Car Prices are CRASHING (another 2023 recession warning)
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- เผยแพร่เมื่อ 30 ก.ย. 2024
- Data from Cox Automotive shows that used car prices had nearly their biggest monthly decline on record in June and are now down 10% from their peak in 2022.
This decline in used car prices is occurring because demand is way down and car loan interest rates are way up. Subprime borrowers on car loans are now being forced to pay 15-20% in interest.
Don't be surprised if car prices keep declining in the second half of 2023 as the recession gets worse.
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4% isn’t a crash after raising prices 40%
Facts
👍
Seriously. What are these people talking about! Crash….?
Thank you. Glad someone said it.
This kid is a click bait scam artist. He can’t even afford to get a decent haircut
I’ve been waiting for these horrific prices to drop will drive my old SUV until I find a reasonably priced vehicle period.
I’ve been shopping for 3 years and finally bought a new Tesla due to the recent price drops they had and the $7,500 tax rebate. On top of that they have in stock inventory so we had the car within 4 days of ordering with no BS markups. Got a 6% loan through my location credit union.
@@mylesgray3470🎉💯💪💪🙌
Same,gonna drive my egg beater until they're more reasonable.Same with a house,waiting but have at least a couple years until the deals start piling up.
Bought a manual Nissan versa in cash, it’s reasonably priced if you can pay cash imo, $15k new, but yeah I wouldn’t pay 7% interest on a depreciating asset
I bought it when rates were low, glad I paid cash but I’ve changed my mind a bit and now if I could get a low enough rate like we just had then I might buy on payments
Me too
it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of a planner, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years, whether a bullish or down market, both makes for good profit, it all depends on where you’re looking.
Having a fduciary is essential for proper portfolio diversification to make gains. My advisor is LOREN LENA WALKER who is easily searchable and has extensive knowledge of the financial markets.
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
The federal reserve is responsible for the inflation in the first place.
No they are not declining!!! Just because they dropped 3% when they were up 50% is not a reason for jubilation
You contradict yourself wise one. 3% drop does actually constitute a decline. 😂
You name it and Americans are being priced out of it. American citizens are being priced out of being able to buy their first home, renting an affordable apartment. Being able to afford healthcare, dental work and medication. Even car and home insurance is expensive. Home repair is up. Groceries cost more.
In 1980 I paid to have my teeth cleaned by the dental hygienist for $30.00 without dental insurance. Now some places are charging well over $200.00.
The house I live in , was appraised for $24,000.00 in 1980. Now it's a $100,000.00.
Just a regular house with 3 bedrooms, 2 full bathrooms with separate 🚿 and bathtubs, laundry room, dining room, living room, kitchen, walk in pantry, large backyard.
100k for a house now? That’s a down payment
you should be at 400k ( 7%/y) where are you ? Detroit?
Honestly I really want to know where you find all that space in a house for that cheap. I’m in rural North Carolina and it’s only that cheap if it needs a complete gut job here.
Someone's is giving you a low appraisal! You have to be at least $200k, no matter how old the house is, in today's market!
@@prettyyoungthingpyt5015 I live in an original black community that was built for blacks only in the 1950s. Original price of these homes was $6,500.00, house note was $60. 00/ month. Homebuyers companies call daily trying to buy property in the community
Crashing or starting to pull back to normal prices?
I wouldn't say crashing. More like correcting very slowly. Kia dealers still charging $4k over MSRP on some models that are popular. 🤷🏻♂️ And that's Kia. I didn't say Toyota or Honda or even Mazda.
@@justacinnamonbun8658 exactly
My daily driver is 18 years old. If I ever need something different for a special occasion or mine breaks down, I rent. Unless you have a need to impress clients, anything that does more than get you from point A to point B, is a waste of $
With some exceptions for fuel efficiency, passenger capacity, or a job requiring a truck (I’ve seen listings).
You can be smart about impressing clients too! In my past life, many moons ago (1999 - 2010), I used to be a mortgage broker in the Los Angeles metro area.
Because of the type of pretentious people that live there, it was very important for me to show up in a "fancy" vehicle and impress people (as you put it) to get their business.
So in 2004, I bought a used 2000 Lexus LS 400 in mint condition, from the original owner for $27K out the door! (less than half of what it cost new).
Because it was a sedan, and the SUV craze was in full swing, and host of other factors, I got an insane deal.
I got a bulletproof reliable Lexus for a song, that looked like a million bucks. People were none the wiser. They thought I had just spent a 80K on a new Lexus! ROFLMAO!
@@747-pilotIf any body shows up at my job site in a vehicle thats looks very expensive. I automatically think he must be a crook.
@@radicalttc Unfortunately, most people (especially in places like LA) don't think like you.
So we have to do what's necessary to "play the game" if ya know what I mean.
In real estate if you show up in what's perceived as a "cheap" car, like a Toyota Corolla, they will think that you're unsuccessful and won't give you their business!
A lot of things in life are a “waste” of money then
I sold a 2015 Honda accord this Saturday for $10k. I listed it on Facebook marketplace in Seattle at 9 pm and had it sold the next day by 10Am. I had over 50 different people ask about it. The response was insane because it was way less than what you could find on the lot and it was a one owner car. Dealers at just pricing too high.
For $10k, it would need to have 70kmi or less for me to buy it.
Good for you! Yeah a decent car for 10k probably gets alot of interest!
I bought my daughter a new Nissan Versa for 19k last month. I looked at used cars but they were wanting 14-15k for 5 year old cars with 75k miles. Made no sense to buy used. In 2017 I bought a 2005 Minivan with 75k miles for 6k. It has gotten crazy.
@@rr186650 It had 125k miles on it. For an 8 year old car that only costs $24k new, $10k was more than I expected it should be worth, but demand is there. It has previously been in a pretty bad wreck but was fixed very well and clean title still.
@@paulconner4614 Yea, I didn’t buy a used car in this market for myself either. I went with a New Tesla. With the price drops and $7,500 they are relatively affordable these days.
Used car prices are up 50% compared to what they were prior to the pandemic. This isn't a crash. Sensationalism at its finest.
10% down after 80% increase nice
Lol..exactly
The sky is falling, the sky is falling too. Boring messaging- panic inducing strategy- What are your real motives?
Repos are on the rise as well, since mid-late 2022. Car auctions are seeing twice as many recently.
Good news.
Its not dropping. Its returning to what it should always have been pre price gouging
It has a way to go yet
No such thing as gouging. Learn supply demand economics. Good grief biden voter.
So how does it get there,? Answer and then insert that in your post. 😂
@@tahcogunworksSupply and demand?! Where?! Only in your head.
They went up 20-50% ! I don’t think we’ll see new cars below 20k again & manufacturers would rather sell 1 80k car vs 4 20k cars :(
Yep so would joe biden and the democrats that means less people driving and we can save the world!
Car sale prices, used and new, are crazy
Financing a car is one of the dumbest things a person can do.
EXACTLY! Unless you get one of those ZERO percent financing deals.
I remember when every second place used to offer them, but they don't exist anymore!
Depends on the rate you can get
Paying cash is far dumber, unless you're buying a cheap car.
I think most people have trouble whipping out 20k+ cash for a newer car. If its an older car for a much lower price then sure paying cash makes more sense. If you have good credit though its not that bad having a payment if you have a good interest rate
@@747-piloteven if you do. It better be for construction/ or business use . Where you can write off all of it in first year .
Dealerships are partially at fault. We need to get rid of the dealer model. Just buy straight from the manufacturer at MSRP. When you have finance managers making upwards of $150K+ now you see why they mark up all those cars and sell you all that bullshit in the back room.
Well dealerships bring a lot of jobs
@@raptorhacker599 Yes, a lot of meaningless jobs
Please report on some people getting their cars repoed next.
Im so glad I paid of my 2018 corolla thsi year! So little maintenance required
Are you joking? This is a good thing. Dealerships were asking way too much. Like twice MSRP
can u elaborate on your price crash statements…seems to me prices are dropping from the way above msrp back down to msrp or a little over…so its not that its crashing, its dealers are realizing the can no longer do ridiculous markups…
I din't know what you consider "fair pricing" but I've been looking for a service van (at least 3/4 ton) and there are very few even around. I usually buy new but after doing some inquiries on them I received an email from a dealer saying they just bot a 2023 Chevy in with a sticker price of $46K and a market adjustment of over 10K due to market conditions! That makes it over 56K plus taxes, fee's, etc. I paid 26K new for my last van with a reduction off the sticker price as the 4 before it had! And used ones are just as overpriced.
What happened- your housing crash predictions not working?
So u now moving to cars lol 😅
He’s fake doomsday prophet!
😂
Exactly
So if prices are going back to the average prices from the super inflated numbers that's considered a crash? 🤔
When my car rolled off the assembly line, Clinton was still in office. Rare manual transmission model of a Toyota Camry too! Also paired with the legenday 2.2L I4. It's rock solid reliable and I even get decent mileage with it. I don't even want a new car. Repair costs have been minimal. Had some major repairs, sure. But for an '01 model, it's hard to complain. It's not sexy, it's not fast. It gets me to where I need to go in relative comfort, extremely reliably and that's all I ask for. I can even tow a small U-Haul trailer with it if I need to move something big.
Everything cost too much. Their trying to squeeze us into something and I'm over it all. We shouldn't have to pick and choose necessities like meds, food etc.
Best to work somewhere within walking distance from home.
This is a dumb analysis. We are transitioning from a massive new car shortage back no a more normal car market and you’re being hyperbolic and calling it a crash
Ive follow this guy for a while and he exaggerate over these home and cars. Almost a click bait.
I've been living this exact scenario. Ain't had a car for a full year and none of the jobs that I've been working in that entire time are able to even be enough for me to afford rent if I weren't living with 2 roommates (also struggling to make ends meet). My life has sort of been put on pause because of this, just like during the pandemic. I've been watching this economic bubble grow and grow for over half my life now, knowing that it's GOING to pop- just never knowing how long that's going to take.
You have no clue, the numbers your reporting is not a crash, prices are still too high for new vehicles.
Bull.
They can keep their over -teched crappily made garbage with "dealer markups" I'll drive this car until they force me to buy electric. I know where they can stick it and it ain't an electrical outlet.
That’s where I’m at. I’m driving this ole 2006 Acura TSX until I’m forced to buy my first hazmat vehicle
10% down is a crash ? 🤔 I would call crash not less than 40%
If they dropped 50 percent, they would still be unaffordable for most people. I will ride my well maintained clunkers till they turn to powder. Screw the dealers!
I looked at a new 2024 silverado 2500 at4 edition the other day. Its very nice.They wanted over 90k for it. I just laughed. Got back in my 01 4runner and got tf outta there.
I have a 2000, just take care of it and it will run forever.
My Mom bought a brand new Subaru Forester in 2016. She only put 20,000 miles on it, but in 2022 it sold for $23,000 in $100 bills. I’m sure pre owned vehicles sales prices have lowered. 4% drop still puts an a expensive price
4.2% is not crashing. Could this be just due to interest rates?
Oh jeez not another one of these guys. Doom and gloom
Jesus - your always so full of bad news. Take a chill pill !
Crashing on TH-cam only 😂
This guy ? Prices are still sky high
They need to come down another 20%
Is this like his job? Who cares?
I always come here to see the comments from the idiots that think there's not a hard recession coming😂😂😂😂😂 If always mostly people that bought in the past year or so...
Im waiting. Ive got cash and excellent credit😁
@@Steven_Will It will be at least another 2 or 3 years but I'm in the same boat as you brother. I'm waiting twiddling my fingers and grinding my teeth. It will happen we just have to be patient 🤙🏻
I come here to see the under achievers waiting for everything to "crash" so they can somehow buy nice things for pennies on the dollar from people who are richer and smarter than them.
A totally legit strategy, right ? Lol 🙄
@@WelcomeInc Let me guess you bought recently LOL🤣
@Nobodyspecial6669 Let me guess-- you're a renter.
Its Not The Intrest. Its The Price Of The Car
Exactly! It's not the interest rate, but the amount of the total remaining principle that you are paying that interest rate on!
No. It's both.
It's like a broken record. Everyday the sky is falling.
Because he is a clown
Why don’t people just buy cars on Facebook or smthn if they need it so bad? No interest rate, and the cars aren’t that bad. Not too pricey as well. The only problem I can see is that you need the entire payment upfront.
About 3 months ago you're finding garbage for 10-15k
Idk where you live. But in most areas of the country that have high population centers, used car prices actually appreciated to a point that is unfathomable. A used car that was on average 5k in 2019 was 11k by 2021. Most people buying used vehicles no matter how desperate they are can't afford a 120% increase in the final price. Hence why car sales have come to a near complete stop since early 2022.
I just sold a 2015 Honda accord on there Saturday. The problem is I was absolutely overwhelmed by the response I got for a $10,000 car so it seems demand far exceeds supply for such vehicles. I sold it within 12 hours or listing it and 8 hours of that I was sleeping.
Because those are also overpriced
Facebook is spying on people. Best place to buy is craigslist.
A crash would be a precipitous drop from normal prices. What we are seeing is a hard correction from insane highs. But still, sucks if you bought at the peak.
Prior to Covid, even in early 2020, you could still find a used vehicle that’s 5 years old, compact SUV (Equinox, Terrain, Escape), between 20,000-60,000kms, and it would cost $20,000-$25000.
Today a lot of the 2018s, even at 100,000kms+ are going for $20,000. A 2018 Terrain, Escape, or Equinox with only 20,000-60,000kms is going for at least $25,000, some even sitting at the $30000 mark.
I just bought a new 2023 Terrain for $37,500 before taxes and such. On the same lot was a 2020 Terrain with 80,000kms, going for $36,000.
Some of you in the sunshine states might be able to get by with a FWD vehicle, but up here in the Canadian Prairies, you need AWD at least.
Still nowhere near a crash. My 2010 honda crv, that I bought for 10k 3yrs ago are currently being sold around $15-16k, ridiculous.
Someone needs to tell people in California about this because I just tried to buy a cheap new car (my thinking). I turned around after being quoted $47 K out the door with taxes and everything for a brand new small SUV 2023 Toyota RAV4.
Everyone should not buy until the end of 2024. The raised the cost of housing by 300% at Jan 1 2023 cars and trucks 100% in 2022. Raised real-estate tax the same amount the cost of housing went up.
This has nothing to do with government. It has to do with the world’s 1%.
Countries governments are all owned. Other wise they would go after this 1% for price gouging. The 1% owned all the countries governments debt.
The only power we have is for all of us to just say no. Then wait them out.
😂😂, crashing ? They've been gouging since the pandemic . They need to go down 40%. Im thinking new car sales will go diwn to zero. Cars are a thing of the past , just like dinasours.
Just like homes…the percentage decreases aren’t enough to effect price affordability especially when they went up 50-100% in 2 years!!!
Going to not keep up with the Joneses, and keep rolling my taken care of 2003 Chevy Silverado 4x4 until she basically pretty much almost stops or blows up, then put a new 5k Ls motor back in and drive it another 350k, all while saving capital and investing in mine and my family’s future
Yeah it doesnt help things when Chrysler thinks their trucks are worth 75-90k. I mean, its a truck, built by Chrysler. A fricken Fiat.
10% is nothing. The dealers wanted 40K for $20,000 cars now they want 36K.. still way overpriced.
I hate the way you say "THE PANDEMIC" constantly. Playing into THE PROPAGANDA
Behold! Luxury cars that cost 20K more than you should ever pay! Now with monthly subscription fees to actually make the car work! What do you mean you’re not willing to pay 70 grand for a car where stuff doesn’t work? We got to get away with sticker price for the pandemic! Why won’t you pay it now? The 0% financing was the only reason people you know bought a car in 2020?
Considering they are over 40% higher than they were before the pandemic, they're still ridiculously expensive.
I used to think your channel was kind of interesting. But with the “car prices are crashing” line…I just think you say stuff to say stuff because that’s just a lie. I’ve been looking into buying a car for about 3 years now and I can tell you for certain…car prices have not budged. They’re still ridiculously over priced.
Who the F will pay over $90,000 for a Jeep? Car dealerships are screwing consumers! Keeping my FJ Cruiser!
"It costs way to much for a car" and "vehicle prices are crashing [really just going back down to normal]."
You can be upset with only one of those issues, not both.
I bought a Mercedes in Sept last years and it has already deflated 15k with 4k mikes driven. I’m not stuck with it.
Prices ARE going to decline even more because the high rates were bolstered by the Cash for Clunkers program that took half the used cars off the road during the Obama Administration. Prices for used cars going down isn't a recession indicator. It's things going back to where they were in the first place. Fact of the matter is, government interferance has the prices of both new and used cares over twice what the market would organically allow.
Another major factor is new car production is back up and running. Used cars only went nuts because there was no alternative. Simpl supply and demand.
That’s what happens when things cost too much. The market adjusts and the price drops. Guess they are teaching diversity instead of Econ now huh.
American been Fleece last year.. because of "shortage"... we are feed up with Dealership stealing
Doing everything we can to keep our 2017 Kia Sorrento healthy while raising a growing family.
This is as it should be. They're all building for the top 10% of the market. Incomes have not risen as fast as these prices. It's a natural collapse - the market has to follow this trend.
Lower middle class and poor can't afford to eat at McDonalds anymore. This information doesn't surprise me.
If a basic Honda civic is close to 20k there is a big fucking problems those cars are trash they rattle inside the cabin the ac is loud as fuck I can go on and on and won't finish I didn't have no other choice because everything nowadays is out of my price range ridiculous
All this while care prices are plummeting. If you want a cheap car soon, you'll get your wish.
Remember, this dude is a youtuber, making money from views, take his words with many grains of salt
Lets close down the country 2020 its not safe to work
2023 why everything is so expensive?
Short term given current crisis. Long term used car prices will sky rocket due to demand when cost of living eases
14 cuts /splices in a ~30 second video is jarring. Easier to watch if there are only one or two cuts 👍
This guy...I see none of this is my area. Just like his housing predictions. Nothing has changed in Idaho
Deflation can become a self-fulfilling prophecy if it establishes anticipation of further price cuts in the minds of consumers.
I saw a headline that said Taylor Swift’s concert is saving the economy, can you comment on that?
Car prices - new or used - are insane. We need to a good 1/3 shaved off of both just to be somewhat reasonable.
Not fast enough. Theyre way overpriced. 14% or more rejected for car loans
I think cars are getting new electronics and features at such a rapid rate it hurts the second hand market, as well as Pricing on new sales. 5 years is a eternity in the existing car landscape.
10% isn't much considering they raised the price by 45%
Best bet is to save up and buy with cash considering that cash also gives you leverage to negotiate a lower price. Cash is still king.
Driving a 3k piece of shit until the prices actually come to where they should be.
Car prices in America are amongst the most expensive in the world. Why?
I don’t know how they expect average income families to buy a 30-40K vehicle and a 300k+ home lol
Turns out building our whole society sround the car wasn't the best idea...
I don’t know how old this video is but use prices have already hit the bottom for many cars
80% drops are worth speaking about. not 4%.
Nothing is crashing. You said that home market will crash nothing happens.
Car prices are still up 36% car prices inflated to 40% so that’s only a 4% drop so it’s still expensive.
My ass they’re crashing, this guy must’ve not actually looked at used car prices lmao. Some dealers even put the price higher on old listings
What price is he talking about? New cars have a fixed starting price
You keep preaching that a economic crisis is coming. And yet the economy is getting stronger. So which is it?
And those selling cars don't want to accept cash because they can make more through loans, that is why the interest rate is so high.
It’s not down!!! Prices are still ridiculously high
Hopefully the entire economy will collapse soon so I can afford to sleep on the sidewalk without fear of arrest