The biggest rule in all purchases is: live BELOW your means. People who do that live a longer, low stress life with great retirement. If you got caught up in the, impress your friends, you're getting what you deserve
@kenarthur6253 true, but right now do NOT let your money sit in the bank or even an investment that yields less than 10% gain per year. Inflation right now is INSANE. Buy assets such as real estate or precious metals.
@@BoatMurderedDF Real Estate is a risky investment prior to a down economy. Be careful with precious metals, there are scammers out there. Expecting a return north of 10% per year is unrealistic. Seeking out investments that promise more than 10% are more than likely dubious investments.
@kenarthur6253~ this isn’t about trying to impress anybody, the ridiculous high cost of living disqualifies anybody from buying a home or car let alone people trying to take the bait. These greedy politicians ( Harris & Biden) destroyed America. All students graduating from college are already in debt they can’t qualify for a home let alone buying 50~65k vehicles with interest. People just don’t have this kind of money it’s like running in a hamster wheel.
Don’t tell me how to live my life. If you want to drive a nice car, it isn’t for anyone other than myself. You can’t take it with you, may as well enjoy it while you’re here.
The secret to wealth is NO CAR PAYMENT ! I buy good used cars and drive them till they quit, fix some ,get rid of some and buy another used one ! Always a Honda or Toyota !
It's insane. Car makers and dealers only want the expensive models. I read somewhere that Mitsubishi wants to stop building the Mirage, their cheapest car, because the profit margins for them isn't as great as the Outlander. Now the Mirage isn't the greatest car in the world, but if you're not in the top 1%, it makes a decent first time new car because of the affordability. But nope... apparently dealers want lots full of expensive unsellable cars, rather than cheap sellable ones. Craziness.
Nope they need to bring it down to the pre pandemic level. Nobody is taking the bait ridiculous over pricing more than double them they bring down a false number but it’s still more than double, no thanks keep your junk and keep washing it. It’s just not the overpriced payment it’s the overpriced insurance and everyday household items that are also outrageously overpriced. Only a fool would get into slavery debt to be car or home poor. No THANKS have fun washing and moving the inventory.
They can't because of oppressive EPA and democrat mandates. You fools could get a break by voting for Trump but you'll vote for Kamala, voted most liberal senator in the senate, and it will be so much worse in 4 years. I suspect she'll move up the 2035 deadline for getting rid of new fossil fuel powered cars.
Anybody watching this who has a high interest, credit card and loan situation… Let me tell you one thing: there is no way to solve this problem other than to pay down your debt. Get a second job, reduce your cost, anyway you possibly can… Give up your streaming video, temporarily get a different cell phone plan, stop getting Starbucks, start going to the grocery store and having PB&J or baloney sandwiches for lunch because if you don’t pay off that mountain debt as fast as you can, you will literally ruin your life in conditions like this. You have to look in the mirror and realize no matter what your circumstances were, you are in a deep hole, and no amount of complaining about it is going to help you get out. Pay down that debt as fast as humanly possible. You can do it. Generations before us lived without air conditioning, lived without cell phones lived without cable TV and lived without fast food. Time to bear down and do the hard thing. You will succeed and you will be proud of yourself when you do it.
Part of my debt paydown plan was to trade in my bought new expensive car for a nice used truck. Absolutely can’t do that now with this BS car/truck market
Coming: Scarcity by Wealth. There is no reset if there is no crash. If there is a reset, there will be high inflation. If there's inflation, we are back to where we are now. The canaries in the coal mine are not the car industries but Bakken, Eagle Ford, and Permian basins "liquid" shale.
The median salary in America is still 50,000 k. Car makers are no longer pushing cars that are 25k minimum and if they are they're jacked up at the local dealerships. That's what needs to change we need cheaper cars again we need the people's car
Auto manufacturer can’t control dealership. It’s time to cut off the middle men and order direct from manufacture. Don’t we pay for the destination fee already, why we need to bother with a dealership that have absolutely no use even the service dept is a scam nowadays. You use to count on high price but at least the fix the issue. These days when you go in for an oil change and then you come back with more problem than before. I don’t see the need for car dealership any more.
Hey Guys. It's not just the dealers. Don't forget to give the insurance companies the credit they deserve for their INSANE predatory price gouging! Don't forget to give them props they deserve. They've worked hard to be the scum bags they are today. Charging drivers with excellent records and zero accidents criminally sky high rates. Nothing screams "America" more than charging the responsible people to pay for the irresponsible people. That's the real American way......more than baseball or apple pie.
@@kojoefante Holy smokes! This comment is why I hate paying school taxes. This genius here, that we paid to "educate", thinks it's perfectly fine to over charge people that follow the rules extra to pay for the scumbags that don't. And to top it off we should just pay it and "mind our own business". These are the "great thinkers" our school system is creating folks. This is what all that tax money we're being forced to pay is creating. These are the future leaders of our country. THIS COUNTRY IS DOOMED!
Fantastic video! I have incurred so much losses trading on my own.... I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong??
Investing with an expert is the best strategy for beginners and busy investors, as most failures and losses in investment usually happen when you invest without proper guidance. I'm speaking from experience.
It just blows my mind that inventory, cost, incentives, insane used prices, credit card rates and all the people that are not paying their bills and not buying, the prices of trucks are still insane. Been waiting for 4 years to buy a truck and probably need to wait another year. I don’t need one is the good thing
and all the while these youtubers for years are slamming you with how market prices are crashing... car sales are down... no one is buying them... now is the best time to buy (every month forever)... all BS for views and ad revenu
I started in the car business as a young lotman in 1977, advancing to sales a year later. I have had so many people sitting across the desk from me trying to buy a car they want, but can't afford. It's seldom the car they need. Buyers are often so easy to push into accepting more debt than they can handle, because they are desperate to get that new status symbol. I saw so many of my customers in financial difficulties after overextending on credit, that I quit the business for 25 years. After retiring from the music business, I returned to car sales for fun. But it wasn't fun at all. The whole industry had become so much more aggressive in slamming buyers into cars they couldn't afford, I quit again and am no longer interested in the trade. I still love cars and motorcycles though...
I’ve bought two cars in my life that were what I wanted more than needed. I could still afford them ( a 1999 Nissan Maxima and 2009 370Z), but I don’t think I’ll do that again. I just don’t like being frivolous now.
It's not all about Stealership greed... it's about time they needs to take out useless tech that DRIVERS don't need; Lane assist, collision warning, ... make them OPTIONS so people can have decent prices!
Boomer here, still driving my 2004 Jeep GC that I bought showroom new. Paid cash for my wife's Lincoln Nautilus reserve. Both of us are retired, and thank the good lord for saving all these years . Nothing new for me in the future.
Same with me, age 68. I have 3 vehicles, a 2011, a 2012, and a 2016. I do not see my wife and I buying another car. The 2016 Camry with only 56k miles on it will outlast are ability to drive it safely.
Younger buck here, no debt is a great place to be in! Jesus is good to us, we both have good jobs, paid off our house, paid off cars, no credit card debt, retirement accounts are doing well. Thank you Lord!
The best thing for a young person to do is live in the city to skip car ownership. A young person can easily travel commute by some combination of bike, scooters, walking, and public transit
Really.. that is awesome. I had a 99 (first year of that body style) Laredo. I loved it. I remember back when they were brand new. At the time they were considered as an overall really nice vehicle that many wanted ( especially the Limited with the V8.). Because of their age, they’re becoming a little more rare to see nowadays, but for years I typically saw a lot of them still on the road. When you take care of them they’ll run forever.
Last week I was at three Nissan dealers. I'm not seeing the huge incentives - their best offer was $500 veteran and $500 for brand loyalty - and they want to bake those numbers into the negotiation, as if the dealer is providing the incentive. The best I could do was one dealer who was willing to chip into his holdback below invoice ... but nowhere near the "10% below invoice" that Nissan has publicly stated that it has authorized dealers to advertise. It appears there's a game of chicken going on between the manufacturer and dealers ... Nissan wants more cars to move, but the dealers won't discount that deep without Nissan reimbursing them for the loss. Ugh.
All of the Nissan dealers in my area have so many scam add on fees, even on their used vehicles, they don’t seem interested in making a deal. $1000 more if you don’t have a trade in, $1000 more if you pay cash or don’t finance with them, $2000 reconditioning fee on a car that is one year old! I looked at a 2022 Nissan Frontier that was listed at $27,000. After all the BS fees the out the door price was $36,000!!! These dealerships deserve what they get.
I leased a 23 Nissan Ariya EV e4orce with 350 mile range on a full charge. Almost 15k off sticker @ $250/month with free charging, and a free home charger. No complaints here for a 50 mile drive from my town as my local dealer laughed when I told em the deal, now guess who is laughing!
We’ve been watching your channel recently in preparation for buying a new car. It’s been super helpful, we went yesterday and stuck to our OTD pricing guns when the dealer kept asking us about financing. The dealer started at about $7000 over MSRP and we asked for $2000 below and they wouldn’t budge. Eventually the sales manager came over and nicely pointed out our number was impossible so we thanked him and left. It was good practice after years of not buying a new car. Keep up the good work. Hopefully we get a good price too eventually. ETA: sorry I didn't mention the make or model. I was shopping for a 2025 Honda Civic Sport.
Stay strong. Dealerships will soon understand it's people BUYING their product will keep them in business. It's better to sell more at a lower price than few at ultra high prices. Stealerships are being greedy.
Does the dealer have your contact info? If so, I bet you will hear from them in the coming days and all of the sudden the price will come down quite a bit. My wife and I walked off a dealers lot and sure enough, a couple of days later the phone was ringing and they came across very different.
You didn't mention the make or model. Honda/toyota are still up there as demand remains high. I switched from Honda to Subaru as to this day, in my area, they have 3k in add on's per vehicle. I refuse to pay it.
All due respect...if people are willing to pay these ridiculous prices, and financial agencies keep financing them...sounds like a similar dynamic to the housing crisis.
During the pandemic, dealerships were selling cars at 25% or more over sticker and then giving auto loans to people with credit scores in the low 500`s, a recipe for falure.
Oh, this is going to end very much the same way as housing. We will see used trucks and SUVs selling for half what someone paid just 2 years prior. It’s going to be a melt down, but for those who stay on the side line and save up cash….you will be in the drivers seat.
The only thing I will say is after watching your videos since covid is that is not the case in Canada. I walked into a toyota dealer recently and cars have a waiting time from 3-12 months its better than covid where it was 12+ month. And also used cars are still ridiculously expensive
Toyota is trickling their models in Canada as a leftover from the US market. A way to keep prices way up. Their sales will eventually hurt as well after they are done skimming their wealthier customers.
I am not buying any new car or truck. I don't like them, nor turbos, nor large scale film displays, nor high voltage batteries, nor thin, easily broken windshields. My latest acquisition: in Dec. 2023; a beautiful 2004 Mercury Grand Marquis LS with only 44,000 miles. Ultimate Edition, new paint, good tires, nothing needing repair. I have seen 29 mpg on highway. Very quiet. Paid $6,400 cash.😄 🐺
It wasn't just the stimulus it was the unemployment and other benefits. My tenant, who is an electrician, was making 6k/month before the pandemic, got laid off and was bringing 8k/month, his girlfriend was doing the same thing. They were up 4k/month for more than a year. Then they drove Uber and pulled down even more. It was crazy but I saw their financials and know it was true.
Heh. US Bank kicked my credit card interest up to 29.76% APR effective June 1st. My counter? Been working 6 day work weeks...and on Monday morning I will be paying off said credit card. Once it's posted I'll be applying for a credit card through my credit union (13.75% fixed) and telling US Bank exactly where to stick that almost 30% APR piece of plastic. Over the next few months I'll be doing the same with my other credit cards as well. 👋
Without getting into the issues with people who are behind on their payments - it’s prices. I looked at a CRV EX-L Hybrid last month. The sticker was over $40k. I have always wanted to get a Lexus but couldn’t ever justify paying the money for one. Well, I’m not paying $40k+ for a CRV so I finally went and decided to spend the extra money on what I’ve always wanted and got the Lexus.
@@vicariousjohnson9823 I got a 2025 NX350h. I was originally going to get a NX250 but last minute decided to get the hybrid. They took $1500 off sticker which looking back on it really surprises me. The dealer I went to has 13 NX250’s listed either on the lot or in transit and 4 NX350h’s. I bought on a Tuesday. By Saturday all of the 350h’s were gone and only 2 of the 250’s remained on their site. I don’t know how many regular 350’s they had but I wasn’t interested in a turbo so I didn’t pay attention.
@@vicariousjohnson9823 I got a 2025 NX350h. I was originally looking at the NX250 but decided to get the hybrid last minute. They were going fast. I bought on a Tuesday and they had 13 NX250’s and 4 NX350h’s. By the end of the week, all of the hybrids were gone and only 2 of the NX250’s remained. I didn’t see how many regular 350’s they had but I wasn’t really paying attention because I didn’t want a turbo.
@@whatsup7253 I didn’t want to spend $40k+ on a car. I remember I paid around $29k for a well equipped 2016 Rogue. But if you’re telling me that a CRV Hybrid which isn’t even a Touring is over $40k then I’m just going to spend the extra $10k and get the car I really want.
I don 't feel sorry for any of the car manufacturers. They have been so greedy for so long. Until the interest rates comes down to nearly 0% for a new car and the MSRP for that new car gets drastically cut, I am not buy. Neither should anyone else.
Its time for the US consumers and car manufacturers to start downsizing vehicles again. If you own a car simply because its faster than walking or for commuting to work, you should be driving a small car. These midsize SUVs and crossovers are stupid and have zero advantages over a car or hatchback. They have no more occupancy space, cost more to buy, cost more to maintain, get less mpg. Cars like the Fiesta, Fit, Aveo etc are dead, meaning sub 20k new car market doesn't exist for the average person to jump in a new car with a warranty thats cheap on gas and pay sub $300 a month. I'm obviously not talking about families that need 3rd row seating. Consumers are forced to buy these terrible SUVs and pay (car payment and insurance) almost what they pay in rent (which has also sky rocketed) just to get to work. I love cars and own a new WRX and a Mustang so I expect to pay premium prices for cars directed at me but to be forced to spend $700+/month on a generic "car" should NOT be the norm for non car people just looking to have a dependable car.
These vids have been saying prices are coming down with these clickbait vids for months and months. Nope, no reset, no market meltdown, and prices remain high without dealers budging.
My 14 1/2 yr old car finally went to car heaven and I have been looking for a new USED car. I looked at 2022 but the prices, were between $25,000-$30,000 for a SUB-compact suv and the interest rates made it impossible for me to buy one. So I looked at 2019 and to my great SURPRISE, the prices were the same, between $25,000-$30,000 for a 5 yr old SUB compact suv with, again, ridiculously high interest rates. That says to me buyers paid for over priced cars and dealers PAID too much for trade-ins and now I have to PAY FOR THEIR MISTAKE? That's NOT going to happen. I WILL WAIT ❗🇨🇦 P.s., Forgot to mention I'm looking to buy a Honda or Toyota. As far as I'm concerned, these two companies 🔷'especially'🔷 are REALLY gouging the American and CDN buyers. Why ? Because we are stupid and paid stupidly high prices back when. Manufacturers think this will go on forever and they won't lower their MSRP prices( which are BS BTW). They both raised the prices on their 2025 lineup of cars. 👎
Excellent information and analysis. Much much better than the popular media. We’ve waited a bit to buy new auto and truck … aka delayed gratification. Fortunately we’ve save our pennies. l thank you Car Edge team
For the last 30 years I've bought a new full size truck every 2 years. They have convinced me that I no longer need to do that. Between the price and the build quality that is reminiscent of the late 70's early 80's - I'll be keeping my money.
Inflation. Inflation. Inflation. Cost of living went up and most Americans may have 4-500 dollars to live on a month having to include 9-1200 dollars for a car!!!
How about make entry level affordable models again instead of scrapping them and bringing in the fully loaded models. Also bring back the bang for your buck and better build quality. Car companies forget nobody wants to enter a mortgage payment for a car.
I bought a 2019 Honda Crv - xle in November 2019 & a Toyota Rav4 in January 2024 in Columbus, Ohio. Their prices are the same. I don't know where prices are falling but it is not here.
There are still no discounts on vehicles where I live, at least any vehicles people need. Like Toyota for example have you seen a Tacoma price now? Ridiculous. I will believe something is happening when discounts actually start.
No meltdown in Las Vegas. The car dealers here are oblivious to everything outside their walls. VW dealerships here are full of almost identical vehicles 1 of my family members are shopping for, some of these vehicles have been on the lots over 200 days yet they want over MSRP OTD. Completely bonkers.
For those of you out there who dont think the car market is melting down. The auto makers do. Warren truck plant is going down to 1 shift in October. They will be losing over 2000 jobs. At GM, there are rumors that plants that build SUV'S might be losing a shift as well. So, yea. The market IS having problems. I happen to work at GM.
*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*
Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
Good day all👍🏻 from Australia 🇦🇺. I have read a lot of posts that people are very happy with the financial guidance she is giving them ! What way can I get to her exactly ?
Toyota Dealers in Atlanta are still pretending that they don't have cars when you go to their car lot, however, they still send emails stating they have too many cars and they are slashing prices to sell them all by the end of the month!!
@@GBcommander Toyota swear s it is the Dealer’s doing. I wish Toyota would do what they announced they were going to do with “Toyota Direct” and cut out the dealer for purchases.
Simply cannot afford a new car way to expensive. New trucks are 50 plus K. I bought my first new vehicle in 1988 a F-150 Pick up with Air and a stereo 4.9 with a 5 speed was a real good truck I paid $12519.00 out the door $250.00 a month for 4 years I had that truck for 12 years never had a problem. Pick up today is huge and more of a SUV luxury car not a work truck! New stuff today GM, Ford, Dodge do not make quality and simply don't care about keeping customers. Dealers will not move on price for garbage cars that are poorly made, and manufactures do not want to stand behind.
Thank god i bought 3 things at the best time. 1 our house when the market crashed in mid 2000’s and both car in 2019 before the pandemic. Below 5% apr for both and with reasonable prices.
I want to start a brand new campaign to change the laws to remove the middle man dealers. Flat, full stop. The laws have been engineered to favor the dealership industry and harm the consumer and middle class families. They have had a century in business and abused the confidence of the consumers and only politicians are rated less honest than auto dealers. Recently a dealership told my partner & I that someone else will come along and buy the car if we didn’t. I’m finished with the arrogance of auto dealers and in order to afford a dependable vehicle the middle man dealer will have to be removed from the auto purchase process. Buying a car in the 21st century cannot indebt us for a lifetime the way homeownership became in the last half century.
Government is owned by corporate America. Will never happen. Regulations are in place to prevent the free market from cutting the middle-men (dealerships) out
Government is owned by corporate America. Will never happen. Regulations are in place to prevent the free market from cutting the middle-men (dealerships) out
I feel like at bare minimum there should at least be a universally accepted two options. All manufactures should allow direct to consumer purchasing for consumers to use their own research and cut a cheque. Tesla can do this, why can't ford? (They could, easily). For those that want to step foot in a dealership and mess around with all that headache, and there are many, they'll continue to do so. We just want choice, that's it.. 100% agree with you.
For all of you boomers on here blaming the consumer and commenting "don't buy what you can't afford" you need a dose of reality. For a lot of us, we dont have a choice other than to finance a new car. I bought a car during the height of the pandemic after my other car was stolen. I did the right thing. Bought used, only what I could afford, paid in full. Less than 3 years later my 5 year old car had a catastrophic failure. Now I'm out thousands and thousands of dollars and my only choice is to finance a new car. Sure I could spend 8k and get a crappy older car but what happens when that one breaks down? Then I'd have spent about the same amount of money buying a new with finance and I'd literally have nothing to show for it.
Problem is cost of living is still going up and we haven't seen anything yet. Its going to get lot worse. People are starting to buy older cars cause they can't swing new car prices and buy food and pay rent. Wont be long before the dollar is no more.
Not even close--"According to our research, the average manufacturing cost of a new Ford F-150 is between $25,000 to $28,000. From this amount, Ford can earn a profit of approximately $12,000 to $14,000." From this profit they need to cover their overhead such as taxes and depreciation.
Honestly this a good video. I expect to get information from car analysts but never quite this in depth of information. I feel like it's rare to find this informative of a video anymore
Every TH-camr talks about the car market crashing and yet it's not really happening any place. I'm still waiting, the car dealers in Florida don't know what's going on, they still want ridiculous prices.
@@fiily1 I kind of agree. Not totally though. It's a better strategy than the other manufacturers who are sacrificing quality and overcharging anyway to load up dealer lots. At least Toyota quality is still class leading.
As someone who works in the insurance industry, repair costs have skyrocketed in the past 5 years or so. Not just all of the additional technology and parts costs. Serious labor shortages of qualified auto mechanics, so labor costs have gone up by 50% in some areas of the country. Most car insurance companies lose money most years on their auto insurance books.
The auto makers brought this mess on themselves by assuming folks would pay whatever was posted on the sticker. Wrong. Inflation has made food & a roof over your head a top priority & it's not cheap. Yet I give them credit that 100K miles or more nowadays is no big deal & folks are hanging onto what they have longer. The days of flipping a vehicle every 3 or 4 years are just about over.
Ray nailed it impact of flexible aprs hammered people. My overall debt went up 600$ out of pocket a month. We had a flex heloc for remodels that shot up. 600 more in bills is a carpayment less disposable income a month.
If you follow the broad spectrum of the automotive industry, you now know that recently auto industry market analysts acknowledged that Tesla is close to bringing robo taxis to market. Tesla predicts that the consumer cost to ride in robo taxis will make vehicle ownership unnecessary because ownership will have become a financially bad decision. This does not include businesses like Starbucks, who will gladly give free rides to commutors to sell them one or more cups of coffee. While reducing bricks and mortar overhead costs and expanding profit and marketshare.
Part of the reason why cars are so expensive now, compared to 30 years ago, is all the technology built in. What we need now are "entry-level" inexpensive new cars that are reliable but don't have so many luxury features. But it's just as expensive for a manufacturer to build a cheap car as it is for them to build a luxury car, and they make more money on a luxury car. That's why there are no more "starter" homes being built....the cost of land is the same whether you build a cheap house or a McMansion, but the profit is so much larger on a McMansion. What this country needs right now is an American version of the Beetle. I don't need a car with navigation, parking assist, self-dimming headlights, CANbus, cameras everywhere, and power everything.
Just bought a new car for under invoice and dealer holdback. All they got was their doc fee and whatever kickback on a 2.9% interest rate. The deals are out there to be had now.
I was a guy that traded every three years for new car, wife's as well. I also assisted kids and grand kids co-signing initial first car loans. Well now forget it. We're not poor, not wealthy, just what was once the middle class elderly approaching lower level. Can no longer assist with car buying for kids, have decided to start keeping our cars, low mileage, 4 year and 2 year age. We have been driving Fords but now seems they only want to sell EV's. Maybe someday might consider a hybrid but no EV's in our future. 3 Cylinder engines, no thanks. Government BS and requirements killing cars. No idea where all this goes for owners or dealers but something has to give or everyone will be on bicycles soon.
It doesn't really matter if or when dealerships lower their prices because most of us just don't have the money to spend on a used vehicle, let alone purchase a new vehicle vehicle.
Well..speak for yourself. There are people in the group whom do have money because those that saved up during covid until now but are not foolish enough to overpay and are waiting for better pricing! I happen to be in this group, and the money is burning a hole in my pocket but I’ll be patient! I know better…
I actually seen a commercial this weekend for the dodge hornet. Had never heard of it until y’all first talked about it here. So now they’re putting money into advertising as well!
Only problem with the 0% incentive is that it is only avaiable to "well qualified buyers". Most, if not nearly all, Americans in this economy do not have qualifying credit scores for the 0% bait. As usual they bait you in then sell you on monthly payments that you can "afford". Which as you guys have shown, doesnt work. To get buyers the dealers must make the 0%, or nominal rate incentives avaiable to all buyers. Not just those who make more income than most... IMO...
I don’t think it’s “bait” to say it’s for well qualified buyers. If someone doesn’t have a good credit score it’s either because of lack of credit history (which just kind of stinks for them) or because they actually burned someone in the last 7 years (for whatever reason, understandable or not, didn’t pay their bills).
People with good to excellent credit are 25%+ of the population. I saw the chart from fico a few days ago. Often times in the past, it's been cheaper to pay interest and take the rebates vs. 0%
@@neilreddick3062 And your complaint is exactly what I would expect from someone who is high risk because you’ve already shown you don’t pay your bills or you’ve already overextended through a poor debt:income ratio and/or high credit utilization.
The average credit score in the US is 715. According to Nerdwallet, about 48 percent have a credit score above 750. That is far from being nearly all Americans do not have qualifying credit scores for the zero percent financing.
So when do used car prices start to fall? You guys keep talking about it but I'm not seeing it. Been watching for a 2 year old Outback with around 35k miles and the prices are still high.
Just picked up a brand new 24’ Onyx Edition XT for $3k below MSRP at $38,000 and 2.9 percent apr. The deals are out there. I realize 38k might be a bit more than alot of people can afford but the used car market is just insanely expensive right now and you can sometimes qualify for a better interest rate buying new?
Yeah, these “the sky is falling” videos have been happening non stop for months. When are we going to see pervasive results in prices drops?. Viewers are going to lose interest when there is this continue story without results
@@nelsonvanvickle8862 It sounds like you're the one who can't afford the car because you had to finance it. I don't finance cars, I'll be paying cash. $29k for a used Premium is too high when they're $34k new.
@@penguin12902 And it Sounds like YOU are absolutely clueless. I traded in a late model pick up truck that had nothing my Outback has and it got terrible gas mileage by comparison. The truck was paid off title in hand and the dealership gave me top dollar for it, I got a fantastic interest rate and my payments are LESS than $250 a month, which, incidentally I absolutely CAN afford and I also intend to pay it off early, just like I did the truck. I got a far superior vehicle that returns far superior gas mileage AND it comes with an even better warranty than the truck had. I owe $12k on a brand new $41k Outback, which is just fine with me, but you just immediately assumed I financed the entire MSRP? 😂😂😂
@nelsonvanvickle8862 we view money differently. If I can't write a check it means I can't afford it. That's all. My apologies. Sounds like you're happy with the deal and I'm glad for you. The XT is a fun car, enjoy it!
At the end of the day its always the bank's fault, they're supposed to be giving out good loans. My sister works has worked at a credit union for the last 30 years. They never held toxic debt and had bad times because they never engaged in shady loan practices. I don't expect most young people to make good financial decisions that's the experienced bank manager's job. Now at most banks it's short-term profits in disregard to long term consequences.
There's plenty of reasonable sedans out there. You can get a brand new Civic LX for 25k. You can get a 2025 Camry Hybrid LE for 29k. Both of those are fuel efficient, cheap to repair, and will last a long time. The problem is most Americans want SUV's or Trucks, which are more expensive.
It is not about marketing. They need to actually produce the base models that they claim exist. Just try buying one, and all you hear is that there are plenty of loaded versions of the same thing. I just don't have an extra $10,000 to spend on features I cannot afford. The other issue is interest rate. They are insane, and nobody can afford it. How can one brand offer me anywhere from 0-1.99% but most models are 6-9% on new and even worse un used. I will keep driving what I have because I simply cannot afford it, AND I am offended that they are screwing me so hard with rates and tactics. I will take my ball and go home rather than play.
Yeah people keep saying this but I'm pretty sure dealers aren't going to cold turkey their junky-level addiction to price gouging and predatory practices. I need a car asap. So I'm going to be stuck paying mrsp for an suv thats 6 years old.
A phoenix rises from the ashes for a reason. Funny thing, just at a dealer the other day and they wouldn't even sell me a car at their advertised price. I hope a lot of these dealers are out of business soon, would like to see a change in the industry.
We know what we will be buying. We are waiting patiently until the prices drop dramatically. We keep our cars for 10 years...and happily invest in keeping our cars in good shape - vs new car prices. Cash is king imo during these tough times. I think we will see a reset sooner than later. And...we will pay cash - not a high end car - basic vl with features we want...avoiding etching (insane) and other money generators - for the dealers. Interest at 10% - cash purchase only.
I think the 'meltdown' depends on what region of the country you live in. Here in the Tri-County area of South Florida we're still seeing high pre-owned as well as new car prices. Demand is also very robust. I'm currently in the market for a nice pre-owned luxury car or SUV and the brand(s) I'm targeting move quickly. I haven't pulled the trigger because of the high prices as well as all the B.S. addon dealer fees which irritate the hell out of me.
I never sign the dotted line the first trip to the dealer. By the time I get home, there is always a vm with a better price. I would have purchased several more vehicles in my lifetime if the car buying experience was a bit more pleasant. I have had a better experience getting a root canal.
Dealerships are thieves. $599.00 electronic file of paperwork, $995.00 to $ 1200.00 for "readying the car to sell--a lie", plus about another $ 500 in 'bric-a-brac" charges , plus sales tax. Saw a ES 350 used for $29K. By the time my down and trade in started to help the final price was about $34K.
After not looking at new/used vehicles for almost 10 years, we drove a few about a month ago. Today, I received messages from two of the three trying to get me back in to buy something. We're not at all in a hurry as the 10 year old one only has 60K miles on the odometer (and the 20 year old one is running strong at about 160K)...
I buying a car cash tomorrow. I plan on bringing in the KBB fair purchase price in to negotiate to. Im wondering is the KBB price the average otd price or msrp?
There are still very few inexpensive sedans on dealer lots like Versa and Corolla. Guessing by lack of inventory on cars like this we are over a year away from seeing discounts on basic sedans.
There's plenty of sedans going under MSRP near me, it's just Americans don't want them. Americans have been convinced that they need a giant SUV to get groceries and haul around their 2 year old.
Been to multiple dealers recently, I don't see or feel their pains. They still act like nothings changed, everything from doc fees to extra "preparing fees", seen it all. They still haven't learned anything, rather the buying process like Tesla, online, done with dealers.
So when can I get a car for 30-40 percent off MSRP? Given today’s pricing that’s what I might need to get me off the fence, especially when I don’t absolutely need a new car.
We are about 17 months out from buying a new (used) car, this is going to be a cash purchase. For the last 5 months I have been keeping track of one particular car (make and model) in our market. New car availability is down about 25% in the last month, used car inventory is steady. One example of this model the in the used section of a new car dealer, this car is advertised as "just traded" and "reduced price". Pick your selling point.
The Honda dealership where I got my last copy sending me email after email that 'no more market adjustment' come get your next one. So i check out the dealer's add-on stickers while mine in for regular maintenance. For a $30k Accord, there is $3k PRO package, same applies to CR-V, Pilot and so on. Ya, new car buyers are so poor in math these days. 🤣 The other days, I was wheeling and dealing for my buddy at Mazda, I said your $2700 PRO package has no value for me, I won't pay a penny for it. You can either remove them, stripe them off, or put cap on your $1000 alarm, so the guy just remove the price of PRO package from the discussion PERIOD. We ended up driving a 2025 CX-50 off for a total (TTL included) that is close to MSRP. 🙃
When ford pulled away from lower tier credit customers and started adding 300 million packages to order on their vehicle's while not listening to what customers actual want to drive and then hiking prices far above what their reliability was. I knew then then it was wrap. They practically handed the market share to Hyundai/kia on a gold plater
It will get worse. Our government debt is under water too just like car loans and they never stop borrowing and spending our money. So the FED is between a rock and a hard place
Current suv models don’t cost enough to make to justify price tag of $55k for 3row suv… A grand highland Der ain’t THAT much bigger than a Camry in sheet metals, inserts, wirings, etc… But the pricing difference is exponentially higher
Car manufactures greed, lending institutions greed on top of consumer's financial ignorance is a recipe for a financial disaster! There are going to be a lot of people hurting from all this greed and ignorance!
@@davidcampbell1899 greed lol. Yeah, all the workers demanding higher pay to afford basic living due to government policies. Yeah, mean ole corp greed. I don't buy that line of thinking. Sounds like Democrats talking points have gotten to you
All those adjusted market markups and dealer add-ons are coming back to bite them. Now the dealers are crying about not having buyers, well you priced them out, and the manufacturers increasing the MSRP’s have put the market in a stall. Banks should’ve never accepted all those markups and negative equity during that time.
The banking industry is just as complicit as the dealers/car makers for allowing this lunacy all for the quick buck. The 2008 housing crisis was blamed on the banks bad lending practices for unqualified/underqualified home buyers, and now the piper is calling the car industries home. I can't wait!
I was at a car show at a Ford dealership today. I walked the lot which was full of F150's at $62000 and up. Also was full of Mustang EV's which don't sell. A very few Escapes and Mavericks, and NO Rangers. Dealers have no clue what the public wants and can afford. Greed will kill them off!
The biggest rule in all purchases is: live BELOW your means. People who do that live a longer, low stress life with great retirement. If you got caught up in the, impress your friends, you're getting what you deserve
@kenarthur6253 true, but right now do NOT let your money sit in the bank or even an investment that yields less than 10% gain per year. Inflation right now is INSANE. Buy assets such as real estate or precious metals.
@@BoatMurderedDF Real Estate is a risky investment prior to a down economy. Be careful with precious metals, there are scammers out there.
Expecting a return north of 10% per year is unrealistic. Seeking out investments that promise more than 10% are more than likely dubious investments.
@kenarthur6253~ this isn’t about trying to impress anybody, the ridiculous high cost of living disqualifies anybody from buying a home or car let alone people trying to take the bait. These greedy politicians ( Harris & Biden) destroyed America. All students graduating from college are already in debt they can’t qualify for a home let alone buying 50~65k vehicles with interest. People just don’t have this kind of money it’s like running in a hamster wheel.
Don’t tell me how to live my life. If you want to drive a nice car, it isn’t for anyone other than myself. You can’t take it with you, may as well enjoy it while you’re here.
The secret to wealth is NO CAR PAYMENT ! I buy good used cars and drive them till they quit, fix some ,get rid of some and buy another used one ! Always a Honda or Toyota !
Selling current car models at a discount isn't enough. Car companies need to release new affordable models.
It's insane. Car makers and dealers only want the expensive models. I read somewhere that Mitsubishi wants to stop building the Mirage, their cheapest car, because the profit margins for them isn't as great as the Outlander. Now the Mirage isn't the greatest car in the world, but if you're not in the top 1%, it makes a decent first time new car because of the affordability. But nope... apparently dealers want lots full of expensive unsellable cars, rather than cheap sellable ones. Craziness.
Exactly. They need to stop being so greedy. Greed is the root of all evil.
Nope they need to bring it down to the pre pandemic level. Nobody is taking the bait ridiculous over pricing more than double them they bring down a false number but it’s still more than double, no thanks keep your junk and keep washing it. It’s just not the overpriced payment it’s the overpriced insurance and everyday household items that are also outrageously overpriced. Only a fool would get into slavery debt to be car or home poor. No THANKS have fun washing and moving the inventory.
They can't because of oppressive EPA and democrat mandates. You fools could get a break by voting for Trump but you'll vote for Kamala, voted most liberal senator in the senate, and it will be so much worse in 4 years. I suspect she'll move up the 2035 deadline for getting rid of new fossil fuel powered cars.
The consumer needs $20,000 Chinese electric cars with no tariffs.
Anybody watching this who has a high interest, credit card and loan situation… Let me tell you one thing: there is no way to solve this problem other than to pay down your debt. Get a second job, reduce your cost, anyway you possibly can… Give up your streaming video, temporarily get a different cell phone plan, stop getting Starbucks, start going to the grocery store and having PB&J or baloney sandwiches for lunch because if you don’t pay off that mountain debt as fast as you can, you will literally ruin your life in conditions like this. You have to look in the mirror and realize no matter what your circumstances were, you are in a deep hole, and no amount of complaining about it is going to help you get out. Pay down that debt as fast as humanly possible. You can do it. Generations before us lived without air conditioning, lived without cell phones lived without cable TV and lived without fast food. Time to bear down and do the hard thing. You will succeed and you will be proud of yourself when you do it.
lol, i proactively made the sacrifices you had to learn the hard way.
Part of my debt paydown plan was to trade in my bought new expensive car for a nice used truck. Absolutely can’t do that now with this BS car/truck market
This reset has been talked about now for months. Don’t see anything changing in car prices. So, when is this reset?
trucks have dropped 10k and will continue, my guess is you're not paying attention or you're in some low population area.
Coming: Scarcity by Wealth.
There is no reset if there is no crash.
If there is a reset, there will be high inflation.
If there's inflation, we are back to where we are now.
The canaries in the coal mine are not the car industries but Bakken, Eagle Ford, and Permian basins "liquid" shale.
I just bought a new bronco (new old stock ‘23) badlands, discounted $9,500
Be patient.
Ford gave me triple for my trade than any other dealership and gave me a big incentive on a Bronco
It's not a meltdown. Prices are still way too high!
The median salary in America is still 50,000 k. Car makers are no longer pushing cars that are 25k minimum and if they are they're jacked up at the local dealerships. That's what needs to change we need cheaper cars again we need the people's car
Henry,
bring back a car
we can afFORD:
Model T for $495
Auto manufacturer can’t control dealership. It’s time to cut off the middle men and order direct from manufacture. Don’t we pay for the destination fee already, why we need to bother with a dealership that have absolutely no use even the service dept is a scam nowadays. You use to count on high price but at least the fix the issue. These days when you go in for an oil change and then you come back with more problem than before. I don’t see the need for car dealership any more.
Mitsubishi mirage and Nissan versa
@@hypnoticimage9687 Consumers are aware of corrupt dealer service centers, but I don't think we know the depth of deceit and corruption.
never going to happen. much like how you're never going to buy a house for 100k again.
Hey Guys.
It's not just the dealers. Don't forget to give the insurance companies the credit they deserve for their INSANE predatory price gouging!
Don't forget to give them props they deserve. They've worked hard to be the scum bags they are today. Charging drivers with excellent records and zero accidents criminally sky high rates.
Nothing screams "America" more than charging the responsible people to pay for the irresponsible people. That's the real American way......more than baseball or apple pie.
America is the land of scams. Everywhere you turn somebody is ripping you off.
Your problem is focusing of what others are doing
@@kojoefante Holy smokes! This comment is why I hate paying school taxes.
This genius here, that we paid to "educate", thinks it's perfectly fine to over charge people that follow the rules extra to pay for the scumbags that don't. And to top it off we should just pay it and "mind our own business".
These are the "great thinkers" our school system is creating folks. This is what all that tax money we're being forced to pay is creating.
These are the future leaders of our country.
THIS COUNTRY IS DOOMED!
Fantastic video! I have incurred so much losses trading on my own.... I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong??
Same here, my portfolio has been going down the drain while I try trading,I just don't know what I do wrong..
Investing with an expert is the best strategy for beginners and busy investors, as most failures and losses in investment usually happen when you invest without proper guidance. I'm speaking from experience.
I think l'm blessed if not I wouldn't have met someone who is as spectacular as expert mrs Fenella..
Highly recommended 🙌
Wow, I'm surprised to see Fenella mentioned here as well. I didn't know she had been kind to so many people
I'm also a huge beneficiary of her..
I thought myself and my family were
the only ones enjoying Fenella
trade benefits
It's crazy how Stellantus is doing poorly, but the locations in my town have not budged in the last 2 years price wise😂
It just blows my mind that inventory, cost, incentives, insane used prices, credit card rates and all the people that are not paying their bills and not buying, the prices of trucks are still insane. Been waiting for 4 years to buy a truck and probably need to wait another year. I don’t need one is the good thing
We just started looking at trucks and I nearly had a heart attack when I saw the prices.
and all the while these youtubers for years are slamming you with how market prices are crashing... car sales are down... no one is buying them... now is the best time to buy (every month forever)... all BS for views and ad revenu
@@prince87x 100%
I started in the car business as a young lotman in 1977, advancing to sales a year later. I have had so many people sitting across the desk from me trying to buy a car they want, but can't afford. It's seldom the car they need. Buyers are often so easy to push into accepting more debt than they can handle, because they are desperate to get that new status symbol. I saw so many of my customers in financial difficulties after overextending on credit, that I quit the business for 25 years. After retiring from the music business, I returned to car sales for fun. But it wasn't fun at all. The whole industry had become so much more aggressive in slamming buyers into cars they couldn't afford, I quit again and am no longer interested in the trade. I still love cars and motorcycles though...
Same, sold cars, love driving cars, and I left the industry due to greed. Never looked back at the car industry, it's slimy.
I’ve bought two cars in my life that were what I wanted more than needed. I could still afford them ( a 1999 Nissan Maxima and 2009 370Z), but I don’t think I’ll do that again. I just don’t like being frivolous now.
Car prices way too high.
To damn high
For soywear😂
Interest rate and apr’s are high as well
Everything is too high.
It's not all about Stealership greed... it's about time they needs to take out useless tech that DRIVERS don't need; Lane assist, collision warning, ... make them OPTIONS so people can have decent prices!
Boomer here, still driving my 2004 Jeep GC that I bought showroom new. Paid cash for my wife's Lincoln Nautilus reserve. Both of us are retired, and thank the good lord for saving all these years . Nothing new for me in the future.
Same with me, age 68. I have 3 vehicles, a 2011, a 2012, and a 2016. I do not see my wife and I buying another car. The 2016 Camry with only 56k miles on it will outlast are ability to drive it safely.
Younger buck here, no debt is a great place to be in! Jesus is good to us, we both have good jobs, paid off our house, paid off cars, no credit card debt, retirement accounts are doing well. Thank you Lord!
The best thing for a young person to do is live in the city to skip car ownership. A young person can easily travel commute by some combination of bike, scooters, walking, and public transit
Really.. that is awesome. I had a 99 (first year of that body style) Laredo. I loved it. I remember back when they were brand new. At the time they were considered as an overall really nice vehicle that many wanted ( especially the Limited with the V8.). Because of their age, they’re becoming a little more rare to see nowadays, but for years I typically saw a lot of them still on the road. When you take care of them they’ll run forever.
@@fiily1 Good job young buck.
Last week I was at three Nissan dealers. I'm not seeing the huge incentives - their best offer was $500 veteran and $500 for brand loyalty - and they want to bake those numbers into the negotiation, as if the dealer is providing the incentive. The best I could do was one dealer who was willing to chip into his holdback below invoice ... but nowhere near the "10% below invoice" that Nissan has publicly stated that it has authorized dealers to advertise. It appears there's a game of chicken going on between the manufacturer and dealers ... Nissan wants more cars to move, but the dealers won't discount that deep without Nissan reimbursing them for the loss. Ugh.
All of the Nissan dealers in my area have so many scam add on fees, even on their used vehicles, they don’t seem interested in making a deal. $1000 more if you don’t have a trade in, $1000 more if you pay cash or don’t finance with them, $2000 reconditioning fee on a car that is one year old! I looked at a 2022 Nissan Frontier that was listed at $27,000. After all the BS fees the out the door price was $36,000!!! These dealerships deserve what they get.
Nissan is garbage
Absolutely absurd.
Maybe try again in a few more months & you will have better luck.
I leased a 23 Nissan Ariya EV e4orce with 350 mile range on a full charge. Almost 15k off sticker @ $250/month with free charging, and a free home charger. No complaints here for a 50 mile drive from my town as my local dealer laughed when I told em the deal, now guess who is laughing!
We’ve been watching your channel recently in preparation for buying a new car. It’s been super helpful, we went yesterday and stuck to our OTD pricing guns when the dealer kept asking us about financing. The dealer started at about $7000 over MSRP and we asked for $2000 below and they wouldn’t budge. Eventually the sales manager came over and nicely pointed out our number was impossible so we thanked him and left. It was good practice after years of not buying a new car. Keep up the good work. Hopefully we get a good price too eventually.
ETA: sorry I didn't mention the make or model. I was shopping for a 2025 Honda Civic Sport.
Stay strong. Dealerships will soon understand it's people BUYING their product will keep them in business. It's better to sell more at a lower price than few at ultra high prices. Stealerships are being greedy.
Does the dealer have your contact info? If so, I bet you will hear from them in the coming days and all of the sudden the price will come down quite a bit. My wife and I walked off a dealers lot and sure enough, a couple of days later the phone was ringing and they came across very different.
What car? If it wasn’t a hybrid or luxury I can’t imagine over msrp today
You didn't mention the make or model. Honda/toyota are still up there as demand remains high. I switched from Honda to Subaru as to this day, in my area, they have 3k in add on's per vehicle. I refuse to pay it.
You did the right thing. NEVER EVER PAY OVER MSRP.
I'm curious what you were trying to buy, though. What vehicle commands a $7k over MSRP nowadays?
All due respect...if people are willing to pay these ridiculous prices, and financial agencies keep financing them...sounds like a similar dynamic to the housing crisis.
During the pandemic, dealerships were selling cars at 25% or more over sticker and then giving auto loans to people with credit scores in the low 500`s, a recipe for falure.
Oh, this is going to end very much the same way as housing. We will see used trucks and SUVs selling for half what someone paid just 2 years prior. It’s going to be a melt down, but for those who stay on the side line and save up cash….you will be in the drivers seat.
Sub prime auto loans... Virtually practically the same
@@JamaicanMeCrazy pretty much.
@@JamaicanMeCrazy Yeah, and the auto industry is getting what they have coming and the market is about to crash on them.
The only thing I will say is after watching your videos since covid is that is not the case in Canada. I walked into a toyota dealer recently and cars have a waiting time from 3-12 months its better than covid where it was 12+ month.
And also used cars are still ridiculously expensive
Toyota is trickling their models in Canada as a leftover from the US market. A way to keep prices way up. Their sales will eventually hurt as well after they are done skimming their wealthier customers.
I am not buying any new car or truck. I don't like them, nor turbos, nor large scale film displays, nor high voltage batteries, nor thin, easily broken windshields.
My latest acquisition: in Dec. 2023; a beautiful 2004 Mercury Grand Marquis LS with only 44,000 miles. Ultimate Edition, new paint, good tires, nothing needing repair. I have seen 29 mpg on highway. Very quiet. Paid $6,400 cash.😄
🐺
There were three rounds of stimulus checks. Totaling what ~$3000/person? That didn’t exactly put folks in ‘champagne room’ spending.
True, but it created a sugar high. Not good.
It wasn't just the stimulus it was the unemployment and other benefits. My tenant, who is an electrician, was making 6k/month before the pandemic, got laid off and was bringing 8k/month, his girlfriend was doing the same thing. They were up 4k/month for more than a year. Then they drove Uber and pulled down even more. It was crazy but I saw their financials and know it was true.
Should never have given all these idiots stimulus checks!
But it junked our national deficit so now inflation is killing all of the working people.
They jerked the money off instead of don’t the correct things with the money like paying off debt and putting food on the table.
The Macy's card 💳 now sits at 34.49% ! Most credit cards 💳 are at an all times high of 22%. High prices, High borrowing costs is a consumer nightmare
Heh. US Bank kicked my credit card interest up to 29.76% APR effective June 1st. My counter? Been working 6 day work weeks...and on Monday morning I will be paying off said credit card. Once it's posted I'll be applying for a credit card through my credit union (13.75% fixed) and telling US Bank exactly where to stick that almost 30% APR piece of plastic. Over the next few months I'll be doing the same with my other credit cards as well. 👋
Without getting into the issues with people who are behind on their payments - it’s prices. I looked at a CRV EX-L Hybrid last month. The sticker was over $40k. I have always wanted to get a Lexus but couldn’t ever justify paying the money for one. Well, I’m not paying $40k+ for a CRV so I finally went and decided to spend the extra money on what I’ve always wanted and got the Lexus.
Curious what kind of Lexus you got.
@@vicariousjohnson9823 I got a 2025 NX350h. I was originally going to get a NX250 but last minute decided to get the hybrid. They took $1500 off sticker which looking back on it really surprises me. The dealer I went to has 13 NX250’s listed either on the lot or in transit and 4 NX350h’s. I bought on a Tuesday. By Saturday all of the 350h’s were gone and only 2 of the 250’s remained on their site. I don’t know how many regular 350’s they had but I wasn’t interested in a turbo so I didn’t pay attention.
Doesn't make much sense, Can't justify but Iam going to do it anyway.
@@vicariousjohnson9823 I got a 2025 NX350h. I was originally looking at the NX250 but decided to get the hybrid last minute. They were going fast. I bought on a Tuesday and they had 13 NX250’s and 4 NX350h’s. By the end of the week, all of the hybrids were gone and only 2 of the NX250’s remained. I didn’t see how many regular 350’s they had but I wasn’t really paying attention because I didn’t want a turbo.
@@whatsup7253 I didn’t want to spend $40k+ on a car. I remember I paid around $29k for a well equipped 2016 Rogue. But if you’re telling me that a CRV Hybrid which isn’t even a Touring is over $40k then I’m just going to spend the extra $10k and get the car I really want.
I don 't feel sorry for any of the car manufacturers. They have been so greedy for so long. Until the interest rates comes down to nearly 0% for a new car and the MSRP for that new car gets drastically cut, I am not buy. Neither should anyone else.
Good time to be a bankruptcy attorney
Its time for the US consumers and car manufacturers to start downsizing vehicles again. If you own a car simply because its faster than walking or for commuting to work, you should be driving a small car. These midsize SUVs and crossovers are stupid and have zero advantages over a car or hatchback. They have no more occupancy space, cost more to buy, cost more to maintain, get less mpg. Cars like the Fiesta, Fit, Aveo etc are dead, meaning sub 20k new car market doesn't exist for the average person to jump in a new car with a warranty thats cheap on gas and pay sub $300 a month. I'm obviously not talking about families that need 3rd row seating. Consumers are forced to buy these terrible SUVs and pay (car payment and insurance) almost what they pay in rent (which has also sky rocketed) just to get to work. I love cars and own a new WRX and a Mustang so I expect to pay premium prices for cars directed at me but to be forced to spend $700+/month on a generic "car" should NOT be the norm for non car people just looking to have a dependable car.
These vids have been saying prices are coming down with these clickbait vids for months and months. Nope, no reset, no market meltdown, and prices remain high without dealers budging.
Couldn't happen to a nicer industry.
My 14 1/2 yr old car finally went to car heaven and I have been looking for a new USED car. I looked at 2022 but the prices, were between $25,000-$30,000 for a SUB-compact suv and the interest rates made it impossible for me to buy one. So I looked at 2019 and to my great SURPRISE, the prices were the same, between $25,000-$30,000 for a 5 yr old SUB compact suv with, again, ridiculously high interest rates. That says to me buyers paid for over priced cars and dealers PAID too much for trade-ins and now I have to PAY FOR THEIR MISTAKE? That's NOT going to happen. I WILL WAIT ❗🇨🇦
P.s., Forgot to mention I'm looking to buy a Honda or Toyota. As far as I'm concerned, these two companies 🔷'especially'🔷 are REALLY gouging the American and CDN buyers. Why ? Because we are stupid and paid stupidly high prices back when. Manufacturers think this will go on forever and they won't lower their MSRP prices( which are BS BTW). They both raised the prices on their 2025 lineup of cars. 👎
@@S.L.S-407 glad my 2005 escape still going strong. Cars get from point a to b. People pay 40k for new car and then complain they can't buy house.
Those two brands are gouging because if the meme posters. Look at Mazda or VW SUVs. They're just as good if not better.
Mitsubishi Outlander too
Excellent information and analysis. Much much better than the popular media. We’ve waited a bit to buy new auto and truck … aka delayed gratification. Fortunately we’ve save our pennies.
l thank you Car Edge team
For the last 30 years I've bought a new full size truck every 2 years. They have convinced me that I no longer need to do that. Between the price and the build quality that is reminiscent of the late 70's early 80's - I'll be keeping my money.
Damn you could have bought a farm. I buy $2-3000 dollar trucks...new paint means nothing to me.
Inflation. Inflation. Inflation. Cost of living went up and most Americans may have 4-500 dollars to live on a month having to include 9-1200 dollars for a car!!!
How about make entry level affordable models again instead of scrapping them and bringing in the fully loaded models. Also bring back the bang for your buck and better build quality. Car companies forget nobody wants to enter a mortgage payment for a car.
I bought a 2019 Honda Crv - xle in November 2019 & a Toyota Rav4 in January 2024 in Columbus, Ohio. Their prices are the same. I don't know where prices are falling but it is not here.
The fallout is only for the least popular brands in terms of sales and market day supply
There are still no discounts on vehicles where I live, at least any vehicles people need. Like Toyota for example have you seen a Tacoma price now? Ridiculous. I will believe something is happening when discounts actually start.
No meltdown in Las Vegas. The car dealers here are oblivious to everything outside their walls. VW dealerships here are full of almost identical vehicles 1 of my family members are shopping for, some of these vehicles have been on the lots over 200 days yet they want over MSRP OTD. Completely bonkers.
For those of you out there who dont think the car market is melting down. The auto makers do.
Warren truck plant is going down to 1 shift in October. They will be losing over 2000 jobs.
At GM, there are rumors that plants that build SUV'S might be losing a shift as well.
So, yea. The market IS having problems.
I happen to work at GM.
*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*
Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
Good day all👍🏻 from Australia 🇦🇺. I have read a lot of posts that people are very happy with the financial guidance she is giving them ! What way can I get to her exactly ?
She's always active on Whats~App... 🎉
Her number down below ✨
+1805
Toyota Dealers in Atlanta are still pretending that they don't have cars when you go to their car lot, however, they still send emails stating they have too many cars and they are slashing prices to sell them all by the end of the month!!
Seems like that's Toyota in a nutshell. Artificial scarcity.
@@GBcommander Toyota swear s it is the Dealer’s doing. I wish Toyota would do what they announced they were going to do with “Toyota Direct” and cut out the dealer for purchases.
Simply cannot afford a new car way to expensive. New trucks are 50 plus K. I bought my first new vehicle in 1988 a F-150 Pick up with Air and a stereo 4.9 with a 5 speed was a real good truck I paid $12519.00 out the door $250.00 a month for 4 years I had that truck for 12 years never had a problem. Pick up today is huge and more of a SUV luxury car not a work truck! New stuff today GM, Ford, Dodge do not make quality and simply don't care about keeping customers. Dealers will not move on price for garbage cars that are poorly made, and manufactures do not want to stand behind.
I just bought a $2000 dollar good truck.
Thank god i bought 3 things at the best time. 1 our house when the market crashed in mid 2000’s and both car in 2019 before the pandemic. Below 5% apr for both and with reasonable prices.
I want to start a brand new campaign to change the laws to remove the middle man dealers. Flat, full stop. The laws have been engineered to favor the dealership industry and harm the consumer and middle class families. They have had a century in business and abused the confidence of the consumers and only politicians are rated less honest than auto dealers. Recently a dealership told my partner & I that someone else will come along and buy the car if we didn’t. I’m finished with the arrogance of auto dealers and in order to afford a dependable vehicle the middle man dealer will have to be removed from the auto purchase process. Buying a car in the 21st century cannot indebt us for a lifetime the way homeownership became in the last half century.
Caredge wants $1000 to help you get that discount .... they are also part of the problem
Government is owned by corporate America. Will never happen. Regulations are in place to prevent the free market from cutting the middle-men (dealerships) out
Government is owned by corporate America. Will never happen. Regulations are in place to prevent the free market from cutting the middle-men (dealerships) out
I feel like at bare minimum there should at least be a universally accepted two options. All manufactures should allow direct to consumer purchasing for consumers to use their own research and cut a cheque. Tesla can do this, why can't ford? (They could, easily). For those that want to step foot in a dealership and mess around with all that headache, and there are many, they'll continue to do so. We just want choice, that's it.. 100% agree with you.
What doesn't harm the consumer at this point?
It's almost like 2008 all over again, but instead of the banks it's the credit cards this time.
For all of you boomers on here blaming the consumer and commenting "don't buy what you can't afford" you need a dose of reality.
For a lot of us, we dont have a choice other than to finance a new car.
I bought a car during the height of the pandemic after my other car was stolen. I did the right thing. Bought used, only what I could afford, paid in full.
Less than 3 years later my 5 year old car had a catastrophic failure. Now I'm out thousands and thousands of dollars and my only choice is to finance a new car. Sure I could spend 8k and get a crappy older car but what happens when that one breaks down?
Then I'd have spent about the same amount of money buying a new with finance and I'd literally have nothing to show for it.
Oh dear. Boomer rage.
Problem is cost of living is still going up and we haven't seen anything yet. Its going to get lot worse. People are starting to buy older cars cause they can't swing new car prices and buy food and pay rent. Wont be long before the dollar is no more.
Why dont they lower the prices? It only costs Ford $20,000 to build a F150 but they try to sell it for $80,000.
Not even close--"According to our research, the average manufacturing cost of a new Ford F-150 is between $25,000 to $28,000. From this amount, Ford can earn a profit of approximately $12,000 to $14,000." From this profit they need to cover their overhead such as taxes and depreciation.
Honestly this a good video. I expect to get information from car analysts but never quite this in depth of information. I feel like it's rare to find this informative of a video anymore
Every TH-camr talks about the car market crashing and yet it's not really happening any place. I'm still waiting, the car dealers in Florida don't know what's going on, they still want ridiculous prices.
When it happens it is going to happen fast.
They count on Floridians better wealth to bring in customers willing to pay their high prices. That may work for a while.
@@marcpikas2859 I’m not sure it’s wealth, might be stupidity? Kidding…kind of
@@hokie9910says who? Your emotion?
@@thomasmint1761 Well now we all know what ole Thomas was up to last night
It's a meltdown! It's a crisis! It's a catastrophe!!!! Meanwhile, vehicle prices: still the same.
In my area the toyota dealership has limited stock of cars.They are selling as fast as they get them.Tell me what i am missing
Maybe tell them to stop selling?
Toyota is throttling supply and other manufacturers aren't.
Toyotas keep their value because they last.
@@rangerryda8218 100% Correct, they are holding back production to keep profits high. This is why I won't buy a new toyota ever, GREED.
@@fiily1 I kind of agree. Not totally though. It's a better strategy than the other manufacturers who are sacrificing quality and overcharging anyway to load up dealer lots. At least Toyota quality is still class leading.
Auto insurance needs to drop too.
Truth!
You're right but you never hear about that. The only thing people talk about are interest rates and car payments.
Thank Hyundai and Kia thefts for that
As someone who works in the insurance industry, repair costs have skyrocketed in the past 5 years or so. Not just all of the additional technology and parts costs. Serious labor shortages of qualified auto mechanics, so labor costs have gone up by 50% in some areas of the country. Most car insurance companies lose money most years on their auto insurance books.
@@JohnMcLovin-xq3qgthat’s because people drive without insurance all the time
The auto makers brought this mess on themselves by assuming folks would pay whatever was posted on the sticker. Wrong. Inflation has made food & a roof over your head a top priority & it's not cheap. Yet I give them credit that 100K miles or more nowadays is no big deal & folks are hanging onto what they have longer. The days of flipping a vehicle every 3 or 4 years are just about over.
The U.S government is a role model for fiscal responsibility.😂😊
Never has been, never will be.
Ray nailed it impact of flexible aprs hammered people. My overall debt went up 600$ out of pocket a month. We had a flex heloc for remodels that shot up. 600 more in bills is a carpayment less disposable income a month.
I just walked the dealership lots yesterday. Prices and inventory are both still too high. They haven't come down much at all.
If you follow the broad spectrum of the automotive industry, you now know that recently auto industry market analysts acknowledged that Tesla is close to bringing robo taxis to market.
Tesla predicts that the consumer cost to ride in robo taxis will make vehicle ownership unnecessary because ownership will have become a financially bad decision.
This does not include businesses like Starbucks, who will gladly give free rides to commutors to sell them one or more cups of coffee. While reducing bricks and mortar overhead costs and expanding profit and marketshare.
Thank you for warning us for years. 😮😮
Part of the reason why cars are so expensive now, compared to 30 years ago, is all the technology built in. What we need now are "entry-level" inexpensive new cars that are reliable but don't have so many luxury features. But it's just as expensive for a manufacturer to build a cheap car as it is for them to build a luxury car, and they make more money on a luxury car. That's why there are no more "starter" homes being built....the cost of land is the same whether you build a cheap house or a McMansion, but the profit is so much larger on a McMansion. What this country needs right now is an American version of the Beetle. I don't need a car with navigation, parking assist, self-dimming headlights, CANbus, cameras everywhere, and power everything.
Just bought a new car for under invoice and dealer holdback. All they got was their doc fee and whatever kickback on a 2.9% interest rate.
The deals are out there to be had now.
Great info as always. Manufacturers need to step back into reality and go back to pre-Covid pricing. But better to buy from a private seller.
I was a guy that traded every three years for new car, wife's as well. I also assisted kids and grand kids co-signing initial first car loans. Well now forget it. We're not poor, not wealthy, just what was once the middle class elderly approaching lower level. Can no longer assist with car buying for kids, have decided to start keeping our cars, low mileage, 4 year and 2 year age. We have been driving Fords but now seems they only want to sell EV's. Maybe someday might consider a hybrid but no EV's in our future. 3 Cylinder engines, no thanks. Government BS and requirements killing cars. No idea where all this goes for owners or dealers but something has to give or everyone will be on bicycles soon.
It doesn't really matter if or when dealerships lower their prices because most of us just don't have the money to spend on a used vehicle, let alone purchase a new vehicle vehicle.
Well..speak for yourself.
There are people in the group whom do have money because those that saved up during covid until now but are not foolish enough to overpay and are waiting for better pricing!
I happen to be in this group, and the money is burning a hole in my pocket but I’ll be patient! I know better…
I actually seen a commercial this weekend for the dodge hornet. Had never heard of it until y’all first talked about it here. So now they’re putting money into advertising as well!
We need an update on the woman that paid $100k for a Kia EV a few months ago. I wonder how many tens of thousands she's upside down on the loan.
Only problem with the 0% incentive is that it is only avaiable to "well qualified buyers". Most, if not nearly all, Americans in this economy do not have qualifying credit scores for the 0% bait. As usual they bait you in then sell you on monthly payments that you can "afford". Which as you guys have shown, doesnt work. To get buyers the dealers must make the 0%, or nominal rate incentives avaiable to all buyers. Not just those who make more income than most... IMO...
I don’t think it’s “bait” to say it’s for well qualified buyers. If someone doesn’t have a good credit score it’s either because of lack of credit history (which just kind of stinks for them) or because they actually burned someone in the last 7 years (for whatever reason, understandable or not, didn’t pay their bills).
@@spades9048 Reply is exactly what one would expect from a WQB
People with good to excellent credit are 25%+ of the population. I saw the chart from fico a few days ago.
Often times in the past, it's been cheaper to pay interest and take the rebates vs. 0%
@@neilreddick3062 And your complaint is exactly what I would expect from someone who is high risk because you’ve already shown you don’t pay your bills or you’ve already overextended through a poor debt:income ratio and/or high credit utilization.
The average credit score in the US is 715. According to Nerdwallet, about 48 percent have a credit score above 750. That is far from being nearly all Americans do not have qualifying credit scores for the zero percent financing.
So when do used car prices start to fall? You guys keep talking about it but I'm not seeing it. Been watching for a 2 year old Outback with around 35k miles and the prices are still high.
Just picked up a brand new 24’ Onyx Edition XT for $3k below MSRP at $38,000 and 2.9 percent apr.
The deals are out there.
I realize 38k might be a bit more than alot of people can afford but the used car market is just insanely expensive right now and you can sometimes qualify for a better interest rate buying new?
Yeah, these “the sky is falling” videos have been happening non stop for months. When are we going to see pervasive results in prices drops?. Viewers are going to lose interest when there is this continue story without results
@@nelsonvanvickle8862 It sounds like you're the one who can't afford the car because you had to finance it. I don't finance cars, I'll be paying cash. $29k for a used Premium is too high when they're $34k new.
@@penguin12902 And it Sounds like YOU are absolutely clueless. I traded in a late model pick up truck that had nothing my Outback has and it got terrible gas mileage by comparison. The truck was paid off title in hand and the dealership gave me top dollar for it, I got a fantastic interest rate and my payments are LESS than $250 a month, which, incidentally I absolutely CAN afford and I also intend to pay it off early, just like I did the truck. I got a far superior vehicle that returns far superior gas mileage AND it comes with an even better warranty than the truck had. I owe $12k on a brand new $41k Outback, which is just fine with me, but you just immediately assumed I financed the entire MSRP? 😂😂😂
@nelsonvanvickle8862 we view money differently. If I can't write a check it means I can't afford it. That's all. My apologies. Sounds like you're happy with the deal and I'm glad for you. The XT is a fun car, enjoy it!
At the end of the day its always the bank's fault, they're supposed to be giving out good loans. My sister works has worked at a credit union for the last 30 years. They never held toxic debt and had bad times because they never engaged in shady loan practices. I don't expect most young people to make good financial decisions that's the experienced bank manager's job. Now at most banks it's short-term profits in disregard to long term consequences.
Credit unions are usually more ethical than big name banks.
Need basic models and inexpensive sedans.
Like the 1988 Honda
Civic 4x4 station wagon
with manual trans,A/C
& am/fm stereo.
@@Hurricane96 instead government pushing us to 40k plus EVs
There's plenty of reasonable sedans out there. You can get a brand new Civic LX for 25k. You can get a 2025 Camry Hybrid LE for 29k. Both of those are fuel efficient, cheap to repair, and will last a long time. The problem is most Americans want SUV's or Trucks, which are more expensive.
It is not about marketing. They need to actually produce the base models that they claim exist. Just try buying one, and all you hear is that there are plenty of loaded versions of the same thing. I just don't have an extra $10,000 to spend on features I cannot afford. The other issue is interest rate. They are insane, and nobody can afford it. How can one brand offer me anywhere from 0-1.99% but most models are 6-9% on new and even worse un used. I will keep driving what I have because I simply cannot afford it, AND I am offended that they are screwing me so hard with rates and tactics. I will take my ball and go home rather than play.
Anybody else have car market crash on their 2024 black swan bingo card?
CC rates are closer to 28%. 38% for cash advances. Crazy.
Yeah people keep saying this but I'm pretty sure dealers aren't going to cold turkey their junky-level addiction to price gouging and predatory practices.
I need a car asap. So I'm going to be stuck paying mrsp for an suv thats 6 years old.
A phoenix rises from the ashes for a reason. Funny thing, just at a dealer the other day and they wouldn't even sell me a car at their advertised price. I hope a lot of these dealers are out of business soon, would like to see a change in the industry.
We know what we will be buying. We are waiting patiently until the prices drop dramatically. We keep our cars for 10 years...and happily invest in keeping our cars in good shape - vs new car prices.
Cash is king imo during these tough times.
I think we will see a reset sooner than later.
And...we will pay cash - not a high end car - basic vl with features we want...avoiding etching (insane) and other money generators - for the dealers.
Interest at 10% - cash purchase only.
I think the 'meltdown' depends on what region of the country you live in. Here in the Tri-County area of South Florida we're still seeing high pre-owned as well as new car prices. Demand is also very robust.
I'm currently in the market for a nice pre-owned luxury car or SUV and the brand(s) I'm targeting move quickly. I haven't pulled the trigger because of the high prices as well as all the B.S. addon dealer fees which irritate the hell out of me.
Anything below 10k is practically worthless. 15k is barely a car that won't fall apart in the next 2-3 years.
20k is where real used car options start
I'll believe it when I see it. I haven't seen manufacturers or dealerships act desperate yet and mark vehicles down in my area yet.
I never sign the dotted line the first trip to the dealer. By the time I get home, there is always a vm with a better price. I would have purchased several more vehicles in my lifetime if the car buying experience was a bit more pleasant. I have had a better experience getting a root canal.
I am seeing deeper discounts on cars listed online by local dealers. They are really choking on inventory.
You couldn’t pay me to get into a Dodge Hornet. If I won one on the Price is Right, I wouldn’t even pay the taxes to get it released.
Dealerships are thieves. $599.00 electronic file of paperwork, $995.00 to $ 1200.00 for "readying the car to sell--a lie", plus about another $ 500 in 'bric-a-brac" charges , plus sales tax. Saw a ES 350 used for $29K. By the time my down and trade in started to help the final price was about $34K.
After not looking at new/used vehicles for almost 10 years, we drove a few about a month ago. Today, I received messages from two of the three trying to get me back in to buy something. We're not at all in a hurry as the 10 year old one only has 60K miles on the odometer (and the 20 year old one is running strong at about 160K)...
Quit spending! Eighty percent of what people buy is a WANT, not a NEED.
Your NEED is my WANT or is it my NEED is your WANT.
What happened to pickups with with roll up windows and a heater , NO OPTIONS ?
I buying a car cash tomorrow. I plan on bringing in the KBB fair purchase price in to negotiate to. Im wondering is the KBB price the average otd price or msrp?
There are still very few inexpensive sedans on dealer lots like Versa and Corolla. Guessing by lack of inventory on cars like this we are over a year away from seeing discounts on basic sedans.
There's plenty of sedans going under MSRP near me, it's just Americans don't want them. Americans have been convinced that they need a giant SUV to get groceries and haul around their 2 year old.
Been to multiple dealers recently, I don't see or feel their pains. They still act like nothings changed, everything from doc fees to extra "preparing fees", seen it all. They still haven't learned anything, rather the buying process like Tesla, online, done with dealers.
That's an increase of 50% not 7...
melt down? what was expected as a real average person only has so much money with most of that money being spent for Food.
Where can we find these repos? What kind of discounts do you get on them?
So when can I get a car for 30-40 percent off MSRP? Given today’s pricing that’s what I might need to get me off the fence, especially when I don’t absolutely need a new car.
We are about 17 months out from buying a new (used) car, this is going to be a cash purchase. For the last 5 months I have been keeping track of one particular car (make and model) in our market. New car availability is down about 25% in the last month, used car inventory is steady. One example of this model the in the used section of a new car dealer, this car is advertised as "just traded" and "reduced price". Pick your selling point.
The Honda dealership where I got my last copy sending me email after email that 'no more market adjustment' come get your next one. So i check out the dealer's add-on stickers while mine in for regular maintenance. For a $30k Accord, there is $3k PRO package, same applies to CR-V, Pilot and so on. Ya, new car buyers are so poor in math these days. 🤣 The other days, I was wheeling and dealing for my buddy at Mazda, I said your $2700 PRO package has no value for me, I won't pay a penny for it. You can either remove them, stripe them off, or put cap on your $1000 alarm, so the guy just remove the price of PRO package from the discussion PERIOD. We ended up driving a 2025 CX-50 off for a total (TTL included) that is close to MSRP. 🙃
And when the housing market crashes it’s just gonna get worse. As a underwriter I see so many foreclosures this year
When ford pulled away from lower tier credit customers and started adding 300 million packages to order on their vehicle's while not listening to what customers actual want to drive and then hiking prices far above what their reliability was. I knew then then it was wrap.
They practically handed the market share to Hyundai/kia on a gold plater
Made that mistake of buying a Ford once, never again!
Mitsubishi still caters to sub prime buyers and their cars are higher quality than Hyundai Kia
It will get worse. Our government debt is under water too just like car loans and they never stop borrowing and spending our money. So the FED is between a rock and a hard place
As long as you can pay the interest payments every month, nobody cares. That's capitalism for you.
Let's not forget...if this gets too bad, the government might feel "obligated" to bail out these car companies AGAIN!
Current suv models don’t cost enough to make to justify price tag of $55k for 3row suv… A grand highland
Der ain’t THAT much bigger than a Camry in sheet metals, inserts, wirings, etc… But the pricing difference is exponentially higher
Car manufactures greed, lending institutions greed on top of consumer's financial ignorance is a recipe for a financial disaster! There are going to be a lot of people hurting from all this greed and ignorance!
@@davidcampbell1899 greed lol. Yeah, all the workers demanding higher pay to afford basic living due to government policies. Yeah, mean ole corp greed. I don't buy that line of thinking. Sounds like Democrats talking points have gotten to you
@@onlywenilaugh6589 The greatest test will be the test of time. If you think DT will get America out of the mess its in..he wont! End of story!
All those adjusted market markups and dealer add-ons are coming back to bite them. Now the dealers are crying about not having buyers, well you priced them out, and the manufacturers increasing the MSRP’s have put the market in a stall. Banks should’ve never accepted all those markups and negative equity during that time.
The banking industry is just as complicit as the dealers/car makers for allowing this lunacy all for the quick buck. The 2008 housing crisis was blamed on the banks bad lending practices for unqualified/underqualified home buyers, and now the piper is calling the car industries home.
I can't wait!
I was at a car show at a Ford dealership today. I walked the lot which was full of F150's at $62000 and up. Also was full of Mustang EV's which don't sell. A very few Escapes and Mavericks, and NO Rangers. Dealers have no clue what the public wants and can afford. Greed will kill them off!
Actually dealers do know that the public wants. The problem is the manufacturers have chosen to build more costly models to raise their profits.
Where can one find these repoed cars for sale at?
The dealership. They just take them back and hike up the price to exactly what it was when they sold it. Pure profit for them