The author’s old college economics professor had an expression about the car business and the national economy. He called it the best barometer for a recession. He may turn out to be right again.
Most car buyers simply do not want EVs or even hybrids. GM, Ford and VW have made huge capital investments that simply will never turn a profit and will be a constant drag.
No thanks.
$47K is just the price, with interest it is a small mortgage. I bought a new truck in 2021 with interest it came to $42K. Used trucks were damn near just as expensive. The payments were only around $100 less per month w/limited warranty. Anything built in the last 10 years suffers from that other Asian disease “Chinese shite fails”. Get a good warranty. I live in a big truck area. We have a lot of bikers, trucks and muscle car owners. Of course we have plenty of “men” driving those gender fluid vehicles.
The average monthly payment on a new car loan was almost $700 in June, up 13% from a year ago, researcher J.D. Power reports.
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Not so long ago, you could rent a really nice 2-bedroom apartment for that kind of money.
What ‘new’ cars?
All the dealers here have empty lots except for some high priced trucks and SUV’s.
Not a car to be seen on the Chevy or Ford dealerships, or the Toyota, Mazda, and Hyundai stores........................
Let them keep all this cr*p up and David French and Jonah Goldberg and Allahpundit will be personally dragging Trump back to the WH.
I have managed new car dealerships since 1991. A 20% decrease in sales, but instead of $4-5000 in rebates, there are none to $500 max. In a normal year, F150s in July would have $6500 in rebates, currently 0. I’ve been having sold orders come in that were ordered in January, the list price has gone up over $3000, the manufacturers can overcome a 20% decrease.
Ford’s only issue is that they lost 5 billion on their investment in Rivian (electric) which is bein pushed by the government.
Must have had a deadline. Can’t sell cars you don’t have.
What new cars? Toyota is at Zero inventory of new cars and announced that it will miss every delivery date in 2022.
There are about 275 million vehicles registered in the US, up 25 million in the last decade.
A reduces new vehicle sales rate is unlikely to cause any significant shortage over a few year period.
All in all, will these massive used car prices result in raised blue book numbers ? Will my auto insurance policy pay me what it take to replace my vehicle should it become totaled ?
That's our monthly bills. Land payment, phone/internet, electric, food and gasoline
Most I've ever paid for a vehicle was $3,000.00 which was a 30mpg car. Bought in Feb 2021 because I knew we'd have obama gas prices again since the same people were going to be running the show behind the scenes.
Again no chip shortage when it comes to EVs:-)
Economic guy I follow over on YouTube is saying to hold off if you can on any car or home purchases right now. Look to the 4th quarter to great pricing on these assets.
Geely has a 15K electric that would sell well here in the US.
Available in OZ and Newzy.
75K for a truck?
45K for an SUV?
25K for a Corolla?
Sorry, I’m not that stupid.
Prices are not dropping in my area.
I frequently see online ‘deals’ with Internet prices higher than the MSRPs printed in the ads. I thought initially thought they were a webmaster errors, but I have seen them multiple times on different vehicle websites.
I frequently get letters from local Ford dealer claiming my 2018 (bought new) is now worth more than what I paid for it.
Local dealer is demanding extra profit margins over and above regular sticker prices. 10,000 on boring cars to over $50.000 on a hotter model.
We walked out.
What new cars? I haven’t seen any to speak of.
I was looking at a 2002 low miles dodge pick up, in great shape, but when I did the simple math of filling up the tank I just about ran off the lot.