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re: The coming automobile market collapse and what it means
Posted on 7/24/22 at 4:39 pm to weadjust
Posted on 7/24/22 at 4:39 pm to weadjust
quote:
The repossessed ICE cars would be sold at auction and be back on the road
Do not underestimate Joe's ability to frick things up.
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".
2
Posted on 7/24/22 at 4:41 pm to Hawkeye here
quote:
I always pay cash for new vehicles.
Because you’re a moron and don’t understand TVM.
Also, only suckers buy new cars
Posted on 7/24/22 at 4:42 pm to anc
quote:
So the banks. are going to be looking for a bailout, and they might get it, even if the GOP takes over after November. Banks are big time lobbyists. Unlike student loans, mortgages and credit cards, there is no federal oversight of auto lending. The deal the banks might end up with would be "We'll bail you out, but we want to regulate auto loans."
Auto loans are not the level of exposure that home loans were and the "mortgage backed security" issue. Banks make take a hit but they can survive it.
Posted on 7/24/22 at 4:42 pm to anc
Just put hold money on a new Tacoma last week. It’s a double edge sword. Currently msrp is about the best you can do (if you find a dealer even willing) but your trade is at an all time high. I had 4 offers for my 2012 SLT Ram 3@$18k and 1@ 18.2k. I paid around $29-30k new.
In ‘19 I bought a widebody Challenger for $44k. You are pushing $60k+ for the same car now. I can sell the car for more than I paid.
They aren’t going to drop in price. It’s kind of like homes. Low interest pushed sales and increased prices. Now that interest has increased the values aren’t going to drop. The appraisal districts will not be lowering property values nor taxes.
In ‘19 I bought a widebody Challenger for $44k. You are pushing $60k+ for the same car now. I can sell the car for more than I paid.
They aren’t going to drop in price. It’s kind of like homes. Low interest pushed sales and increased prices. Now that interest has increased the values aren’t going to drop. The appraisal districts will not be lowering property values nor taxes.
Posted on 7/24/22 at 4:43 pm to anc
I think it’s hilarious. I have no sympathy for those that screw people over regularly.
Posted on 7/24/22 at 4:46 pm to iAmBatman
quote:
Also, only suckers buy new cars
Yeah, always thought same thing …….until recently
Posted on 7/24/22 at 4:51 pm to iAmBatman
quote:
Because you’re a moron and don’t understand TVM.
Also, only suckers buy new cars
Unless you’re buying an older used, new cars cost practically the same as 2-3 year old used. You’d be stupid to not buy new and get the warranty.
Posted on 7/24/22 at 4:54 pm to Bard
Cash For Clunkers was the biggest middle finger to the poor and working class and they just said "Thanks 0bama, I ain't even gay but go ahead and pull down your pants so I can thank you properly!"
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.
Posted on 7/24/22 at 5:04 pm to Quidam65
A Schwinn probably has more retained value than either of those.
Posted on 7/24/22 at 5:09 pm to Quidam65
quote:
So you become selective with what you repo. When choosing between a Chevy Equinox and a Nissan Rogue, which one fetches more at resale?
So that’s not what I mean.
It means there are a lot of unpaid notes that the repo men have not gotten around to repo-ing yet.
Posted on 7/24/22 at 5:12 pm to teke184
I’m hoping to buy a 3 year old Sentra or 5 year old Corolla at a reasonable price in October.
I have a kid going to college.
I have a kid going to college.
Posted on 7/24/22 at 5:17 pm to anc
I have been motorcycle shopping and one of my friends that works finance said the dealership is getting more "new" bikes from bank auctions than manufactures. They had a 2022 with 50 miles I asked why it was listed as used... already repo'd.
Posted on 7/24/22 at 5:29 pm to anc
quote:
One study from 2021 said that about half of all auto loans were given to people who could not afford them. Only 4% of applications verified employment or income. So what's happening - these loans are starting to default.
All in the name of DEI. Wokeism is going to crash our economy.
Posted on 7/24/22 at 5:35 pm to anc
I was starting to kick myself for selling my paid off '13 accord in Hawaii last August. Shipping the truck to Arlington cost nearly $1800 so I figured I could just replace the car after we settled in.
I finally pulled the trigger in April here in Texas after 2 frustrating months of looking. Woke up one morning a saw '15 accord ex-l w/7k miles for $22,600.
It was the same car I had, the 3.5 version. No way I was settling on a 4 cyl. the way people drive here. You need some power not to get run over.
$22k was more than I wanted to spend, but I feel ok about due to the super low mileage and garaged condition.
I finally pulled the trigger in April here in Texas after 2 frustrating months of looking. Woke up one morning a saw '15 accord ex-l w/7k miles for $22,600.
It was the same car I had, the 3.5 version. No way I was settling on a 4 cyl. the way people drive here. You need some power not to get run over.
$22k was more than I wanted to spend, but I feel ok about due to the super low mileage and garaged condition.
Posted on 7/24/22 at 5:35 pm to anc
Moral of the story - don’t buy a car unless you have the cash. It isn’t rocket science.
Posted on 7/24/22 at 5:37 pm to anc
quote:
Part of the problem is that over the last decade or so, car dealerships are making more profit on the financing deals than the car sales themselves. This has been very lucrative for the finance guys at the dealerships, but not great for the consumer. These shady places are giving customers 15%, 20%, 25% or more interest rates on cars. Even reputable dealers push up the rates. A customer that qualifies for 2% financing might be given 5%, and the dealer gets a kickback.
This is not as prevalent as it was in the early 2000s. If you've financed a vehicle with a credit union in the last 3-5 years, it's likely that credit union prevented the dealership from marking up the rate. Most credit unions pay a flat percent of the amount financed these days.
Posted on 7/24/22 at 5:42 pm to NorthGwinnettTiger
quote:
Love my paid off 2014 and 2015 vehicles. Car notes fricking suck.
Paid off 18 Burb, 20 F250, and house. Private school has taken the place of those payments, though.
Posted on 7/24/22 at 5:44 pm to southerngent1417
quote:
Moral of the story - don’t buy a car unless you have the cash. It isn’t rocket science.
Derp
Posted on 7/24/22 at 5:46 pm to PrecedentedTimes
Agree, they were taking advantage of people and they are up side down now. A bank said he had a $5,0000 low inventory surcharge on one dealer invoice.
I looked at him and said on a mini van. I would have walked. He said they would have but lost their vehicle in an accident and had few options.
I looked at him and said on a mini van. I would have walked. He said they would have but lost their vehicle in an accident and had few options.
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