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Banks are warning of a pending used car price collapse.

Discussion in 'Stocks, Investments & Finances' started by IowaGuy, Nov 15, 2022.

  1. Nov 15, 2022 at 5:17 AM
    #1
    IowaGuy

    IowaGuy [OP] New Member

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    Well duh, Ray Charles could see this one coming and I think the new car market isn't far behind. I am already seeing prices drop on trucks around here and a lot of people are going to be waaay upside down on their auto loans. The dealer market adjustments and the people paying them are one of the craziest things I have seen and people were stupid to pay them. I am blessed that my truck is paid off and I am praying it stays in good shape for a long time.
     
  2. Nov 15, 2022 at 5:21 AM
    #2
    Tundra234

    Tundra234 New Member

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    Alot of them
    I saw that on the news a few days ago. With interest rate hikes, the housing market is dropping as well.
     
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  3. Nov 15, 2022 at 5:39 AM
    #3
    Retired...finally

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    I'm seeing this in the RV market as well. Once work calls you back to the office that RV mobile office you bought two years ago just sits rotting away. New RV dealers lots are filled and the used market is saturated. No one wants to admit the value of their RV has dropped way more than normal.
     
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  4. Nov 15, 2022 at 6:00 AM
    #4
    e30cabrio

    e30cabrio I'm e30cabrio, I'm a modaholic

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    I hope this is true, we ordered an Airstream that was not going to be done when agreed and are looking for a used one.
     
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  5. Nov 15, 2022 at 6:05 AM
    #5
    Sunnier

    Sunnier Pity the warrior that slays all his foes

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    Um. Won’t a downturn in prices benefit you? Pause your search until after the new year, get a better deal.
     
  6. Nov 15, 2022 at 6:13 AM
    #6
    frichco228

    frichco228 Valued Member

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    I would agree especially considering all the companies that have already announced large layoffs and I am sure more or coming. That in itself will hurt a lot of folks and the economy. Then add in that many people purchased vehicles, boats, RVs are huge top dollar inflated prices and it is likely going to get messy.

    Ive been trying to buy a boat for over a year, hoping people will be selling at a realistic price again this spring, after they have felt some pain with high boat payment, inflation, gas and food prices.
     
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  7. Nov 15, 2022 at 6:17 AM
    #7
    Terndrerrr

    Terndrerrr guzzling dealer repellent

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    Do any of y’all watch YAA’s YouTube? They are a father and son team who talk about how to buy a car, what to walk into a dealership with, what to focus on in negotiations, etc. Dad used to sell Jeeps. I’ve seen a few of their recent videos. They’re very closely tracking the contraction of the auto market. They’ve been saying for a while that Carvana is on the verge of bankruptcy. Remember that Carvana has been paying the best for your used vehicle for the last couple of years. If their massive inventory floods the market at discounted prices, it will turn into a blood bath.

    Seems to me that most dealers are sitting on inflated values due to general inflation (obviously) but also due to the fact that they gave insanely high trade-in values for everyone’s used cars for the last two years. I would think they’d want to cut their losses and sell before everything tanks even further, but I’m just a guy on the internet.

    A guy on the internet with no debt, lol.
     
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  8. Nov 15, 2022 at 6:28 AM
    #8
    Retired...finally

    Retired...finally Utilizing that doctorate of procrastinatory arts

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    I hope you can find a reasonable seller with a pre pandemic model that suits your needs. Currently asking prices on post pandemic RVs are inflated and not likely to priced realistically. The sellers with the attitude of "That's what I have in to it" and those unaware of the true market will keep asking prices on many RVs high for a while yet. You might find a seller that needs the cash and has put a sizable downpayment and just needs to get out from under the debt load. Another option is to look for bank repo sales. A house adjacent to my property went up for Sheriff sale and the advertised minimum accepted price was $99k. Because of that I didn't even go to bid. For some reason it sold for $27k. I was willing to pay $50k for this little house for the Mother in Law. So, don't discount bank or Sheriff sales even if the advertised minimum bid is too high.
     
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  9. Nov 15, 2022 at 7:51 AM
    #9
    Rubberdown

    Rubberdown Spilling my guts here.

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    Gosh dang you’re mad. I went a month ago and paid what I thought was a fair price and was happy. No one is holding a gun to anyones head to buy something. Calm down.
     
    NewImprovedRon likes this.
  10. Nov 15, 2022 at 8:02 AM
    #10
    IowaGuy

    IowaGuy [OP] New Member

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    If I understand correctly dealers have to pay taxes on any vehicles that they have in their possession for more than 30 days? That really puts them in a pickle to either sell at a loss for what they paid or continue to loose money.

    I think we will soon see a move to buy direct from factory for most brands or order only from dealers?
     
    mountaingroan likes this.
  11. Nov 15, 2022 at 9:06 AM
    #11
    Terndrerrr

    Terndrerrr guzzling dealer repellent

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    Isn’t it law in all (or most) states that new vehicle purchases must be made through dealers? It was originally lobbied for under the guise of being “for our protection”, which given what it has turned into is pretty dang funny at this point.

    I am curious how Tesla has circumvented those laws in certain states.
     
    Last edited: Nov 15, 2022
  12. Nov 15, 2022 at 9:17 AM
    #12
    MadMaxCanon

    MadMaxCanon New Member

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    Too many, but not enough....
    It will be a good time to buy a car in about a year probably, so 2024 models. I plan on waiting to get a great deal on something for the family.
     
  13. Nov 15, 2022 at 10:03 AM
    #13
    Jernik

    Jernik New Member

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    Not sure I'd want to own an RV built between 2020 and 2022, maybe even 2023. Supply shortages had them all cutting corners and installing whatever they could get their hands on. Of course, there was huge demand so they were slamming everything together as fast as they could to move units out the door.

    But... if it was cheap enough and further inspection looks good, I'd be lying to say I'd totally dismiss one solely based on build year. But that price would have to be the deal of a lifetime.
     
    frichco228 likes this.
  14. Nov 15, 2022 at 10:07 AM
    #14
    g6t9ed

    g6t9ed Novice Tundra Modder

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    I believe it's circumvented because they do not directly sell you the car at their facility nor do they have a service area since it's not like an ICE vehicle. Some states do allow you to sell directly and I believe that is how they are able to get it in the customer's hands.

    The franchise law is a bit of a misnomer. It was to protect the local dealerships from the bigger franchise dealerships. Because of their bigger capital, it would force out the mom and pop dealerships out because they couldn't compete, think Wal-Mart. So, in turn, this would eventually hurt the consumer and local economy.
     
  15. Nov 15, 2022 at 10:13 AM
    #15
    e30cabrio

    e30cabrio I'm e30cabrio, I'm a modaholic

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    This is what I'm hoping!

    Good point!

    Agreed, that logic added to my relief when they said can we extend the delivery 5-8 months.

    The good news for us is we are looking for a late '24 retirement date (maybe even 1/25) so time is on our side (as long as health holds out)
     
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  16. Nov 15, 2022 at 10:14 AM
    #16
    e30cabrio

    e30cabrio I'm e30cabrio, I'm a modaholic

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    Are you saying the toilet isn't really sanitized for my protection???

    lol
     
  17. Nov 15, 2022 at 10:14 AM
    #17
    IowaGuy

    IowaGuy [OP] New Member

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    I think everything built after 2018 is crap. Labor shortages had mfgs slapping together stuff with just a few people and the same for all the outsourced parts to go into things. Ford stopped pre insprecting their parts before assembly.
     
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  18. Nov 15, 2022 at 10:16 AM
    #18
    Hbjeff

    Hbjeff New Member

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    The used car market has been used as a canary in the coal mine many times…. Current consumer sentiment data from U of Michigan shows that now is the perceived worst time to buy a new car ever, worst time to buy a home since 1980
     
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  19. Nov 15, 2022 at 10:24 AM
    #19
    4x4_Angel

    4x4_Angel Perfectly Imperfect Tomboy....TTC #132

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    Mine is also paid off, but I'm searching for a truck for my oldest.
     
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  20. Nov 15, 2022 at 10:30 AM
    #20
    Rubberdown

    Rubberdown Spilling my guts here.

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    Boohoo. Go buy the used car you can afford. Thats how the world works. I have been in their shoes. I drove an old Isuzu pickup with 300,000 miles on it that was 4 different colors because it’s what I could afford. Life’s hard. The mindset that someone should be able to afford a nice car because they want one, not because they can afford one, is what got everyone in this position in the first place. Empathy has nothing to do with people making shit decisions.
     
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  21. Nov 15, 2022 at 10:32 AM
    #21
    nobodyintexas

    nobodyintexas What?

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    Whatever this forum told me to do
    Imagine how much a Tesla would be if the dealers were to get ahold of the sales channel.

    I bought ours while enjoying a nice dinner in Texas Roadhouse.

    it was the best purchasing process i ever had to do. no upcharges, no haggling bulls1t, no sitting around waiting on a plebe to talk to the sales mgr.

    there is much to learn from Tesla.
     
  22. Nov 15, 2022 at 10:39 AM
    #22
    texasrho83

    texasrho83 DGAF#1

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  23. Nov 15, 2022 at 10:41 AM
    #23
    texasrho83

    texasrho83 DGAF#1

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    This applies to several social and political topics right now.
     
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  24. Nov 15, 2022 at 10:44 AM
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    4x4_Angel

    4x4_Angel Perfectly Imperfect Tomboy....TTC #132

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    I have a 2021 camper and have had no issues with it. My girls and I have enjoyed every moment we have used it. The only thing that needed to be replaced within the first year was the AC, but it wasn't due to cutting corners. :notsure:
     
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  25. Nov 15, 2022 at 10:50 AM
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    TTund16

    TTund16 New Member

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    Sticky prices ... and as far as housing, builders are slowing down due to interest rate hikes so there will be less supply and that will help housing prices plus sticky prices.
    Look at CA real estate ... Very small condos and high prices and prices keep going up. Depends on your location but I think N.W. Will be the next CA and house prices will keep moving up.

    Electric lawnmowers I mean electric cars are overrated and may need another 10 years ... gas prices are high, "buy EV" lol yes, give me $80K and I'll buy one. No, it's much cheaper to keep my V8 and it has factory trans cooler :rofl:
     
    Last edited: Nov 15, 2022
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  26. Nov 15, 2022 at 10:54 AM
    #26
    PlatinumPro

    PlatinumPro New Member

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    not surprised in the least.
    Keep in mind this is in Canada but i bought a Tundra Platinum in 2015 with 5000 miles on the odometer for $52,000. It originally stickered for $60,000. To buy that same truck today is damn near 100k... No Tundra is worth 100k.
     
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  27. Nov 15, 2022 at 10:55 AM
    #27
    ColoradoTJ

    ColoradoTJ Certified tow LEO Staff Member

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    @War Machine
     
  28. Nov 15, 2022 at 11:03 AM
    #28
    Sunnier

    Sunnier Pity the warrior that slays all his foes

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    I know a guy about to sell his near-mint 1st gen double cab: 155k miles, paint is pristine, timing belt and water pump done… because he thinks he’s dialed in a superb deal on a new gen Tunda, ~$48k.

    Not a deal I’d make, but he’s excited.
     
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  29. Nov 15, 2022 at 11:09 AM
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    texasrho83

    texasrho83 DGAF#1

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    :crazy:
     
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  30. Nov 15, 2022 at 11:39 AM
    #30
    Rubberdown

    Rubberdown Spilling my guts here.

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    You type a lot.
     
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