COMPILATION CAR MARKET UPDATE 2024: Car FEES & Prices Going Down
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- Опубликовано: 8 мар 2024
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With Titles like 11 Fake Fees, to Don't Say I'm Paying Cash at Car dealerships, and Car Shortage Crisis, and Car Dealer Says Bring the Car Back!... The Homework Guy Team publishes videos to help Car Buyers. Then we added Cash Buyer Negotiations, and Held Hostage at a Car Dealership, No Haggle One Price Car Dealerships, How Much do Used Car Dealers Pay for Cars?
The Homework Guy Team provides car buying consumers with information, automotive news and updates, industry outlook, buying and selling advice, and other help to level the tables. The public face of THG is Kevin Hunter and the master negotiator, Amazing Elizabeth. Tons of time and research goes into every show, with several projects always on the table, all with the goal of getting it exactly right. From Automotive News Updates to vehicle shopping advice and assistance, The Homework Guy Team is the best there is.
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When Will New Car Prices Drop?
According to Kelley Blue Book data, the average transaction price (ATP) for new cars was $47,401 in January. Cox Automotive analysts calculate a 3.5% drop year-over-year as downward price pressure favors car shoppers. Cox Automotive is the parent company of Kelley Blue Book.
“It is common to see lower transaction prices and sales in January, as December typically is a hot month for luxury vehicle sales,” said Erin Keating, executive analyst for Cox Automotive. “However, the year-over-year new-vehicle ATP decline of 3.5% is notable. Prices have been trending downward for roughly six months as automakers are sweetening deals to keep the sales flowing.”
Manufacturer incentives increased to an average of $2,702 in January. More on that in a bit.
Of note, average transaction prices remain $6,500 higher than in January 2021 as the realities of the COVID-19 pandemic seemed never-ending. At that time, average transaction prices for new vehicles were 16% lower at $40,857. Search used cars, research vehicle models, and compare cars, all online at carmax.com.
10 Factors to Consider When Buying a Used Car
Budget. Before you start looking for your dream car, set a clear budget to guide you through the rest of the process. ...
Vehicle History and Reputation. ...
Touch, See, Feel, Smell, Listen. ...
Pre-Purchase Inspection. ...
Lifestyle. ...
Financing. ...
Know Your Rights. ...
Warranty.
Carvana | Buy & Finance Used Cars Online | At Home Delivery
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Stay up to speed with your car's value. Get personalized insights on your car's value and track it over time with Carvana Value Tracker.
Thinking about buying a car? Here’s what auto experts say you need to know. People spend a lot of money on their cars and trucks. In fact, about 16% of the average American’s total budget goes to transportation, including vehicle costs and fuel. That makes it the second-biggest expenditure after housing but before incidentals like food, education, and saving for retirement.
The scale of the expense can make shopping for a vehicle stressful - especially for younger, first-time buyers who tend to have less-established credit histories and lower savings.
And today’s market makes it even worse.
According to Kelley Blue Book, the average cost of a new vehicle (including cars, crossovers, vans, pickup trucks and SUVs) exceeded $47,000 at the end of 2021 - up more than 25% in just two years. Average used vehicle prices saw an even steeper rise, going up 42% from under $20,000 at the end of 2019 to over $28,000 two years later. 
Авто/Мото
First: They raised-prices by 70% since COVID. Second: They give you a discount of 15% off sticker. Third: You are still 55% in deficit. Fourth: It makes NO sense to buy any car right now!
Hi Kevin! Good to see you doing well. I have been trying to buy a Ram in N. Texas. ALL the dealers here advertise deep discounts $8k-14k. Then you find out they add back thousands of dealer adds. They act like we're still in 2022!
Same thing happened here in South Texas!
Will continue to state that until prices on new vehicles drops 25-40k we working Americans cannot and will not pay these ridiculous and hyper inflated prices. Just because inventories are at 2.7, doesn’t mean these greedy crooked dealers are lowering prices to reasonable levels or dare I say discounted levels, a curse on them all
Prices are not anywhere low enough yet….they can rot on the lot.
Talked with 5 different dealers across 5 different states and none of them were willing to budge off asking price on a used vehicle.
I am having same experience
February through April is the worst time to buy a vehicle (tax/ spring time) brings a bump every year an the dealers know this and they're expecting to sell a lot of vehicles that's why they're being stubborn.... those few months are normally strong selling months it's the dealers best time of the year... wait about a month or so after people stop getting there tax refunds then the sales valve is turned off then the dealers will go back to negotiating prices if they don't want to negotiate take your business elsewhere all you can really do...
Exactly all dealerships sticking to online pricing firmly. They don’t care.
@@Trd2020 wait till the tax money is gone then they'll wish they had sold....
Dealers I have spoken with seem to be like $5k-$7k over average Black Book retail price and not willing to negotiate.
They raised car prices 60% and now goes down 7% it makes no sense.
they?
Oil industry has been subsidized from day 1. Every military exercise in the Middle East since 1950 was paid for with tax dollars. 2 trillion spent in the Iraq War 20 years ago alone.
Can’t wait to reap the benefits of patience and your consulting service next summer when we will need to add a family vehicle. You guys have earned my trust👍
Thanks Derek! We appreciate you!
I'm gonna offer Jeep an outrageous lowball to see their reaction 😂
How’d it go? Let us know!
In Arizona the dealers use Kelley Blue Book, coz’ those values are slanted in the dealers favor. I’ve brought up the Black Book Value on 4 different used trucks. All 4 dealers said “Black Book…. Never Heard of Black Book.”
Elizabeth, great clarity on data with predictions. Keven...you look great! happy to have you back. Thank you both for lecturing us this years car market. Such gives one the flexibility to choose wisely. Health and happiness to you all. DVD:)
Car fees in Florida haven't come down. Got a quote for $21,395 on a 2021 Mazda 6 touring with $895 dealer fee, e-filing fee of $199.87 and new tag of $400.00. This brought it up to $22,893 plus tax. I e-mailed one of the salesman it was too much. Someone bought it. As long as people are willing to go along with these fees they will keep doing it.
I love these 2. So genuine.
28:33 28:34 Those are the January 2024 inventory numbers. That *_Cox Automotive_* article was published on Thursday, February 15, 2024.
Kevin and Elisabeth, do you have info or trends about cash buyers? What annual percentage of car buyers are cash buyers?
You guys are the greatest!!!👍
Internal combustion forever! Can we imagine what inventory will be December 1 this year?
When you break it down to the lowest common denominator, desirable vehicles, the ones people actually want to buy will not be discounted i.e. Toyota Tacoma
The ridiculousness of Fiat/Stellantis is the new release of the Fiat 500 EV this year. Not suer what they are expecting, but since they sold about 600 total cars in the US last year, not sure how they plan on selling more than a handful of overpriced $37,000 Fiat 500 with horrid range and all the issues that come with full battery EV cars. I'd pay about 15k for one...not a penny more for a new Fiat 500.
I cannot buy a car out right so a good interest rate is crucial. I don’t think the rates are good enough for a vehicle purchase.
My paid for 2020 VW Jetta with only 23,000 miles will last me for years. These overpriced new cars can rot on the lots for all I care. Screw these greedy dealers!
I'll be in the market in about a month as I hit a deer in March, and it totaled my Honda Civic. I definitely won't be buying used if these interest rates don't come down. Most people have mentioned to wait until Labor Day weekend. These dealerships are still banking on people to blow their tax returns on down payments.
#5. Not Here.
Stealerships Still Overly Aggressive
Love you two!! Great information presented in a calm manner!
Very informative!
Question, I would like your help if I sign up for how long do I have assistance from you? Thx again I am learning so much
How can we get Black Book Values??? I watched multiple THG videos and am not having any luck. When I plug in the VIN on a car that is on a sales lot it states, “we cannot provide you with a value since it’s for sale at a dealership”.
IS there a way to bypass this or another way to get a car’s ATV?
Where do you get access the black book?
Went to look at a 2016 Honda CRV at Rivertown Ford in Columbus, Ga. but they tried to give me the run around when I told them that I was not paying their fees especially the $999 doc fee. Told them that I will be filing a complaint with the FTC and walked out. They are not to be trusted.
Hey Kelvin , say I Qualify for the special rates that they offer. Can I still negotiate the price for the vehicle ?
I agree that California's 2035 EV-only mandate is unreasonable. Every energy source in the US has received subsidies in some way, just not at a station. Such incentives were instrumental in overcoming the risk factor of whatever energy the US was trying to push.
Hi Kevin, Do you have to pay a dealer fee to buy a Honda civic or Toyota corolla?
Not necessarily!
Yes right .I have been waiting for my Toyota sequoia capstone in Canada 1y already hope will get my 2025. In the usa not in Canada
al ot of Mustang Mach E on my local Ford dealers lot
2024 Lexus TX is still hard to find! Six months wait!
Will need to lease another vehicle this fall -- I cannot afford to buy as leasing is just cheaper when on social security income. I will either lease a hybrid or ICE small crossover -- BUT -- with federal and state tax incentives for EV leasing, it * may * turn out that leasing an EV is cheaper than leasing a hybrid or gasoline engine vehicle. As my house is solar powered (roof solar panels installed last summer), charging my future EV will be all Green Electricity so no impact on the grid, except for the rainy and cloudy days, but you know we cannot control the weather (yet). 🙂 If I personally had to rely on EV charging infrastructure, then I wouldn't even think of getting an EV but nowadays, about 1/4 of all my neighbors are getting new EV and hybrids now.
You never showed what the dealers asking prices were on those Black Book numbers.
I agree with you Kevin, there’s not enough thought and research on charging stations.
Where I live in Northern Maine, there’s only one place that has 2 plug in stations for EV’s and that’s at a hotel just outside of the city
buy food not cars
Food isn't cheap right now either. NOTHING is.
@@KevinHunter let stealerships eat their cars
Shop until you feel the need to buy 😊
👍👍
The way to deal with fees and addons is to make them not part of the deal. Oh, those tires have nitrogen in them, then I'm no longer interested in that vehicle. Oh, all your tires have nitrogen in them, I need to look at another dealer. Oh, all (brand) dealers put nitrogen in their tires, then I need to buy a (different brand). Oh, you won't remove the VIN etching on the glass? Well then my insurance won't pay to replace a broken window if I don't use their recommended product. I'm no longer interested in this vehicle. Make their greed work against them. You leave the dealer in your own vehicle with all of your money and potential financing, the stealership is left sticky, broke and confused.
Hybrid drive systems will continue to command a premium hence arguably why Toyota and Honda are doing so well. USA electrical grid is more than capable of handling the transition to pure play BEV as #irony gasoline/diesel fuel stations offering up charging options now and a vastly improved customer experience as well. Anyone buying a full sized truck before waiting out on the reviews from Tesla Cybertruck i think is making a mistake. Contractors very happy with that purchase anyways. Was a report of a BYD pure play BEV suv for under $10,000 us dollars so definitely continues to pay to wait. Actual vehicle demand for the entire USA as new is under one million vehicles so those other 16 million vehicles are on sale *SOMEWHERE* under production currently again all new sheet metal all new electronics etc. China produced upwards of 30 *MILLION* vehicles last Year...now near all for export. Europe is being consumed by War so they have to start exporting to solve that as well. A lot more than Das Auto being sold now as well motorcycles 🏍️, UTVs, ATVs, power boats even talking battery powered aircraft now #joby let alone the "normal" kind. Long $hmc honda motor corporation strong buy
** Hello KEVIN, I have been following your channel for a while now. I have been in the market for a new pre-owned vehicle and came across a 2022 Honda Accord. As I was negotiating with the dealership, they had listed on the breakdown of charges a $995 fee for "Premier Theft Protection". I asked them to define this for me and they said that if the car gets stolen, the company representing that charge would pay me 5K. I declined that fee stating that I have sufficient enough insurance and do not need that, please remove it. They have refused to remove it stating that everyone of their cars comes with it and it's a mandatory charge. I pushed back stating that I believed that this is a junk fee and I do not want nor need it. They refused to budge. Can you tell me from your experience if this is likely a junk fee or is it legit? Also, anything else I can do to move them if it is a junk fee. I mentioned the FTC in this conversation but that still didn't change anything. I would greatly appreciate any feedback you can provide here. Thank you!
As you might have guessed, that's pure nonsense! Illegal Tied selling is what that is. The product is nothing more than an insurance policy, which CANNOT be installed on a vehicle. It is written to a named person (the car buyer) which until the car is sold, no such person can be named. This is a clear violation of the Clayton Act, which provides for 3X the cost of this add-on in damages. If you asked to see the actual policy, it will state right on it that it a voluntary purchase and can be declined by the consumer (because such a notice is legally required). It can also be cancelled after the fact for a 100% refund. There's nothing the dealer can do about that!
@@KevinHunter thank you for your response Kevin. After having left you that message I watched more of your videos on fake fees and realized that this dealership was definitely acting in a fraudulent manner. They refused to remove that fee despite me telling them that it was a fake fee, that I do not want it and ultimately threatening them that I was considering filing an online complaint with the FTC about this issue. That still didn’t move them and they remained steadfast and indifferent to my request. Appreciate your video content!
Fake news. Dealers adding add ons to comp discounts
All gas stations are subsidized by the fact that the oil industry gets trillions in real and effective subsidies every year. Take those trillions and put in solar panels on people's houses they could easily charge all these electric cars.
Fossil-fuels are not net-subsidized. Wind and solar cannot exist without fossil-fuels.
No fossil-fuels = no wind and solar.
more truth, new tacoma trucks suck compared to their first generation models
New Tacoma's are made in Mexico. Mistake. Taco country has no idea of quality. Big mistake Toyota. Before buying any Tacoma check the door badge find out where it was made.
GREED, plain and simple.
29:09 The auto market (both US and global) won't be back to normal until at least 2030.
No audio
No audio? Where?
Audio is fine for me.
@@KevinHunterThere's often no audio on RUclips videos right after upload. Just wait a couple of minutes and the audio shows up.
Yeah EV is not the future, ICE is still king for travelers and on cold weather areas. EV is good for commuting to and from an hour away work other than that I’ll stick with ICE.
You guys are only talking about the US car market.
You need to focus more on the auto market as a whole.
No auto manufacturers can survive in the US as an only source of business.
Ford and GM both depend heavily on the foreign markets.
We have an invasion from the new competition from China. Both GM and Ford are spooked more than from the local competition.
Chinese brands like BYD will start dominating the Europe, Africa, Asia, and South America markets.
These are the bread and butter for all OEMS.
Once that's done. Chinese brands will target North America.
As far as I know, Tesla is the only company that builds EV charging stations with private funds.
The Big oil like BP and Shell are building their own EV charging stations.
As of today, not even a single charging station is built by the tax payers fund.
It's going to be an interesting decade to come.
Just like a lot of experts from the OEMs and Wall Street. By the end of 2035, most of the auto manufacturers will seize to exist. They are predicting less than 5 or 6 will survive in the world.
Carlos from Stellantis said only about 5 auto manufacturers will exist by 2035.
In the US, Dodge-Ram-Chrysler-Jeep will be no more. Stellantis is planning to kill the brands.
Nissan, Honda, Subaru, Mazda will most likely be merged as 1 or they will die.
This is happening because of the cheap EV from China and Tesla in 2025-2030.
The US makes up 95% of our audience. So, you're saying we should be pandering to others?
@@KevinHunter
Your audience will shrink if Ford, GM, Dodge Chrysler seize to exist or shrunk in size due to losing the foreign markets.
The OEMS can't survive just in the US.
The profits have to come from elsewhere.
The US is a very tough market for the OEMS.
Japanese, Korean, and European car companies already took the bulk of the US market.
Tesla is the next Toyota and they are not slowing down.
BYD will first kill off all the OEMs from afar.
They will eventually move in for the kill right after the Giga factory in Mexico.
News Flash: No one wants EV's. These EV companies are going bankrupt.
Last weekend I was in the south suburbs of Minneapolis test driving 2024 Palisade and Pathfinder.
Both dealerships were MAX packed with inventory. Hyundai even had cars triple parked where two cars should fit & cars parked in the isles.
Eventhough I made it clear I was only testing/comparing vehicles, both dealers tried the hard sell tactics, and had rate sheets with rates from 0.0% to 4.9% - of course for those with excellent credit which I’m fortunate to have.
They also tried the, “These rates might change in the future” to which I said, “Oh I see your lot. It will change in my favor if I hold out.”
They assumed I was going to trade in my current vehicle (2010 X-Terra). They didn’t know this, but I’m keeping my X since it runs great so the X will be my winter vehicle & the new one will be my summer vehicle.
However, when the salesman asked, “Do you have a trade in?” My reply was, “Oh, nooooo…. Ya see my X-Terra is my wife, today I’m looking for a girlfriend..”
Thanks THG for the informational content!! 🫡🫡✊🏽✊🏽
Not in Canada 😂