DOOM! Used Car Market Set to Collapse in Next 12-18 Months...

I don't like this news.
I was about to sell my wife's old Toyota.
Maybe I'll about to sell it a lot faster.
Like next week.
I don't like looking at maximum results in the rear view mirror as they are speeding away from me into the past.

Not fuck-me-in-the-ass AC hell, at least.

Not fuck-me-in-the-ass AC hell, at least.

Whatever any idiot will pay for it

Where you're headed it's much worse

I don't like this news.
I was about to sell my wife's old Toyota.
Maybe I'll about to sell it a lot faster.
Like next week.
I don't like looking at maximum results in the rear view mirror as they are speeding away from me into the past.

Check carvana man

Its easy to get an online price quote from them, and long as you tel them the correct mileage and condition, youll get what they offer and itll beat what anyone else does more than likely

When they came and picked my car up the dude barely even looked at it, signed a couple papers, and he was gone in 20 minutes

Money deposited in my account a day later

Hope the prices stay high for a while. I put roughly 65K on my car every year for my business. Hope to sell my Honda Civic Touring 2022 for a decent price in December, and buy new again.

Mechanics can't work on the new cars - any issue is straight to the dealer and a two month wait. Luxury used cars repairs have the same wait, except you pay for the repair.

Time to unplug your vehicles from the grid. Bring back carbs and straight pipes - fuc the EPA.

Check carvana man

Its easy to get an online price quote from them, and long as you tel them the correct mileage and condition, youll get what they offer and itll beat what anyone else does more than likely

When they came and picked my car up the dude barely even looked at it, signed a couple papers, and he was gone in 20 minutes

Money deposited in my account a day later

Delivered how? From where? By whom?

:roflmao:

By the way, that chart is wrong. The used car index will below 2020 prices as places like Carvana go tits up.

5 grand
[link to www.carsforsale.com (secure)]

[link to www.cargurus.com (secure)]

Oh, I think not, nutcase.

But thanks for trying.
Here's our participation straight jacket for playing.

You all are going to hell

No way they give you close to what it’s worth and what u can sell it for. Sure they may give you $1500 but you can get 5 k for it even if beat up

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.

When buyers purchase a car, a vast majority (~85%) are financed. The problem is that, unlike real estate, auto loans are not subject to strict underwriting requirements allowing almost anyone to get one.

Buyers with lower credit scores were funnelled into loans with 2x interest!
You can see how crazy this is in the latest auto loan consumer reports.

- 25 to 50% of the loans were given to customers who might not be able to repay it

- Lenders only verified the source of income and employment only 4% of the time
If that's not crazy enough, as of now, 5% of Auto Loans are behind payments and nearly half of them are underwater!

Just like how the housing market collapsed from the loan crisis in 2008, the same thing is said to be starting to happen in the Auto Loan market.
As the supply chain and chip crisis has improved from COVID times, used car prices have dropped for 4 consecutive months & are now down 6.4% since January.

This is a nightmare for the banks that have lent money on these cars, whose value is rapidly beginning to fall.
Just recently, Equifax reported that 8.5% of subprime borrowers defaulted on their car loans - the second-highest on record!

WSJ also found that more subprime borrowers have started missing out on payments as rising inflation made them choose between essentials & auto loans.
The reality is that lenders have given buyers unaffordable loans without verifying their financials on car values that cannot be sustained without a chip shortage.

It's only a matter of time - eventually, things have to come back to normal.
KPMG predicts that used car prices can drop 30% as more supplies hit the market and Ally Financial predicts a 20% drop.

The timing is a bit uncertain but it looks like it's going to unravel in the next 12-18 months.

[imgur] [link to i.imgur.com (secure)]

From everything that I have researched, my biggest concern is that too many people have locked themselves into auto loans that are more expensive than they can afford.

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[link to threadreaderapp.com (secure)]

it'll be fine. they'll just make a 10 year car note, then a 15 year note, then a 30 year note.

then just lease, you own nothing. now get on the bus. now get in the pod. now eat the bugs.

Didnt know this, but i could feel it coming and sold my old car to carvana last week

Low mileage, 6 years old, got $19k for it and it was 21k new, so i basically drove it for 6 years for $2000

Already collapsed in Russia

Thread: REPORT: Russia’s Car Manufacturing Collapses by 97% in May

Auto production in Russia has slowed to a crawl after major automakers exited and Western governments imposed debilitating sanctions on Moscow in response to its invasion of Ukraine.

Russia manufactured 3,700 cars in May, 97% fewer than the same month last year, the country’s statistics agency Rosstat said late Wednesday.

Output fluctuated at the start of the year, with 95,000 cars in January and 108,000 in February, before plummeting to 40,800 in March — the first full month after President Vladimir Putin ordered troops to attack Ukraine.

Russia manufactured a total of 268,000 vehicles between January and May this year, less half of the amount over the same time last year.

Truck and bus production in May fell by nearly 40% and 6.5%, respectively, compared with May 2021.

Russia’s automotive industry employs 300,000 people and 3 million more work in related industries.

Only two out of 20 car plants remain in Russia after major automakers halted production and stopped sales over the country’s invasion of Ukraine.

Sales of the country's most popular and affordable brand, Lada, sank by nearly 84% in May, the Association of European Businesses has said.

Trade and Industry Minister Denis Manturov has attributed a 30% price hike for vehicles to inflation, rising costs of parts and the strengthening ruble.

[link to www.themoscowtimes.com (secure)]

Sad

Was it an extra/excess car or do you have to replace it?

it'll be fine. they'll just make a 10 year car note, then a 15 year note, then a 30 year note.

then just lease, you own nothing. now get on the bus. now get in the pod. now eat the bugs.

1965 Ford Falcon, 200 I6.

Got enough parts put away to build two more.

Ain’t selling, ain’t worried..

I wonder if this is because the glorious Russian army needs the Ladas for missile launchers?

https://twitter.com/_/status/1513939477445578754

You're threads are trash, you're a leftover glowey from Obama's admin. Probably a butt baby made on Epstein island.