Current New Vehicle Market

[Weather Man]

Tesla Cuts Prices Across Models Sold in U.S.

The move could allow some buyers to qualify for a $7,500 U.S. electric-vehicle tax credit.

www.wsj.com

All the boys getting in the game. 20+ new EV competitors hitting this year alone. The pie is being eaten by a lot more companies into a slowdown.

 

[q6543]

My local ford dealer is stacked deep with F150s, mustangs, bronco sport/escapes …

So many new vehicles they’re spilling over into the used car backlot.

 

[Klaus]

All the boys getting in the game. 20+ new EV competitors hitting this year alone. The pie is being eaten by a lot more companies into a slowdown.

Alternatively: It is an 80k luxury car that just happens to be an EV. The bottom has completely fallen out of that market regardless if EV or not.

 

[13COBRA]

My local ford dealer is stacked deep with F150s, mustangs, bronco sport/escapes …

So many new vehicles they’re spilling over into the used car backlot.

Have them ship some to me

 

[tones_RS3]

My local ford dealer is stacked deep with F150s, mustangs, bronco sport/escapes …

So many new vehicles they’re spilling over into the used car backlot.

Not sure if you know or not, but are they selling at MSRP or adding ADM's?
Not looking to buy, just curious.

 

[SHOdown220]

I'm not much of a fan of the Maverick, but I've seen a couple done like a 90's mini truck and I think it's cool. It's not something I'd ever own, but cool to see. Guess it's the nostalgia getting me.

For some reason they did a tremor version of the maverick when I think that truck is begging for an ST version. Lowered with bigger wheels, awd, put the 2.3 in it, manual transmission (pipe dream I know), suspension work and some sportier body accents

 

[q6543]

No idea on ADM but they’re across from a plant so it’s usually A plan buyers.

 

[598]

I have a friend picking up a F250 XLT 4wd 7.3. Guarantee he didn't pay anyway near sticker, but I will get the details in a few days. He is patient, so someone shot him a good offer.

 

[SSSSSSSSSSSSVT]

I have a friend picking up a F250 XLT 4wd 7.3. Guarantee he didn't pay anyway near sticker, but I will get the details in a few days. He is patient, so someone shot him a good offer.

Good deals are there for those that wait. There will be a pile of 2022 vehicles (maybe not ford) on dealer lots. Those cars and trucks are worth less every day.

 

[C2tuck]

Have them ship some to me

Nick,

What’s up with the order banks being closed already for F-450’s? Any word when they will open back up?

 

[13COBRA]

Nick,

What’s up with the order banks being closed already for F-450’s? Any word when they will open back up?

They won't for 2023s.

 

[Weather Man]

Any dealer with a used Tesla has to be crying. That's twice within a year that a sales manager would/could have been clubbed. Sales managers don't like being clubbed; it makes them cranky. Pity the poor bastard walking in now to trade a Tesla, they aren't going to like the numbers.

 

[q6543]

Technological deflation.
They dropped plaid prices 21k

8 second EVs for all!!

 

[SSSSSSSSSSSSVT]

Technological deflation.
They dropped plaid prices 21k

8 second EVs for all!!

No thanks.

 

[Tezz500]

Technological deflation.
They dropped plaid prices 21k

8 second EVs for all!!

8 Seconds of GAY. HA!

 

[Weather Man]

Finance managers that did Tesla deals are pissed; they could have sold a LOT more GAP policies.

 

[C2tuck]

They won't for 2023s.

Damn. I need one. Got any?

 

[Weather Man]

Stellantis definitely seems most aggressive rebater, now on 23's. Be interesting to watch Tesla's take it or leave it pricing against traditional OEM rebating and finance options in a down market. OEM's have a lot of market psychology data going back decades on what works and doesn't work. Down market is new territory for Tesla as is having numerous EV competitors.

 

[13COBRA]

Damn. I need one. Got any?

Nope. Completely sold out, and all my 23s are retail orders

 

[Weather Man]

New auto affordability hits fresh low, loan delinquencies rise​

AN +0.10%Jan. 18, 2023 12:56 PM ET2 Comments

New vehicle affordability touched a yearly low for the month of December, according to Cox Automotive.
The new research indicates that auto loan rates surged to a 20-year high in the final month of 2022 as new-vehicle prices also increased to a record average of $49,507. The firm notes that the median consumer needs to spend over 80% of their yearly wages to purchase a new auto.

The data provider also noted that used auto prices tracked by Manheim Used Vehicle Value Index rose 1.5% from the close of 2022 to mid-January. Despite breaking a streak of steady declines for the index, used car prices remain well below peak levels touched in early 2022.

As affordability declined, loan performance continued to deteriorate, according to Cox.
The latest data indicates that loans delinquent by more than 60 days jumped 26.7% from the prior year. Severely delinquent loans rose sequentially by 0.1% to 1.84% in December. Cox noted that this is the highest rate for that metric since the depths of the Great Recession in early 2009. The subprime severe delinquency rate rose 1.63% from 2021 to 7.11%, the highest since 2006.
To be sure, Cox Automotive Chief Economist Jonathan Smoke noted that “January is always a very light month for sales transactions” and, as such, the data should be taken with a grain of salt. Additionally, he noted that loan delinquencies have not cascaded into defaults as of yet. According to the data, the annualized auto loan default rate in December- was about 40 basis points below the comparable period in 2019.
Nonetheless, Smoke believes higher interest rates are indisputably helping to create an affordability problem in the auto space.
Elsewhere, the firm’s 2022 Car Buyer Journey Study reflected growing frustration among increasingly stretched car buyers. Per the survey, 61% of consumers were satisfied with their purchase experience, down sharply from 72% of respondents in 2020 and 66% in 2021.
“Vehicle buyers were frustrated with high prices, limited availability, and the amount of time required to complete the process,” the research explained. “Used-vehicle buyers, who are often more price sensitive and face higher interest rates, were particularly unsatisfied with the experience in 2022.”
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