Of course.
For the first time in a long time, people are buying at replacement levels only. Many have severely adjusted their standard of when they “need” a new, or a different vehicle.
Same with houses, only even more so. There is NO intrinsic demand to BUY houses. There are almost no cases in which a person/family could not rent, rather than buy, if they “had” to for some reason. So people are also buying homes mostly at replacement value — which means largely a return to the days when a family bought one or maybe two homes in a lifetime. They did not sell their old home and buy a new one to move across town or to get a mud room, a larger yard or whatever.
A brief look at edmunds.com a few days ago gave me the idea that the large car companies really didn’t want to sell cars. it was kind of this is our price take it or leave it - oh hum.IMHO
I have two drivers one with 250K and one with 167K miles so I was looking.
That’s what we are doing. We bought new SUVs during the past couple of years, and we are gonna pay them off, then drive them until they literally fall apart. No ‘new’ cars for us. Trading in every couple or so years has to be one of the biggest wastes of money there is!