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US auto repossessions jumped 16% in 2024, to 1.73 million. the highest since 2009
Posted on 4/2/25 at 8:34 am
Posted on 4/2/25 at 8:34 am
Loading Twitter/X Embed...
If tweet fails to load, click here. With tariffs on the autos, and affordability already being an issue, I would not want to be in the auto industry.
I was looking at a new F250 last week, thinking I might get ahead of tariffs, but an XLT is $80K+. Lariat or Platinum is $100K+. Chevy has half-ton trucks going for $100K, and even the base model rubber floor mat crew cab Chevy 1500 is $49K. The auto industry, much like housing, needs some perspective that maybe only a reset can bring.
I decided I am going to keep my two trucks until the wheels fall off. One is a 2018 and the other is a 2020, both with very low miles and paid for. F spending $80K on one truck.
24
Posted on 4/2/25 at 8:37 am to stout
Is it affordability or people trading in a 3 year old vehicle with a 84 month loan that they are upside down on and rolling that over into the next vehicle.......
Posted on 4/2/25 at 8:38 am to tigeraddict
More competition is needed. More innovation needed.
Posted on 4/2/25 at 8:39 am to stout
We have about 30 million more people in the US than we did in 2009 so I think this is alarming but probably not done increasing
Posted on 4/2/25 at 8:41 am to tigeraddict
quote:
or people trading in a 3 year old vehicle with a 84 month loan that they are upside down on and rolling that over into the next vehicle.......
Yea this plays into it but I think that ended when rates increased and lenders tightened up
Posted on 4/2/25 at 8:42 am to JackaReaux
quote:
We have about 30 million more people in the US than we did in 2009
A lot of those are illegals. Are illegals getting auto loans?
Even with the additional people, trends still matter and the chart in my OP clearly shows a trend.
This post was edited on 4/2/25 at 8:43 am
Posted on 4/2/25 at 9:01 am to stout
Lots of the cars that were repossessed in 2024 hadn't had a payment made on them since 2021/22. Dealers and banks are so backlogged on repossessions that it's skewing the data.
Posted on 4/2/25 at 9:03 am to stout
quote:
The auto industry, much like housing, needs some perspective that maybe only a reset can bring.
Funny thing is, even during the 2008 recession, car sticker prices really didn’t go down because of the government bail outs . I wonder if FedGov will let them sink a little this time ? Maybe some decent rebates come in ?
This post was edited on 4/2/25 at 9:04 am
Posted on 4/2/25 at 9:20 am to stout
That many repossessions and car prices will be getting very competitive, again.
According to Grok AI;
In 2019, the average retail sales price for a six-year old 2013 Ford F-150 XLT ranged from around $15,500 to $17,000, with mileage typically ranging from 60,000 to 80,000 miles.
As of April 2, 2025, the average retail sales price for a six-year old used 2019 Ford F-150 XLT is around $25,000 - $30,000, with mileage typically ranging from 70,000 to 100,000 miles.
So, +$9,500 (+61%) to +$13,000 (+76.5%) more expensive and +10,000 (+16.7%) to +20,000 (+25%) more miles of wear and tear.
Seems like there's a good bit of room that it needs to fall back to. When that occurs, this will also force manufacturers and dealers to offer greater incentives on new cars in order to compete, which will spur new car sales, sending used car pricing even lower.
It's all part of the plan, boys, to lower the effects of inflation under the policies of Joe Biden.
According to Grok AI;
In 2019, the average retail sales price for a six-year old 2013 Ford F-150 XLT ranged from around $15,500 to $17,000, with mileage typically ranging from 60,000 to 80,000 miles.
As of April 2, 2025, the average retail sales price for a six-year old used 2019 Ford F-150 XLT is around $25,000 - $30,000, with mileage typically ranging from 70,000 to 100,000 miles.
So, +$9,500 (+61%) to +$13,000 (+76.5%) more expensive and +10,000 (+16.7%) to +20,000 (+25%) more miles of wear and tear.
Seems like there's a good bit of room that it needs to fall back to. When that occurs, this will also force manufacturers and dealers to offer greater incentives on new cars in order to compete, which will spur new car sales, sending used car pricing even lower.
It's all part of the plan, boys, to lower the effects of inflation under the policies of Joe Biden.
Posted on 4/2/25 at 9:21 am to stout
More are coming.
The loans from the initial federal cash injections are coming to the point in the cycle of the loan where the people historically default.
Enjoy the rest of the news as it comes out.
Next housing prices will fall, your food will stay stagnant but all retired folks living on 401K will see their 401K balance get much lower by the end of 2025.
The folks are the non debt side are fixing to eat and eat a lot.
The loans from the initial federal cash injections are coming to the point in the cycle of the loan where the people historically default.
Enjoy the rest of the news as it comes out.
Next housing prices will fall, your food will stay stagnant but all retired folks living on 401K will see their 401K balance get much lower by the end of 2025.
The folks are the non debt side are fixing to eat and eat a lot.
This post was edited on 4/2/25 at 9:23 am
Posted on 4/2/25 at 9:24 am to stout
quote:
Chevy has half-ton trucks going for $100K,
Well then.
Those UAW retirements ain't gonna fund themselves.
Posted on 4/2/25 at 9:30 am to stout
quote:
I would not want to be in the auto industry.
Anything where a credit check is necessary. People are leveraged up to their necks. If you aren't, consider yourself lucky. I was for awhile, but much better now and debt is falling rapidly. There are alot of people that have no way out from what they've created now and one financial crisis will break them. I've seen it.
Posted on 4/2/25 at 9:31 am to stout
quote:
With tariffs on the autos, and affordability already being an issue, I would not want to be in the auto industry.
Why are we protecting these companies who need constant bailouts with tariff protections?
Posted on 4/2/25 at 9:35 am to stout
Never understood people wanting to buy a new car before the other dies.
Posted on 4/2/25 at 9:42 am to HubbaBubba
quote:
So, +$9,500 (+61%) to +$13,000 (+76.5%) more expensive and +10,000 (+16.7%) to +20,000 (+25%) more miles of wear and tear.
He probably won't do it because he might have to make changes going forward, but Trump should have DOGE or some external auditor recheck the BLS calculations on inflation for the last 5 years. It's hard to reconcile the numbers they report with the prices we see. Must be a lot of hedonic adjustments going on.
quote:
Seems like there's a good bit of room that it needs to fall back to.
Prices aren't likely to go backwards much, if at all. Deflation is death for our debt warped economy.
This post was edited on 4/2/25 at 9:47 am
Posted on 4/2/25 at 9:43 am to stout
quote:
am going to keep my two trucks until the wheels fall off. One is a 2018 and the other is a 2020, both with very low miles and paid for.
Why were you even looking at new trucks?
Posted on 4/2/25 at 9:44 am to JohnnyKilroy
quote:
Why were you even looking at new trucks?
One is a write-off for my business
Posted on 4/2/25 at 9:46 am to jizzle6609
quote:
Next housing prices will fall,
Posted on 4/2/25 at 9:48 am to SDVTiger
Say what you will.
We are about to watch the most baffling housing market thats ever existed.
We are about to watch the most baffling housing market thats ever existed.
Posted on 4/2/25 at 9:48 am to jizzle6609
Sure we are Diana Olick
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