economy car for another year or so
I just read an article that said the Tundra was the #1 most likely vehicle to go 250,000 miles. My 2013 has 65,000. It looks like we have a long way to go brother!
Wait a second. Isn’t this the same guy that when Tesla drop their prices 20% started whining Tesla is a horrible company? Now that legacy makers don’t lower prices this is the users fault?
It's Because the era Of the gotta have's, Easy money handed out by the government. but that dried up. You should see Prices go the other way. Not only in vehicles, but RVs real estate everything.
I keep saying this. Amazes me how many people don’t understand this and will even argue with me about it. The most common response I get is “What are you gonna do…not buy a car?”. 😂😂😂
I dunno, would previously agree with that as I'm generally frugal and definitely have a lot as a result, well above what you listed. However, living broke and following the Millionaire Next Door model only works if you will live to an old age(not guaranteed) and nothing crazy in the world happens. Anything is possible, better to live Silicon Forest style by leveraging than living like a poor joke in the forest. Tomorrow is not guaranteed.
Yessir. Weekly I investigate price on purchasing two hybrids. Avalon & Highlander. Nationwide search on three year old inventory as leases return. Inventory levels building. Sedan prices falling faster than suv. Not low enough yet.
Great video, Lucky! 100% agree with you. THANK YOU for speaking the truth and calling out those dumbasses overpaying for cars they can’t afford and driving up the prices for everyone else.
Because there's a ton of people with money that was given to them and they don't give a damn how they spend it. It makes it hard for the rest of the people that just want to have a "regular" job and live a peaceful life.
Consumers said no to cheaper sedans, sub-compacts and un-loaded models years before. Consumers also say no to selling cars privately. Consumers are always saying no to cheaper alternatives.
I get all that, but let's not forget the banks are agreeing to a deal where everyone can walk away from their car and let it go back. When this comes crashing down and banks are in trouble, they knowingly made these deals.
Absolutely correct, customers drive prices! Evidently automakers use data to show them what customers will buy. If customers were honest about what they could actually afford instead of what some desire, things would be different.
You are wasting your time, honestly. Only about 1% of the US population are going to see this clip. I work with a dude that came to work the other day bragging about he got a good deal on a truck. We all asked what he got, and he went on to explain he bought a 2023 Ford Lightning. He said something about getting $7,000 off sticker. I had to bite my tongue or else I would have told him his car lost 50% of it's value as he pulled out the parking lot.
I just talked to a guy who bought a 2023 F150 Lightning four months ago (May 2024) for $25,000 off of sticker price. While a Lightning does have horrendous depreciation, I still think he got a good deal. Ford dealers almost can’t GIVE those away at this point. The same with a Mach-E.
Preach on. Just pick up a car in the past two weeks. I was amazed at how many were trying to tell me they had add on fees of thousands of dollars and when I called them out they said that cars are in short supply. They also refused to remove any of them expect for one dealer that I could tell was desperate and finally gave in but I went with a different dealer that didn’t play stupid games and have stupid fees.
Tough love Lucky. I'm still driving my 08 cad with 182k, 2001 ranger with 152k and my 2011 F-250 with 152k. I would like to get rid of the Cad and buy my wife another car, but it's a want, not a need. 😀
In reality this logic applies to almost every industry in America, if everyone stopped shopping for an extended period of time all the markets would be reset or crashed
I agree with you 100%! I *_CAN_* afford to buy a car right now if I wanted to (in CASH), but I would NEVER EVER submit to this insanity! Heck, I would feel violated at these prices! As you said, most people don't "need" to buy a car. They are just dumb as rocks! 🙄 I bought my 2015 Toyota Corolla LE in 2016 as a 1 year old car with 33K miles, from the original owner for $14K out the door (California taxes). I paid CASH for the car. 8 years later the car has over 160K miles and it still drives literally like almost NEW! Of course, I am a stickler for maintenance, and so have taken care of the car insanely well (as everyone should, since it is such an expensive purchase!). If this madness goes on for another 3 or 4 years, I will continue driving it till the wheels fall of (which, considering it's a Corolla, could be another 15 years and 600K miles ROFLMAO! 😂)
People are the only ones to blame! If I'm selling you a 2 dollar tee-shirt for 10 dollars n you pay it why the hell would I sell it for 2 dollars again? Why? It's common sense #Idiots
If the behavior has to change for prices to go down then I wouldn't count on that happening whether it's the auto or housing market, the base level floor is whatever someone is willing to pay. If there's enough people still purchasing then I wouldn't count on prices reducing. Waiting on the sidelines is probably not a good call if you need reliable transportation. Just like overspending above your budget is also not a good call. Just buy what you can afford. Unless you have massive disposable income and don't mind the loss, forget the new vehicles you will always lose the most money on those due to heavy depreciation in early years. Besides the rare exception, cars will NEVER be an investment
You deserve a subscription! This is exactly what I am trying to tell people. You see all these videos and people talking about housing and car market dropping but that's not the case. Thank you. Great video.
I’m in the market now for a used car. I’ve walked away so many times that I’ve lost count. I will not settle just like the average American female when looking for a man.
A car is worth whatever someone is willing to pay for it. Well at least until Kommie Kamala gets into office, then she will just tell you what it’s worth because she’s a genius.
Good video. My take is many people bought cars they couldn't afford because they thought their student loan would be canceled. They were twice as dumb. Whaa Whaa.
Car prices will not come down if you keep buying them. Plus, do you want a new one? My 2022 Maverick Hybrid needs a exhaust heat exchanger valve. A $300 part. $2040 repair bill? The valve is on the back of the engine. No reason 2, 3 hours work should cost $1800. I do it myself, but it needs to be programmed. Got you going and coming. Someone has to pay the CEO'S multimillion dollar salary.
Truth bombs! The best bombs to be dropped! Not “triggered” , but very frustrating. Currently driving a 2014 Prius. Not sexy, but it’s paid for. 120k miles and my understanding is that it is just broken in. My splurge was I literally bought some synthetic leather seat covers. It’s amazing how it feels like a new car.
As a long time economics student (and math teacher now} let me add one thing to your truisms. While consumers do indeed set the prices or I should say play their part they mainly affect the demand side of things. Manufacturers of course affect the supply side. In the previous few years, the supplie side was constrained by things like the chip shortage, however now that it has abated , manufacturers realizing they have more collective power, have artificially constrained supply. For used cars the situation is more indirect but actually worse since this is a confluence of several factors. It started down the wrong path with things like Cash for clunkers. Long story short, the secondary used market is probably several million vehicle short of happy equilibrium price that consumers would accept as normal. While I totally agree that prices have remained inelastic due to some bad behavioral economics, it is also been the case from manufacturers making poor production decisions because they felt they could make more money supplying higher margin vehicles on the high end. Except what happens when everybody makes that same decision at the same time? The lagging effect is that the less expensive lower margin vehicles are under supplied and the higher margin vehicles are now oversupplied. Consumers most definitely hold a large part of the blame, but they're not the only ones. Manufacturers are also culpable as well as the government with their safety and emission mandates making vehicles more expensive to make. The small performance reasonably inexpensive niche vehicles that I used to love in the 1980s and 90s cannot be profitably made anymore since the breakeven point for any unique model is at least a high 5 figure number due fixed costs from govt requirements.😢
I leased 2018 rav 4 $350 month no money down 810 credit score. 2021 I simply bought the lease out $19k with 35k miles on it 3.5% interest. Fast forward 2024 I have 80k miles on it and it still worth $18k ?? Paid it off and I’m keeping it for another 10 years ! Retired now so only putting like 7K miles on it a year! My wife has owned 3 cars in the last 37 years! She had 2 Toyota Corolla 15 years each and now has 2017 Subaru legacy with 40k miles on it no car payment . May be the last car she buys ! We’re both 62. These new car prices are mind boggling ! Spot on with prices aren’t coming down if there’s idiots over paying for them ! Cars worth what people are willing to pay for it! That rule applies to any item.
Ive said this before, if you don't like the price don't buy. But then, some dummy ends up paying the high price and the prices never go down. We are our own worst enemy.
![Baby Kia - GLOVES & DRACS (BLACK AF1s) [Official Music Video]](http://i.ytimg.com/vi/ajm8LeB0qQk/mqdefault.jpg)
How dare you blame Americans for their own behavior.
I know right lol
😂😂😂😂😂
Murkins are smrtits folks in tha werld! 🇺🇸
Americans want to keep up the facade with nice cars, new phone every year, new clothes and accessories constantly, all for social media
💯
Definition of “impress”. Buying something you can’t afford with money you don’t have for something you don’t need to get noticed by someone you don’t know.
It boggles my mind to see how many people (even the educated ones) still negotiate a car deal based on the monthly payment instead of the out of the door pricing despite thousands and thousands of financial experts telling them not to do so throughout the years!
sad but true
This is the truth. But then basic finance is not a part of the standard school curriculum.
I’m as surprised as you. Whenever I go into a dealership and try to steer them away from talking in terms of monthly payment they act surprised like no one else does this.
Poor/dumb people negotiate monthly payment. Rich/smart people negotiate value.
I realize now at my age it has nothing to do with financial education or someone teaching. It’s how you view money. Smart people view money as security. Monthly payment people view money as a means to a lifestyle. There are lots of educated people that go bankrupt and vice versa for uneducated.
So what’s the difference between negotiating otd, or negotiating payment and term that adds up to your same otd price?
I’ve Been Waiting since February 2022 to buy a Car!! I’m NOT budging until they come DOWN on the Prices..
deals coming soon
Exact the same here
😂
That’s the perks of wanted a car vs needing a car. If you can wait then wait, but if you need a car you gotta budge.
I’ve been waiting since April 2020. Ontario Canada. Prices not going down, sleezy car dealership practices definitely going up. 70 yr old gal whose bought many cars in her lifetime.
Its hard to EVEN BELIEVE people paid 20+++ over msrp just to get the car. DAMN.
@@charlesstepinski9327 it’s actually easy to believe.
Stupid people, that’s why.
@charlesstepinski9327 and to find out 1 year later that the same car is not even worth the amount over MSRP that you paid, much less the car itself. As Christopher Dawson said in the movie Running Man, " one of us is in deep shit!"
It’s called a stupid tax .
@@charlesstepinski9327 I remember in the peak of the market during pandemic the Toyota RAV4 Prime had $40k mark up. Imagine paying almost 90k for a Toyota crossover!
They were dumb enough to do that.
Put themselves further into debt.
OUTSTANDING!!! Ur frankness and blunt assessment of the American consumer is refreshing and spot on! We need more ppl like yourself to tell the uncomfortable truths to the never ending parade of idiots, well done!
thanks
It's my fault dealers are gouging me, because I'm an idiot
Just tell them Now 😁
Learning did occur...
That's correct.
Can you pay cash? Nobody is gouging you. You're broke, you just want to look like you're not.
You get it!
This is SO true. My father was a BMC/British Leyland and Datsun dealer in the 60’s and 70’s. He always said to anyone who asked what a particular car was worth, it’s worth whatever someone was willing to pay for it.
Preach it, brother. They won't listen, but it's still enjoyable to hear.
will do
stupid, dumb, young NEVER LISTEN! moi included but I've learned the hard way
Spot On👍PPL are listening but not hearings. They want to buy the latest and don’t care about the price I call it a status thing. You can’t fix stupid.
The same thing happened with ammo for years. Scalpers were buying ALL the available ammo at Walmart and Bass Pro and everywhere else, basically hijacking the entire supply, so they could sell it online on GunBroker for scalper prices. Even gun stores quit putting ammo on the shelves, because they were selling it online instead. Everyone kept complaining that there was no ammo in any stores and I kept telling them, "Stop buying ammo from scalpers. Make them eat it. Then the prices will come down and the shelves will fill up again." The supposed shortage lasted years longer than it should have because people are stupid.
2008 when Obama got elected I remember that.
These people also vote...
thats a scary thought
As a progressive Democrat I bet they're from the vote blue no matter who crowd😂😂😂😂😂😂😂😂!
And they'll be the reason Harris takes office next year.
@TaureanSmoke I am vote for peace no matter who. That used to be Democrats but now they love the Ukraine war.
As a person that isn't on either side of the aisle (not even affiliated with the GOP Nor Democrats at all).
It's basically people power, doesn't matter who you are politically or anything else.
We the people have the actual power basically to say no...
Just have patience... And actually watch not just the used and new car market but the JDM and EDM imports coming in (even with the cars that aren't going to be popular next year with the 2001 cars from those are allowed in due to the 25 year import rule)... Plus as a crypto person (a hobby, not for the lolz or anything) also follow Socialgood (a shopping token) and tbh, JumpTask token as well...
But yeah, patience is 100% the key...
Preach brother! I’m an auto broker in Las Vegas, and I swear every word you’re saying is 100% facts, I’ve been seeing prices drop week after week, I’m telling my clients to wait it out, but even today, you can find amazing deals.
It’s the truth. I certainly appreciate your honesty. It doesn’t just affect car prices . It affects insurance and other related industries.
People are impatient and very reckless when buying homes and cars!!!!
And driving cars, which is why our insurance has skyrocketed.
What angers me is the banks are lending as if they know they'll be bailed out.
They’ve historically tested this and time and again those bailouts come. They’re responding to learned incentives, they weren’t punished for this behavior in the past so they’ve no reason to change.
Because they will
Agreed. Lending massive loans to new unworthy creditors. It’s madness.
😅~Brillant show Lucky! ~Telling it exactly like it is!!
~Stay the hell away from the car lots! ~Pile up "cash"!! ~Buy only what you can afford with
"cash"!👍 ~Get out of debt!
My 2014 Accord just crossed 200,000 miles and has been working great. I have no plans on getting a new vehicle. If I do get a new vehicle, it will be an SUV and used.
Do you want a medal or monument?
I was in the car business for years. Everything you have said is the reality of car prices.
Wisdom is rare with vehicle purchases.
Your best video yet. Liking the honesty, and insights into the reasons for the price changes.
I wont pay over MSRP, no matter what the car is.
100% SPOT ON!!!! Dummies continue to OVERPAY for CARS THEY CANT AFFORD, ETC..ETC…ETC!!
10000000%
That's an insult to dummies...they do a lot for science in crashes
When you bail out dummies they tell their friends.
Lucky, you are 100% correct! BOYCOTT if at all possible (it's almost always possible, unless you just totaled your car...). Vote with your feet!
Then buy good used ones
100%. I sold my corvette last year (Mar 2023) and paid off all my debt. I’ve been watching the used car market since. Prices are dropping. Some of the vehicles I’ve been watching are down around 10-15%. Still being patient. I’m in SoCal.
nice
Lucky, you are a good dude. Thank you for saving me money over the years. I am not even in the market for cars rn and I watch all your videos religiously. You are a good business man and a good person sharing the truth bombs.
Bravo! I've keep suggesting the reason auto prices are so high is because too many consumers chose to pay those high prices. PERIOD. "But I needed a new truck!" So they overpaid, by a lot, for that new truck. I'm still driving a 2003 vehicle. I have no debt, very high credit score but I simply refuse to overpay for a new vehicle. The problem now is when to pull the trigger?
I was taking your advice and waiting for prices to go down. But then my next door neighbor bought a C8 corvette. When I saw it in his driveway, I immediately went out and bought a Porsche to show him that I'm better than him.
😂
😂
I think the fact that used prices are not going down is because new cars are so expensive people are rushing to get a used car.
used cars are going up 15k and under
@@LuckyLopez777 the same has been done to the classic car market, and they will never go back down.
So true!!! Average customer will keep trying to buy cars unless they get declined for a loan.
Saw a lady at the dealership the other day. 30 years old. 760 credit score. Trade in with positive equity. Plus 10k down on a 40k truck………denied!
Wtf hahahaha that's wild
@@rustybumperclassics6342 bro I know…scared the shit out of us. We all know what’s coming but dealership leadership is pretending it doesn’t exost
This post confuses me. How does somebody get denied in that scenario? Where is the downside for the lender?
@@sammyjammy6647 we literally have no idea
@@sammyjammy6647 Because they are lying like the majority of people on this thread.
I work in credit risk for banks. Have developed well known credit scores. My comment about lending is a bank needs to find someone down and out enough to need a loan, but not too down and out such that they can't repay the loan. This balance is getting harder to pull off.
I work in the Recon department at a large franchise dealer and see the atrocious condition of many late model vehicles. Some of these “Idiot Buyers” are likely trading to a different vehicle because even they can no longer stand the filth they’ve caused and are too lazy to get their existing vehicle cleaned.
Some of them even brag about not doing any car maintenance and jumping to the next car.
Lucky just schooled yall in BASIC ECONOMICS that YOU should have learned in HIGH SCHOOL!!!
Thank him..... 😂... he told you the truth.
I’ve been waiting since 2021 to buy a new car. The last 30 days I’ve been searching and it’s been nuts.
There is a Nissan dealer in Long Island who is selling the car I want, at a price only if I finance with them. Mind u I have cash. The car went from 26k to 34k after fees’s 😂
This really happened. Got back in my 2012 Camry and left
Keep your Camry. Definitely don’t buy a Nissan.
@@Sabodable def keeping my Camry but I had a 2017 maxima before, I liked the car
@@Lance_p84I hope you don’t trade the Camry and planned on keeping both. That Toyota will outlast any Nissan.
@@Lance_p84 bro, Nissan has fallen down in quality terms. Maxima is not what it used to be back in the day when they competed with accord and camry.
@@jdavis6053 I’ve had that Camry for 12 years, bought it brand new. Def keeping it
This is your best video yet. Sad that most viewers (consumers) couldn’t figure this out. Markets sets prices through demand.
Buyers don’t know how to negotiate, so they pay above msrp, a high interest rate and a bunch of wasteful add ons to include a $4k warranty that costs about $800. Fools. And it’s made a mess of prices for the rest of watching this circus.
I was at a large Ford dealership 2 days ago getting my Wife's Navigator serviced. Walked around the lot to check prices. They had most used and new marked down.....and I had the lot to myself.
For almost 2 years we were used to new cars having markups, and used cars were overinflated by almost %50. It's going to take time for car prices to go down. If dealers get stuck in their overpriced inventory, they can't lower the price and make a profit. If this problem persists, the dealers will have to go out of business or just lose a lot of money.
well said
Believe it or not, car prices have a direct correlation to Law Enforcement, or the lack thereof. Alot of these price "resets" are caused by unchecked criminals (drug dealers, fraudsters, scammers, etc.) just buying these cars (and real estate) for any amount with their ill-gotten gains. That's especially true here in Miami. Crackdown on criminal activity, and you'll see a drop in prices.
This is how Dodge stays in business
@@spunkushright? Every drug dealer seems to have a hellcat lol
That’s a stretch!
Sorry Lucky but you’re wrong. “Credit” drives demand and ergo, prices. Our monetary system is debt-based, “money”, is literally borrowed into existence.
There have and always will be, stupid people but their ability to act on that stupidity, financially, is controlled by creditors. “Stupid is, as stupid does” - Forest’s Momma
Well spoken!! The same is happening or was in the real estate market.
both lol
It’s sad you actually have to say yet. Yes, dealerships got greedy and put ridiculous markups on their cars. Yes, banks got greedy and went along with giving out loans for the cars. But none of this would have worked if the customers weren’t stupid.
Hey we are all broke , $35T is never ever be paid back !!
I have two cars - one is 11 yrs old, the other is 22 yrs old, both have more than 140k miles. Bought as used. All paid off of course. Still financially tight even though I make a bit more than 200k a year. Can’t imagine how I can afford 60k-80k cars and change them every 3-5 years.
I really needed to hear this video. I need to calm down and grow up. I'm 70 and have 2 gorgeous red Jaguars that are mint and run great. I'm salivating about a 3rd magnificent Jaguar that is priced well, and simply because I'm lusting and obsessed with the color and the depreciation discount factored into the price. I don't need it !! But I can buy it for $$60,000 less than it was new. And it's still mint in every way with 55k miles. It's driving me crazy! I'm literally climbing the walls about it !! I need a therapist and some rope and handcuffs to hold me back !! If you saw this car you would put a gun to your head because I got it before you did. It's that awesome!! It's better than any exotic car at one-tenth the price !! Thx, Mark 😂 I've got it bad🎉 I need a drink and a distracting dance at the Peppermint Hippo here in Vegas
I would buy the car and enjoy it. You can't take it with you. I bought a 1966 Corvette to add to my car collection just because... Good luck!!
If you can’t pay cash for a car then buy a three year old Honda Civic. Expensive cars are a trap unless you can comfortably pay cash.
Your savings off new aren't that much on a 3 year old vehicle, especially on good brands like Honda and Toyota. I'd go new, then you don't have to worry about how well the previous owner took care of the vehicle.
A 3 year old civic is still expensive. You might as well buy a new civic as the price diff is not that great.
@@JohnS-il1dr Sure, but you see my point.
Great job, sir. The buyers are the problem. The new models aren't even that good in terms of reliability, so why overpay?
That was perfectly clear. It can be a challenge to wait and save but until enough people get sick and tired of going from one car loan to another and suffering from multiple repos then a lot of dealers will still keep prices up.
Amen, you nailed it. These dummies are keeping prices held up by paying whatever these dealers are asking. Dont be a sucker
It's so annoying too. I have been driving around my $13k 2017 Impreza, I purchased in 2020. I was looking for upgrades and saw these ridiculous prices. I guess I'll stick with the economy car for another year or so
You Da Man Lucky!!! I listened and waited for almost a year till you gave the Blessing to Pick Up a Beater and some more Credit Lines. Done and Done.
My 2016 Toyota tundra going strong, the first 100k was preseason for this truck
I just read an article that said the Tundra was the #1 most likely vehicle to go 250,000 miles. My 2013 has 65,000. It looks like we have a long way to go brother!
Ty this is the most real talk I’ve seen about the auto industry that I’ve heard.
This how you know Lucky is a real car dealer, a real car dealer who is honest do not like BS
I like lucky making videos like this. He always keeps it real and says it for what it really is no matter how hurtful it sounds. It needs to be Said.
💯💯💯💯, as long as you keep over paying for them, they will keep those prices!
10000000%
Wait a second. Isn’t this the same guy that when Tesla drop their prices 20% started whining Tesla is a horrible company?
Now that legacy makers don’t lower prices this is the users fault?
It's Because the era Of the gotta have's, Easy money handed out by the government. but that dried up. You should see Prices go the other way. Not only in vehicles, but RVs real estate everything.
I keep saying this. Amazes me how many people don’t understand this and will even argue with me about it. The most common response I get is “What are you gonna do…not buy a car?”. 😂😂😂
Here in the Silicon Forest, everyone works at Intel, drives a Tesla and has a $700k house (avg here). I see broke people.
I dunno, would previously agree with that as I'm generally frugal and definitely have a lot as a result, well above what you listed. However, living broke and following the Millionaire Next Door model only works if you will live to an old age(not guaranteed) and nothing crazy in the world happens. Anything is possible, better to live Silicon Forest style by leveraging than living like a poor joke in the forest. Tomorrow is not guaranteed.
Yessir. Weekly I investigate price on purchasing two hybrids. Avalon & Highlander. Nationwide search on three year old inventory as leases return. Inventory levels building. Sedan prices falling faster than suv. Not low enough yet.
Great video, Lucky! 100% agree with you. THANK YOU for speaking the truth and calling out those dumbasses overpaying for cars they can’t afford and driving up the prices for everyone else.
Because there's a ton of people with money that was given to them and they don't give a damn how they spend it. It makes it hard for the rest of the people that just want to have a "regular" job and live a peaceful life.
LMFAO, The Tesla on the Thumbnail 🤣🤣🤣🤣🤣🤣
Falling Values lol
Consumers said no to cheaper sedans, sub-compacts and un-loaded models years before. Consumers also say no to selling cars privately. Consumers are always saying no to cheaper alternatives.
I get all that, but let's not forget the banks are agreeing to a deal where everyone can walk away from their car and let it go back. When this comes crashing down and banks are in trouble, they knowingly made these deals.
All bank notes stipulate that the bank can call the note at any time. Doesn't matter if it's a car lone, mortgage, or unsecured loan.
Absolutely correct, customers drive prices! Evidently automakers use data to show them what customers will buy. If customers were honest about what they could actually afford instead of what some desire, things would be different.
You are wasting your time, honestly. Only about 1% of the US population are going to see this clip. I work with a dude that came to work the other day bragging about he got a good deal on a truck. We all asked what he got, and he went on to explain he bought a 2023 Ford Lightning. He said something about getting $7,000 off sticker. I had to bite my tongue or else I would have told him his car lost 50% of it's value as he pulled out the parking lot.
I just talked to a guy who bought a 2023 F150 Lightning four months ago (May 2024) for $25,000 off of sticker price. While a Lightning does have horrendous depreciation, I still think he got a good deal. Ford dealers almost can’t GIVE those away at this point. The same with a Mach-E.
Finally someone is saying this, truth.😎👍
thanks
Preach on. Just pick up a car in the past two weeks. I was amazed at how many were trying to tell me they had add on fees of thousands of dollars and when I called them out they said that cars are in short supply. They also refused to remove any of them expect for one dealer that I could tell was desperate and finally gave in but I went with a different dealer that didn’t play stupid games and have stupid fees.
The video is spot on. Calling people who pay more than MSRP idiots is being generous to them. They're a cut below real idiots in terms of stupidity.
Tough love Lucky. I'm still driving my 08 cad with 182k, 2001 ranger with 152k and my 2011 F-250 with 152k. I would like to get rid of the Cad and buy my wife another car, but it's a want, not a need. 😀
Nice
Lucky. You nailed it! Old saying. "Fool and their money are soon parted."
Only idiots buy vehicles with debt.
$$$$$
I never understood why someone would pay interest on a depreciating asset.
Always a good day when you post.
Keep bringing the truth!
I don't care. I will never buy a car at these prices. I have never been so stupid as most people.
In reality this logic applies to almost every industry in America, if everyone stopped shopping for an extended period of time all the markets would be reset or crashed
The thumbnail sums up what's wrong with car buyers
Facts lol
I agree with you 100%! I *_CAN_* afford to buy a car right now if I wanted to (in CASH), but I would NEVER EVER submit to this insanity! Heck, I would feel violated at these prices!
As you said, most people don't "need" to buy a car. They are just dumb as rocks! 🙄 I bought my 2015 Toyota Corolla LE in 2016 as a 1 year old car with 33K miles, from the original owner for $14K out the door (California taxes).
I paid CASH for the car. 8 years later the car has over 160K miles and it still drives literally like almost NEW! Of course, I am a stickler for maintenance, and so have taken care of the car insanely well (as everyone should, since it is such an expensive purchase!). If this madness goes on for another 3 or 4 years, I will continue driving it till the wheels fall of (which, considering it's a Corolla, could be another 15 years and 600K miles ROFLMAO! 😂)
People are the only ones to blame! If I'm selling you a 2 dollar tee-shirt for 10 dollars n you pay it why the hell would I sell it for 2 dollars again? Why? It's common sense #Idiots
If the behavior has to change for prices to go down then I wouldn't count on that happening whether it's the auto or housing market, the base level floor is whatever someone is willing to pay. If there's enough people still purchasing then I wouldn't count on prices reducing. Waiting on the sidelines is probably not a good call if you need reliable transportation. Just like overspending above your budget is also not a good call. Just buy what you can afford. Unless you have massive disposable income and don't mind the loss, forget the new vehicles you will always lose the most money on those due to heavy depreciation in early years. Besides the rare exception, cars will NEVER be an investment
It's like fishing. I've even seen fish bite on a bare hook.
You deserve a subscription! This is exactly what I am trying to tell people. You see all these videos and people talking about housing and car market dropping but that's not the case. Thank you. Great video.
We’re breeding them…😂😂😂😂
lol
I agree with you 100%! This is on point. As consumers, we don't recognize how much real power we have.
There are a ton of people with old cars that have to buy. They are buying 3-5 year old cars with low miles.
old cars are gold
These are the ppl that will vote against their own interest and then complain, make no sense🤪GREAT ADVICE THANK YOU👍
I’m in the market now for a used car. I’ve walked away so many times that I’ve lost count. I will not settle just like the average American female when looking for a man.
never settle 😁
Also, “Price” and “Value”, are not interchangeable, they are not the same thing. “Price is what you pay, Value is what you get.” - Warren B.
A car is worth whatever someone is willing to pay for it. Well at least until Kommie Kamala gets into office, then she will just tell you what it’s worth because she’s a genius.
facts
I love this!!! Thank you for your honesty!!… and we are getting this honesty from an industry EXPERT .. Take notes everyone .. this man is spot on!
I see repo pickups everyday coming through our little Oklahoma town.
Good video. My take is many people bought cars they couldn't afford because they thought their student loan would be canceled. They were twice as dumb. Whaa Whaa.
Car prices will not come down if you keep buying them. Plus, do you want a new one? My 2022 Maverick Hybrid needs a exhaust heat exchanger valve. A $300 part. $2040 repair bill? The valve is on the back of the engine. No reason 2, 3 hours work should cost $1800. I do it myself, but it needs to be programmed. Got you going and coming. Someone has to pay the CEO'S multimillion dollar salary.
Is it not still under warranty?
Boom ! theres the truth ! Lucky rules ,listen and learn people.
This has to be the best video you’ve made. This was very much needed. People need a reality check. The delusion has gotten out of control.
Truth bombs! The best bombs to be dropped! Not “triggered” , but very frustrating. Currently driving a 2014 Prius. Not sexy, but it’s paid for. 120k miles and my understanding is that it is just broken in. My splurge was I literally bought some synthetic leather seat covers. It’s amazing how it feels like a new car.
Thank you for this video, I needed to hear it and have known this for years. Need to remain patient it will work in time
I believe you 100% .....remember only in north america do buyers buy half a dam car ( pickup truck).
Shhh 🤫 They’re “RUGGED” 🤣
As a long time economics student (and math teacher now} let me add one thing to your truisms.
While consumers do indeed set the prices or I should say play their part they mainly affect the demand side of things. Manufacturers of course affect the supply side. In the previous few years, the supplie side was constrained by things like the chip shortage, however now that it has abated , manufacturers realizing they have more collective power, have artificially constrained supply.
For used cars the situation is more indirect but actually worse since this is a confluence of several factors. It started down the wrong path with things like Cash for clunkers. Long story short, the secondary used market is probably several million vehicle short of happy equilibrium price that consumers would accept as normal.
While I totally agree that prices have remained inelastic due to some bad behavioral economics, it is also been the case from manufacturers making poor production decisions because they felt they could make more money supplying higher margin vehicles on the high end. Except what happens when everybody makes that same decision at the same time?
The lagging effect is that the less expensive lower margin vehicles are under supplied and the higher margin vehicles are now oversupplied.
Consumers most definitely hold a large part of the blame, but they're not the only ones. Manufacturers are also culpable as well as the government with their safety and emission mandates making vehicles more expensive to make. The small performance reasonably inexpensive niche vehicles that I used to love in the 1980s and 90s cannot be profitably made anymore since the breakeven point for any unique model is at least a high 5 figure number due fixed costs from govt requirements.😢
I leased 2018 rav 4 $350 month no money down 810 credit score. 2021 I simply bought the lease out $19k with 35k miles on it 3.5% interest. Fast forward 2024 I have 80k miles on it and it still worth $18k ?? Paid it off and I’m keeping it for another 10 years ! Retired now so only putting like 7K miles on it a year!
My wife has owned 3 cars in the last 37 years! She had 2 Toyota Corolla 15 years each and now has 2017 Subaru legacy with 40k miles on it no car payment . May be the last car she buys ! We’re both 62. These new car prices are mind boggling ! Spot on with prices aren’t coming down if there’s idiots over paying for them ! Cars worth what people are willing to pay for it! That rule applies to any item.
It's the Private Equity mentality: Let your merchandise rot before selling it cheap. It's a fear of leaving even a penny on the table.
Ive said this before, if you don't like the price don't buy. But then, some dummy ends up paying the high price and the prices never go down. We are our own worst enemy.