Bank Parking Lots are Going to be Crowded

Ricci.Wright

With Repoed Cars.

"The average monthly car payment was $644 for a new vehicle and $488 for used vehicles in the U.S. during the fourth quarter of 2021, according to Experian data. The average lease payment was $531 a month in the same period."

• "Americans are taking many years to pay back their auto loans. The average auto loan term is 69.7 months for new cars, 67.4 months for used cars and 36.8 months for leased vehicles."
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"The average one-to-five-year-old car cost an average of $34,291 in July according to iSeeCars.com’s latest analysis of over 1.8 million used car sales. "

"The average new-car price reached an average all-time high of $42,736 in July 2021 — an 8.2% increase from July 2020, according to Kelley Blue Book. Other data, from Experian, shows monthly car payments overall have risen, too."

"With yearly repossession rates at 65% compared to yearly new car sales. This means that for every 2.4 cars sold, 1 existing vehicle on the road will be repossessed each year."

1. Ford F-150 – is the most repossessed truck
2. Chevy Silverado – is 2nd the most repossessed truck
3. Honda Civic – is the most repossessed car
4. Honda Accord – is 2nd the most repossessed car

waltermoe

Sounds to me that they need another inflation reduction bill, print up some more money.

BobJudy

It is a symptom of our living on credit society. Easy to get credit means no one has to wait for instant gratification, whether for vehicles, homes or the latest and greatest electronic gadget like Iphones. Maybe Geriatric Joe will try to buy more votes by bailing out consumer debt like he is trying to do with student loans.

On a positive note, if anyone is in the market for a used car/truck there may be a lot to choose from. Of course if they aren't responsible enough to pay their loans, they may not have been responsible enough to maintain their vehicles either, so buyer beware. Bob

Brookwood

Well!  according to Experian data. The way to get around affordably is........

They call it Experian BOOST! 😁

Frogdog

Aside from Americans’ willingness to dive into personal financial debt, I blame this squarely on the government and all the ridiculous restrictions placed on vehicles today. There are so many great vehicle options from around the world that are cheap and practical, but are blocked from importation. The limited competition coupled with all the govt emissions and safety requirements = crazy prices.

It’s not just a supply and demand situation when the supply is restricted.

I’d like to have this for my daily run-around truck ($12,000):

Thanks to Uncle Sam, however, the absolute cheapest available new option we can get on the road here is at least twice as much (stripped down).

forgemonkey

https://forums.gunbroker.com/discussion/comment/11366042#Comment_11366042

For the life of me I can’t fathom why that company would choose a cow with ‘brisket disease’ to showcase their product ,,,,,, city slickers I guess.

Warbirds

Holy cow!

This means that for every 2.4 cars sold, 1 existing vehicle on the road will be repossessed each year."

select-fire

And the economy is about to go worse this spring. Folks out of work. I seen so many cars repossessed on my rental properties I sent the repo companies letters of trespass to stay off the premises. If they wanted the vehicles they could get them elsewhere. Sad situation the folks live week to week with bills. Plastic cards have ruined folks credit. And it is a nightmare trying to buy a home after you ruin credit.

chme

My truck is an F-150. A 1985. My newest vehicle is 12 years old. They are all paid for. Which is why we have no debt.

Not to be smug, but that feels even better than buying a brand new car that costs twice as much as our first house!

redneckandy

I see a ton of paper temp tags on cars, and I would guess a third to a half are expired. I saw one recently that expired in 2018! I bet most of em can't afford the sales tax and registration fees to get tags. Probably behind on payments too.

Junkballer

Vehicle purchases in America is the easiest things to buy....I place a lot of blame on vehicle manufacturers and dealers (new & used) selling vehicles to people knowing their credit is shot, seen it happen with several former employees in the past. They just want to push the vehicles out the doors regardless of ones ability to make payment and the buyers don't give a rip, they'll just go buy another after the repo man leaves. Sorry but my heart doesn't bleed for vultures which is what they are, I hope they choke on them.