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re: The coming automobile market collapse and what it means
Posted on 7/24/22 at 4:54 pm to Bard
Posted on 7/24/22 at 4:54 pm to Bard
quote:
As repo's increase it wouldn't shock me to see Biden pushing Congress to "bail out the auto industry" by buying the repo'd cars and simply destroying them. Think "Cash for Clunkers 2.0".
We didn't have new car/light truck shortage during cash for clunkers. From 2015-2019 there were 17 million cars/light trucks sold each year. 2020 dropped to 14.5 million and 2021 to 12 million. We can't produce ICE or electric cars fast enough to meet demand and it doesn't look like that will change in the near future.
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