Car Repos Are Exploding. That’s a Bad Omen.

Barron's ^ | July 8, 2022 6:00 pm ET | By Lisa Beilfuss

[MplsSteve]

Loved that movie!

[OneVike]

Back in 1983, I worked as a repo man for Bobby Sides used car dealer. It was the following year after they had a huge flood from a storm that came through and did a lot of flood damage to things. Most of the cars on Side's lot even were damaged, but we cleaned them up, and eventually the smell was mostly gone and he sold them all at a huge discount.

He had this black guy named Bill who worked the night the clubs looking for cars in the parking lots. When he found one he would call me on the pay phone, and then go in to keep the brotha busy until I was able to take the car.

The guy had a 22 rifle in his trunk in case there was trouble.

Bobby sides would sell the same car 5 times a year. His used car dealership saw mixed race couples coming a mile away. He would give them sweet deals, knowing that 85% of them would miss their payments within 2 Months.

That's when Bill and I got together. We got paid $200 between us for every car we were able to find. He did the dangerous work, and got $125, I got $75. All I had to do was roll up behind the vehicle, hook it on and take off. A few block later I would pull over and secure everything and take the car back to Bobby Sides car lot.

I didn't own a gun back then, but I kept an extra large tire iron with a piece of flat metal welded to it as a weapon, just in case. Never had to use it, but Bill did pull out his 22 a few times.

Once I was backing up to a car and the guy came running out of his apartment with some friends. Bill stood by his car pointing his rifle, and they stopped cold. I got away, and later met him back at the dealership. All was well. Heck, he even knew one of the guys. They knew he was just doing his job.

[Falconspeed]

Great story. Thanks. According to Clark Howard, the radio finance guy, purchasing a used car is better than purchasing a new car, since new cars depreciate quickly.

[minnesota_bound]

This was about 2005 or so when I neighbor bought a nice home in a cul de sac up in Lancaster, CA and her payment was approx $250 a month. Her SUV payment was $450...!

[OneVike]

I agree on that. Why pay for the automatic depreciation you get once you get the new car off the lot? Makes no sense.

Unlike a new house, who’s price goes up, until the house is trashed or the neighborhood goes South, a car’s value never goes up.

Even classic cars that are restored seldom if ever increase in value.

I purchased one new vehicle in my life, and never again.

[BraveMan]

The last new car I bought was a PT Cruiser.

Nobody ever messed with it.

I owned it for over 20 years. Sold it to a friend for $500. He still drives it. The most reliable vehicle I ever owned.