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Used car market implodes on bad loans…
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2022 Jul 2, 12:48pm 16,253 views 99 comments
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23
zzyzzx
2022 Nov 10, 10:55am
zzyzzx
2022 Nov 10, 10:55am
GNL says
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.
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
Eric Holder
2022 Nov 10, 1:57pm
NuttBoxer says
Did it happen?
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
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.
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
HeadSet
2022 Nov 10, 2:15pm
Eric Holder says
The car companies are cutting back on production to counter low car prices.
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
Eric Holder
2022 Nov 10, 2:28pm
HeadSet says
How does it stop the predicted flood of repo'd used cars from hitting the market and lowering USED car prices?
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
HeadSet
2022 Nov 10, 4:59pm
Eric Holder says
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.
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
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
GNL
2022 Nov 10, 5:37pm
RC2006 says
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.
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
Booger
2022 Nov 10, 5:47pm
GNL says
Clot shot?
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
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
1337irr
2022 Nov 10, 6:06pm
RC2006 says
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.
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
GNL
2022 Nov 10, 9:29pm
Booger says
That was my first thought.
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
RWSGFY
2022 Nov 11, 10:25am
HeadSet says
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.
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
FuckTheMainstreamMedia
2022 Nov 11, 12:30pm
RC2006 says
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?
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?
38
zzyzzx
2022 Nov 11, 1:31pm
zzyzzx
2022 Nov 11, 1:31pm
Tenpoundbass says
Fixed:
What's not to love about $20,000 10 year old cars that have > 100,000 miles on them?
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
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
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.
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
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.
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
RC2006
2022 Nov 11, 4:08pm
FuckTheMainstreamMedia says
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.
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
HeadSet
2022 Nov 11, 5:30pm
ForcedTQ says
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.
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
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.
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
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
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.
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
RWSGFY
2022 Nov 13, 10:53am
just_passing_through says
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.
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
So it's habbening.
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
SoTex
2022 Nov 15, 6:50am
RWSGFY says
That's what I've heard too.
PS. Used car prices are big part of the inflation number, right?
That's what I've heard too.
50
1337irr
2022 Nov 15, 9:33am
1337irr
2022 Nov 15, 9:33am
https://www.bloomberg.com/news/articles/2022-11-15/us-household-debt-jumps-most-since-2008-even-as-card-rates-surge?srnd=premium#xj4y7vzkg
I believe mortgage debt hide credit and auto debt.
I believe mortgage debt hide credit and auto debt.
51
zzyzzx
2022 Nov 15, 10:36am
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.
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
HeadSet
2022 Nov 15, 10:58am
zzyzzx says
No retail level bargains where I live yet.
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.
53
zzyzzx
2022 Nov 18, 12:28pm
zzyzzx
2022 Nov 18, 12:28pm
https://www.cnbc.com/2022/11/18/carvana-to-lay-off-1500-employees-amid-economic-uncertainty-.html
Carvana lays off 1,500 employees following stock free fall
Carvana lays off 1,500 employees following stock free fall
54
zzyzzx
2022 Nov 18, 12:28pm
zzyzzx
2022 Nov 18, 12:28pm
HeadSet says
And Used car prices are among the highest nationwide in the DC area.
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
Eric Holder
2023 Feb 16, 12:03pm
just_passing_through says
So it's habbening!
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
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.
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.
59
SoTex
2023 Feb 16, 7:20pm
SoTex
2023 Feb 16, 7:20pm
Eric Holder says
Up until this past week: https://www.cargurus.com/Cars/price-trends/
HeadSet says
No, not yet.
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.
60
Onvacation
2023 Feb 16, 7:41pm
Onvacation
2023 Feb 16, 7:41pm
Nope.
Lot of cash ready for a deal and a lot of people who "Know what I got".
Lot of cash ready for a deal and a lot of people who "Know what I got".
61
gabbar
2023 Feb 17, 5:50am
gabbar
2023 Feb 17, 5:50am
New car inventory is still low. WTF is going on? Supply chain breakdown? Inventory control?
62
zzyzzx
2023 Mar 1, 5:20am
zzyzzx
2023 Mar 1, 5:20am
https://finance.yahoo.com/m/9a801cdf-a385-33d1-a268-04f3c9294946/general-motors-is-reportedly.html
General Motors is reportedly cutting around 500 jobs, a month after CEO said ‘We’re not planning layoffs’
General Motors is reportedly cutting around 500 jobs, a month after CEO said ‘We’re not planning layoffs’
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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