Used car prices about to go into free fall

[GTSpartan]

I still haven't seen the repo man in my neighborhood yet.... but trust me... that'll be my 1st sign.

M'frs...making $18.50/hr driving trackhawks.

The Dems are desperately propping up the economy until after the mid-terms. It will get punched in the face soon after.

 

[gimmie11s]

From Bloomberg
View attachment 1744985

"do you really need that extra car?"

Pretty much exactly what im talking about. All that type of buying is going to disappear.

 

[Corbic]

"do you really need that extra car?"

Pretty much exactly what im talking about. All that type of buying is going to disappear.

Selling and trading will also disappear.

I think the floor has been permanently raised. Old stuff (+20yrs) is all hitting classic prices. New stuff is just expensive. ADMs will go away, but MSRP is staying put.

My 2500 - what should it be priced at in a year?

An OBS is going for $10k+ because of nostalgia. A new 2500 is $60k.

In 2019 my '05 was a $10k truck easy. I paid $14k for it last year. Smoking dope if you think I'd sell it for $10k next year.

"I know what I got"

 

[13COBRA]

Selling and trading will also disappear.

I think the floor has been permanently raised. Old stuff (+20yrs) is all hitting classic prices. New stuff is just expensive. ADMs will go away, but MSRP is staying put.

My 2500 - what should it be priced at in a year?

An OBS is going for $10k+ because of nostalgia. A new 2500 is $60k.

In 2019 my '05 was a $10k truck easy. I paid $14k for it last year. Smoking dope if you think I'd sell it for $10k next year.

"I know what I got"

View attachment 1744990

Good looking truck. Sorry I put the dent in it...when I saw it I accidentally bumped it with my erection.

 

[gimmie11s]

Selling and trading will also disappear.

I think the floor has been permanently raised. Old stuff (+20yrs) is all hitting classic prices. New stuff is just expensive. ADMs will go away, but MSRP is staying put.

My 2500 - what should it be priced at in a year?

An OBS is going for $10k+ because of nostalgia. A new 2500 is $60k.

In 2019 my '05 was a $10k truck easy. I paid $14k for it last year. Smoking dope if you think I'd sell it for $10k next year.

"I know what I got"

View attachment 1744990

Couldn't disagree more. You comment assumes status quo remains as it pertains to individual or family wealth.

Most Americans are literally getting poorer by the day right now, that's a fact.

"Nostalgia" goes out the window when you have a 1998 k2500 sitting in your driveway because you literally cannot afford to drive it. And oh by the way, pulling $3000 by selling it will allow me to keep a roof over my head for a few more months considering ive already missed 2 house payments.

That time is coming... the question is when, not if.

 

[CompOrange04GT]

Saw an 07 Silverado on Fb today. 5.3 .. roughly 150k miles

Dude wants 15 grand …

It’s insane what people are trying to sell things for these days

 

[gimmie11s]

@Corbic Trust me.. I hope youre right and im wrong because I got a 103k mile 1997 4x4 Tahoe that needs sold. Im running out of parking space lmao...

 

[Blk04L]

@gimmie11s made an interesting comment on ARMs.

Really curious how many dumb MFers took out ARMs on their houses this time around.

I think with anything in this crazy time a correction will be done to both homes and cars. Free fall I'm not sold on but I also enjoy reading Wallstreetbets so I'm mentally retarded

 

[gimmie11s]

@gimmie11s made an interesting comment on ARMs.

Really curious how many dumb MFers took out ARMs on their houses this time around.

I think with anything in this crazy time a correction will be done to both homes and cars. Free fall I'm not sold on but I also enjoy reading Wallstreetbets so I'm mentally retarded

Had a guy in my office 2 days ago telling me the payment on the 2nd he took out on his home for a room addition nearly doubled over the last few months.

This is a guy who makes $22/hr and he is shitting bricks begging for some overtime.

 

[sleek98]

@gimmie11s made an interesting comment on ARMs.

Really curious how many dumb MFers took out ARMs on their houses this time around.

I think with anything in this crazy time a correction will be done to both homes and cars. Free fall I'm not sold on but I also enjoy reading Wallstreetbets so I'm mentally retarded

It is second mortgages that are carrying the adjustable rates. People cashing out on the inflated prices to buy xyz.

 

[Blk04L]

Had a guy in my office 2 days ago telling me the payment on the 2nd he took out on his home for a room addition nearly doubled over the last few months.

This is a guy who makes $22/hr and he is shitting bricks begging for some overtime.

It is second mortgages that are carrying the adjustable rates. People cashing out on the inflated prices to buy xyz.

Wow.

Learned something new today. Well then, I can see how it can go sour real quick lol

 

[Crimson2v]

Had a guy in my office 2 days ago telling me the payment on the 2nd he took out on his home for a room addition nearly doubled over the last few months.

This is a guy who makes $22/hr and he is shitting bricks begging for some overtime.

It is second mortgages that are carrying the adjustable rates. People cashing out on the inflated prices to buy xyz.

I guess people didn’t learn their lesson back in 08.

 

[SHOdown220]

@gimmie11s made an interesting comment on ARMs.

Really curious how many dumb MFers took out ARMs on their houses this time around.

I think with anything in this crazy time a correction will be done to both homes and cars. Free fall I'm not sold on but I also enjoy reading Wallstreetbets so I'm mentally retarded

We bought our first home this past fall and our credit union was trying to push us on a ARM with a starting rate of 3.75. Said it was their best option and conventional was going to be 5.25% IIRC. I don't know much about mortgages as this is our first but I knew those numbers did not sound very fair to me. Ended up at 2.95 which seemed pretty fair for us. I know others have got better than that.

 

[SolarYellow]

Been saying it for a few months.

The "inventory is low" phenomena completely disappears when people stop buying cars and houses because their money now needs to be focused on paying their adjustable rate on their 2nd that just doubled.... or their fuel bill that rose by $400 per month, or their grocery bill that rose by $300 per month.

You are giving the average American way to much credit. Way too much.

Heating bills and food costs take the back seat to something like conspicuous consumption for simps.

 

[tones_RS3]

Been saying it for a few months.

The "inventory is low" phenomena completely disappears when people stop buying cars and houses because their money now needs to be focused on paying their adjustable rate on their 2nd that just doubled.... or their fuel bill that rose by $400 per month, or their grocery bill that rose by $300 per month.

Believe it or not, not every American makes $200k per year (sarcasm). Millions of people are finding their financial situations completely changing. We will be in a full on recession as the country stops consuming. I think it's going to be shocking to be honest.

The empty car lots are going to be magically full soon enough.

I'll agree with that.

Deutsche Bank predicts US recession in 2023 due to Fed rate hikes

An economic recession is on the horizon in the U.S. as the Federal Reserve makes an aggressive pivot to cool the hottest inflation in four decades, according to economists at Deutsche Bank.

www.foxbusiness.com

Goldman Sachs sees a 38% chance of recession in the next 24 months

Analysts for the bank are the latest to join a recession chorus that is growing louder.

fortune.com

 

[gimmie11s]

Keep your cash brother.. the time to buy is coming.

 

[gimmie11s]

You are giving the average American way to much credit. Way too much.

Heating bills and food costs take the back seat to something like conspicuous consumption for simps.

you make a valid point lol. can't argue that

 

[me32]

Been saying it for a few months.

The "inventory is low" phenomena completely disappears when people stop buying cars and houses because their money now needs to be focused on paying their adjustable rate on their 2nd that just doubled.... or their fuel bill that rose by $400 per month, or their grocery bill that rose by $300 per month.

Believe it or not, not every American makes $200k per year (sarcasm). Millions of people are finding their financial situations completely changing. We will be in a full on recession as the country stops consuming. I think it's going to be shocking to be honest.

The empty car lots are going to be magically full soon enough.

Car maxx already have completely full lots. I haven't seen one empty in NorCal

 

[ford fanatic]

Watching TV before work today and lots of commercials pushing cash out re-fi's. People are going to be sorry lol.

 

[gimmie11s]

Car maxx already have completely full lots. I haven't seen one empty in NorCal

they are full down here too.. very full.