EDMUNDS SHOCKS The Auto Industry (SCARY NEW DATA!)
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- เผยแพร่เมื่อ 18 ก.ย. 2024
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Today on the Daily News You Can Use, Ray and Zach discuss the latest data on the new and used car affordability crisis. Tune in to learn more! - ยานยนต์และพาหนะ
I can afford more, but I refuse to pay more than 30k for any vehicle, period. It's not about 'affordability', MSRP's are simply way too high.
There is no worse investment than your daily driver car so all of mine were inexpensive stripped down cars. Not interested in any kind of status symbol.
That’s my limit too.
I got a loaded 24 Jetta in march for 4.9% for 27,300 no add ons and msrp was 31,800. Insurance is $85 vs $140 for a civic. Everyone said i need awd because it snows in chicago when i call in sick lol. Or I need a suv because i have 4 dogs. Well 2 great danes can fit in the back seat lol
@@BC3485 My dang insurance is high too, why is it so high for Civics? I’d still have a tuff time getting rid of it even if it meant $80-100 savings in insurance.
@@sueinraleigh3091 Because of the crazy driving habits of many Civic owners.
People forget that Henry Ford knew that people would buy a decent affordable car when everyone else was building huge, expensive cars. He built 15 million copies of the Model T and people loved them.
The issue with that is that people were less entitled and more content with basic needs back then. People are NOT that way anymore. People have Champagne taste on a beer budget and have unrealistic expectations when it comes to things they want. That is why idiots complain about capitalism.
⁹
@@lindalentz5093 Whaahh???
@Modeltnick yup, nowadays a side by side would be more similar to a model T than a regular car would be. But I think it would be super fun to run around town in a side x side.
What were the huge expensive cars available at that time ?
if the average car payment is north of $700 / month, then we have left 90% of American citizens out of the equation. Lowering interest rates will not impact the gross overprice for vehicles that we have arrived at. The level of greed is inexcusable. Telling buyers to take out loans for 7 and 8 years is creating a giant economic bubble of debt that builds atop the gross overcharging that the same folks are facing with the credit card cartel. Enough!!
People signed their life away for inflated prices and 1% interest.
And that doesn't include gas and insurance, maintenance and other expenses that go along with maintaining a car.
People shouldn't buy things they can't afford to pay for
@@aimsayslet alone the shit build quality that after 5-6 years,so many things will go out after the warranty period they will be back to square 1,it's all by design to keep the average consumer in a continuous never ending debt enslavement. For our household ,never again to any new car unless at 40% price cut and would have to be the build quality the way they did 20+ years ago.
Hey Adar should not be far more comfortable than your living room. Imigine what it would cost to build 1960 cars again. Nope cars are pricey but boy oh boy are they far more luxurious.
I didn't want any debt so I purchased what I could afford out of cash. I'm thankful that I found a nice and honest salesperson from a smaller lot in a smaller town. The negotiation was easy. Everything discussed prior to arrival remained the same. So far I'm happy with a car but we'll see how it goes in the next 6 months.
smart now you own the car, it doesn't own you
Thanks for sharing the story. I hope it goes very well for you. I'm on my 6th year w/a one-owner low miles used truck, and it's (paid for) and been a smart decision.
Good job! Smart move.
I used to sell the cheaper cars, we were always busy, Starting out, I would buy a cheapie, keep it running, save your money for a deposit, then buy a 1 year old car, so you miss out on the depreciation of a new one in the first year, then pay that off so you own it, and then do the same again unless you really want a new one. I NEVER buy new only ever 1 year or six months old, has worked well for me.
It feels amazing to not have a bank note each month!
Bought a new Jetta last year for $21,000 out the door. Screw the big three.
Those are great cars!
Great cars, but VW is in trouble big time.
Welcome to carbon fouled valves and 80,000 engine failure.
Could have bought a Corolla for $22,000.
"Buy older TOYOTA's and pay cash for them. The new cars are CRAP". Scotty Kilmer
Rev up your engines!
RIP Scotty, he might die again tomorrow based on his click bait titles. This site and his don't need them but they keep on shocking us.
New APR deal: New 2024 Nissan Frontier, 0.9% for 60mos via Nissan Motor Acceptance Corp. financing. + up to $1,750 in possible rebates on top . Scotty loves Frontiers but it kills him to admit it.
Never sell your pre 2018 Toyota.
The big problem is , finding one where they didn't go 10-11,000 miles between oil changes .
Yes I looked at repair cost in the future when I purchased my inexpensive used car. I also looked at the cost of insurance. Also I didn't want to buy a newer car that spies on me. I contacted my mechanic to ask for his experience on the car I got.
Great move to ask your mechanic ahead of time.
I’ve accepted that I’m going to have my 2009 tacoma work truck for way longer than I originally anticipated. It’s only got 155k on it and it runs great.
Just getting broken in. Good for you. I've got an '09 Frontier w/the same hopes. Low miles tho. Just rolled over 80k.
Good for you!!! Smart decision!!! These manufacturers do not deserve your money.
It better than the new ones with 4 cyl. turbos.
Nov.2023
Used xB 121G miles
Like brand new.
2008
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
In the 50's my Dad worked a modest job, Mom stayed at home and raised the kids, and they lived a nice middle class lifestyle including owning a home. Nowadays both I and my partner works and can barely afford to make ends meet. Soon the kids and family dog will need to work to keep this household going. It's the destruction of the American dream right before our eyes.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
I was a late bloomer, but Tracy Britt Cool Consulting, my financial advisor helped me bring it all together and got me into crypto. Now retired for 6 years at 72, my managed portfolio with Tracy generates about 9k a month on average more than my RMD on my retirement accounts. Not real big, but together with SS we're able to live reasonably with 160k a year. While being mortgage free.
She is really a good investment advisor. Was privileged to attend some of her seminars.that's how I started my own crypto investment
price gouging by manufactures since 2020.
Gee what happened since 2020 that have increased prices 50%? Oh yeah, early 2021 is when Joe and Giggles took over! Love that Progressives Green Agenda, don't you?
Prices went up 50% in 2008-09
Still too high. American people can’t afford basics. Taxes 🚀 Rent 🚀 insurance 🚀 groceries 🚀 the best option is to buy cash n old car or don’t buy anything 😅
It's not just expectations based on their last purchase. It's also a financial reality -- they probably simply cannot afford to spend so much on a vehicle. Prices on almost everything have risen too much, too quickly. You are focusing on cars, but those potential car purchaser have to deal with the prices of housing, groceries, and medical care in addition to the price of cars.
The Government spending is off the charts!!! Our National debt is 35 trillion, AND THEY ARE INCREASING THE SPENDING!!!!! We are now borrowing money just to pay the interest on this debt, AND THEY CONTINUE TO GIVE AWAY MONEY TO OTHER COUNTRIES!!!! THIS IS INSANITY!!!!! We need to reduce the size of Government by 90%, and that mean firing a lot of Government "workers"!!!!
... if U.S. car buyers are willing to get a 2nd or 3rd job or do without, to afford a $47,000 vehicle, why should manufacturers lower their prices?
If buyers need to get additional jobs to buy a car, they can't "afford" it in the first place.
Exactly. But the bottom will drop out soon enough
Most Americans aren't willing to do that. I work 2 jobs because I like making money and like buying stuff.
My thought was, "anyone taking a 2nd job solely to buy a new car has really whacked out priorities." Such decision making is "flirting with disaster".
Yes, lower prices will sell more cars but the American public love their big trucks.
Thank you for this excellent video showing the craziness of asking the average hard working family to pay $50,000 for a new car. That does not include car insurance and car routine maintenance. Carry On!
Totally agree. In my outdated world of fixed resources, $40k w/be the absolute screaming pain threshold top. I'd worry about it blowing our budget to the moon. $30k is still high. $15 to $25k w/be the "sweet spot". A payment of $300 or more would make me lose sleep at night. I realize this is not everyone's situation/reality. It's just mine.
Which is why we haven't had a car payment since 2019.
@@NVRAMboi4 new cars purchased 2006,2008,2014,
2015. All $22G OTD. NO MO.
2001 Toyota Avalon and still going strong. I refuse to buy from these greedy bastards.
If you don’t need a truck nor an SUV I highly recommend a 2024 Toyota Corolla either hybrid or non hybrid. I bought three of them this year for cash out the door total…$25,000, $25,500 and on 9-9-2024 I paid $26,000 for my third one for my family. I don’t pay banks interest instead they pay me. I pay cash for my cars and houses. I have zero debt. We live way below our means. We could buy fancy expensive cars but we don’t.
It’s totally ridiculous to pay more than $26,000 cash for any new car.
It ridiculous to pay $25k for a Corolla.
@@lawrencefranck9417 and can you intelligently tell the world why you posted this comment using factual data? Im dying to know the detail vs just a random comment. Break it down so we all can understand your point, that is if you have any depth you want to share with the world. We are all waiting.
@@StopCensoringOk After you give a logical explanation why a Corolla cost $25k
@@lawrencefranck9417 the dealership agreed to $25,000 in exchange for a brand new Toyota Corolla Hybrid LE total cash out the door. The logic is in America we can pay cash for cars. In a capitalist society we often exchange cash for goods. In this case a logical procedure.
not only that the cars are so expensive these days the quality is so poor I'm holding on to my vehicle until the wheels fall off
Wow…not our experience. Just turned in a leased BMW EV after 3 years and it was flawless…same with the wife’s Lexus. Heck her lease wasn’t up but she had enough equity to use it as a down payment on a new lease from a different manufacturer.
My wife forces me to get rid of my cars. I always drive them and drive them ,till the wheels fall off . Buying cars before you really have to us dumb really dumb
@@ytSuns26 Sorry but there are people in this world who can buy vehicles like you buy a candy bar. I know…with the income gap growing almost daily it’s hard to fathom but it’s true. AND yes I’m more than mildly concerned what’s gonna be the reaction of the poorly educated part of the working class that’s full of white rural rage, when their messiah loses by a comfortable margin in November. Who can they possibly turn to that will spew so much anger and hate?
People often discuss affordability, and indeed, it is a significant concern. However, for those savvy with their finances, the issue isn't merely affordability. The new cars and trucks on the market today simply do not justify their asking prices. Manufacturers' prices are already high, but dealerships exacerbate the problem by adding superfluous add-ons, further eroding customer trust. Despite various incentives, which often seem dubious, the value of the vehicles does not match their cost, especially given the reduced reliability of newer models. Unless and until the industry addresses this imbalance between price and value, the discerning public will continue to steer clear of these financial burdens.
I have owned a couple of Toyotas well past 250k sold or traded them in still running fine. So yeah get the 10O k of use out if it.
My first new car was aFord Tempo, It had a manual transmission. No power windows. It had A/C and cruise power steering. I thought it was a well equipped car.
You have to love him! Popps makes the show.
Definitely without Ray there IS no show
Popps
Topps
I feel like I won the lottery. 2013 Audi S4…120,000 miles, German preventative maintenance schedule, 31 mpg at 80 mph, APR stage 1 tune. No oil usage. Original battery (trunk) lasted 10 yrs & 3 months.
2017 F150 2.7T, purchased as a leftover in Feb 2018 for $42K….127,000 miles…no oil usage. Severe maintenance schdule. Mobil 1 every 5000 miles with 8 oz Lucas Oil Treatment. Quiet, dependable, quick, and road-worthy at 20.5 mpg at 80 mph.
No reason to argue with positive results.
We need $25K cars again. Car manufactures are still on the notion of "We will build it, they will come" mentality. Think again!
Honda, Hyundai, Toyota, Kia, VW all make 25k cars
They are finding out with EVs that simply is not the case. And notice the adds for EVs never mention the supposed advantages of owning one.....because there aren't any. LOL!
@@HarryTwatter .....along with Mazda and Subaru (and some domestic re-badged asian builds).
@@waynek805 Paid $22,500 total for a new 2023 Bolt EUV. Affordable to insure, affordable to run. I'll never buy ICE again.
@@waynek805Seriously? I leased a BMW for 3 years and it was flawless. Charged in the garage once or twice a week, not having to deal with mechanic type people. Just bought a Tesla with all the incentives in Jersey for 39K out the door so to speak. So…what am I missing?
Part of the soultion, is to NEVER take an auto loan
Only purchase what you can afford to pay in full
This loan / debt for individuals has gotten insane!
People feel they can't afford a new car not only due to the price of the car but so many other prices have increased. Someone can only buy what their total finances allow.
Stop financing cars people! If you cannot find money in your budget for your next new car, you are spending too much! $5 here, $10 there, it all adds up! Whether is is buying coffee or alcohol, buying $20 shampoo, cable t.v, eating out a lot, a gardener, a housekeeper, etc., cut that all out & deposit it into your "next new car" savings account! Buying a $45,000 car & financing it is going to cost you a whole lot more than $45,000!
it's buying w/ debt that pushes prices up homes, college, cars w/o debt and financing all would cost but a fraction of what they do now
Yep, we need another Henry Ford. Take all the crap out of the cars and get down to basics. If our government would stay out of the car business, we could better afford new cars.
I got really lucky, i just got a 2017 chevy equinox we agreed on 14,500 i then introduced my trade and after a bit more negotiating we agreeed on a deal of 10,120. I pay 289 for 66 months but i plan on putting 450 to it so i can pay it off in 24ish months and trade up for a better car ( edit i took a loan for 15k and that covered a 3yr or 48,000 mile extended warranty for any electrical or powertrain problems.) The goal is to pay my car off before the warranty expires
Not luck, you have a solid smart plan! 👍
Car manufacturers need to understand. That if we spend 50-100k for a car/truck. In the south, our homes cost 200-400k. So a car cost 20-25% of our homes....
Car manufacturers have missed the mark... they could make cars/trucks at a lower price point... (I'll take less features) but there are no options...
"Reasonably priced" and RELIABLE would be a nice combination.
Yes, what a concept!!
Base model Toyotas.
Ray and Zach the cost of ownership has made buying a new or used a luxury that they can no longer afford.
I still don't understand why Americans, in the richest country in the world, depend on financing to buy a new car. Even in poophole Canada where we are taxed to literal death, many buy cars with cash. Just buy what you can afford for crying out loud.
Just stay away from Tim Hortons, and Starbucks is the 1st step
The average transaction price for a new car in USA is around USD47,000. Very few Americans have this much cash to purchase outright.
Here in America, lots of people try to fill the empty hole in their lives with material goods. A car isn't a simple vehicle to get stuff done, for lots of people it's an IDENTITY. I can't relate either, but it's true. These geniuses get a scratch on their car and have to go have it fixed immediately. These people financed their education, they financed their monthly expenses on credit cards, they financed their cars and then one day they wake up and can't afford a mortgage. Now those poor bastards pay 25% more in rent than they would for a house payment. They're screwed. They're the new slave class. It's frightening. Even if they CAN get a mortgage they overbuy, they're house poor, and if they get laid off they are upside down and screwed after a month or two. It's wild.
@@DriverDude100yes they can, all they have to do is put $700/mo into a high interest savings account for 5 years.
On the topic of sub $20,000 cars, one of the cars I own is literally worth more than what I paid for it 5 years ago. I have a honda civic si 2d coup 2014 with 40k miles on it. I bought it from an older guy that put 10k miles on it for $12k (Dealerships offered him 6k, bought the car for 18k). I have ben offered 22k because of how clean the car is with documentation of all work done as well as it being stock.
This is all so depressing. In my lifetime I’ve seen the evaporation of the dream of 1) owning a really nice car you’ve pined for 2) owning a nice car like your parents had and finally 3) just owning a car that’s basic, comfortable daily transportation.
So many of the major players in this game deserve to be bankrupt and shuttered. Instead of teasing out all the details, most of us will simply cheer on the demise of all aspects of the American car selling industry
Yourparents car was not nearly as complex. Today’s cars are a nightmare waiting to happen . A very expensive nightmare !
Its all about the Insurance costs and the annual personal property taxes every year. The car we can afford but those 2 issues put us off until we absolutely need one.
You gentlemen forget that some vehicles can last than 200000 miles that are still reliable 😮
I think people are leasing as a work around.
Affordable cars that will leave me stranded. Thanks for the tip! EVs are not the answer. They are only good for short commutes.
Just over 80% of my driving is short communting/running errands. I can't do an EV if it's my only vehicle, but a good, cheap EV would be a GREAT second vehicle. Nobody wants to make one.
@@lexwaldez Paid $22,500 total for my new 2023 Bolt EUV. GM is bringing back the Bolt late next year.
An EV off warranty is just a dash light going on away from a $26k battery replacement.
Huh? Besides I just bought a Tesla…cash and will buy a new one in 3 years so I care because?
I always buy off-lease cars. The first big depreciation of the car value is over with, and most leases are dealer maintained. They usually have that 10-15k miles left under the warranty to see if it is a lemon or not, plus you have the CarFax vehicle history to see if it has had numerous dealer visits outside of oil change intervals. I drove a wonderful Audi A4 that was $54k new, but I bought at $34k. Drove it reliably for three years and traded it in for $28k in value (that was the used car crash).
This situation may force people to start looking at engine/transmission replacement in lieu of a replacement vehicle, assuming that the body isn't in too bad of shape. This used to be a common practice in the '60s and '70s when I was a young pup. It's cheaper than buying a replacement vehicle. I wonder if there's a market opportunity for people to buy vehicles with engine or transmission issues, repair them, and sell them at a lower price?
I have no desire to spend $45k for a new car. My last purchase (last year) was a two year old Accord with 30k miles. Paid $26k for it. It’s nicely equipped and I know it’ll run forever. Media has fooled people into thinking they must have an $80k truck that they never use to tow anything and the heaviest load they carry is their mother-in-law.
I remember CR and others complained VW's (base golf's etc)were to expensive at the time even thought they rode better with nicer interiors at around 25k. Wow, have times changed.
72 here and i need a new car. Shopping for a car around $300 per month with $6000 down. That fits into my SSA payment, and a dip once in awhile into my retirement fund. The only car that fits that perimeter is a Nissan Sentra. I think that shows how car manufacturers have become disconnected from the consumers. Good for Nissan.
*China's Auto Sector Is Moving to Mexico; 29 New Manufacturing Plants Set Up Since June 2022. I'm seeing some beautiful cars in Mexico!* Mexico and South America account for 560 million people - which apparently the Chinese see as enough potential market for these plants..
Yep, China is going to serve the world with affordable products leaving the US and Europe there home markets at high prices for similar products.
See how well the UK autoindustry did in the 1950s to 1970s
The only one shocked is the industry consumers arent
If people were honest, most would admit they really need to keep it at $15-17 thousand as far as the amount borrowed. Most people lie to themselves and go after too much of a loan.
I think you're right. People can't admit the truth to themselves (much less to others).
Well duh guys, when you pay line auto workers $50 an hour what do you expect?
"Feb 22 (Reuters) - Stellantis CEO Carlos Tavares received a 56% boost in total compensation to 36.49 million euros ($39.5 million) in 2023, "
It's not the front line workers..... It's the C suite suits!
Can’t fully blame the ridiculous prices on the workers wages.
Car companies could make affordable cars if the wanted to, but they don't want to. All they want to make is high priced, high margin, cars.
Easy solution don't buy a new car
Don’t forget the car insurance on top of it.
Federal mandates for “safety”features which eliminate driver focus on the road because they become too reliant on technology are also driving up prices as well. People used to have to learn to drive and park etc…
Buy a $3,000 transportation module (The thing sits in your driveway or parking space most of it's life) If it lasts a year it's $250 a month, insurance is cheaper, taxes are less, you'll save $500 a month (vs new) and when it does die, park it along the road and donate it to the highway department and get another wunder car. In a few years you'll be buying that new car cash ... if you Just Have To Have a new one.
My last purchase was 2009. A brand new, Honda element ex 4wd, 8 miles. Paid 24k at 6 percent over 6 years and paid it off in 4. Now I make more money, more comfortable, excellent credit in the 800s….and I know, I’m not going to get a deal, that’s why I’m holding. The current average of my 3 cars is 20 years old now, all with over 150k miles. I can’t hold out forever, but I’ll try!
Please be patient, governments around the world are forcing manufacturers to build electric vehicles for poor people who cannot afford gasoline.
I’ve seen nothing in the data that’s convinced me letting go of my 2013 Honda Civic is a good decision.
We are becoming CUBA people will need to keep cars on the road for 30 years to make the economics work.
The government doesn’t want people traveling. All tyrannical governments slowly limit travel.
15 minute cities.
And in California Governor Gruesome is now going to tax cars by mile driven, gas powered or EV. If you drive a car I'll tax the street.... George Harrison was a prophet - Taxman - Revolver Album
😵💫
Huh? In Europe visiting friends after leasing the wife a big SUV and buying myself a Tesla with all the incentives. I hardly think there is some grand conspiracy to forbid people from traveling but I do agree the wealth gap is growing. Whose fault is that? Isn’t it just one of the few downsides of capitalism that we endure at times?
@@Skyking6976I’m not talking about your vacation trip. I’m talking about governments through out the history of the world. If we didn’t have capitalism you would have already starved to death.
Love the information you guys provide you do such a wonderful job. Keep it up.!
Would be nice if people could bid on cars at the auto auctions that dealers buy some of their used stock from. Could save thousands.
I definitely can't afford a $47,000 vehicle, but I also wouldn't buy $30,000 vehicles.
$5000 is plenty to buy a reliable vehicle even now
These auto maker CEOs should be held to task about their pricing
$30K Solar Electric Aptera gets up to 40 miles a day from the solar alone. If needed charge it at the house for 100+ miles overnight. Base model has 250 miles range. Chose between 250, 400, 600 or the 1000 miles range (expected after full production catches up to the 48K reservations currently.
Hey Zack, I have got a bee sting while was opening maibox on my right index finger today. I am a mailman in Old Tappan NJ.
I had a very interesting conversation with a service department consultantate for ford fort sales. He shared that the automaker are note responsible for the high prices. Well not totally responsible. It the sub contractors that make the parts. Their not make the parts at a reasonable price at a lest than reasonable speed between slow and stop. Then the labor force that assembles the part is under union control. .. he went on to say the automakers make none of the cars parts none!😳 thus the the parts and the labor are out side of the automaker’s control… no control no price or quality control 🤬🤯🤬🤬
Purple/Numb Finger--Raynaud's phenomenon
You are talking about affordability in the context of MSRP. But you buy any car once; you pay insurance every year. Increasing auto insurance is also an affordability factor. I have checked with my own auto insurer about a new car, and the _increase_ would be ~$80 more per _month_, or ~$950/year _more_ than what I am already paying. Unlike the MSRP, an auto buyer is paying that increased insurance rate every year.
When you advise buyers about getting a good auto deal, insist that they check with their insurance provider so they can understand what the real hit to their cash flow will be.
Negative equity/Higher MSP/Loan rates/Insurance costs = real barriers to the auto manufacturers.
I question the logic of taking on a second job to afford a new car. Buy a reasonable used car. Keep your money and quality of life.
Too many consumers are brain washed into thinking they need every convenience feature the manufacturers can stick on a vehicle. Back in the day, I was happy to have A/C and a fuel efficient car. Folks are a bit spoiled these days, want everything at any price. My hard working dad finally bought his first new truck, he was super happy….a Ford F-100, 3 speed on the column, small 6 cy, roll-up windows, AM radio….
adaptive cruise with lane correction, rear cross traffic alert and parking sensors are good things. Much of that comes on certain companies lower models.
There's been a huge buyer mentality change on what people deem as "necessary" in a new vehicle. Too many people are suckers for bling/toys that aren't necessary and that will eventually break/fail/malfunction.
I always buy the base model because I am not technically savvy & would never learn how to use all of those extras. I would even love manual roll up windows, but no luck anymore with that!
The average new car transaction amount is deceptive. While luxury car buyers are maintaining their new car purchase rate, everyone else is being priced out of the market so their rate of new car purchases is declining. This is driving the average higher.
My Toyota is 19 years young. No touchscreens, real keys, 4 cylinders, supremely reliable, sips gas, I'll never sell it.
Corporate profits 📈 before people
And you haven't started talking about how the auto dealers look like they are setting up for another government bailout
I have been doing a lot of used car research to replace my bought-as-new 2018 Kia Optima S that has 195,000 miles and is now starting to have a rattle in the engine. Certified pre-owned is definitely the way to go for me. I am most likely going with a Subaru Crosstrek, Forester or Mazda CX-5. Both provide a 7-year 100,000 mile powertrain and 3yr/36k warranty. Depreciation was paid for by the first owner, so I see this option as a win-win. In general, I'm getting a 7-year 70,000 Mi warranty on a vehicle that has been certified, has all the bugs worked out, for $10-$15,000 less than when it was new. My interest rate will be 7-8% with a FICO of around 700, unless the dealer beats USAA.
The reality is that the moment the car has problems with all this the new technology costs money. Older car prices are going up because they're easier to work on (in general) but theres markups on some parts that is absurdly high.
There's what people say and what they do. If most people were as responsible with their money as they respond in these types of surveys, they'd be doing themselves a huge favor by not making bad financial decisions.
People are not anticipating that the cost would be that much higher to buy a car after 6 years probably because their pay hasn't increased that much over those 6 years
FICO scale tops out at 850. Yet Matthew is claiming ""869". He must've put a turbo on his score. Way to go Matthew!
"Shanghai" loves buying/leasing submarines? Good for those guys. When China impresses me, I'll be sure to let the internet know.
Your finger is broken, Zach.
I caught that also. I think he meant 769, if he's paying 7.24% APR. No way is his credit score is 869 (850) if he's paying 7.24%. Good catch!!!
There is a FICO bankcard score 8 that ranges from 250-900. I know because one of my cards uses that one.
Stelantis EV strategy is inconceivable!
It seems the car refurbishing business would take off especially now that many vehicles are not built as good as they were 6-12 years ago.
Eliminate the luxury items on cars; sunroof, power tailgate, aluminum wheels and big tires, leather seats and power and heated everything. Eliminate these, market a plain mode of transportation at a decent price and watch the line ups at the dealerships
Waiting for a sensible , simple no frills truck. Cash buyer!
Brand new Nissan Versa MANUAL is under 20k. I bought mine for 17500 OTD.
@Zach… my brother had Raynuad’s Syndrome which caused those symptoms!
I'm trying to buy a car now. MFs are hurting dealers by sending them vehicles equipped with many "options" that no one wants. Try to buy a "base" GLI. Try to find the manual, there is demand but not supply. I want a GLI below the 29k MSRP. not 7k above.
People will simply hold off on buying. Consumers are finally thinking.
My work provides the vehicle so I could just wait a few years until all this falls out
There are plenty of new vehicles under $30,000, but they're just not the ones that you want
Buy used, private party, from a long time owner with reciepts, problems solved
I'll be keeping my 2021 F-150, just out of factory warranty. (gulp!!) First time driving a vehicle without a warranty!
I am sitting in a Nissan dealership (waiting on service) that is full of employees yet devoid of any apparent buyers. How do these people get paid?
Nissan employees don't lol
I have run out of sympathy for anyone who can no longer afford a new/used car (or for that matter, anything else). We allowed the people in charge to destroy our economy in 2020 and then reward those same people by electing or re-electing them and allowing them to enact policies that made everything even worse.
You mean the pandemic ?
My '24 5-speed manual Versa was stickered $16,600. Was $20k otd. Payments under $300. Hard plastic interior so tuff my dog can't scratch it. The clutch pedal makes it slightly fun to drive. Definitely a bad choice for many but a good choice for me.
Who the hell can afford VACATIONS? We make decent to good money, we're debt free, and I'm not taking on $35-50k in debt on a friggin car. No way. When you factor in inflation auto pricing isn't always wildly crazy, but the problem is our salaries didn't keep up with inflation. Our purchase power eroded. I'm saving up for some major improvements to the house that's paid off. No way I'm paying what they're asking for a new car. I'll get a motorcyle or ride the bus. Hopefully congress will push through more tax breaks for billionaires and fix this. /s
Is it cold too?
Model T cost the average worker 6 month's salary. So what I can afford is $30k
That's sad, very sad. In my brain, I wouldn't consider the car that warrants a 2nd job. I live within my means. If I have to get a new car, I only buy what I can afford, not one that's outside my means of monthly income.
I don’t think you guys can see the Forrest through the trees…
Shop by payment.
Best lease deals in the USA.
Zero down leases under $399 month.
Best-value truck configurations.
Most reliable vehicles you should buy.
That’s how you help buyers.
Consumers are gathering pitch forks and torches.
The Leaf is not really $19. They seem to brush over the $2499 down. When you divide that over 24 months, it's a lot more than $19
important point for sure.
If it was zero down $19 we would all buy 1