Hellow guys, Welcome to my website, and you are watching The Car Market is SCREWED... Everyone is BROKE!. and this vIdeo is uploaded by Untamed Motors at 2024-04-07T14:51:23-07:00. We are pramote this video only for entertainment and educational perpose only. So, I hop you like our website.
| Name | The Car Market is SCREWED... Everyone is BROKE! |
| Video Uploader | Video From Untamed Motors |
| Upload Date | This Video Uploaded At 07-04-2024 21:51:23 |
| Video Discription | The New and Used vehicle market is in shambles... and the turning point is now. Manufacturers and their dealerships NEED to take drastic measures in order to keep things together. The vehicle market has crashed, it's from this point forward, we see the aftermath. Dealers need to slash prices in order to clear their growing inventories. People just can't pay current prices, they're far too high. Between the inflated cost of living, insane insurance premiums, and greedy dealership behaviors, people have left the market. People are holding onto their "old" cars and trucks much longer, no sense in throwing so much money down the drain. In this video, I provide some new details, facts and stats that are quite alarming. Stick around until the end for the heavy hitting points. Thanks for watching as always! Topics of discussion include: - Ripple effects of New and Used vehicle Market begins now! - Dealers are having to slash new vehicle prices… great deals and rates - For the last year dealers have held firmly to their used vehicles because they overpaid for them on Trade In - Even auction deals aren’t going through… they set the reserves too high and they’re just sitting at auction yards - Used dealers aren’t willing to pay absurd amounts for them… - Interest rates are high across the board… - New: 7-10% still the norm - Used: 8-12% norm - Fed is announcing rates will likely stay the same through 2026… - Wholesale numbers are coming down quick - Impacting trade in values… - Tax season buyers have come and gone at this point. - People are going broke… people are just struggling right now, more than normal. - Inflation has increased new vehicle prices by 36% since 2019… the cost of living has gone up tremendously overall since then too. - Zillow: average $106,500 to live comfortably in a typical house in the US… up from $59K in 2020. - Average household income now is $81200… up from $66K in 2020. - 80% increase needed to live comfortably yet we’ve only seen an increase of 23% in income. - If you’re like me and have a family, the cost to cover expenses for your children has gone up substantially. Cost of groceries… cost of auto insurance has gone up $920 average… 2018, $1190 average. 2024, $2542. Bank rates & Consumer Reports. - As prices of vehicles skyrocket, so will demand Maurice rates for all. All pay for one another in some shape or form. - Inventory levels have swiftly jumped in the last year. Still not to pre-pandemic levels but the rate of growth is the stagger part. - People have stopped buying. Most People can’t afford nice vehicles right now. - I’ve tried selling my house for the last 3 months… $30K under comps and we didn’t get a single offer. Taking off the market. - Vehicle manufacturers are having to layoff employees… dealers are turning down allocations… no need to build them. No need for workers. People losing jobs. Stellantis. Ford is halting Ford 150 Lightning. - Dealers have to pay flooring costs. Monthly payments of 6-8%. - Some dealers moving jobs entirely out of America, like Toyota… now building the Tacoma entirely out of Mexico. Cheap labor costs… yet prices aren’t coming down?? - We are now seeing the highest levels of: - * Credit Card delinquencies - * auto loans with payments over $1000… 1/5th of all loans - * Negative equity rates… avg person owes 6K more than what the car is worth - * Auto loan defaults - * Repo rates - * Grocery costs up 37% since 2019 - * Average home rental up 25% - * Home foreclosures are teetering up - Cox automotive just did a survey with dealers across the country asking their feelings of the car market: the collective sentiment is the LOWEST we’ve seen since the start of the pandemic. Confidence is low. - Now days we’re seeing too many fully loaded vehicles with inflated MSRPs. We need cheaper options for Americans. - People used to be able to work on their own vehicles… with all these complex vehicles, stuffed with tech, now with subscriptions services… people can no longer perform their own maintenance. But manufacturers want that reliance. - Vote with your pocketbook. Best way to send a signal is to not buy. MSRPs need to come down… something has got to give. Government restrictions combined with Corporate greed is torpedoing the American Dream. - What do you think? If you found any value in this video, please consider Liking and Subscribing. Your support means a lot, thank you! -Stay Untamed... #carmarket #markettrends #marketcrash #dealerships #carsales ENGAGE WITH ME ON INSTAGRAM: @untamed_motors |
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