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Started By
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re: Car dealers have so much backlog, some 2022s are "new"
Posted on 12/2/23 at 1:56 pm to SlowFlowPro
Posted on 12/2/23 at 1:56 pm to SlowFlowPro
quote:What? Low rates were used to spur demand and we STILL didn't really have inflation.
post-2008 regarding interest rates to create effectively inflation
Inflation happened because of covid and the "stimulus".
1
Posted on 12/2/23 at 2:12 pm to JohnnyKilroy
quote:
You're the one who brought the previous discussion up. Not me
The previous discussion was current inflation figures. Not sure what point you are making.
quote:
In my reality things are relatively normal outside of prices being inflated about 10-12%
Yes believe it or not thats actually an issue for people
And they are up a bit higher than that.
quote:
Also I like how the outstanding credit card debt thing is brought up as unimpeachable evidence of economic trouble
I think I just listed several indicators, directly from the NY Fed, of negative trends. There a combination of things, including obvious market inefficiencies like in the auto industry described in the OP, that are concerning.
Instead of discussing or arguing those, or sticking with your original premise that real credit card debt is not actually up, you pivot and say it’s not that big of a deal, because…
quote:
Feel free to pull up any of your posts from the middle of the Trump administration where you talk about impending economic collapse.
Ah, IF there is an economic problem, it’s Trumps fault, or had to be in motion at that point.
There has actually been a fair number of events that have effected the economy since then.
quote:
Some of yall have been predicting doom for the past 3 years
See above.
quote:
I do not know a single person who is out of work. Half the moms at my kids' daycare are pregnant again and my company has upped its headcount by roughly 15% this year.
Thanks for your anecdotes
Here’s data from the NY Fed.
Posted on 12/2/23 at 2:14 pm to SlowFlowPro
quote:
I watched a video a few days ago about homeowners being forced to refi their 2-3% mortgages to 8%+ mortgages because they couldn't qualify for a HELOC and could not consolidate their debt. This is due to high CC payments and .... car payments. Repos are exploding.
quote:
math just doesn't make sense
Not believable. Even if true what’s your point on this singular anecdote? The car dealer backlog was enough info to make a compelling argument for economic pressure. Adding this anecdote makes you less credible.
Posted on 12/2/23 at 2:14 pm to el Gaucho
Posted on 12/2/23 at 3:12 pm to SlowFlowPro
No, not all car manufacturers are having quality issues
Posted on 12/2/23 at 3:18 pm to OceanMan
quote:
Yes believe it or not thats actually an issue for people
I believe it. Inflation sucks dick. Never said it wasn’t or that every aspect of our economic environment was flawless.
quote:
And they are up a bit higher than that.
Nominally, sure.
Cumulative inflation since covid is like 19%. The benchmark the fed shoots for in that time period would be like 8%.
So a roughly 11% difference in prices vs target.
Posted on 12/2/23 at 3:29 pm to Big Scrub TX
quote:
Low rates were used to spur demand and we STILL didn't really have inflation.
Without low interest and QE would prices be higher or lower?
Posted on 12/2/23 at 3:32 pm to Hookah
quote:
Even if true what’s your point on this singular anecdote?
More showing how bad the economic standing of your average consumer. The typical American consumer is way overextended and underwater in debt.
Posted on 12/2/23 at 3:34 pm to SlowFlowPro
Are dealers cutting prices? Offering incentive? Heck, even improving the buying experience?
No? Then F em
No? Then F em
Posted on 12/2/23 at 3:36 pm to el Gaucho
quote:
Really sad how many people around here would rather support the Chinese and drive a soyota over a real American Chevy or Jeep
Toyotas’s Tahara plant may be one of the best auto plants in the world. Better than anything coming out of Detroit.
Posted on 12/2/23 at 3:40 pm to el Gaucho
frick Chevy and Jeep. They make garbage
Toyota and Honda make the best and most reliable vehicles.
Sad part, it don’t have to be that way.
Toyota and Honda make the best and most reliable vehicles.
Sad part, it don’t have to be that way.
Posted on 12/2/23 at 3:41 pm to VetteGuy
quote:
Buying a 2 year-old new car is a terrible idea, unless you get a super deal.
Get an NADA or Blue Book valuation before you buy to see how much you lose the minute you roll off the lot.
Posted on 12/2/23 at 3:55 pm to CHGAR
quote:
to see how much you lose the minute you roll off the lot.
Grandpas advice from 25 years ago.
Posted on 12/2/23 at 4:08 pm to fallguy_1978
quote:
We aren't rich by any means, but my wife and I are in the top 20% of household income in the US. I'd never pay 50k+ for a vehicle much less 65k for a damn Jeep Cherokee
We're inside the top 10 - we drive a 2008 Toyota, and a 2018 Toyota that I bought used a couple of years ago. My note on that guy is <$250.
5% down on a $65k purchase for that Jeep is $900+ ..... for 84 frickING MONTHS. That's assuming a good interest rate. Who has faith that a Jeep will last 7+ years?
frick
ALL
THAT
Imagine how many 50Killionaires are trying to float that note.
Posted on 12/2/23 at 4:22 pm to notiger1997
quote:
Grandpas advice from 25 years ago
Nah. That’s definitely coming back.
There was a 3ish year period where vehicles roughly kept their value or depreciated relatively little but regular depreciation is beginning to start again.
Posted on 12/2/23 at 4:27 pm to JohnnyKilroy
Go back and look at the Doug Demuro "Cars and Bids" announcement.
It was mid-2020 during covid shutdowns. Doug bought a 2018 Kia Stinger brand new as his daily driver, in 2020. Not crazy to have a "two year old" model sold as brand new.
doug waxing poetic on a stinger
It was mid-2020 during covid shutdowns. Doug bought a 2018 Kia Stinger brand new as his daily driver, in 2020. Not crazy to have a "two year old" model sold as brand new.
doug waxing poetic on a stinger
Posted on 12/2/23 at 4:27 pm to el Gaucho
quote:
Really sad how many people around here would rather support the Chinese and drive a soyota over a real American Chevy or Jeep
Have to support those fat retired Union pensions for building unreliable cars.
Posted on 12/2/23 at 4:30 pm to JohnnyKilroy
quote:
Nah. That’s definitely coming back.
Good if that's true.
The used market for trucks was bad for the past 10 years at least though. No slightly used truck was going lose much value.
Cars I guess for the past five years was like that, except for stupid high-end models.
Posted on 12/2/23 at 6:09 pm to LSUFanHouston
I think car dealer business model will implode
Supposedly they make their money now just on services. Assuming we will see direct to consumer sooner or later
Supposedly they make their money now just on services. Assuming we will see direct to consumer sooner or later
Posted on 12/2/23 at 6:13 pm to el Gaucho
quote:
Really sad how many people around here would rather support the Chinese and drive a soyota over a real American Chevy or Jeep
You netted a few with those downvotes
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