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Used car market implodes on bad loans…


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2022 Jul 2, 12:48pm   16,241 views  99 comments

by Ceffer   ➕follow (6)   💰tip   ignore  

"The used car market is on the brink of an auto loan collapse that can shake the entire industry.

I am shocked that more people are not talking about this!

We are facing a 2008-ish scenario in the used car market and honestly, it's a disaster waiting to happen."
"My beautiful Monster Truck! Melting, Melting!" Couldn't afford the gas prices for the sucker, anyway. My self image driving Mom's old Prius will really suffer.

https://threadreaderapp.com/thread/1542860348742836225.html

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20   fdhfoiehfeoi   2022 Jul 26, 8:46pm  

WineHorror1 says

I thought only dealers could go to auctions.


Definitely anyone can go in San Diego. The trouble is they're usually frequented by small time dealers and mechanics, who can spot the good ones better than you, since you're only allowed to start the car.
21   zzyzzx   2022 Nov 10, 10:03am  

https://www.carscoops.com/2022/11/more-and-more-americans-are-struggling-to-pay-their-auto-loans/

More And More Americans Are Struggling To Pay Their Auto Loans

The percentage of automotive loans that are at least 60 days delinquent hit 1.65 percent in the third quarter of 2022. That’s the highest rate of delinquencies in more than a decade, which indicates that vehicle owners are increasingly struggling to make payments on their vehicles.
22   GNL   2022 Nov 10, 10:15am  

zzyzzx says

https://www.carscoops.com/2022/11/more-and-more-americans-are-struggling-to-pay-their-auto-loans/

More And More Americans Are Struggling To Pay Their Auto Loans

The percentage of automotive loans that are at least 60 days delinquent hit 1.65 percent in the third quarter of 2022. That’s the highest rate of delinquencies in more than a decade, which indicates that vehicle owners are increasingly struggling to make payments on their vehicles.

1.65 doesn't sound like alot.
23   zzyzzx   2022 Nov 10, 10:55am  

GNL says

1.65 doesn't sound like alot.


It's the highest rate in more than a decade, and yes it's all relative. I suspect that it's going to go higher.
24   Eric Holder   2022 Nov 10, 1:57pm  

NuttBoxer says

Flood of used cars set to hit the repo market. Expect big price drops in the next month or so


Did it happen?
25   stereotomy   2022 Nov 10, 2:06pm  

The only silver lining to the grossly inflated used car market is that if you have a vehicle with severe accident damage, they are less likely to total it.

Insurance ain't what it used to be . . .

Between toxxine-induced crashes and general degradation of driving skills because lockdowns, insurance companies are going to reap the whirlwind. Of course, they'll pass it on to us.
26   HeadSet   2022 Nov 10, 2:15pm  

Eric Holder says

NuttBoxer says


Flood of used cars set to hit the repo market. Expect big price drops in the next month or so


Did it happen?

The car companies are cutting back on production to counter low car prices.
27   Eric Holder   2022 Nov 10, 2:28pm  

HeadSet says

Eric Holder says


NuttBoxer says



Flood of used cars set to hit the repo market. Expect big price drops in the next month or so


Did it happen?


The car companies are cutting back on production to counter low car prices.


How does it stop the predicted flood of repo'd used cars from hitting the market and lowering USED car prices?
28   HeadSet   2022 Nov 10, 4:59pm  

Eric Holder says

How does it stop the predicted flood of repo'd used cars from hitting the market and lowering USED car prices?

When there is a shortage of new cars, used car prices go up. Around here, the dealers have little new inventory and very high prices for the used cars they do have. The local Nissan dealer sends me emails asking me to sell them my Pathfinder.
29   RC2006   2022 Nov 10, 5:30pm  

My wife's car was just totalled when she was rear ended sitting at a light. Waiting for check, I want to hold out a bit longer but we only have the rental free for a month.
30   GNL   2022 Nov 10, 5:37pm  

RC2006 says

My wife's car was just totalled when she was rear ended sitting at a light. Waiting for check, I want to hold out a bit longer but we only have the rental free for a month.

Wow, must have been a hard hit? Just about 2 weeks ago, I witnesses an accident at a stop light. I was first to open the door. The guy, about 65ish, said he simply passed out. He hit the other car pretty hard.
31   Booger   2022 Nov 10, 5:47pm  

GNL says

RC2006 says


My wife's car was just totalled when she was rear ended sitting at a light. Waiting for check, I want to hold out a bit longer but we only have the rental free for a month.

Wow, must have been a hard hit? Just about 2 weeks ago, I witnesses an accident at a stop light. I was first to open the door. The guy, about 65ish, said he simply passed out. He hit the other car pretty hard.


Clot shot?
32   RC2006   2022 Nov 10, 5:58pm  

F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.
33   1337irr   2022 Nov 10, 6:06pm  

RC2006 says


F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.

Get a lawyer and this book is pretty good...
https://www.amazon.com/gp/product/B07933D6M6/
I'm working on building out a product just for rearend collusions.
34   GNL   2022 Nov 10, 9:29pm  

Booger says

GNL says


RC2006 says



My wife's car was just totalled when she was rear ended sitting at a light. Waiting for check, I want to hold out a bit longer but we only have the rental free for a month.

Wow, must have been a hard hit? Just about 2 weeks ago, I witnesses an accident at a stop light. I was first to open the door. The guy, about 65ish, said he simply passed out. He hit the other car pretty hard.



Clot shot?

That was my first thought.
35   RWSGFY   2022 Nov 11, 10:25am  

HeadSet says

Eric Holder says


How does it stop the predicted flood of repo'd used cars from hitting the market and lowering USED car prices?

When there is a shortage of new cars, used car prices go up. Around here, the dealers have little new inventory and very high prices for the used cars they do have. The local Nissan dealer sends me emails asking me to sell them my Pathfinder.


That is how it works in absense of the huge flood of repo'd cars, but the said flood should've at least compensated for the new car shortage, no? If it happened, that is.
36   FuckTheMainstreamMedia   2022 Nov 11, 12:30pm  

RC2006 says

F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.


Speaking of which, why the hell do the idiots driving those big trucks insist on driving way too fast for conditions. Morons don’t realize that heavy large trucks take longer to stop than smaller cars? The new compensation? No longer a sports car, now compensation is a large truck?
37   Tenpoundbass   2022 Nov 11, 1:27pm  

What's not to love about $20,000 10 year old cars?
38   zzyzzx   2022 Nov 11, 1:31pm  

Tenpoundbass says

What's not to love about $20,000 10 year old cars?

Fixed:
What's not to love about $20,000 10 year old cars that have > 100,000 miles on them?
39   AmericanKulak   2022 Nov 11, 2:09pm  

This is because decent used cars get EXPORTED, leaving only the junkers and the "60k miles in 2 year Uber" Vehicles.
40   ForcedTQ   2022 Nov 11, 3:45pm  

zzyzzx says

Tenpoundbass says


What's not to love about $20,000 10 year old cars?

Fixed:
What's not to love about $20,000 10 year old cars that have > 100,000 miles on them?

This is what TPTB want, just like the push to EVs. It’s getting a large part of the population out of private transportation. Prices increased by dollar devaluation on these vehicles will buoy the price retreat from the scarcity peak somewhat.
41   ForcedTQ   2022 Nov 11, 3:49pm  

FuckTheMainstreamMedia says

RC2006 says


F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.


Speaking of which, why the hell do the idiots driving those big trucks insist on driving way too fast for conditions. Morons don’t realize that heavy large trucks take longer to stop than smaller cars? The new compensation? No longer a sports car, now compensation is a large truck?

Exactly. If the DOT and NHTSA really gave two shits about crashes there would already be integrated systems with warnings to the driver that adjusted dynamically the safe following distance and other vehicle dynamics for speed instead of these other bullshit Nannie’s that have been added. Give us something useful that educates and warns the morons that don’t understand vehicle dynamics, or just remove their license.
42   RC2006   2022 Nov 11, 4:08pm  

FuckTheMainstreamMedia says

RC2006 says


F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.


Speaking of which, why the hell do the idiots driving those big trucks insist on driving way too fast for conditions. Morons don’t realize that heavy large trucks take longer to stop than smaller cars? The new compensation? No longer a sports car, now compensation is a large truck?


In the case of this f250 it was a company truck for an electrician with all the utility stuff built into the bed. Wife thinks guy was on phone.
43   HeadSet   2022 Nov 11, 5:30pm  

ForcedTQ says

If the DOT and NHTSA really gave two shits about crashes there would already be integrated systems with warnings to the driver that adjusted dynamically the safe following distance and other vehicle dynamics for speed

Sounds like adaptive cruise control. ACC does not just warn the driver, it slows to car down to maintain a distance from the car ahead. I have that feature in my 2018 Pathfinder.
44   Hugh_Mongous   2022 Nov 12, 9:03pm  

FuckTheMainstreamMedia says

RC2006 says


F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.


Speaking of which, why the hell do the idiots driving those big trucks insist on driving way too fast for conditions. Morons don’t realize that heavy large trucks take longer to stop than smaller cars? The new compensation? No longer a sports car, now compensation is a large truck?


Or the BMW driver could've decided to squeeze in between the truck keeping the proper distance and the car in front. When I rented a 26' U-haul box truck a was amazed at the number of idiots thinking that the gap between the truck and the car in front is there for no fucking reason.
45   AmericanKulak   2022 Nov 12, 9:29pm  

Another thing I checked. Prices are down from last year's peak. Interest rates + Bad Loans/Repos = Cheaper Prices.
46   SoTex   2022 Nov 13, 9:05am  

Used Car Price Trends - CarGurushttps://www.cargurus.com › Price Trends
Make Avg Price Last 30 Days Last 90 Days YoY
CarGurus Index $29,463 ‑2.13% ‑4.26% +0.26%
Coupe $36,892 ‑1.19% ‑2.06% +6.42%
Hatchback $17,312 ‑1.62% ‑1.74% +9.13%

Used car prices are dropping quicker than ever in history. Some categories have been dropping 1% per week lately. Wholesale is dropping even more quickly.

Normal appreciation/depreciation is +/- 0.1% per month from what I've heard.

47   RWSGFY   2022 Nov 13, 10:53am  

just_passing_through says


Used Car Price Trends - CarGurushttps://www.cargurus.com › Price Trends
Make Avg Price Last 30 Days Last 90 Days YoY
CarGurus Index $29,463 ‑2.13% ‑4.26% +0.26%
Coupe $36,892 ‑1.19% ‑2.06% +6.42%
Hatchback $17,312 ‑1.62% ‑1.74% +9.13%

Used car prices are dropping quicker than ever in history. Some categories have been dropping 1% per week lately. Wholesale is dropping even more quickly.

Normal appreciation/depreciation is +/- 0.1% per month from what I've heard.





Looks like Jeep has found a stash of mail-in ballots in some warehouse, LOL.

PS. Used car prices are big part of the inflation number, right? Meaning that it could keep going down in the months to come.
48   Hugh_Mongous   2022 Nov 13, 11:45am  

just_passing_through says

Used Car Price Trends - CarGurushttps://www.cargurus.com › Price Trends
Make Avg Price Last 30 Days Last 90 Days YoY
CarGurus Index $29,463 ‑2.13% ‑4.26% +0.26%
Coupe $36,892 ‑1.19% ‑2.06% +6.42%
Hatchback $17,312 ‑1.62% ‑1.74% +9.13%

Used car prices are dropping quicker than ever in history. Some categories have been dropping 1% per week lately. Wholesale is dropping even more quickly.

Normal appreciation/depreciation is +/- 0.1% per month from what I've heard.





So it's habbening.
49   SoTex   2022 Nov 15, 6:50am  

RWSGFY says

PS. Used car prices are big part of the inflation number, right?


That's what I've heard too.
51   zzyzzx   2022 Nov 15, 10:36am  

Don't you really mean wholesale user car prices are imploding?

Because retail lags wholesale, and like a home seller, car dealers are mostly still asking peak prices based on 3% interest rates and negligible supply.
52   HeadSet   2022 Nov 15, 10:58am  

zzyzzx says

Don't you really mean wholesale user car prices are imploding?

Because retail lags wholesale, and like a home seller, car dealers are mostly still asking peak prices based on 3% interest rates and negligible supply.

No retail level bargains where I live yet.
54   zzyzzx   2022 Nov 18, 12:28pm  

HeadSet says

No retail level bargains where I live yet.


And Used car prices are among the highest nationwide in the DC area.
56   Eric Holder   2023 Feb 16, 12:03pm  

just_passing_through says

Used car prices are dropping quicker than ever in history. Some categories have been dropping 1% per week lately. Wholesale is dropping even more quickly.


So it's habbening!
57   Tenpoundbass   2023 Feb 16, 12:50pm  

A drummer I play with, was the mantainance manager for a large car lot in Miami. A week before he was talking about how connected and dialed in he is at his job.
Then last week he said, a bunch of car carriers showed up and removed the entire inventory to bring them all to auction. Then closed down, in the blink of an eye.

The prices of their inventory was dropping so fast, along with their overhead, they would be paying people to take their cars from them.
58   HeadSet   2023 Feb 16, 3:02pm  

Still no used or new car bargains here yet.
59   SoTex   2023 Feb 16, 7:20pm  

Eric Holder says

So it's habbening!


Up until this past week: https://www.cargurus.com/Cars/price-trends/

HeadSet says

Still no used or new car bargains here yet.


No, not yet.

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