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Is the car market really going in the pooper?
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11-03-2022, 03:31 PM
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#1
11-03-2022, 03:36 PM
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#2
- defiantstone
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- defiantstone
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I have been watching for about a year and what I am looking for seems prices slightly come down but way higher than they should be. I am looking for a mid 2000s or newer 4 wheel drive SUV with less than 100,000 miles for ~$5500 or less
11-03-2022, 03:37 PM
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#3
11-03-2022, 03:39 PM
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#4
- IPoopStandingUp
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- IPoopStandingUp
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Originally Posted By defiantstone⏩
Have I got the deal for you. This happens to be on the market for exactly $5500.I have been watching for about a year and what I am looking for seems prices slightly come down but way higher than they should be. I am looking for a mid 2000s or newer 4 wheel drive SUV with less than 100,000 miles for ~$5500 or less
Low mileage. All highway miles. Changed oil every 3k miles with mobil1.
11-03-2022, 03:55 PM
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#5
There are a lot of materials in the building of cars that are in high demand due to regulations and the global agenda. You have to look at scarce resources that have alternative uses. The mining of these resources has been decreased from regulations and we are more dependent on foreign markets. They also need to be transported and we are seeing harbors just not getting goods. The materials are being redirected away from cars and towards other products because the profits and supply just aren’t there.
Once we get the extremists out of power, and the market is allowed to be free(er) again, we will slowly see cars come back.
Once we get the extremists out of power, and the market is allowed to be free(er) again, we will slowly see cars come back.
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11-03-2022, 04:07 PM
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#6
- Kiop
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once the supplychain
is recovering completley
then yes, the spike in interest
rates has braked the inflation
and if not know it will be seen after 2-3 months, aka we are
living the decision of july hike, sept and nov decisions will show by feb-march by 2023
is recovering completley
then yes, the spike in interest
rates has braked the inflation
and if not know it will be seen after 2-3 months, aka we are
living the decision of july hike, sept and nov decisions will show by feb-march by 2023
11-04-2022, 09:28 AM
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#7
Originally Posted By ujelly⏩
I've been watching the used market for nearly 3 years now. I log miles and prices in an Excel sheet to ensure accuracy.I'm in the market to buy a used car, around 5 years old . Should I wait ? Anyone have first hand experience with the current market of used cars ?
Prices are coming down quite a bit, but it depends on the make, model, and type of vehicle. Lexus has barely moved for example.
A luxury crossover I'm watching has dropped about $4k or over 10 percent in the last 2 months. I will wait about 2-3 more months because they'll keep coming down as new models come out and some are turning in their leases. I only need it by next summer.
Keep in mind, if you finance, the total cost of the car is about the same or higher depending upon your rate. Factor in the rate of inflation, and they could be cheaper. It's becoming obvious most people can't handle the additional cost.
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11-04-2022, 09:54 AM
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#8
- viccruise420
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- viccruise420
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No, its not. People are retarded and financing more cars and spending more money than ever before. Do you really think people are going to stop financing the most expensive and most high end car they can? No, they aren't.
Western culture would need to drastically change for the car market to go in the chitter. And people more mindlessly consume now than ever before. People love wasting money on cars.
I don't understand people talking about cars coming back up in cost. The small amount the prices has declined is nothing considering how much they market value shot up during and after covid. You can not and will not ever be able to get what you could have before covid. New cars are up, used cars are way up, especially on the low and mid range cost vehicles.
I know here in ontario you used to be able to easily get a car you could get on the road for $1000 or even less before covid. Now you need like $3000 minimum.
Recreational toys are even crazier. I bought many used dirt bikes over the years for less than 3k, I see bikes comparable in terms of models and age going for 5k minimum now. You just can't get what you used to be able to get before covid without spending considerably more, especially with used.
Western culture would need to drastically change for the car market to go in the chitter. And people more mindlessly consume now than ever before. People love wasting money on cars.
I don't understand people talking about cars coming back up in cost. The small amount the prices has declined is nothing considering how much they market value shot up during and after covid. You can not and will not ever be able to get what you could have before covid. New cars are up, used cars are way up, especially on the low and mid range cost vehicles.
I know here in ontario you used to be able to easily get a car you could get on the road for $1000 or even less before covid. Now you need like $3000 minimum.
Recreational toys are even crazier. I bought many used dirt bikes over the years for less than 3k, I see bikes comparable in terms of models and age going for 5k minimum now. You just can't get what you used to be able to get before covid without spending considerably more, especially with used.
money, cars, clothes and hoes is all a miscer knows
11-04-2022, 09:57 AM
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#9
- viccruise420
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- viccruise420
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Originally Posted By SkiGains⏩
I also bought a new car in 2020. Dealers were not giving any incentives or deals at all because they couldn't keep cars on the lot. I see these cars selling used today for a few thousand under retail price that they sold 2 - 3 years ago for with plenty of mileage.I bought last month, dealers pretty much told me to fuk off whenever I tried to negotiate so I bought privately. Im guessing I paid the guy a few k over what the dealer offered him and also saved some taxes. Told the guy how the market is dropping and I'll just wait and he seemed more motivated to sell as he was probably thinking the same. I would stay away trying to buy from dealerships, they want to make money on used cars since new cars aren't coming in as fast
money, cars, clothes and hoes is all a miscer knows
11-04-2022, 10:02 AM
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#10
- Destor
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- Destor
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Originally Posted By viccruise420⏩
Basically what you're saying is to fight the fedNo, its not. People are retarded and financing more cars and spending more money than ever before. Do you really think people are going to stop financing the most expensive and most high end car they can? No, they aren't.
Western culture would need to drastically change for the car market to go in the chitter. And people more mindlessly consume now than ever before. People love wasting money on cars.
I don't understand people talking about cars coming back up in cost. The small amount the prices has declined is nothing considering how much they market value shot up during and after covid. You can not and will not ever be able to get what you could have before covid. New cars are up, used cars are way up, especially on the low and mid range cost vehicles.
I know here in ontario you used to be able to easily get a car you could get on the road for $1000 or even less before covid. Now you need like $3000 minimum.
Recreational toys are even crazier. I bought many used dirt bikes over the years for less than 3k, I see bikes comparable in terms of models and age going for 5k minimum now. You just can't get what you used to be able to get before covid without spending considerably more, especially with used.
Western culture would need to drastically change for the car market to go in the chitter. And people more mindlessly consume now than ever before. People love wasting money on cars.
I don't understand people talking about cars coming back up in cost. The small amount the prices has declined is nothing considering how much they market value shot up during and after covid. You can not and will not ever be able to get what you could have before covid. New cars are up, used cars are way up, especially on the low and mid range cost vehicles.
I know here in ontario you used to be able to easily get a car you could get on the road for $1000 or even less before covid. Now you need like $3000 minimum.
Recreational toys are even crazier. I bought many used dirt bikes over the years for less than 3k, I see bikes comparable in terms of models and age going for 5k minimum now. You just can't get what you used to be able to get before covid without spending considerably more, especially with used.
Inflation in auto prices is part of what central banks are raising rates to combat, the supply chain won't be fixed overnight and demand needs to be subdued through higher interest rates reducing lending activity. Rates are going up until prices come sufficiently down, that's the likely reality.
11-04-2022, 10:07 AM
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#11
- ajdahlheimer
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- ajdahlheimer
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Auto bubble likely bursts sometime in 2023. Dealerships will be flooded with repossessed vehicles and/or buy-backs from people who can no longer afford their payments because the recession/loss of employment/etc. Once the supply swells to that degree--you're going to see huge drops in prices. So I'd sit tight as long as you can OP.
I am wanting a 4th vehicle for my daughter, but waiting for the same reason as laid out above.
I am wanting a 4th vehicle for my daughter, but waiting for the same reason as laid out above.
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11-04-2022, 10:11 AM
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#12
11-04-2022, 10:13 AM
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#13
- viccruise420
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- viccruise420
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Originally Posted By Destor⏩
Honestly Im not sure what you mean by fight the fed but I would agree that interest rates will keep going up for new. I also think low end used pricing is going to hold. I don't doubt it will continue to get more and more competitive for low end private sale because higher interest rates will eventually level out the financing car market. I don't see demand for cars going down. And I think people will be more reluctant to sell their old used car and buy new, further drying up the used low end cash market like OP was originally talking about. Certain less desirable cars may see some drops in prices but any desirable used models won't be going any lower in price. Like maybe used hyundais will drop in cost but a used 4x4 suv in the 5k range right now isn't going to get cheaper.Basically what you're saying is to fight the fed
Inflation in auto prices is part of what central banks are raising rates to combat, the supply chain won't be fixed overnight and demand needs to be subdued through higher interest rates reducing lending activity. Rates are going up until prices come sufficiently down, that's the likely reality.
Inflation in auto prices is part of what central banks are raising rates to combat, the supply chain won't be fixed overnight and demand needs to be subdued through higher interest rates reducing lending activity. Rates are going up until prices come sufficiently down, that's the likely reality.
money, cars, clothes and hoes is all a miscer knows
11-04-2022, 10:14 AM
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#14
- litljay
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Originally Posted By Destor⏩
Correct. However, car loan rates don't seem to be climbing significantly yet. Just got an email from my credit union offering 2.5% new car loan up to 72 months. I was assuming auto loans had already climbed up tot he 6-7% range, but I guess not.Basically what you're saying is to fight the fed
Inflation in auto prices is part of what central banks are raising rates to combat, the supply chain won't be fixed overnight and demand needs to be subdued through higher interest rates reducing lending activity. Rates are going up until prices come sufficiently down, that's the likely reality.
Inflation in auto prices is part of what central banks are raising rates to combat, the supply chain won't be fixed overnight and demand needs to be subdued through higher interest rates reducing lending activity. Rates are going up until prices come sufficiently down, that's the likely reality.
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11-04-2022, 10:20 AM
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#15
- steeperdolphin
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The bubble busted 3 months ago when 2 million repos hit the market. Used car prices are steadily moving back to normal. The biggest problem with this is most dealers have way more in their vehicles than what they are worth. Just don't buy from Carvana or Carmax. 2 months ago Carmax was hitting vehicles $10k higher then they are now.
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11-04-2022, 10:23 AM
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#16
- Destor
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Originally Posted By viccruise420⏩
It just means to go contrary to what the central banks are doing, since central banks have such strong influence over the economy.Honestly Im not sure what you mean by fight the fed but I would agree that interest rates will keep going up for new. I also think low end used pricing is going to hold. I don't doubt it will continue to get more and more competitive for low end private sale because higher interest rates will eventually level out the financing car market. I don't see demand for cars going down. And I think people will be more reluctant to sell their old used car and buy new, further drying up the used low end cash market like OP was originally talking about. Certain less desirable cars may see some drops in prices but any desirable used models won't be going any lower in price. Like maybe used hyundais will drop in cost but a used 4x4 suv in the 5k range right now isn't going to get cheaper.
Inflation isn't conquered until prices come down by reducing demand or supply finally catching up, financial conditions are tightening until that's achieved. I should clarify that it's not just happening through increased lending costs though, it's also happening through wealth destruction across almost all asset classes.
Originally Posted By litljay⏩
Dang 2.5% ain't bad at allCorrect. However, car loan rates don't seem to be climbing significantly yet. Just got an email from my credit union offering 2.5% new car loan up to 72 months. I was assuming auto loans had already climbed up tot he 6-7% range, but I guess not.
11-04-2022, 10:29 AM
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#17
- steeperdolphin
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Originally Posted By Destor⏩
Conventional banks are starting around 7% now with FICO scores 740 and greater. However the more equity you have, the lower the rate will be.Dang 2.5% ain't bad at all
Be happy while you're living, for you're a long time dead.
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11-04-2022, 10:38 AM
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#18
- TBO1313
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Originally Posted By defiantstone⏩
Those haven't existed since the 90s. If its 4x4 5000 is minimum no matter the mileage. It might be different in rust statesI have been watching for about a year and what I am looking for seems prices slightly come down but way higher than they should be. I am looking for a mid 2000s or newer 4 wheel drive SUV with less than 100,000 miles for ~$5500 or less
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