Only 7? Those are rookie numbers. 😂 There are channels dedicated to claiming a crash is imminent. They’ve been posting about it weekly for over 2 years now.
Got get them clicks. I don’t know who’s worse the upcharge dealers or the content creators who claim the car market is crashing every month. Nothing but a bunch of chicken littles.
For real! I'm tired of hearing about it. This prices are here to stay. There just gonna let people finance them longer. These billion dollar corporations no what there doing. Not these youtubers trying to grift.
Not sure what you’re looking for, but quick glance at Nissan is doing 0% interest for 60months. Good things are coming to consumers, just have to wait a bit. Good luck!
I was searching for a new car in SoCAL and I pretty much got the deal I wanted. But, I started thinking about it and I realized “this ain’t the same market” so I told them I want a better deal! They so “no” so I got in my car and left. The dealer reaches out every week and the car I almost bought is still on their lot. It’s time for buyers to be greedy!!!
Yes, it's time to turn back the clock to 2020, that's where today's prices should be. That means everything is 25% too high. The market will correct itself and tbh even today's 'good deal' will suffer massive depreciation. The market is not done correcting itself.
The market will eventually correct itself. The used car market is struggling because everyone is keeping their cars and for longer because of these ridiculous prices.
❤️Success is not built on success. It's built on failure, It's built on fraustration. it's built on fear that you have to overcome. I pray that anyone who reads this will be successful in life…🇺🇸
According to youtubers, the car marker already crashed 23 times this year! Meanwhile, prices just keep increasing here in florida(unless the crash is for some states only)
Hahaha so true. I get that people Can predict that this is coming, but it’s foolish to think this will be a hard crash. It will be a slow train wreck at best since manufacturers will not just suddenly grow a conscience and drop their pants so they can race to the bottom of the pricing scale. This will be a slow and considered fighting retreat at best. Why do I say that? Because I do not think dealers are anticipating an economic collapse in the near future (a slowdown sure) but if there isn’t fire on the horizon and only smoke, then you will do your best to make price decreases seem like a natural and glacial response to market forces. I do think they will lead with bigger discounts and better interest rates but those 0% interest rates cost the manufacturer a lot, they will perhaps announce price small decreases with each new model year, but most of the decreases will be hidden in options lists IMHO. Top models may not decrease in price as fast as mid range models…I have no doubt they look at the customer base as a hungry bear and they just want to extradite themselves from the situation without bleeding out too much. I can see them protect pricing because they are protecting image and their business choices the last many years, but can offer better interest rates and growing incentives in the meantime. It’s going to be interesting. But anyone who thinks manufacturers will panic sell are lying to themselves. Flat sales year over year isn’t enough to make things happen, year over year decreases are. Sadly though if a true credit crunch happens, and not just the hints of it, the manufacturers will have to get in line for customers behind necessities like food. They aren’t desperate enough to offer credit to people who have bad credit…yet.
Median household income in the United States is 74k. A working man with a family cannot afford a 40k truck. I’m a single guy making 85k a year and I can’t afford a 40k truck without stretching my finances and making a poor financial decision.
Extremely profitable overseas. Check out Honda earnings, mostly came from India and Brazil due to motorcycle sales. Autonation has terrible earnings but stock up 7% because they are masking it with stock buybacks.
I don’t feel bad for the fools who overpaid for these cars 2yrs ago & r now underwater. I don’t feel bad for the dealers either who gouged customers & now aren’t making $$.
The dealers really didn't "gouge" customers. That was just what the market was... if a dealer was trying to be "nice" and sold at MSRP or under MSRP then someone would have bought it and flipped it at carmax for a 10K profit.
I agree with you. The only crap part about it is that uncle Sam a.k.a. us will be asked to bail them out because of their greed. We get screwed either way.
Exactly! These morons walked into a dealership and willingly bent over with these “Market Adjustment” screw job! How stupid could one possibly be to pay more than something is worth. I have zero sympathy for these brain dead idiots!
@@jonathantaylor6926 well having spent 40 years in dealerships in many roles, market adjustments were greed and simply gouging. Those dealers made a good profit before they seized an opportunity to grab. The banks were plain stupid to allow 140 + percent of value, and honestly I feel no sympathy. Just like they say to people ~ they should have banked all that extra profit, or pull up their socks and work harder? The consumer was taken advantage of (yes they could have said no). I am not a crazy left winger, just a guy who really understands the business, and greed and silly customers created the situation. The true idiots IMHO were the lenders.
That's the gods truth ! All the young people can't afford to even buy a KIA ! All drive luxury cars pretend they are rich ! Good way to end up homeless ! 😮
Very true. A good example is when the fourth gen Toyota Tacoma was released and ALL the Tacoma fanboys were bragging and gloating with how proud they were that they were ignorant enough to buy a vehicle that was overpriced and they couldn’t afford. But hey, they get a lot of attention for having the newest gen product.😳
Yea, I have 7 very well running vehicles with titles. 3 are my daily vehicles and the other just stay in the garage with suspended tags with comprehensive insurance. I still have my first car from 05
I've been hearing about this for three years now... I have yet to see it. I bought a new '24 Colorado Z71 in March and three dealerships LAUGHED at me for trying to get the truck under MSRP
Mid pandemic RAM TRX at my local dealer were selling for $75k now they’re $125k just can’t justify a spend that high. The need for a good quality value brand has never been higher.
Good thing all the manufacturers and dealers are feeling the pain we have been feeling this whole time. My dealerships around my area have cars sitting for over 120 days. No one is buying prices keep dropping 💪 Nissan didn't make shit on their quarterly report so now they have a lot of incentives to get people to buy their cars
Stellantis had their feet held to the fire by the UAW. This is what happens when UAW autoworkers earn $150,000 - $175,000 with overtime, lifetime health benefits and matching 401K. I don’t begrudge them. But they are giving a huge a gift to Mexico, China, Korea, India…
People bought and are buying cars they can’t even afford and banks make them think they can. It was bound to pop. 70k+ for a car/truck is a LOT of money for most people but we lie to ourselves with pride and foolishness and buy them, then get in a bad position for many years and can’t repeat that same mistake on another new car rolling tons of negative equity in a new note. People need to be honest with themselves and auto makers need to make more affordable cars like they did several years ago.
We are slowly going towards what saw in my old home country, where used cars actually appreciate because no one has money to buy new cars anymore and banks are lending less and less.
So what are really the best strategies to make our portfolio recession proof. my wife is already panicking, so many questions! will the rate cut next month lead to inflation? I'm very worried about my $1million stock portfolio losing value. It lost 20 % today alone
Knowledgeable Investors know where and how to put money during a crisis in order to reduce risk and maximize returns. See a market strategist with experience if you are unable to manage these market conditions.
True, my portfolio took a massive hit in 2022, and I almost sold everything to switch to cash savings. However, I was advised to consult a financial advisor. Following the guidance of this CFA, my portfolio started increasing by 10% monthly. She had anticipated the crash and rebalanced my portfolio accordingly.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her.
The problem is that the federal government is taking in $3.8T and spending $7T EVERY YEAR! The pre Covid budget was $4.3T. They are literally borrowing and printing half of the outgoing money every year or printing $1T every 100 days. That is why nobody can afford a car…..
In 2019 I bought a ram rebel level 2 package for $45,000 out the door today that same truck the same options and everything is $75,000 with the higher interest rates today the payment would be around 1500 My payment for my truck 2019 was 600
People can’t afford the extras and cars along with other things are extras cause the basics, like food has essentially become luxury items and cars are now ultra, ultra luxury items cause of cost. At this point, it’s not inflation anymore; it corporate greed.
The dealership business model needs to adapt. Soon the sales side will be gone and consumers will buy directly from the manufacturer. Dealerships will be relegated to the parts and service side only. They have no one else to blame but themselves, their shifty practices and selling for above MSRP left a bad taste in a lot of peoples mouth.
Interest rates are still to high… that’s why the volume is lacking 0-3% was the norm from 2010-2019…. High inflation and high interest rates kill sales
It’s 2008 all over again. People don’t seem to learn from history. BUT it’s good for people like me who are in the market for a new vehicle and have been waiting for the prices to drop!
Just bought a CX50 Premium in May, wish I had waited a month because manufacturer financing went from 2.9 to 0 percent financing. All said, my former vehicle was on its last leg.
It's not happening fast enough. The manufacturers will never learn, neither will the dealerships. As of July 2.91 million cars are in inventory. Corporate GREED over Consumer NEED!!
I have a 2013 Impreza with 45k miles that recently got hit by hail, Insurance wants to total it out for a total of 5k but the cost for a new car is well over that. I can't even get a comparable used car in that range because used cars with similar miles are all 20k. A similar priced impreza is at least 15k. This market is insane.
Next time, get GAP insurance from your insurance company. It's super cheap and will cover the GAP difference to replace the same car but 1 year newer of the same model.
@@riseabove3082agreed. Gap is for cars/trucks that depreciate heavily. Now take a full size diesel truck or Jeep Wrangler and you might not need Gap. Just look at used car prices and you’ll see what you need gap for.
Dude. Stop. You need to get FIVE examples of a 'comparable' car for sale in your local market and take that your insurer. By LAW they need to insure you for the value of a like vehicle. I happened to be on a high-price-used-cars cycle when our 4Runner was totaled by a drunk driver. USAA offered $7k. I sent them five examples of comparable (trim, mileage) and they sent me a check for $18k.
Stellantis.... I'm talking to you, make a simple jeep without power everything develop it for 20k per unit and sell it for starting at 25k and you will sell them like hotcakes
When they basically tack on another 25% to the cost of a car and then interest jumped as high as it is, what do you expect? I want a new vehicle but not about to spend $80k on something that cost $50k just a few years ago.
Let me tell a short story about looking for a cheaper, older used car that we could afford. …So we’re looking to get out of our 09 Cadillac DTS Premium. We noticed an older 1st generation Lincoln mk-Z at a smaller used lot. We got out and looked. The radio or heater/temp controls were just sitting in the dash… it wasn’t actually mounted. The black leather driver seat was ripped. It had rust on the driver side near the bottom, around the bottom of the door and it spread a little further than that. The car was actually pretty filthy and with the ebony interior, that dealer didn’t even bother to vacuum it out. It wasn’t the mk-Z’s we see on TH-cam. It wasn’t taken care of and it wasn’t even work-car quality. The dealer came over right away and said it was $5999 😮 …we left and couldn’t even talk because it was such an insane thing. 6K for that. This is southern West Virginia. That’s how it is out here.
Recession + high MSRP + high Interest Rates + QC issues ^10 = Car Market Crash. At this point I wouldn't invest any money into any new vehicle given the high amounts of issues with each model from each manufacturer AND the incentives are no where near enough to bring prices of new vehicles down to a logical level.
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Strayer .
I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
This may be an unpopular opinion, but here it goes: these dealers are not going to give, nor pass down, any MAJOR blowout discounts. From the top down the auto industry is taking pages from the real estate business from 2008. The dealers don’t want to discount cars, their bottom line be damned. They claim that they want to hold values up, but aren’t selling anything. And on the other hand, brands aren’t slashing prices fast enough. It’s almost as if these clowns are awaiting a bailout of some sort..
You are right and I’ve watched Dealers compensate for the discounts. I went to Toyota a few days ago and looked at Tundras. The truck had an MSRP but then like a 5-8k mark up which is in line with what the discounts Toyota will give so basically you will pay MSRP because the dealer is just charging more in mark ups so the discount is used to get rid of the mark ups.
Auto manufacturers did this to themselves. They really tested the limits of what people are actually willing to pay for new vehicles, and they found out. Stellantis shouldn’t be surprised that nobody wants to pay $100K+ for their new refrigerator that they packed a bunch of computer screens into. People don’t want or need that.
The used car market is insane. Have been looking for a pre-owned Sienna for the family and the best option in my area was a 2013 with 115,000 miles going for $18,899... For a 10 year old car
Ben, long time viewer and love your content. However, the market is not crashing nor will it crash. This narrative has been circling around for the last year + Fire sales? They mark things up 7-25% then offer you 3.99-4.99% as a “deal”
Still very skeptical that prices are going to come down by much. If a dealership needs to make their margin (which I have no idea what margins are on new cars), they aren't going to sell at even or at a loss unless it means keeping the lights on. They're going to let them sit on lots, and thats why we see 400 day supplies for Stellantis products. Dealerships are going to feel the squeeze, but manufacturers are still very insulated.
I visited a Honda dealer this weekend. It was packed with shoppers. I was surprised. The Costco shopper program is offering $3500 under MSRP on a CRV Sport Touring. No dealer add-ons. Same OTD price for either finance or cash.
Yes, and companies that raised prices the most during the pandemic (Stellantis Hyundai Kia) will get hurt the most. The market is never wrong. There are 15,000 newly redesigned Santa Fe's for sale, they go upwards of $50,000, no one is buying them. Hyundai Kia are entry level brands that think they can box with Honda Toyota... nope.
I’m seeing base model trucks with 130k miles for 25-30k . This is absolutely insane. It’s very true what you’re saying. I asked a Toyota dealer if they had any Tundras or Tacomas in SR trim. He actually laughed and said you’ll maybe find 1 or 2 in the state if you’re lucky and they were ordered months ago from the factory.
Hi Ben. I've been watching you for years from Russia. U good!! Because of the "situation" in which Russia is, the used car market has grown in price. At least 30-40% for cars 4-5 years old. New cars have become just x2, x3. The best deals on new cars are Chinese cars, they are more affordable, especially with a loan. But I think it's better to drive an old car than to buy a car from China :)
I went to a Jeep dealership here in Scottsdale, the lot is over flowing with Jeeps. I looked at a 2024 two door Rubicon, sticker with a sticker of $57k, they are taking $10k off sticker. Jeep Gladiators are seeing even higher discounts. Part of the problem is dealerships across the board have left a sour taste with consumers, also quality has dropped with all manufactures.
The reason cars/trucks are so expensive now is the mfgs saw that people were willing to pay the huge dealer markups just to get a ride during the pandemic, and so decided the dealer mark up price should be the mfg’s MSRP. Thus jacking up the prices to these crazy levels thinking they will just rake in the profits. And here we are.
You missed the fact that Wall Street has signaled to auto companies to sell fewer cars and only make high price autos. This limits inventory and increases prices. They listened. They also are cutting shifts and having more “vacations”. This is what Toyota makes per day (numbers are not accurate but ratios probably are): Tundra: 500 Brz: 5 Rav 4 Prime: 5 Sienna: 50 Prius Prime: 5 Camry: 50 (dealer markups, so $40k) Southern California lots are full of $70k Tundras and $40k+ Camrys.
I've been to a few dealerships. They seem to be holding their prices as best they can on used cars when I've been negotiating for an out the door price that matches the sticker price.
Ben: the new scam they’re using is that you “have to use our financing” That’s from a used honda dealership in Scottsdale… My girl and I were shopping and it’s the same bs car sales game that has not changed the last 20-30 years… APR Down payment Trade Sales price And if they cannot have control over atleast 2 of those its the typical “what if…” sales pitch I really wish it was a simple $2000 over whatever they paid at auction and that’s that But It seems like every dealer is magically entitled to $5000-$30,000 over the actual value I have been in Sales myself and I love cars but when did this whole attitude of “we HAVE to make $5000 per vehicle?!” Thing start? I get that car sales people love their 8-balls and onlyfans and strip clubs and alcohol - but - why are we as consumers somehow “required” to finance their poor personal spending and lifestyle habits?
I’ve looked over quite a few of these messages, and as far as I can tell, it appears that the dealerships and the car manufacturers are in a contest to see who can be the most greedy! Has it always been such a predatory relationship between the builders sellers, and the people who buy these vehicles? WTF😮
I am in the market to buy and narrowed down to Lexus GX550 Premium+ or Jeep Wagoneer series II Carbide but with the amount of money I've to spend, I don't feel like I'm getting my money worth. Lexus is putting cheap plastic interior and some people are reporting engine issues Jeep has some electronic issues they need to fix and vey bad MPG I guess I'll hold on to my 2011 Toyota Highlander and wait.
I tried for months to purchase a Chrysler/ Dodge product, and every dealership I tried, had overpriced inventory and assumed I was naive enough to get duped.. I took my money to Toyota instead.
Unfortunately a lot of it (inflation) is from gov’t printing and spending money they don’t have, and it hurts the average working stiff like us whose wages don’t keep up.
People that bought these vehicles are all underwater in their payments and it's only going to get worse....people are turning over their vehicles back to the banks with their monthly payments and insurance payments is out of control
I live in Southern Ontario, Canada, and I'm looking for a gently-used 2005-2008 Toyota Corolla for $7,000 or less, and there is nothing to be found here for less than $8,000 ! One 2007 Corolla just sold for $12,500 and it had 108,000 km on it.
The dealerships and manufacturers brought this on themselves by being greedy. I stopped having my oil changed at the dealership where it used to be cheap, it's now expensive and they push other stuff on you like Jiffy Lube.
People are begging dealerships to buy new cars at MSRP which is crazy to me. 5 years ago if you were paying MSRP that meant you were getting ripped off. At some point dealerships will realize it’s easier to make money by moving lots of vehicles, not by adding $2k+ to the MSRP causing their vehicles to sit on their lot for months.
Dealerships aren't making money you think they are they have tremendous overhead. Floor plans are eating up profits in the fastest way. When you pay interest on every car on your lot and they're not selling fast that really hurts your bottom line. There are a whole lot of employees to pay at a dealership. People need to blame government regulation and stop focusing so hard on dealerships. On a $70,000 vehicle there's likely only a few thousand dollars markup at most
Automakers have jacked up their prices and are willing to wait for the reduction in interest rates to make up the difference in volume they are seeing right now. In the end, they will make more money as long as the economy keeps being artificially propped up. A major correction needs to happen but it won't be pretty because it should have happened two years ago.
Prices haven’t dropped the new msrp have gone up 30% since 2019. Prior to pandemic, it was normal to get 15-20% off the 2019 sticker price. The new discount barely cut into the pre 2019 prices
People aren't going out as much - restaurant prices are up, movies suck, lots of people working from home. The price on some vehicles such as trucks are insane. Then the slimy salespeople don't want to drop the prices claiming covid is causing a shortage. I have a used Accord XL - I put it in KBB to get a quote - I got 7 calls from dealers because it has virtually no mileage on a 2018. I'm getting about 27,000 in offers so I'm debating. I went to get the oild changed today and the guy asked me how many miles. I said 7500 he said you mean 77,500 I said nope 7500.
We have a dealer who sell mainly lease returns / rentals with approx 35 /40k miles on them and less than a year so old, historically for approx 10k below new msrp for the same vehicle. The last 2 /3 years they have been asking 3/4k below msrp and people were buying them. Now, things are at a standstill in the area. There is one local GM dealer who seems to be having above average sales but Ford and Dodge lots are full to capacity. Looking at the prices of the new vehicles, there is NO WAY a middle class family could ever afford them. A dilemma for the makers and dealers to be sure. BTW, what ever happened to tens of thousands of vehicles, all the makers were stockpiling due to the computer chip problem that lasted over a year?
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According to expert youtube commenters, the car market should have crashed 7 times since 2021.
Only 7? Those are rookie numbers. 😂
There are channels dedicated to claiming a crash is imminent. They’ve been posting about it weekly for over 2 years now.
Got get them clicks. I don’t know who’s worse the upcharge dealers or the content creators who claim the car market is crashing every month. Nothing but a bunch of chicken littles.
You guys watched though lol
😂😂😂 So true.
For real! I'm tired of hearing about it. This prices are here to stay. There just gonna let people finance them longer. These billion dollar corporations no what there doing. Not these youtubers trying to grift.
I’m ready to buy a truck if the price drops enough.
If not, I’ll keep driving what I have.
🚴🏻♂️
Wait
I offered $40k for a pro4x OTD , they wanted 42k
remind them when you start contacting dealerships. Let it sink in that their mark ups and prices are insane.
Not sure what you’re looking for, but quick glance at Nissan is doing 0% interest for 60months. Good things are coming to consumers, just have to wait a bit. Good luck!
I was searching for a new car in SoCAL and I pretty much got the deal I wanted. But, I started thinking about it and I realized “this ain’t the same market” so I told them I want a better deal! They so “no” so I got in my car and left. The dealer reaches out every week and the car I almost bought is still on their lot. It’s time for buyers to be greedy!!!
Yes, it's time to turn back the clock to 2020, that's where today's prices should be. That means everything is 25% too high. The market will correct itself and tbh even today's 'good deal' will suffer massive depreciation. The market is not done correcting itself.
The market will eventually correct itself. The used car market is struggling because everyone is keeping their cars and for longer because of these ridiculous prices.
❤️Success is not built on success. It's built on failure, It's built on fraustration. it's built on fear that you have to overcome. I pray that anyone who reads this will be successful in life…🇺🇸
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I have heard a lot of wonderful things about
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According to youtubers, the car marker already crashed 23 times this year! Meanwhile, prices just keep increasing here in florida(unless the crash is for some states only)
It's over! 😂
Hahaha so true. I get that people
Can predict that this is coming, but it’s foolish to think this will be a hard crash. It will be a slow train wreck at best since manufacturers will not just suddenly grow a conscience and drop their pants so they can race to the bottom of the pricing scale. This will be a slow and considered fighting retreat at best. Why do I say that? Because I do not think dealers are anticipating an economic collapse in the near future (a slowdown sure) but if there isn’t fire on the horizon and only smoke, then you will do your best to make price decreases seem like a natural and glacial response to market forces. I do think they will lead with bigger discounts and better interest rates but those 0% interest rates cost the manufacturer a lot, they will perhaps announce price small decreases with each new model year, but most of the decreases will be hidden in options lists IMHO. Top models may not decrease in price as fast as mid range models…I have no doubt they look at the customer base as a hungry bear and they just want to extradite themselves from the situation without bleeding out too much. I can see them protect pricing because they are protecting image and their business choices the last many years, but can offer better interest rates and growing incentives in the meantime.
It’s going to be interesting. But anyone who thinks manufacturers will panic sell are lying to themselves. Flat sales year over year isn’t enough to make things happen, year over year decreases are. Sadly though if a true credit crunch happens, and not just the hints of it, the manufacturers will have to get in line for customers behind necessities like food. They aren’t desperate enough to offer credit to people who have bad credit…yet.
A working man can't even afford a working man's truck anymore.
A working man can afford a $38k new Chevy Silverado. A working man might not afford an $85k raptor.
Median household income in the United States is 74k. A working man with a family cannot afford a 40k truck. I’m a single guy making 85k a year and I can’t afford a 40k truck without stretching my finances and making a poor financial decision.
Yes they can. Shut up
@@SJDJFJFSKSXNDJWJQI XD
How chrysler is still in business is nothing short of an act of god
Extremely profitable overseas. Check out Honda earnings, mostly came from India and Brazil due to motorcycle sales. Autonation has terrible earnings but stock up 7% because they are masking it with stock buybacks.
Amen!
I don’t feel bad for the fools who overpaid for these cars 2yrs ago & r now underwater. I don’t feel bad for the dealers either who gouged customers & now aren’t making $$.
The dealers really didn't "gouge" customers. That was just what the market was... if a dealer was trying to be "nice" and sold at MSRP or under MSRP then someone would have bought it and flipped it at carmax for a 10K profit.
Who do you feel bad for young man?
I agree with you. The only crap part about it is that uncle Sam a.k.a. us will be asked to bail them out because of their greed. We get screwed either way.
Exactly! These morons walked into a dealership and willingly bent over with these “Market Adjustment” screw job! How stupid could one possibly be to pay more than something is worth. I have zero sympathy for these brain dead idiots!
@@jonathantaylor6926 well having spent 40 years in dealerships in many roles, market adjustments were greed and simply gouging. Those dealers made a good profit before they seized an opportunity to grab. The banks were plain stupid to allow 140 + percent of value, and honestly I feel no sympathy. Just like they say to people ~ they should have banked all that extra profit, or pull up their socks and work harder? The consumer was taken advantage of (yes they could have said no). I am not a crazy left winger, just a guy who really understands the business, and greed and silly customers created the situation. The true idiots IMHO were the lenders.
Many people try way too hard to keep up with their neighbors when they aren’t in a good financial position.
sad but true, no need to impress and focus on yourself
That's the gods truth ! All the young people can't afford to even buy a KIA ! All drive luxury cars pretend they are rich ! Good way to end up homeless ! 😮
I think it's simpler than that. I think it's just people wanting NEW things. Who cares about what anyone else has.
Very true. A good example is when the fourth gen Toyota Tacoma was released and ALL the Tacoma fanboys were bragging and gloating with how proud they were that they were ignorant enough to buy a vehicle that was overpriced and they couldn’t afford. But hey, they get a lot of attention for having the newest gen product.😳
Yea, I have 7 very well running vehicles with titles. 3 are my daily vehicles and the other just stay in the garage with suspended tags with comprehensive insurance. I still have my first car from 05
I hate dealers. Hate the fact that my car got total too. I hate buying cars. Dealers always ripping everyone off
You can buy used stuff from regular individuals even in the USA, am I right?
@staLkerhu yes. But used or new. Dealers are always ripping u off.
I see what they’re doing! Jacking up prices by >10% then offering a discount of 7% is still is obviously still bad for the consumer.
I've been hearing about this for three years now... I have yet to see it. I bought a new '24 Colorado Z71 in March and three dealerships LAUGHED at me for trying to get the truck under MSRP
No, they're raising prices.
Mid pandemic RAM TRX at my local dealer were selling for $75k now they’re $125k just can’t justify a spend that high. The need for a good quality value brand has never been higher.
Good thing all the manufacturers and dealers are feeling the pain we have been feeling this whole time. My dealerships around my area have cars sitting for over 120 days. No one is buying prices keep dropping 💪 Nissan didn't make shit on their quarterly report so now they have a lot of incentives to get people to buy their cars
Stellantis rasied their prices 10% per year over the last five years.....talk about a company that doesn't understand the country or the economy.
Stellantis had their feet held to the fire by the UAW. This is what happens when UAW autoworkers earn $150,000 - $175,000 with overtime, lifetime health benefits and matching 401K. I don’t begrudge them. But they are giving a huge a gift to Mexico, China, Korea, India…
Especially for a peice of garbage fiat chrystler ram
@andyorr1597 stop the lies
People bought and are buying cars they can’t even afford and banks make them think they can. It was bound to pop. 70k+ for a car/truck is a LOT of money for most people but we lie to ourselves with pride and foolishness and buy them, then get in a bad position for many years and can’t repeat that same mistake on another new car rolling tons of negative equity in a new note. People need to be honest with themselves and auto makers need to make more affordable cars like they did several years ago.
40,000 plus for a car is a lot of money.
Same with houses.
Car prices were insane and are still overpriced. MSRP's have gone up because manufacturers are greedy!
$1200 rent,$300 utilities, $400 groceries there's nothing left over for new $500+ car payment 🚙 🏡 🥪 ⛽ 💳 %
Only $1,200 rent! Income adjusted is $1,450 now!!!
Dang, you might just need to start looking for a new job. $1,900 for your monthly expenses is not a whole ton of cash..
$1,200 for rent, where? I'm moving there!!
3300 for rent not including utilities. I’m spending about 5,000 a month just with rent and bills.
Damn where you guys living at ,I’m paying $2200 rent, $700 car payment 350 for the insurance. I’m in NJ
Cars and houses are overpriced but wages are not increasing makes no sense
We are slowly going towards what saw in my old home country, where used cars actually appreciate because no one has money to buy new cars anymore and banks are lending less and less.
Food and a roof are more important than a new car right now.
So what are really the best strategies to make our portfolio recession proof. my wife is already panicking, so many questions! will the rate cut next month lead to inflation? I'm very worried about my $1million stock portfolio losing value. It lost 20 % today alone
Knowledgeable Investors know where and how to put money during a crisis in order to reduce risk and maximize returns. See a market strategist with experience if you are unable to manage these market conditions.
True, my portfolio took a massive hit in 2022, and I almost sold everything to switch to cash savings. However, I was advised to consult a financial advisor. Following the guidance of this CFA, my portfolio started increasing by 10% monthly. She had anticipated the crash and rebalanced my portfolio accordingly.
pls how can I reach this pro, there's bloodbath on my portolio. I really need some help rn
Nicole Anastasia Plumlee is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her.
The problem is that the federal government is taking in $3.8T and spending $7T EVERY YEAR! The pre Covid budget was $4.3T. They are literally borrowing and printing half of the outgoing money every year or printing $1T every 100 days. That is why nobody can afford a car…..
In 2019 I bought a ram rebel level 2 package for $45,000 out the door today that same truck the same options and everything is $75,000 with the higher interest rates today the payment would be around 1500 My payment for my truck 2019 was 600
People can’t afford the extras and cars along with other things are extras cause the basics, like food has essentially become luxury items and cars are now ultra, ultra luxury items cause of cost. At this point, it’s not inflation anymore; it corporate greed.
The dealership business model needs to adapt. Soon the sales side will be gone and consumers will buy directly from the manufacturer. Dealerships will be relegated to the parts and service side only. They have no one else to blame but themselves, their shifty practices and selling for above MSRP left a bad taste in a lot of peoples mouth.
Except most manufacturers don’t want to get into the D2C business
Many US States have franchise laws which require dealerships. Direct manufacturer auto sales are not allowed.
@@dvader3263 what is the reasoning for that?
People have said the car market is crashing so many times it is impossible to believe.
Car market is not effing crashing. Half of my neighborhood is driving brand new vehicles and car/truck prices are going up another 10% in 2025.
That doesn't mean they can afford them
Interest rates are still to high… that’s why the volume is lacking 0-3% was the norm from 2010-2019…. High inflation and high interest rates kill sales
It’s 2008 all over again. People don’t seem to learn from history. BUT it’s good for people like me who are in the market for a new vehicle and have been waiting for the prices to drop!
Never buying again from a dealership. They are all scum. Gonna buy directly from manufacturers only.
How exactly?
@@JoseOrtiz-gc6fd Exactly. Dealers have lobbies and made states pass laws protecting them.
Where?? In china??
Just bought a CX50 Premium in May, wish I had waited a month because manufacturer financing went from 2.9 to 0 percent financing. All said, my former vehicle was on its last leg.
Well when honda sells CRVs for 42k then they end up totaling 71k all in. A crash is all that can happen.
71k wut 🤣
dude they're not that high, you can find them at discount on autotrader all day
@anaveragehuman2937 Go buy a brand new one and post the total bikl of sale or run along know it all
@@cabbagehead8082 NO ONE is paying 30k over msrp otd for a crv.
@anaveragehuman2937 Move along. You and reality don't agree anyway.
@@cabbagehead8082what drives the price up to that extreme?
Prices are the main concern and they made the money during the "Flu" season.
It's not happening fast enough. The manufacturers will never learn, neither will the dealerships. As of July 2.91 million cars are in inventory.
Corporate GREED over Consumer NEED!!
In Philly, people aren't even getting their cars inspected anymore. I see 2023 on inspection stickers all the time.
When manufacturers listen to the EPA and completely stop listening to customers. Then the result is inevitable.
People paying over retail....
Are the problem...
I have a 2013 Impreza with 45k miles that recently got hit by hail, Insurance wants to total it out for a total of 5k but the cost for a new car is well over that. I can't even get a comparable used car in that range because used cars with similar miles are all 20k. A similar priced impreza is at least 15k. This market is insane.
Next time, get GAP insurance from your insurance company. It's super cheap and will cover the GAP difference to replace the same car but 1 year newer of the same model.
@@riseabove3082agreed. Gap is for cars/trucks that depreciate heavily. Now take a full size diesel truck or Jeep Wrangler and you might not need Gap. Just look at used car prices and you’ll see what you need gap for.
Dude. Stop. You need to get FIVE examples of a 'comparable' car for sale in your local market and take that your insurer. By LAW they need to insure you for the value of a like vehicle. I happened to be on a high-price-used-cars cycle when our 4Runner was totaled by a drunk driver. USAA offered $7k. I sent them five examples of comparable (trim, mileage) and they sent me a check for $18k.
@@riseabove3082that’s not what gap covers
Get a lawyer if they don’t give you more.
Don't finance a new car unless you plan on keeping it long-term (10 years) and can pay it off in 2 years max.
When car salesmen start making 6 figures u know it’s a scam.
Stellantis.... I'm talking to you, make a simple jeep without power everything develop it for 20k per unit and sell it for starting at 25k and you will sell them like hotcakes
Banks aren't loaning money for these astronomical prices either unless you have platinum credit.
Plus trade ins values are crap so lower prices just cover the amount you're underwater on the trade.
@adamswihart8661 And the insurance on a new car is half the car payment!
When they basically tack on another 25% to the cost of a car and then interest jumped as high as it is, what do you expect? I want a new vehicle but not about to spend $80k on something that cost $50k just a few years ago.
Nothing is collapsing
I purchased a 4 year old full size truck for half the cost of new. It still runs great and looks new. Let some other sucker pay for the depreciation.
Good to see Charlie Mansons son doing well.
I called him young Paul McCartney and I think he deleted my comment:
A a a a staying alive staying alive.
Let me tell a short story about looking for a cheaper, older used car that we could afford. …So we’re looking to get out of our 09 Cadillac DTS Premium. We noticed an older 1st generation Lincoln mk-Z at a smaller used lot. We got out and looked. The radio or heater/temp controls were just sitting in the dash… it wasn’t actually mounted. The black leather driver seat was ripped. It had rust on the driver side near the bottom, around the bottom of the door and it spread a little further than that. The car was actually pretty filthy and with the ebony interior, that dealer didn’t even bother to vacuum it out. It wasn’t the mk-Z’s we see on TH-cam. It wasn’t taken care of and it wasn’t even work-car quality. The dealer came over right away and said it was $5999 😮 …we left and couldn’t even talk because it was such an insane thing. 6K for that. This is southern West Virginia. That’s how it is out here.
Recession + high MSRP + high Interest Rates + QC issues ^10 = Car Market Crash. At this point I wouldn't invest any money into any new vehicle given the high amounts of issues with each model from each manufacturer AND the incentives are no where near enough to bring prices of new vehicles down to a logical level.
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Strayer .
I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
I'm new at this, please how can I reach her?
After I raised up to 125k trading with her I bought a new House and a car here in the states also paid for my son's surgery
Glory to God shalom.
This may be an unpopular opinion, but here it goes: these dealers are not going to give, nor pass down, any MAJOR blowout discounts. From the top down the auto industry is taking pages from the real estate business from 2008. The dealers don’t want to discount cars, their bottom line be damned. They claim that they want to hold values up, but aren’t selling anything. And on the other hand, brands aren’t slashing prices fast enough. It’s almost as if these clowns are awaiting a bailout of some sort..
You are right and I’ve watched Dealers compensate for the discounts. I went to Toyota a few days ago and looked at Tundras. The truck had an MSRP but then like a 5-8k mark up which is in line with what the discounts Toyota will give so basically you will pay MSRP because the dealer is just charging more in mark ups so the discount is used to get rid of the mark ups.
The problem is the difference in definition. My definition of a “crash” is at least 50% off. His is probably closer to 18%.
Auto manufacturers did this to themselves. They really tested the limits of what people are actually willing to pay for new vehicles, and they found out. Stellantis shouldn’t be surprised that nobody wants to pay $100K+ for their new refrigerator that they packed a bunch of computer screens into. People don’t want or need that.
When you sell trucks for 100k we have a problem! Majority of the issue is in the cost, quality and reliability. People don’t want issues!
The used car market is insane. Have been looking for a pre-owned Sienna for the family and the best option in my area was a 2013 with 115,000 miles going for $18,899... For a 10 year old car
I agree that automakers should make more affordable vehicles: sedans, wagons, hatchbacks. Not everyone needs a CUV/SUV/trucks
Ben, long time viewer and love your content. However, the market is not crashing nor will it crash. This narrative has been circling around for the last year +
Fire sales? They mark things up 7-25% then offer you 3.99-4.99% as a “deal”
Next year the used car market will crash even harder.The reason, all the lease returns from 2022. Next year there will be huge deals on used cars.
Still very skeptical that prices are going to come down by much. If a dealership needs to make their margin (which I have no idea what margins are on new cars), they aren't going to sell at even or at a loss unless it means keeping the lights on. They're going to let them sit on lots, and thats why we see 400 day supplies for Stellantis products. Dealerships are going to feel the squeeze, but manufacturers are still very insulated.
Maybe certain sedans will be cheap but any decent truck or SUV will still go for full retail prices
I visited a Honda dealer this weekend. It was packed with shoppers. I was surprised. The Costco shopper program is offering $3500 under MSRP on a CRV Sport Touring. No dealer add-ons. Same OTD price for either finance or cash.
Uh, when? Prices are still astronomical
Yes, and companies that raised prices the most during the pandemic (Stellantis Hyundai Kia) will get hurt the most. The market is never wrong. There are 15,000 newly redesigned Santa Fe's for sale, they go upwards of $50,000, no one is buying them. Hyundai Kia are entry level brands that think they can box with Honda Toyota... nope.
I’m seeing base model trucks with 130k miles for 25-30k . This is absolutely insane. It’s very true what you’re saying. I asked a Toyota dealer if they had any Tundras or Tacomas in SR trim. He actually laughed and said you’ll maybe find 1 or 2 in the state if you’re lucky and they were ordered months ago from the factory.
waiting for car market to crash lol. New cars especially affordable sedans are getting expensive.
Declining yes, hardly crashing....but that could still come
Hi Ben.
I've been watching you for years from Russia. U good!!
Because of the "situation" in which Russia is, the used car market has grown in price. At least 30-40% for cars 4-5 years old. New cars have become just x2, x3. The best deals on new cars are Chinese cars, they are more affordable, especially with a loan. But I think it's better to drive an old car than to buy a car from China :)
I went to a Jeep dealership here in Scottsdale, the lot is over flowing with Jeeps. I looked at a 2024 two door Rubicon, sticker with a sticker of $57k, they are taking $10k off sticker. Jeep Gladiators are seeing even higher discounts. Part of the problem is dealerships across the board have left a sour taste with consumers, also quality has dropped with all manufactures.
lol. TH-camrs been saying this for years just for some click bait.
The reason cars/trucks are so expensive now is the mfgs saw that people were willing to pay the huge dealer markups just to get a ride during the pandemic, and so decided the dealer mark up price should be the mfg’s MSRP. Thus jacking up the prices to these crazy levels thinking they will just rake in the profits.
And here we are.
By doing just a little shopping around. I saved my wife 4k+ on a new '24 Nissan Kicks. Base model.
Great info on the current car crisis! I see signs of inflammation as I watch your video.
You missed the fact that Wall Street has signaled to auto companies to sell fewer cars and only make high price autos. This limits inventory and increases prices. They listened. They also are cutting shifts and having more “vacations”.
This is what Toyota makes per day (numbers are not accurate but ratios probably are):
Tundra: 500
Brz: 5
Rav 4 Prime: 5
Sienna: 50
Prius Prime: 5
Camry: 50 (dealer markups, so $40k)
Southern California lots are full of $70k Tundras and $40k+ Camrys.
Like your videos talking about new cars telling your viewers what's going on with cars selling the car market like it what you been doing thanks Ben
I've been to a few dealerships.
They seem to be holding their prices as best they can on used cars when I've been negotiating for an out the door price that matches the sticker price.
Prices have actually gone up the last few months from what I've seen.
Wake me up when the Car Market does crash.
New cars prices are overwhelming!! They need to cut cost, and make them affordable
Ben: the new scam they’re using is that you “have to use our financing”
That’s from a used honda dealership in Scottsdale…
My girl and I were shopping and it’s the same bs car sales game that has not changed the last 20-30 years…
APR
Down payment
Trade
Sales price
And if they cannot have control over atleast 2 of those its the typical “what if…” sales pitch
I really wish it was a simple $2000 over whatever they paid at auction and that’s that
But
It seems like every dealer is magically entitled to $5000-$30,000 over the actual value
I have been in Sales myself and I love cars but when did this whole attitude of “we HAVE to make $5000 per vehicle?!” Thing start?
I get that car sales people love their 8-balls and onlyfans and strip clubs and alcohol - but - why are we as consumers somehow “required” to finance their poor personal spending and lifestyle habits?
Local ford dealer still marking up mustangs, all raptors and broncos
I’ve looked over quite a few of these messages, and as far as I can tell, it appears that the dealerships and the car manufacturers are in a contest to see who can be the most greedy! Has it always been such a predatory relationship between the builders sellers, and the people who buy these vehicles? WTF😮
Greed will getcha every time!
I am in the market to buy and narrowed down to Lexus GX550 Premium+ or Jeep Wagoneer series II Carbide but with the amount of money I've to spend, I don't feel like I'm getting my money worth.
Lexus is putting cheap plastic interior and some people are reporting engine issues
Jeep has some electronic issues they need to fix and vey bad MPG
I guess I'll hold on to my 2011 Toyota Highlander and wait.
I tried for months to purchase a Chrysler/ Dodge product, and every dealership I tried, had overpriced inventory and assumed I was naive enough to get duped.. I took my money to Toyota instead.
Unfortunately a lot of it (inflation) is from gov’t printing and spending money they don’t have, and it hurts the average working stiff like us whose wages don’t keep up.
People that bought these vehicles are all underwater in their payments and it's only going to get worse....people are turning over their vehicles back to the banks with their monthly payments and insurance payments is out of control
I live in Southern Ontario, Canada, and I'm looking for a gently-used 2005-2008 Toyota Corolla for $7,000 or less, and there is nothing to be found here for less than $8,000 ! One 2007 Corolla just sold for $12,500 and it had 108,000 km on it.
The dealerships and manufacturers brought this on themselves by being greedy. I stopped having my oil changed at the dealership where it used to be cheap, it's now expensive and they push other stuff on you like Jiffy Lube.
Inflation > rising cost of goods > Increase in prices...
@Th3M4larky yeah you can tell they're hurting for cash the way they try to push brakes etc on you now. Our local dealership never used to do that.
@@MudMonsterRacing4 Change in management? Change in corporate or franchise strategy? There are more variables than what meets the eye.
People are begging dealerships to buy new cars at MSRP which is crazy to me. 5 years ago if you were paying MSRP that meant you were getting ripped off.
At some point dealerships will realize it’s easier to make money by moving lots of vehicles, not by adding $2k+ to the MSRP causing their vehicles to sit on their lot for months.
Hopefully Christmas time ford gives a huge discount or rebate.
But bro, it's a Ford.
Dealerships aren't making money you think they are they have tremendous overhead. Floor plans are eating up profits in the fastest way. When you pay interest on every car on your lot and they're not selling fast that really hurts your bottom line. There are a whole lot of employees to pay at a dealership. People need to blame government regulation and stop focusing so hard on dealerships. On a $70,000 vehicle there's likely only a few thousand dollars markup at most
Automakers have jacked up their prices and are willing to wait for the reduction in interest rates to make up the difference in volume they are seeing right now. In the end, they will make more money as long as the economy keeps being artificially propped up. A major correction needs to happen but it won't be pretty because it should have happened two years ago.
Prices haven’t dropped the new msrp have gone up 30% since 2019. Prior to pandemic, it was normal to get 15-20% off the 2019 sticker price. The new discount barely cut into the pre 2019 prices
Bro looks like Tom Hanks on a stranded island 😂
People aren't going out as much - restaurant prices are up, movies suck, lots of people working from home. The price on some vehicles such as trucks are insane. Then the slimy salespeople don't want to drop the prices claiming covid is causing a shortage. I have a used Accord XL - I put it in KBB to get a quote - I got 7 calls from dealers because it has virtually no mileage on a 2018. I'm getting about 27,000 in offers so I'm debating. I went to get the oild changed today and the guy asked me how many miles. I said 7500 he said you mean 77,500 I said nope 7500.
For short trips use an Uber. Save your vehicle for longer trips.
I need those ram rebels you review to drop in prices. Back to 2019 prices
Good... The market needs a correction... The macro economy in general is over heated...
We have a dealer who sell mainly lease returns / rentals with approx 35 /40k miles on them and less than a year so old, historically for approx 10k below new msrp for the same vehicle. The last 2 /3 years they have been asking 3/4k below msrp and people were buying them. Now, things are at a standstill in the area. There is one local GM dealer who seems to be having above average sales but Ford and Dodge lots are full to capacity. Looking at the prices of the new vehicles, there is NO WAY a middle class family could ever afford them. A dilemma for the makers and dealers to be sure.
BTW, what ever happened to tens of thousands of vehicles, all the makers were stockpiling due to the computer chip problem that lasted over a year?
They need to price the vehicles correctly!
The dealer lots where I live are packed! ✌️
I met Ben once he bought me a sandwitch and da chips wit a sod