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Message
Purchasing a vehicle
Posted on 6/13/21 at 6:56 pm
Posted on 6/13/21 at 6:56 pm
I'm aware that there are very few vehicles available to be purchased, and supply chain issues with computer chips, and whatnot. Therefore prices are high.
Wife desperately wants me to but the pickup truck I've been wanting in order that we can give my current vehicle to my daughter who is now driving age.
I want to wait. As long as a year if that's what it takes. My gut is that a lot of people are buying cars they won't be able to afford as inflation sinks in, the labor market corrects, etc, and I believe there might be a surplus of vehicles in the future. I just don't know when, or even if I'm right.
What is the money board outlook on the vehicle market over the next few months or year?
Wife desperately wants me to but the pickup truck I've been wanting in order that we can give my current vehicle to my daughter who is now driving age.
I want to wait. As long as a year if that's what it takes. My gut is that a lot of people are buying cars they won't be able to afford as inflation sinks in, the labor market corrects, etc, and I believe there might be a surplus of vehicles in the future. I just don't know when, or even if I'm right.
What is the money board outlook on the vehicle market over the next few months or year?
8
Posted on 6/13/21 at 7:00 pm to deuceiswild
Buy your daughter a beater and then wait
Posted on 6/13/21 at 7:44 pm to deuceiswild
quote:
Wife desperately wants me to but the pickup truck I've been wanting in order that we can give my current vehicle to my daughter who is now driving age
Am I the only one confused?
Posted on 6/13/21 at 7:44 pm to Caymus
This has been discussed as an option, but not one I want to do. I will overpay for that beater. Which to me, is even worse than overpaying for either a new or used truck.
Posted on 6/13/21 at 8:26 pm to deuceiswild
So, your wife wants you to buy a truck you’ve been wanting, it will actually benefit your daughter as she will not get a beater and you get the truck you have been wanting? If you can afford it I do not see the issue. Prices may never come down. Just because you could have had a truck cheaper a year ago does not mean it’s not worth it at today’s prices or that prices will go back down. I’ve been waiting on that beach house in Watersound to go down in price to $480k I missed out on in 2006, but prices will never be that cheap again, so I missed out on it for $800k in 2008, $1.1 million in 2015, $1.8 million in 2019 and now they are about $2.5 million. I know beach houses appreciate in value and prices accelerate more than vehicles, but last year’s vehicle prices may never come back.
Go for it, man!
Go for it, man!
This post was edited on 6/14/21 at 6:20 am
Posted on 6/13/21 at 9:12 pm to deuceiswild
There isn’t going to be a surplus of anything for at least two years in my opinion. I also disagree with the “inflation is transitory” notion. I mean, what exactly does that even mean. Isn’t everything transitory to a certain degree? It doesn’t mean prices go back to what they were. It just means the rate of inflation might slow. If you need it, buy it sooner or later because there doesn’t appear to be any relief in the short term. Could be wrong, but that’s my take on all this.
Posted on 6/13/21 at 10:33 pm to deuceiswild
Ford and GM each have about 15,000 trucks parked waiting for parts to complete manufacturing.
Imagine all those vehicles not getting computer chips until after 2022 models are released. At some point there's going to be a glut of new 2021 trucks hit the market.
Hold your cash and be ready to buy when it becomes a buyers market.
Imagine all those vehicles not getting computer chips until after 2022 models are released. At some point there's going to be a glut of new 2021 trucks hit the market.
Hold your cash and be ready to buy when it becomes a buyers market.
Posted on 6/13/21 at 11:40 pm to hob
quote:
Imagine all those vehicles not getting computer chips until after 2022 models are released. At some point there's going to be a glut of new 2021 trucks hit the market.
You think they are going to keep manufacturing vehicles at the same clip when they have such excess? Those vehicles are being aggressively pre-sold right now with no down payment and instant delivery incentives. There will not be a glut anytime soon.
Posted on 6/14/21 at 8:32 am to deuceiswild
My gut feeling is to wait, does not seem like a good time to purchase a new car. I would pay cash for a used car for my daughter and wait to purchase new truck.
Posted on 6/14/21 at 8:39 am to hob
quote:
Ford and GM each have about 15,000 trucks parked waiting for parts to complete manufacturing.
What is absorption on that? Maybe a weekend?
Posted on 6/14/21 at 10:24 am to hob
Hold on, market will correct in 2022
Posted on 6/14/21 at 12:01 pm to go ta hell ole miss
No, I do not believe prices will come down either. However, I do believe the markup on many vehicles may not be as much at some point in the future. My thinking is that the vehicle market will be more of a buyers market at some point than it is right now.
Posted on 6/14/21 at 12:05 pm to deuceiswild
quote:
My thinking is that the vehicle market will be more of a buyers market at some point than it is right now.
Agreed. These type things almost always run in cycles. It's just a matter of how patient one can be waiting for the pendulum to swing the other way.
Posted on 6/14/21 at 12:36 pm to deuceiswild
You need to consider that you can likely get close to 0% financing on many new cars now. That is a cost savings that may not be there in the future. Additionally with inflation likely ahead I don’t think it’s a guarantee cars will be cheaper in a year. Hertz had some great deals on truck last year if you are looking at used but I would bite the bullet this year on a new car if you need one.
Posted on 6/14/21 at 12:38 pm to Drizzt
My preference is to purchase a used truck, in the two to three yr old range. I have never been a fan of buying new vehicles.
Posted on 6/14/21 at 12:39 pm to Drizzt
I do not believe vehicles will ever get any cheaper either. But I do believe they will be a better value than they are now.
Posted on 6/14/21 at 7:03 pm to deuceiswild
quote:
What is the money board outlook on the vehicle market over the next few months or year?
I wouldn't buy. I took my vehicle in for service last week and was offered within 4k of what I originally purchased it for 3.5 years ago and it has 45k miles on it. That is crazy. I'm probably waiting 3+ years just to see what types of vehicles become available and if EV's mileage range improves significantly. Are owners whose vehicles get totaled receiving these current inflated values?
Posted on 6/15/21 at 9:13 am to tirebiter
I feel you. My oldest daughter traded in a vehicle and was “excited” about what they gave her for it.
She saw it on the lot a few days later being sold for 3K less than she paid for it three yrs ago.
Her needs were different than mine tho. She needed more room due to having a kid, and they also love out of state and make several 9 hr drives per year. She really couldn’t wait. I can.
She saw it on the lot a few days later being sold for 3K less than she paid for it three yrs ago.
Her needs were different than mine tho. She needed more room due to having a kid, and they also love out of state and make several 9 hr drives per year. She really couldn’t wait. I can.
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