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If Tariffs Are Put in Place People Won't Be Able to Afford Cars
Posted on 11/9/24 at 1:31 am
Posted on 11/9/24 at 1:31 am
Bitch! people can't afford cars now and adding another $10k to the sticker price isn't really going to move the needle for me.
From Google AI with the prompt "average percentage of household income for new car over the years":
1970: Less than 36% of a family's annual income was needed to buy a new car
1980: The percentage remained the same, even though the median family income doubled and the average car price increased
1990: Nearly 44% of annual household income was needed to buy a new car
1994: 48% of household income was needed to buy a new car
2022: The average total cost of buying a car was $55,821, which includes financing, taxes, and fees
Today an F 150 Lariat costs about $65k before extras. THE MEDIAN SALARY IS $53K. It costs more than the majority of Americans make in a year to buy a new truck. And that's if you somehow manage to pay cash. Add in the cost of financing and that number goes way up.
So, in six months when the auto industry is bitching and moaning about the cost of doing business going up, I don't want to hear it. Auto Industry, FIX YOUR shite! This is unsustainable and fricking ridiculous.
From Google AI with the prompt "average percentage of household income for new car over the years":
1970: Less than 36% of a family's annual income was needed to buy a new car
1980: The percentage remained the same, even though the median family income doubled and the average car price increased
1990: Nearly 44% of annual household income was needed to buy a new car
1994: 48% of household income was needed to buy a new car
2022: The average total cost of buying a car was $55,821, which includes financing, taxes, and fees
Today an F 150 Lariat costs about $65k before extras. THE MEDIAN SALARY IS $53K. It costs more than the majority of Americans make in a year to buy a new truck. And that's if you somehow manage to pay cash. Add in the cost of financing and that number goes way up.
So, in six months when the auto industry is bitching and moaning about the cost of doing business going up, I don't want to hear it. Auto Industry, FIX YOUR shite! This is unsustainable and fricking ridiculous.
35
Posted on 11/9/24 at 1:37 am to PurpleandGold Motown
If you’re a true patriot then you should relish the chance to pay extra for goods made in the beloved USA.
Or you can be a sell out and buy the cheap stuff from out of country…
You can’t have your cake and eat it too
Or you can be a sell out and buy the cheap stuff from out of country…
You can’t have your cake and eat it too
Posted on 11/9/24 at 1:45 am to PurpleandGold Motown
Price inflation is only a problem when democrats cause it. Gotcha
Posted on 11/9/24 at 1:50 am to PurpleandGold Motown
The key to Tariffs is they take time to become impactful for everyone across all industries.
Trump knows a plan with Tariffs to make us the greatest country by far while harvesting our own energy and letting Elon build a life on another planet. We have everything we need if we stay out of our own way. If he can run a successful 4 years and then pass it off to Vance we will be in great shape.
Trump knows a plan with Tariffs to make us the greatest country by far while harvesting our own energy and letting Elon build a life on another planet. We have everything we need if we stay out of our own way. If he can run a successful 4 years and then pass it off to Vance we will be in great shape.
Posted on 11/9/24 at 1:54 am to Sevensblue
quote:
If you’re a true patriot then you should relish the chance to pay extra for goods made in the beloved USA.
Or you can be a sell out and buy the cheap stuff from out of country…
You can’t have your cake and eat it too
I don't mind paying for US made goods or foreign made goods. I typically go for quality over cost. I do mind that it's now normal that a new vehicle costs more than the median salary of a typical American when it used to be 36% just 40 years ago.
Now, I do not claim to know where the inefficiency in a supply chain so complex lies, and I am not one to immediately call out corporate greed as the BBEG, but the auto industry has serious problems and it's getting to the point where we're going to have to bail them out again.
Nissan just laid off 9K? workers because they haven't been able to sell a car in 2 years because it's too damn expensive. That's NISSAN. Everyone loved Nissan. They made good/great cars. My favorite car I ever owned was a 240SX. Nissans used to sell like hot cakes, but they are too expensive for the average American now.
So if the tariffs hit, and I don't think they will, I don't want the auto industry to start bitching. They fricked themselves.
Posted on 11/9/24 at 2:08 am to Sevensblue
Tariffs are already in place for vehicles. I think it is about 15k. The problem is that American manufacturers have been hamstrung by our green regulations. Get rid of those CAFE standards and we can be competitive once again
Posted on 11/9/24 at 2:08 am to oklahogjr
quote:Not a direct pass through, and not relevant for domestic goods.
Price inflation
quote:Let's frame this differently. Let's frame it in tax language you will understand.
oklahogjr
"Fair share"
Everyone needs to pay their "fair share" in taxes. Right? That statement is a Democrat cornerstone.
What is "fair share"? Dems refuse to answer. However, we can all agree, can we not, that "fair share" for nearly a trillion dollars is not zero.
The US trade deficit runs ~$900Bn/yr.
It comprises money hemorrhaged from our economy, and is largely untaxed.
Tariffs address that by dictating trading partners either reduce their own trade barriers, thereby reducing the trade deficit, and/or pay their "fair share" in taxes.
Posted on 11/9/24 at 2:13 am to Morpheus
quote:
The key to Tariffs is they take time to become impactful for everyone across all industries.
And to withstand inevitable trade wars which will gut domestic export markets. Or hope you’re not in retail and demand evaporates because everything vastly went up in price. But that’s just details
Posted on 11/9/24 at 2:15 am to NC_Tigah
quote:
Not a direct pass through, and not relevant for domestic goods.
What do you mean not direct pass through? Who is paying the tarrifs? Purchasers of good right?
quote:
Let's frame this differently. Let's frame it in tax language you will understand.
"Fair share"
Everyone needs to pay their "fair share" in taxes. Right? That statement is a Democrat cornerstone.
What is "fair share"? Dems refuse to answer. However, we can all agree, can we not, that "fair share" for nearly a trillion dollars is not zero.
The US trade deficit runs ~$900Bn/yr.
It comprises money hemorrhaged from our economy, and is largely untaxed.
Tariffs address that by dictating trading partners either reduce their own trade barriers, thereby reducing the trade deficit, and/or pay their "fair share" in taxes.
That's all a great way to say prices are going up. And once foreign good prices go up why wouldn't domestic? Why would a company leave margin on the table if the other company can't go lower? Why wouldn't they raise to just below foreign competitors and pocket the rest?
Posted on 11/9/24 at 2:15 am to oklahogjr
quote:
oklahogjr
I've never noticed you before but you're an insufferable count. Leave economics to those of us who are actual economists. Go do whatever you do for a living but stay out of this lane for sure
Posted on 11/9/24 at 2:18 am to oklahogjr
Dude looking at your post history Trump all up in your head. Go to sleep looking at Trump and wake up with Trump looking at you and saying what you getting for breakfast today soyboy. Got to be a troll
Posted on 11/9/24 at 2:20 am to PurpleandGold Motown
BMW builds their SUV models sold in the US in South Carolina. I won't be impacted.
Posted on 11/9/24 at 2:21 am to Broke
quote:
Leave economics to those of us who are actual economists.
Posted on 11/9/24 at 2:25 am to Broke
quote:
I've never noticed you before but you're an insufferable count. Leave economics to those of us who are actual economists. Go do whatever you do for a living but stay out of this lane for sure
Tarrifs are inflationary as far I know economically. walk me through how adding cost is gonna lower cost for me the consumer.
At best I can shop fully American and break even....but it's doubtful many could do that.
Posted on 11/9/24 at 2:27 am to PurpleandGold Motown
The 'plan' is for no one to own a car, so expect prices to keep increasing.
Posted on 11/9/24 at 2:28 am to PurpleandGold Motown
I'm still not sure just how much the tariff talk is a real proposal and how much a bargaining position.
Posted on 11/9/24 at 2:31 am to oklahogjr
quote:
At best I can shop fully American and break even....but it's doubtful many could do that.
It would be an impossible task for anyone. What is American made? The finished product? Every component that went into that product? Every component that went into making the components for the product?
Posted on 11/9/24 at 2:34 am to oklahogjr
quote:What do tariffs have to do with products manufactured and sold in the US?
Tarrifs are inflationary as far I know economically. walk me through how adding cost is gonna lower cost for me the consumer.
Walk me through how tariffs on goods manufactured OUTSIDE of the US is gonna raise cost for me the consumer on goods manufactured INSIDE the US.
Posted on 11/9/24 at 2:36 am to oklahogjr
quote:In state sponsored or state subsidized economies like China, the state itself often pays/offsets tariffs in part or in total through Direct Subsidies, Export Tax Rebates, and/or Currency Devaluation. If you didn't know that, you should.
What do you mean not direct pass through? Who is paying the tarrifs?
quote:Trump implemented tariffs in his first term. What was the inflation rate then?
That's all a great way to say prices are going up.
quote:It's the magic of capitalism. Why would a company reduce domestic market share by selectively increasing prices?
And once foreign good prices go up why wouldn't domestic?
quote:Because a domestic competitor would step in and steal their cookies.
Why wouldn't they raise to just below foreign competitors and pocket the rest?
This post was edited on 11/9/24 at 2:37 am
Posted on 11/9/24 at 2:44 am to shinerfan
quote:
I'm still not sure just how much the tariff talk is a real proposal and how much a bargaining position.
That's my thought. He will use the possibility of tariffs to work out better deals, and he is not going to say what he does until it's done.
But this thread wasn't really about tariffs it is about industries using that excuse to not fix their own inefficient processes.
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