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New cars, once part of the American dream, now out of reach for many
Posted on 5/8/23 at 2:19 pm
Posted on 5/8/23 at 2:19 pm
quote:
Ramirez, 33, and his wife Angelica Castro-Calle really want a new, small SUV with a little space for camping and paddleboarding gear. But despite good jobs in finance and business contracting, the couple's monthly loan payment would run around $700 for the $35,000 models they are looking at, before dealer markups.
quote:
the average monthly payment reached $686 in mid-2022, according to data from Edmunds. Last month, it hit $730.
Meanwhile, the auto industry is investing big money to overhaul factories to produce electric vehicles, a major expense that also contributes to rising prices, Conroy added.
quote:
Dealers say manufacturers are lifting prices beyond what customers will go for, in some cases leaving dealers stuck with models they can't sell. Earlier this spring, White had 76 new vehicles on the lot of her Annapolis, Md., car dealership. At the time, she had no takers on the $88,000 Jeep Wagoneer. The $115,000 Grand Wagoneer? Not budging. Many of her cars cost between $50,000 and $60,000.
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Posted on 5/8/23 at 2:25 pm to boogiewoogie1978
I bought by '19 VW GLI 3 years ago for $20k
Same car is $35k now.
Same car is $35k now.
Posted on 5/8/23 at 2:32 pm to boogiewoogie1978
Nobody wants to build affordable cars for Americans. They want that high end profitability. When Jeep and Kia started considering themselves a luxury brand is when I realized this shift.
If you’re poor, better settle for that Altima
If you’re poor, better settle for that Altima
Posted on 5/8/23 at 2:32 pm to boogiewoogie1978
I would rather buy a 1 y.o. Lexus than a brand new Chevy. Same price. But Japs make much better cars than Americans.
Posted on 5/8/23 at 2:33 pm to boogiewoogie1978
I wonder if the expectation is that this imbalance will improve or get worse with the push to more EVs.
Posted on 5/8/23 at 2:34 pm to boogiewoogie1978
quote:
American dream
quote:it's all so tiresome
immigrants from Colombia as example
Posted on 5/8/23 at 2:34 pm to boogiewoogie1978
Bring back the air-cooled bug.
Posted on 5/8/23 at 2:35 pm to boogiewoogie1978
Go to CarMax and buy a low mileage similar vehicle where someone else has paid the insane first year depreciation.
Posted on 5/8/23 at 2:37 pm to Diamondawg
quote:
Go to CarMax and buy a low mileage similar vehicle where someone else has paid the insane first year depreciation.
The prices on those are insane as well. For a little while post COVID they were at times going for higher prices than new vehicles.
My wife and I both could use new vehicles and are putting it off in hopes that things taper off a bit.
Posted on 5/8/23 at 2:39 pm to Diamondawg
While I agree with this the last 3/4 cars we purchased were used I think used car prices are insane right now too.
Posted on 5/8/23 at 2:42 pm to BAMBAM
Also the article is a little outbid touch. I don’t think the avg car buyer is looking at $80-90k cars.
It is insane that there are alot of cars in that range now vs a handful in the past.
It is insane that there are alot of cars in that range now vs a handful in the past.
Posted on 5/8/23 at 2:44 pm to Fun Bunch
quote:I agree and that's why I am driving a 2012 right now. I was going to buy one last new truck but the computer chip thing hit and I waited too long. I can wait. The couple in the OP sounded like they were in a white heat to buy something. Was just offering an alternative.
The prices on those are insane as well. For a little while post COVID they were at times going for higher prices than new vehicles.
Posted on 5/8/23 at 2:45 pm to Diamondawg
quote:
o to CarMax and buy a low mileage similar vehicle where someone else has paid the insane first year depreciation.
This old man idea stopped being a real strategy 10 years ago baw.
Especially true with trucks.
I used to laugh(and still do) when you hear someone say, that dadgum car is worth 30% less the moment you drive it off the lot.
Posted on 5/8/23 at 2:46 pm to boogiewoogie1978
quote:
The $115,000 Grand Wagoneer? Not budging.
Because only the true 1% of complete and total idiots would pay 115,000 for anything with “Jeep” on the grille. Unless it was Patton’s own Jeep that carried him across Europe and had one of his ivory handled pistols laying on the seat.
Posted on 5/8/23 at 2:47 pm to Helo
quote:
I wonder if the expectation is that this imbalance will improve or get worse with the push to more EVs.
Worse and it's by design. They want fewer cars on the road and fewer cars per home. They have no intention in replacing all ICE vehicles. ICE vehicles are a scourge, each person having their own vehicle is detestable in the eyes of the elites.
This post was edited on 5/8/23 at 7:12 pm
Posted on 5/8/23 at 2:47 pm to boogiewoogie1978
I have a 2000, 2021, 2014, and a 2020. Without telling you the make and models of each, I bet you can guess which of those four has been in the shop most often.
Posted on 5/8/23 at 2:48 pm to boogiewoogie1978
I sure see a lot of those wagoneers and grand wagoneers on the roads though. People are either shitting money or in debt up to their eyeballs.
Posted on 5/8/23 at 2:51 pm to JackieTreehorn
quote:
in debt up to their eyeballs.
Its this. They are taking out 7 year loans on them.
Posted on 5/8/23 at 2:59 pm to boogiewoogie1978
I'm going to be driving my '02 Dodge RAM until it falls completely apart. I can't justify paying new truck prices these days.
Posted on 5/8/23 at 3:01 pm to tiggerthetooth
quote:
Worse and it's by design. They want fewer cars on the road and fewer cars per home. They have no intention in replacing all ICE vehicles. ICE vehicles are a scourge, each person having their own vehicle is detestable.
I'm amazed people don't see this
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