The Car Market is Crashing Hard - No Trades - Tons of Repos!
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- เผยแพร่เมื่อ 16 ก.ย. 2023
- Yep we're back at the Dealer Auto Auction and we find a ton of repossessions but very few local trade-ins. This tells me something is very wrong @carquestionsanswered
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Exactly right! Great video!!!
Thanks man! Good seeing you here.
@@RustyZipper flying wheels is a crybaby who loves to show off what he has.
100% spot on! EV?=Scam!
Just purchased a 1999 Toyota Celica 5 speed manual convertible from my Mom’s neighbor who is 80 years old. The car has been parked in his garage for 18 years. He always ran it and keep the maintenance. I paid $300 for it because he said he has no use for it since he can’t drive anymore. I have never been happier. Car just easily passed smog . This is absolutely the luckiest deal for me.
Killer deal!
Scotty Kilmer..... " one of the best vehicles ever produced"
One thing about not seeing cars being traded in is dealer greed. An example is myself, I have a hellcat charger widebody. I was curious into trading it in. Was offered between 55-70K for it. Yet there’s similar hellcats being sold for 100k+
So my car is only worth 55 in their eyes, But the same car they’ll go ahead and ask 100K for. greed is ruining everything. And I’m all up for it. About time big dealers pay for scamming countless people
Trading in your car is the dumbest move you can make. You will never get what it's worth, unless it's a jalopy ready for the crusher.
When you trade in your vehicle, you're getting a fraction of its value, and most dealers just roll the remaining price of the new car into your existing loan. So you end up paying even more in interest during the loan term because when you modify your loan, you push the reset button on the interest paid, and your loan amount ballooned erasing whatever you had already paid off.
in the dealers defense they do have hefty overhead doubling your money isnt even adequate in retail
you must be new to cars. let me guess. you are young. being offered HALF on trade in has always been the norm. always. going back to the 90s when i started buying cars (when i was of age). you haggled from that number and usually settled at 60%. if you did 70% you were a god
This isn't just happening in the auto industry , it's happening in every industry in the US.
I find that dealers are stealers. Criminals.
People just don’t want to pay 80k for a brand new car
Absolutely not, it’s preposterous!
and then loose $20k in 2-3 years if you decide to trade in.
Best way I have heard this thought put out! Why should we have to pay this much
Don't want to pay $300,000. for a house either!
Pushing EV, but no one wants the EV.
I daily a 20 year old focus with a manual no payments it's nice
I will never want one
Exactly
Notice that all the EVs look like and have the prices of Luxury cars? And that many companies are removing there budget cars? My theory is that these companies are trying to make cars a toy of the Rich again, just as they were hundreds of years ago…..
@@ferretman6790yeah like they did way back in the model T days but people were riding horses back then but maybe we should ride horses again😂😂
I had a loaner Pacifica for 3 weeks while my car was at the body shop reversing the effects of low flying deer. It was a very nice vehicle to drive - very comfortable, and an awesome road tripper.
The Pacifica goes down hill on value quick. Pacifica, Traverse and Buick Enclave are eye candy, but not a dependable vehicle. They have many major problems.
@@gobbler1957 My wife is on her 2nd Enclave, she loves them. Only problem in 10 years of ownership were broken motor mounts on the first one.
@@derekheuring2984 Sounds like you have good luck. I have been running a note lot for over 20 years. The Enclave has given constant little problems. Something always needs to be fixed. Our customers put on miles, so maybe it would be a dependable vehicle for someone that puts 12,000 miles a year. We have had to replace differentials, and suspension parts mainly.
In my country in northern Europe the new car market is at a standstill. The only money there is to be made is with used cars. A buddy of mine works at a dealership. They do not send off vars anymore, the only profit is selling used. He thinks it is a combination of bad economy and the fact most new cars in the European dealerships are full electric, while the demand for EVs is down. People are not willing to go electric basically
Ya, my dad needs a new car soon but is dreading the day cause he said they’re hard too find. He said the day the turbo on his Dacia blows is the day he’s “finished”.
Geoff Buys Cars is cool. He focuses on the European market.
Since you were curious about why a rental would have tint, I’ll give my thoughts since I work with rentals. We do get the occasional car that someone rented for a long time and decided to get tint for whatever reason, that’s not very common. What I would guess is that a rental car company bought that truck used, and that’s why it has tint. Since the chip shortage being an issue, rental companies couldn’t get brand new vehicles at the rate they used to, so they are forced to buy used cars
That’s true.
The 2.7 is a very capable motor. I pull a 27ft enclosed aluminum trailer, in the snow hauling 5 sleds and it doesn’t skip a beat. My 2017 has a towing capacity of 7800 lbs with a 3.55 axle…
Can’t believe you said a dodge ram with 90k miles is just getting broken in it’s probably about due for a transmission
Alot of REPOs at my auction too Randy
I'm going to tell you something about that fender my brother rented a car didn't put the insurance on it it got hit while I was parked in front of his house his mom stepmother took it to a friend to repair it the repairs would have been at least $5,000 her friend it for a couple of hundred dollars they cannot match up the rental car paint a little bit lighter the original so I told my brother take it when is a little bit dark back to the rental place he did and he fooled them they took the car back and never noticed I could notice if the sun was hitting it but he got out of that mess
Yeah Randy there definitely is something going on in the car market right now. New car prices have gone up an average around 40% since 2018. I used to buy new cars all the time I haven’t bought a new car since 2018 between cars not being available dealer markup and the price increases from the manufacture. I’m out of the car market plus I’m a car guy I’m not a truck or SUV guy and everybody’s slowly getting rid of selling cars.
Cars, homes, food...everything is outrageous these days.
Uh we dont manufacture any materials anymore. Almost everything comes from overseas which drives the prices.
Same here
It's not surprising when the average car note exceeded 500.00 per month. Factor in all the extra fluff dealers roll into the loan further inflating the price, and the fact the average consumer has no idea how simple interest works. Usually taking the longest term for the lowest payment. Which further inflates the total cost of the vehicle.
It's a pineapple grenade ready to blow up in your face.
When you finance a vehicle, and the loan term exceeds the warranty term of the vehicle, you are looking at potential repair costs out of pocket as well. So factor that into your expenses as well. I mean you might as well walk around with shackles.
Then you have consumers who trade in the vehicle for a newer one, and essentially push the reset button on their interest and loan term. It's nasty stuff.
I'm Not Wearing Masks ever again...and i Work at a hospital! :)
Thanks for your videos they help me understand when I buy cars keep it up and stay safe enjoy your day and be careful
Don't apologize for doing videos on trucks that is what most people love to see there's a reason that automakers are not making cars anymore
Vary awesome collection indeed. I'm loving it. Keep up the great work.
You could probably find a wrecked parts truck at copart or iaa with the donor parts you need for the fleet truck.
I dont know now but around 2022 when my lease ended and swapped my Audi, the used price was doing so well that most dealers were just reselling used cars (and I'm pointing to new car dealerships right here, manufacturer dealers not second hand exclusive.) I had a incident with that Audi where the passenger door was busted, beyond just a "door ding".
I expected a huge quota to repair it but the sales guy straight up told me, if I return this car earlier than my lease date to them and lease off a new car, they'll fix up, not bill me for the repair and pay off the remaining 3 months for free with no early return penalty. That is one hell of a deal for me since I'm always leasing a car. I later found out why that made sense for them since the sales guy told me when I later went in to buy cargo mats for my newly leased car, the old leased car which was MSRP 49k sold for 43k after 2.5 years of me driving it for 20k miles and hitting a pole with it. So if that logic is still in place, I can see why the dealers wouldn't auction off any remotely new cars.
Almost to 400k subs!! Love your videos brotha.
I have a 2020 ranger the keyfob didn't have remote start but I put the Ford pass app on my phone and start it with that might be worth a try and the app is free
I have been watching the channel on here called Epic Economist and they have been warning everyone of the car market crash among other things like the stock market and the housing bubble about to pop for months now. Not counting the cost of food and gas they cover everything. That channel is well worth the watch they don't sugar coat anything they tell it how it is.
That guys is very reliable on what he says I watch him and he is solid on information!!!
400k soon Randyyy🎉🎉🎉🎉
Another great video! I know leasing isn’t for everyone but it works for me. I have two older vehicles for my daily and one new vehicle for road trips. Leasing works for the new one since I average maybe 5-6k annually on it. That said, I don’t know how but I got another great lease from my dealer in north NJ. A 2024 Atlas CS SEL, all possible options with low down payment and very comfortable monthly payment. The crazy part was seeing the used car prices. Wow
Randy thanks for looking at a pacifica. On vacation my family drove one 2500 miles it got 28 mpg. It was very comfortable to drive.
Crashing just like the -16% mtd on my portfolio. Best president ever...
With the strike, it’ll be so interesting to see what happens to how you bud and etc. this is a very interesting time! Keep it up randy!
I would LOVE to see a police caprice PPV on the channel!
Those things are awesome! 6.0 LSX V-8 (That makes more than 500 hp), 6-speed automatic transmission with paddle shift on the steering wheel, 4-wheel disc brakes (2017 model).
Radio upgrade is easy. Did it myself on my 250. I ordered a oem navigation radio from eBay. Comes as a kit. Simple install. The seller programs the unit to work with your vin number. It’s all plug and play. Also installed the console too. Also the remote start can be ordered online and it’s practically plug and play. Little bit of forscan programming but that’s simple. Don’t go to a dealer. Best mods I’ve done on mine.
I concur... $700 for sync 2 to 3 in my 2013 Focus ST from Simply Michigan on eBay. Came programmed, so it was plug and play.
I'm local to OKC. I've had David Stanley, Post Oak, and Hudiburg all calling, texting, and sending letters to me asking to buy back vehicles I bought from them years ago. I don't own any of them anymore. Got rid of my payments in April of 2021 and couldn't be happier. Sold my 2015 BMW 328d and 2019 Jeep Cherokee for more than I owed thanks to COVID prices. Now have a 2005 Accord V6, 2007 Acura MXD, and a 2011 Chevy Malibu. Paid around $7,500 for all three combined and have no payments. Was paying $1,600/month in payments and insurance. Now paying $281/month for full coverage on all three. I do miss having nicer cars and the fuel economy in the BMW, but freeing up $1,300/month is absolutely worth it.
The plug in 1% means it’ll run on gas but the battery needs recharging
They stopped putting the engine cover on the 2.7 in 2018 or 19
I just like you , agree when I see people who leave windows down , doors open , hoods and trunks up that people should be more respective when they are at somebody’s house . I would close all of them if I were out there . Why let things get damaged more ?
I always take the plastic engine cover off, and hang it on the garage wall. When I sell the vehicle I put it back on.
I just recently bought a 2019 Malibu LT, for only 6400, because it was a repossession
Great video Randy!
Auction I worked at the wiper up meant a dead battery.
I do like your work truck. Absolutely kicking ass Randy. Love your videos. That grey one isn’t bad. Those minivans are nice but probably too much. Wow too bad I’m not in the market for a truck looks like some nice ones. I hear you Randy give me buttons.
The radio i
Up grade from 4 to 8 inch radio upgrade can be done. It's sold on e Bay. Your looking at the conversion harness, a pm, the radio modular are about 1200 plus the cost of face plate 400
The interest rates are so dang high that most folks cannot afford a car. The payments are atrocious. My last brand new car (2018 model) was financed at 2.8% with my bank. I was interested in getting a new car a few months ago and my interest rate would have been about 7.2% and my credit rating is still just as good as was back in 2018. So if my interest rate has jumped and I have perfect credit then imagine the interest rate and payments that somebody with 600 credit score would have. I will just keep my current car and wait it out.
This is why I question all those analysts that say the auto strike will cause massive issues to the economy. I doubt it as nobody can afford a car right now so it is doubtful that the big three not being able to make a few thousand more vehicles that nobody can afford anyway is going to damage the economy.
Keep up the good videos!!!
Hello Sir, I live in Texas and I’m interested in getting a newer pickup. How can I look at all those trucks coming up for sale?
That CTS is a Vsport which has the LF3 TTV6 engine making 420hp/430tq. 2014 was the first model year for that one. Looks pretty beat up though.
nobody still around from then but there was a time when the car was replacing the horse and buggy and people were saying “we don’t want these newfangled contraptions”. (by the way, I’m no EV fan either but the day of the internal combustion engine IS coming to an end sometime in the future, like it or not).
That is not true everywhere, the company I work for completed its fleet conversion to all BEV last year with no issues. @@RustyZipper
It's super easy to upgrade the screen in the f150. It's plug and play and it takes around 30 mins give or take. I upgraded the screen in my edge it was also very simple and easy to do. I ordered the screen for around 600$ maybe a little bit more from simply michigan.
I think that's the same guy I bought my Sync 2 to 3 for my 2013 Focus ST. I paid $700 and he programmed it, even set the splash screen to say "Ford Performance" and "Focus ST" for me. It came with the capacitive touch screen, APIM, GPS antenna, and USB hub. My car already had the 8" resistive touch screen, so I didn't need anything else... just plug and play. Highly recommend this seller!
Good morning Randy. 2022 Chrysler Pacifica Touring is a good looking car. The White Chrysler Pacifica is a good looking car. I don't know if you've heard Randy but the UAW is on STRIKE.
My Cousin rented an enterprise vehicle and the windows were like a 5% tint ,I thought that was strange too.
I’m a Ford truck and van owner for many years now. I rented a new F150 (Echoboost,, 10 speed) four years back just to try it out. Very nice driving truck, but way too much to break. I will hang on to my rust free low mileage 00 F250 diesel. It’s noisy, has limited features and gets lousy mileage compared to the new ones, but it runs and drives perfectly every time I turn the key. I always enjoy seeing the vehicles you look at.
14:26 Those white Fords that are barely used might be the same as here where students are hired for the summer by city parks and roads services to maintain grass, flower beds etc using trucks like those to travel from one work site to the next and transport their equipment.
I drive Uber fulltime and absolutely love the Pacifica S Hydride.. need to get one of them from that action, currently driving a Tesla model 3
I have the pa ifica for a vacation rental, the gas only version and it's getting 17mpg with seven loaded up , its fully loaded and even has a built in hoover next the rear row of seats,very handy for chips dropped by the grandkids.
I Love watching your videos your the best you teach me good things bout cars
Always
Randy the larger Sync screen may not work in your truck use to the computer APIM not program to operate that screen But there is always that Guy that break the code lol😅
I'm curious how these repossessions work, does the bank keep the 2nd key or do they tow it and get a key from the dealer.. Surely that would be too much of a hassle for them🤔..
I work second 2nd shift love these videos
That Cadillac has some issues.👍
I work at the Honda dealer here in Texas, I am a used car technician, so I get all trade ins, dealer deals, etc etc. when I first started; if a car needed 10+ hours of work it would get whole sale, sold as is, etc but these last few weeks It seems like it doesn’t matter how much work it needs they just have me fix it, good for me I get the job security but makes you think why they want 10+ hours of work done on a car that is 6-15k retail and the dealer will tac all expenses time etc etc to the retail price it’s not just what they have on mechanics labor.
If you buy the kit to upgrade the radio they pre program it for you
I have a neon green 2018 Jeep Renegade Trailhawk and its been bulletproof. Love the little jeep to death not a single issue
sup randy big fan bro been watching you since a hot min
@auto yes you can but u must find the surrounding that matches all of your options or at least most. The bracket that holds it in should be fine to bolt up the new screen but if nit you will need the bracket. So bracket possible and surrounding plastic
He'll need a lot more... the screen and APIM are different, and might need antennas and connectors that don't exist in his truck. The APIM also needs to be programmed to the VIN or it won't work. Source: I upgraded Sync 2 to Sync 3 in my Focus ST... $700 used.
It honestly depends ford changes little stuff here and there one thing might be slightlyly diffrent from a january truck and a december one it all varies especilly on a work truck platform
I’d like to see these vehicles you’re looking at ,filmed going through the auction and what you bid and what they sell for. New subscriber. Kindest regards
Agreed. They don't even show you on the app
In Alberta avis and other companies brought sometimes extra things done to vehicles like tinted windows stripes they say sometimes rents like the extra cool look and we use to sell them for them most of the time and also was better for us to sell as well
The upgraded monitor and the small one connectors are different behind the dash..you would have to get the rewire kit to the ECM...
No way for a ev for a uber car. By the time they get to the airport (as long as its not to far) you will have to charge it for a hour or so and lose money. Stay away from the evs. Nobody works on them other than the dealership also
I am not sure how big of a company they are but if you have an expert electronics by you they are good. Very nice customer service. My husband and I have their basic remote start on both of our vehicles and they were pretty good priced. $400 cash but if you use a card you will have to pay the sales tax
hey can u show the mini cooper thank you for all ur hard work randy love ur channel
thanks
yes programming and if you have Nav you will need the antenna hookup
Yep, I paid $700 for sync 2 to 3 and it needed a GPS antenna and USB hub.
To me GMC is a nicer truck. I would love to see more of those. Either way i love the channel
Hey Randy you are not old by any means now I on the other hand am old I have kids older than you my youngest daughter is your age LOL but my oldest daughter is 54 years old and I am 76 years old and I will be 77 in November and this year it's on Thanksgiving day so now we no longer think that you are old period love your videos very much Charlie kretschmar Phoenix Arizona
maybe they should of used the money for payments instead of spending it on weed on that challenger
There sure is a lot of cars there that smell like weed on the inside!!!
@@RustyZipperas Katt Williams said about bills... you're stressing out about how you're gonna pay, just take one hit and see how it changes your perspective... goes from "I don't know what I'm going to do" to "F them godamn lights, I got 12 candles, I been meanin to burn them"
It’s legal now every state for $50.00 medical card and since worlds been on fire since COVID the world needs to be medicated. You’d be surprised who’s not on medical or recreational in states it is than not
To answer if you could upgrade the smaller screen for a larger one The answer is yes ,,I did junkyard bezel screen. and APIM upgrade mod from a Chicago Tech for 450 send in Vin number upgraded to the 3.5 program on my 2016 XLT . pricey but the nav which I also did not have was added stays upgraded from my home wifi Im quite happy,
How much do you think the Chrysler Pacifica hybrid would sell at from the auction?
I’m a regular visitor on this channel. Whoever is watching this video, I hope this day will be a great day.
that 2.7 is a better motor overall than the 3.5 No inherent issues with it vs the cam/timing issues with the 3.5. that 2.7 will also tow close to 10k
The early 3.5s had the cam phaser issue and that since been fixed for a while know and the 2.7 is known too have coolant leaking into the oil pan
I own one and chose it over the 3.5 for the reason you mentioned. Only real issue with the 2.7 is the oil pans tend to leak. Other than that they’re pretty much bullet proof.
They’re selling those dealer trades now. I used to work at a dealer and I know the game but I turned in a little Malibu I had a few years ago and I thought for sure it would go to auction but I found it a few weeks later on the used car lot. It was in good shape but not normally what you’d see on the lot.
2:26, The first truck, I wonder if it belonged to the owner of the rental car company, that’s why it was modified, but your truck may need an Engine, since it has the Coyote Tech.
Randy, I’m commenting from experience with Holden/Chev entertainment systems, and may have no bearing on both ford and their theft protection systems for entertainment units, but the entertainment units here are locked to vehicle by VIN number, in to the ECU.
That said, they are reprogrammable.
Sad seeing so many Repos too, economy would be suffering 😔
You are correct... the Ford infotainment gateway (APIM) needs to be programmed with the VIN and certain options (with or without separate HVAC controls, etc.), or it will refuse to communicate with the vehicle and just not work.
The greed and loose money always pays off 2-3 years later with a slide into recession. The ones that suffer are usually not the ones that got fat from the greed.
The white f150 you said you treat drove in this you can buy for tailgate and put the tool boxes from your 18 in it and sell it then you have tailgate
Not only the car market. Its worldwide economics
What happened to your Vessi shoes. You haven't had them on in the last few videos?
Dude panicked because it's missing the plastic cover..that got deleted anyways during the covid parts shortages
I delete all engine covers on my vehicles lol.
😂😂😂
The 2.7 is strong ,that’s twice the truck yours is comfort wise , the 18-20 5.0 is a downgrade from either Ecoboost . Yours needs engine work no comparison!
Randy I’ve watched every video you have done for years please do a uk edition and see what we have got to deal with love your content
Those mini vans would be great power tour cars!!
Good to see you sir.😊 Your looking a little tired.
Please do the numbers video for us. I'd like to know how you gauge the current car market.
Programming is required for the radio you need forscan
you should do some vintage car junk yard vids
That pacifica the first one was actually pretty nice the second wasn't to bad to be honest
Nice truck
Yes sir there is a lot of repos because the payments are too high and the APR's are hight too!!! And the new market is crashing.
That Titan has another thing wrong besides that fender. The front tire under that fender is trashed as well. I guarantee, they just slapped a junkyard fender on there, and sent it to auction.
There was a Kia Carnival there near the first hybrid.
Did you make a video on the Raptor?
Them vans looking pretty good 👀
That Caddy might be a v-sport with a twin turbo and I saw a GMC yesterday with a 5.3 badge
What's up with the Tacoma early in the vid have you checked one out?