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How bad is the car business now??
Ricci.Wright
Member Posts: 5,129 ✭✭✭✭
Watch this short video. Brand new cars showing up at wholesale auctions and lots of repos. How things have changed in the last year. Worse times to come??
(13642) Dealers Can't Sell TRUCKS or Cars! They Are Feeling The PAIN - YouTube
(13647) Car Dealers Can't Sell Cars! Banks Will BREAK The USED CAR MARKET!!! - YouTube
Comments
I've been wondering the same thing about the Real estate business. Seems to go from feast to famine quickly.
There aren't making any more real estate. Well maybe China with their man-made islands. Going in debt for seven or eight years for a car is just stupid in my opinion.
JMHO I can understand part of why sales are down ( not counting the parts shortages the comapnys are dealing with )
the cost of new car or truck is just crazy
yes I am happy for any one buying one it is a good feeling but man years since I bought a new car
I know several years ago seemed like leasing was the hot ticket to having a new vehicle not sure if that is still true
but just for the heck of it I did a quick search
Jeep Wrangler has a starting price of $30,295 for two-door models and $34,165 for four-door models, which is fairly high for a compact SUV. The midrange Sahara trim starts at $44,320, but the range-topping Rubicon 392 model has a lofty $79,995
The average price Americans paid for a new car topped $47,000 for the first time in December
Never borrow money to purchase a depreciating asset
Seeing more dealer financing at very low rates on UAW pickups since Joe Biden influenced the fed to raise interest rates. The lots are full of new trucks. Obviously new vehicle sales are not that great here.
Interestingly, the used market is thriving here.
Myself, I stick with Toyotas. They dont break and their resale value is much greater than union products.
I also switched to Toyota Tundra last year. So far has been an excellent trouble free truck.
I have been trying to find a new Tundra 1794 Edition, but I will not pay over sticker for any vehicle. Also, I have run into many out of state dealers who will not sell to you unless you are a resident of their state.
The three local Toyota dealers are very proud of their vehicles (like $3000-$5000 over sticker proud)
I have also spoken to many dealers about ordering one and they have all told me 9-12 month lead time.
It might be tough to find a new truck that is over 200 years old, good luck in your search...
My friend is a sales manager at a local dealership. Sales are down due to inventory issues. However, their profits have never been higher.
Saw a news story this morning about how used car prices are coming down, but are still too high. They listed four vehicles that are considered "unaffordable" because they are priced so far above value. All of them are small and mid-size SUVs, topped by the Rav4 and CRV.
My local dealer drools over my 2008 Highlander I bought there. It's low miles and immaculate. Offered me quite a bit over Blue Book, but I declined. To replace it would be horrendously expensive.
My son bought a new Ram TRX pickup two years ago, he paid sticker$88,000. He now has a company vehicle so he sold it .
He sold his two year old truck with 14,000 miles on it for $85,500 to a 21 year old kid and his mom who paid my son CASH for it.
When you young man said he would be bringing cash my son said “ Lets meet at my bank”
here is a picture of the money and drivers license the young man sent to my son to “assure” him that he was serious and wanted to buy the truck . The sale took place without a hitch
That was a nice looking Corvette. Too bad it isn't selling. Course, sounds like that's the dealer's fault.
And fiery auto crashes
Some will die in hot pursuit
While sifting through my ashes
Some will fall in love with life
And drink it from a fountain
That is pouring like an avalanche
Coming down the mountain
How bad is the car business now??
I really don't care. I'm not buying or selling.
I understand, but there are a lot of people employed in the auto bizz and if they are not working then they probably won't be buying very many guns.
The 2020 Ram truck I have listed for $66,000. The same truck today list for $78,000 !!!!!!!!! Ray
Locally on the New, a guy walked in paid sticker + price in cash for a Ford 150.
Turns out the $$$ was counterfeit. ID fake too. Truck long gone.
^^^^^^^^^^^^^^^^^^^^^^^^Agree with @nunn, ^^^^^^^^^^^^^^^^^^^^^^^^
Every time I take my Jeep back to the Stealership for "Warranty Work," they approach me to buy it back.
My response, "You already screwed me once, why would I give you another chance?" Shuts them right up.
I have never had a problem with driving an old,paid for truck.
Car lots here are very busy, both new and used.
That's why I sold my Chevelle last spring, the market was at a ridiculous high, so I made a difficult decision and sold it. We got twice what it would have sold for in 2019, with no regrets.