Skip to comments.Used Vehicle Prices Plunge Signaling End Of Auto Party
Posted on 08/08/2012 7:00:38 PM PDT by nascarnation
However, there is one index that tends to see through all the unreality much more clearly than our analysis above, that is the Used Vehicle Price index. Each time this index has dropped and broken below its two-year average, the auto industry has tended to fade rapidly.
(Excerpt) Read more at zerohedge.com ...
Guess we’ll need another “Cash For Clunkers” to bring the prices back up again. /s
Quick! We need another cash for clunkers program to send the prices through the roof again.
Only the wealthiest people I know were able to take advantage and those who couldn’t afford new cars had to pay top dollar for used.
Should be a couple of good games this weekend at the ballpark. Tigers seem to be getting into a good groove finally.
My 2009 Camry is going to be all mine in November. And I intend to ride it until the wheels fall off. There is no f-ing way that I want to buy a new or even slightly used car when I am supporting family members in Obama’s economy.
didn’t know there was a party.
Good. This means the supply has finally caught up with the vast gaping hole left by C4C.
Also, the creeping gas prices and ongoing recession are driving prices for all but the smallest, most fuel efficient cars way, way down.
But hey! It's another sign of a bad economy... Only we've had a bad economy for all of Obama’s term, and it shows little sign of getting any better. QUICK: Let's keep federal spending at 25% of the GROSS NATIONAL PRODUCT!
Some days, I really wish there was an electro-shock on the voting button in Congress... Every time a congressman votes to spend us more in debt, they get a shock - the voltage set by the amount of dollars in debt the bill they are voting on sends us, in milivolts. Figure after the third ten billion dollar budget buster, they might even hesitate a moment or three before pressing the button for a trillion dollar debt package...
Of course there has been, the stock market (especially autos) will rise tomorrow to new heights. Such is the glory of Obamaloney.
I have a 1998 Lexus LS400 with 168,000 miles. 3 months ago I replaced the starter. It was the first repair since I’ve had it. 10 years ago I bought it with 44k. The rest was just maintenance.
” didnt know there was a party. “
Guess your invitation got lost in the mail..
But it is good news or people like me who desperately needs a “new” (to me) car.........
Finally had to get rid of my ‘97 Escort - it was starting to nickel and dime us to death.
And there are still no “clunkers” around for my 19 and 17 year olds to pick up for theiir first car. Used to be an easy find.
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That’s what Escorts do. They weren’t very good to start and they didn’t get better as they aged. :P
Yes there is... There is a 1000 dollar one sitting in my driveway. Runs/Drives hell the a/c blows cold.
15 people have come and looked at it, drove it. Then offered me 3-400 for it.
Good looking truck. Has 1000 bucks worth of new tires on it.
Prices are dropping because people are demanding low prices because they have no more money to pay for them.
I’ll keep it as a spare before I sell it for scrap prices. (or I’ll just scrap it to save the title headache)
Had it not been for the “cash for clunkers” program, this index might mean something this time around, but I believe the prices are dropping below their 2 year avg. because supply and demand in the used car market is starting to recover after the government program wreaked its havoc.
Same thing here...
Got an older car I’ve pretty much restored, but with plunging used car prices, it’s easier to keep it as a spare, than sell it right now.
I spoke with several used car dealers afterwards and they said they almost didn't survive that period.
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