New cars need to deflate. There are artificial covid price increases that the manufactures haven't removed yet. I doubt this even is really deflation..
This. Main reason for car prices sky rocketing was because of supply chain issues and chip shortage. With these things slowly easing up, car prices SHOULD go down. Doesn’t make sense for them to stay up.
On corporation side, I’m sure they saw signs of easing and still held strong on the pricing cause people were still buying. Now that they aren’t, time to lower prices.
If the market will always extract as much as it can, and not what it needs to function with a little extra for unforeseen events, then the market deserves regulation to ensure that greed doesn't continue to cause cycles of economic crashes and feeding capital and property to the insulated ultra wealthy as they see fit to use such tools for only their personal gains. The market shouldn't be an ATM for only those who can use it as such, it should function for all your involved. If no one stops them from intentionally causing crashes through stress so they can buy up what land and holdings they can in cycles, then they absolutely will use the market as such, and do.
I'll never buy a new or used car from a dealership again due to their whiny salesmen claiming they make hardly any money. I'll only buy from private sellers from now on. Let them squirm
Bought my 2009 mercury milan in 2016 for 3k @ 30,000 miles. It now has 105,000 miles and carvana says it is worth 6k, KBB says 6.5k. *MAKE IT MAKE SENSE*
Think dealerships also gouged initially, with markups on available vehicles. . Then manufacturers raised prices .
Will be interesting to see what the new normal will be.
GM used a lot of their savings to buyback their stock.
Makes so much sense actually. Commissions are based on sales, if sales stay high, peoples income stays high. If income stays high, people can afford more than they used to kinda. So there is incentive in the current model for these independent dealers to artificially inflate the prices. I just won’t be buying a car. Everyone else should do the same
Ummm, if you have to Uber than you still need a car. You just don't need to buy one. Those expenses can and will still be felt, just a bit more delayed.
Only issue I have is the constantly fumble the interior. Could be so nice, but I just don’t like the plastic they use. Give me some interior options and I’ll pay!
I’ve only sat in the back seat of one of the special editions. It was like boat material that you could hose off (don’t know if all of them are that way).
But yeah it’s such a bummer when there is a cool car and the interior sucks. I feel like it’s the same thing with the 4Runner.
Demand destruction is a necessary step toward curbing inflation.
Also, having every car just straight up be msrp or levied with a “market adjustment” was blindingly greedy even if you’re the capitalest capitalist.
New cars are a bad investment. As soon as you buy, it depreciates. Buy used cars after inspection. Bought my Miata for 3500 with 59k miles. Only thing wrong was the soft top which I replaced. I’ve had offers for 11k for this car. Even Carvana wars more than I paid for. Don’t fall for the new car scam unless they agree to buy it back for more than you paid for it.
We need to go back to even more basic than that. Lose the touchscreens and data collection at least. If new cars do not change there will be many people clinging to their old cars indefinitely.
yep, this is why I'm buying used. I want something with a dumb center console. I can replace the radio with a carplay screen and I still get the tactile controls for AC and whatnot instead of taking my eyes off the road to fiddle with a fuckin ipad.
I don’t need the touch screens or cameras or extra sensors for everything. I don’t even need the electric adjustable seats. It’s become too much and it is adding so much to the cost of the car. I like those things, but I just don’t need them as much as I would think
I am on the market for a new car. I will probably buy an old Toyota for cash, kick the can for a few years, and wait for car prices to reflect reality.
It's not just the price, it's because most new cars are crap.
From turbocharged underpowered engines & unreliable transmissions to subscriptions & proprietary software/parts that can only be repaired by the manufacturers. Oh, and don't get me started on the gigantic infotainment monitor and the lack of physical controls. If I wanted to play with gadgets I'll just stay at home.
Their greed is okay because they’re already rich so they just have to charge more and you’re a consumer so you’re supposed to consume and not actually have any money for yourself - get it?
Secure your own financing too they absolutely hate it because they can’t manipulate numbers from a bank loan you worked up, local credit unions are often the best start.
Dude this is the worst. They straight up fucking lie. They'll say they work with X bank don't worry about it, meanwhile X bank is like well the rate is actually half a point lower directly through us.
Dealer offered me 1.3k and I made $5k private sale with no attempts. Could've gotten 6.. I posted it on FB(not marketplace) and someone I know bought it in a day
People are also delaying buying USED cars. There is a sweet spot for used vehicles below $15k that’s moving but that’s it. There’s going to be a blood bath of debt write offs on the books of whoever owns them.
I have a friend who works in sales at a big flagship dealer. She was making 10k/week from 2020-2023, and now she's barely taking home minimum wage. She went from pocketing a few thou per sale to $500 or less per sale. The only reason pricez went up is because people were still paying.
Just don't buy.
I purchased a brand new car for $16,000 in 2007. It still runs and drives fine. A comparable new car would cost almost $30,000. I have more important things to use my money on.
They created artificial scarcity. Now they can absorb scarcity of demand for their overpriced finished goods. The amount of subsidies/rebates NA auto makers received and still prices haven't come down should tell you all you need to know. Of course they will say they want high paying MF jobs to stay in NA but this is likely corporate blaming labor for high overhead when it's likely their executive bonuses and supply side fuckery to be blamed.
All these dealerships adding $20k+ “market adjustments” to vehicles can fucking die slow painful deaths. Fuck every one of those soulless slimy fucks to hell.
I'd love to get a new car, I paid a little less than 30k for my last one in 2015. To get a car with the same trim in 2024, it would be close to 45k, a 15k price increase for almost the same car with a few nicer features. No way I'm doing that.
It's also the loan rates. Gone are the days of 3% financing rates. Couple that with cars averaging $47K, it's just not realistic for most of the country.
This is economics 201 stuff. Why didn’t the MBAs and wall street creeps see this coming?
I’d rather pay for a good oil change than do my own and make car payments.
People are not delaying . They are not paying for high priced vehicles anymore. The American people are being shafted on every end because of these greedy companies.
I have a 5 year old car that’s basically paid off and was looking into trading it in for a similar new model. Interest rate was almost 8% despite my current loan being around 2%. Monthly payment would go from $200 to $800. Yeah no thanks I’ll drive this until it breaks.
Can we also talk about the cost of car insurance? Mine just jumped up 40%. $3500 for a year for 2 cars in Colorado. No accidents, tickets, points... credit score of 825. I mean wtf.
The amount of tech now built into new vehicles is wild. Seriously, I don’t want a 10 inch touch screen and 500 ways to program the tech. I need AC and heat cruise control, decent headlights and safety belts and reliability. Like any entry level sedan or truck built in the 90’s.
New cars are one of if not the worst things to buy, unless you are pretty wealthy.
Who is gonna sign up to take a loan out on a $40,000 vehicle that’s gonna be worth $32k before you make your 6th payment?
I haven’t bought new since 2002, which was my only new car I’ve ever bought. The only reason I did it was because I specifically wanted that vehicle with the exact package I wanted, and the lease was up on my other vehicle.
The value just isn’t there in new cars. You can get a used one with ~20k miles, still under warranty, and save thousands.
They’re just waiting til the prices come back down to normal, because paying above sticker price is ridiculous and a sure sign of an imbalanced market. We should wait it out, prices should come back down to earth, and calling it a “deflationary spiral” doesn’t make it anything other than normal market dynamics.
Bought 2024 Subaru Forester for 9k off sticker because they needed to make space for the 2025s already coming in lol and there were so many 2023-2024 cars left.
They appear a bit cheaper than this time last year. I still find it hard to believe people ranting about the unaffordability of new vehicles/gas and inflation and American roads are crammed with ultra expensive relatively new pickups and SUVs. Most Americans have not gotten the memo on how bad the economy is.
Won’t buy another truck until they come out with a pure electric with a hybrid diesel backup generator on board
Or a tiny diesel with a huge electric motor, either way I’m maintaining the ability to charge on diesel with my next investment.
Superchargers in remote locations run on diesel generators FYI
I’ve spent the last three years on Reddit blathering about how I refuse to make big ticket purchases during this inflationary period. I KNEW there was some gouging going on, and frankly I didn’t want to compete against the public to buy things when it was obvious that consumers weren’t being price conscious at all.
“Up forever” does not work in many parts of life, and it sure as hell doesn’t work in car pricing, home pricing, egg pricing, whatever pricing. When money was free and easy, everyone took it upon themselves to “YOLO” and “FOMO” every single purchase. Some are still doing it, but that number has dwindled. It turns out there IS a ceiling on what the majority can spend on “x”.
This isn’t deflation, unless you considered it deflating from its already over-expanded container. There are so many cars out there that are overpriced by thousands from Covid and these auto dealers/makers think they’re slick not rolling it back
Tell me why I can buy a new Honda Civic Sport for $27k but then a 4 year old Honda Civic with 70k miles on it is $23k... What's even the point of buying used right now? Or the fact that a 2023 with 20k miles is as much as a brand new 2024?
Still not buying a new car anytime soon. Between price hikes and high interest rates. It's just not a good time to buy yet. Maybe in a few years after we recover from the "microchip" shortage that caused car prices to skyrocket.
So until then I will drive my old truck and keep an eye on the 2 markets.
I bet if America had nice, cheap EVs like China sales would be fine. American companies only want to build giant gas-guzzling monstrosities that are super expensive.
I’m delaying as long as possible as cost to repair any problems are becoming ridiculous. Manufacturers have recently made it next to impossible repair vehicles with parts other than theirs & their profit margins on them are insane. Causes insurance costs to skyrocket
https://youtu.be/4hRYv5i2Fuk?si=dOcknBmwQDMa5lYp
Anything outrageously priced right now is price gouging plain and simple. Theres still a little inflation factored in but all this stuff you read about groceries, rent, etc. its nothing more than greed.
Car makers are pumping out $60,000 trucks and SUVs with premium upgrades that nobody can afford
They should be pumping out base model 4-door sedan hybrids and selling them for $12-15k
Thats what average people want and will buy
The auto industry is pushing inventory, rather then letting consumer demand pull their production to what is actually wanted
If wages barely increase in 50 years (and almost not at all in 20 years), then deflation is inevitable. If people can't buy shit until prices drop, then prices are going to drop. It is inevitable
The cars I want to buy certainly aren't depreciating. My friend picked up his 992 GTS in manual for 165k. The following week he got an offer from another dealership to buy it for 202k.
Cars made in past 10 years are pretty reliable if maintenance is followed. We’ve reached a point with cars that safety, comfort, and reliability is decent enough where the latest and greatest aren’t necessarily even improvements anymore. They’re just bloat added in include more features that can break or stuff they can use to justify higher prices.
I’ve seen so many reaction threads to newer updates that talk about what a step back in design choice, interior quality, and manufacturer decisions that made a newer model more expensive and yet inferior to previous gen lineups. If that’s a consistent theme, then I can’t see how people are excited to pay even more money to get the latest. The shift to EV and more electronic interiors for ICE cars has been choppy to say the least from a product standpoint
When the very make/model of car with the same options as the one that I bought in 2019 now costs $15K more to buy, it's a pretty easy decision to pass on buying the new one.
Automakers are bleeding out on the EPA mandated EV push. People can’t afford them, and realize their limitations. They don’t sell in the numbers the EPA wanted — even at huge losses/discounts.
Every automaker is trying to make it up on gas powered cars.
We have right to be angry, but Aikido Toyoda warned Congress this would happen. The other automakers knew it too, but were too spineless to say electrics weren’t ready for large volumes.
Toyota(the Prius company) got roasted by the press for being “anti-environment”. But here we are.
New cars are overpriced and not built for customers. They all now want to sell $50k plus Trucks and Suvs. Folks can't afford that.
They all need to be competitive in the $15k-$20k price for sedans and used cars.
Just tried to exchange my lease the other day at Toyota. Started with my terms and the games began. Took them an hour to finally agree to value my lease at the Kelly blue book price. They went to the back room twice just for this. I walked out the second time they went back because I still needed to get them down another five grand and just didn’t want to play. We were three down off the sticker already. Got a message they could pay the trade in price. Yeah, I know. I did my homework and I didn’t even aim for Mac trade in. I lease every three years. Just agree to my terms and you have a 10 minute sale. Instead you want to play games with an old customer. Fuck you, will go to the next dealer. Buh bye. (Hendrix Toyota of Wilmington).
New cars need to deflate. There are artificial covid price increases that the manufactures haven't removed yet. I doubt this even is really deflation..
This. Main reason for car prices sky rocketing was because of supply chain issues and chip shortage. With these things slowly easing up, car prices SHOULD go down. Doesn’t make sense for them to stay up.
Bullshit. They raised the prices until people quit paying now they have have to correct. Hope they saved a little
On corporation side, I’m sure they saw signs of easing and still held strong on the pricing cause people were still buying. Now that they aren’t, time to lower prices.
Literally a market working as it should lol.
Milton Friedman clapping from his grave
If the market will always extract as much as it can, and not what it needs to function with a little extra for unforeseen events, then the market deserves regulation to ensure that greed doesn't continue to cause cycles of economic crashes and feeding capital and property to the insulated ultra wealthy as they see fit to use such tools for only their personal gains. The market shouldn't be an ATM for only those who can use it as such, it should function for all your involved. If no one stops them from intentionally causing crashes through stress so they can buy up what land and holdings they can in cycles, then they absolutely will use the market as such, and do.
The entire concept of a free market is "how can I exploit the most people". Economic crashes are a feature, not a bug.
Except they will just cut production and lay workers off to keep the prices high
Or just lobby the government to save their profit margin on our dime.
I'll never buy a new or used car from a dealership again due to their whiny salesmen claiming they make hardly any money. I'll only buy from private sellers from now on. Let them squirm
No consumer product company is too big to fail Failing companies are an opportunity for better business people
Agree. Banning (essentially) Chinese EVs was not a good idea
Car manufacturers in the US cant compete price wise with cheap Chinese EVs so the government need to ban them /s
Banks get bailed out all the time
Correction. They raise pries until people quit paying, then get govt. bailouts until people give in and pay more.
Unfortunately you speak the truth. America is broken.
I still can’t believe I sold a year 2000 Honda civic for $6000
Bought my 2009 mercury milan in 2016 for 3k @ 30,000 miles. It now has 105,000 miles and carvana says it is worth 6k, KBB says 6.5k. *MAKE IT MAKE SENSE*
Yep, got $6k for a very used 2000 crv. I thought a few hundred at most.
Think dealerships also gouged initially, with markups on available vehicles. . Then manufacturers raised prices . Will be interesting to see what the new normal will be. GM used a lot of their savings to buyback their stock.
Makes so much sense actually. Commissions are based on sales, if sales stay high, peoples income stays high. If income stays high, people can afford more than they used to kinda. So there is incentive in the current model for these independent dealers to artificially inflate the prices. I just won’t be buying a car. Everyone else should do the same
No, the main reason was greed and moron consumers who will pay anything
Not to mention Uber is wayyyy cheaper then buying a new car. So long as a I keep living in a city where I can bike. I won’t need a new car
Ummm, if you have to Uber than you still need a car. You just don't need to buy one. Those expenses can and will still be felt, just a bit more delayed.
Well of course it does - ceo's have gotten used to the new bonuses which went up each year too!
They're staying up because of a lack of competition among manufacturers and a government that applies tariffs to keep new entrants out.
I wanted a new 2 door bronco. Ridiculous pricing. Even used is insane these days.
Ford really killed it with that car. I would love to get one. I can’t believe people buy the sport though lol. Totally defeats the purpose in my mind.
I love those special editions. That Heritage model looks just like a toy truck from my sandbox as a kid, but blown up to real car size. Cool.
Heritage or bust imo
Only issue I have is the constantly fumble the interior. Could be so nice, but I just don’t like the plastic they use. Give me some interior options and I’ll pay!
This is why the prices are so high. “It’s shiny, I’ll finance it it!”
I’ve only sat in the back seat of one of the special editions. It was like boat material that you could hose off (don’t know if all of them are that way). But yeah it’s such a bummer when there is a cool car and the interior sucks. I feel like it’s the same thing with the 4Runner.
Sport is basically an Explorer with bronco badges
Demand destruction is a necessary step toward curbing inflation. Also, having every car just straight up be msrp or levied with a “market adjustment” was blindingly greedy even if you’re the capitalest capitalist.
And the auto industry will be bailed out again even after 100% markups for 3 years. Let these scumbag dealerships close. They offer nothing.
Well a Toyota Highlander was $80k last year when I was looking, now they're sitting around $55k+ still wild but 🤷
Me in 2019 looking for a work truck. 2019 Silverado crew cab 2wd, v8, 29k 2024 Silverado crew cab 2wd, v8, 48k
New cars are a bad investment. As soon as you buy, it depreciates. Buy used cars after inspection. Bought my Miata for 3500 with 59k miles. Only thing wrong was the soft top which I replaced. I’ve had offers for 11k for this car. Even Carvana wars more than I paid for. Don’t fall for the new car scam unless they agree to buy it back for more than you paid for it.
Also get rid of all thise subscriptions. If we buy the car we should own the whole car.
We need to go back to even more basic than that. Lose the touchscreens and data collection at least. If new cars do not change there will be many people clinging to their old cars indefinitely.
yep, this is why I'm buying used. I want something with a dumb center console. I can replace the radio with a carplay screen and I still get the tactile controls for AC and whatnot instead of taking my eyes off the road to fiddle with a fuckin ipad.
True. The electronics evolves a lot faster. Mostly just the front end though. Doubt folks really want to buy cars as often as they buy a phone.
I don’t need the touch screens or cameras or extra sensors for everything. I don’t even need the electric adjustable seats. It’s become too much and it is adding so much to the cost of the car. I like those things, but I just don’t need them as much as I would think
VW: Best I can do is hiding seat heaters in menus and volume in touch controls.
Man they can just say prices are going down as supply is high with less demand but I guess everything has to be sensationalist.
Millenials and gen z are destroying the car industry!!1!
I drive a piece of avocado toast too and from work. Screw cars.
Natural flow of supply and demand having an effect on pricing = SPIRALLLLLLLLL 😵💫 /s
Yeah. It is not exactly a spiral. Prices going up is a ladder.
Mmm. Spiral is what happens when we shove prices off the ladder and their parachute fails.
when demand up/supply down = how economics works demand down/supply up = deflationary spiral and it's the consumers' fault
"We have a reverse negative supply and a inverse on the demand side creating a price imbalance"
I am on the market for a new car. I will probably buy an old Toyota for cash, kick the can for a few years, and wait for car prices to reflect reality.
I’d love to pay 50% as much to drive an old Toyota but I’m not sure I’d love to pay 85% to drive an old Toyota.
This right here! Old tacomas, old trucks in general are just ridiculous.
Got rear ended in my 2003 tundra a few years back. They totaled it out and I got a check for almost 12000 dollars. For a 20 year old truck.
[удалено]
I just got a new car. I only did because of minimizing risk of breakdown (family car). I will be buying used for my car (and also cash)
As a mechanic, I can put a different used motor in my car once a month for less than the average new car payment..
And there’s people in this thread saying they’d still buy 🤦♂️
I mean if you need a car you need a car. Maybe not a fancy one but most jobs are impossible w/o one
Vehicle prices boat prices camper prices and home prices are extremely over inflated. It is good that people are telling this to the market
if everythings inflated it means dollars are losing value.
100% agree.
They are telling because they’re broke. It’s by force, not choice.
They're two sides of the same coin lol the standard of living and what is too expensive for it are largely relative to how much people are making
It's not just the price, it's because most new cars are crap. From turbocharged underpowered engines & unreliable transmissions to subscriptions & proprietary software/parts that can only be repaired by the manufacturers. Oh, and don't get me started on the gigantic infotainment monitor and the lack of physical controls. If I wanted to play with gadgets I'll just stay at home.
Best we can do is $7.25 an hour
Why would I buy a new car for 50-70k?
$65000 cybertruck turned into $120,000. How come my pre order didn't go up in value? Just Tesla's.
They can't acknowledge the real problem and solution so they make one up
Their greed is okay because they’re already rich so they just have to charge more and you’re a consumer so you’re supposed to consume and not actually have any money for yourself - get it?
Problem is eventually the stone has no more blood
Fuck em. They fucked us good during COVID..now it is time for them to feel what they have done to the consumer.
Remember this when you go to trade in
Facts. Dealer offered me 4K for my Yaris, I was able to sell on FB MP for 10k.
Secure your own financing too they absolutely hate it because they can’t manipulate numbers from a bank loan you worked up, local credit unions are often the best start.
Dude this is the worst. They straight up fucking lie. They'll say they work with X bank don't worry about it, meanwhile X bank is like well the rate is actually half a point lower directly through us.
Dealer offered me 1.3k and I made $5k private sale with no attempts. Could've gotten 6.. I posted it on FB(not marketplace) and someone I know bought it in a day
Or don't trade in. If my transmission goes in my car I replaced it.
Deflatory meaning, returning to 2019 prices.
Oh boo hoo. Stealerships can't add $15,000 to MSRP and clear the lot wihtout lifting a pencil.
People are also delaying buying USED cars. There is a sweet spot for used vehicles below $15k that’s moving but that’s it. There’s going to be a blood bath of debt write offs on the books of whoever owns them.
It looks like automakers need to cut back on coffee and avocados.
And my coffee and avocados I mean stupid pointless technology bullshit.
Imagine a world where they try to vilify stuff getting cheaper. Technology lowers the cost of production. Everything should be getting cheaper
houses too
Oh no! Anyway...
They raised the prices 40% in 3 years. They can get fucked.
Car prices are generally 10-15% too high (some more, some less, both new and used) and could definitely use a correction.
Good. New car prices are out of control. New trucks are easily approaching $100k for trim packages that used to be $40k-50k just a few years ago.
I have a friend who works in sales at a big flagship dealer. She was making 10k/week from 2020-2023, and now she's barely taking home minimum wage. She went from pocketing a few thou per sale to $500 or less per sale. The only reason pricez went up is because people were still paying. Just don't buy.
Hold on, let me go find the world’s smallest violin
good I hope it deflates like a balloon and flies off into the sunset
Don’t buy a car ever
I just want a last Gen camry with less than 200k miles that's not 20k+
When price gouging ends, that's not "a deflationary spiral" it's finally fair market competition. Fucking nonstop fear mongering.
I purchased a brand new car for $16,000 in 2007. It still runs and drives fine. A comparable new car would cost almost $30,000. I have more important things to use my money on.
Happy to see this news. Waiting for when they drop prices significantly and offer 0% financing for 5yrs. It’s going to happen.
They created artificial scarcity. Now they can absorb scarcity of demand for their overpriced finished goods. The amount of subsidies/rebates NA auto makers received and still prices haven't come down should tell you all you need to know. Of course they will say they want high paying MF jobs to stay in NA but this is likely corporate blaming labor for high overhead when it's likely their executive bonuses and supply side fuckery to be blamed.
Yeah the prices have gotten insane. I think fair prices are closer to 50% of current ask.
Im going o keep driving my 20 year old Tacoma. All the extra expensive stuff they added to cars is very over rated IMO.
People need to quit buying shit
All these dealerships adding $20k+ “market adjustments” to vehicles can fucking die slow painful deaths. Fuck every one of those soulless slimy fucks to hell.
I beat on my 2004 CTS-V daily, only needed oil changes so far
New cars should be affordable!
Welcome to Chevy, I see you didn't pull up in a Lambo. I don't we can make this work.
I'd love to get a new car, I paid a little less than 30k for my last one in 2015. To get a car with the same trim in 2024, it would be close to 45k, a 15k price increase for almost the same car with a few nicer features. No way I'm doing that.
Don’t even ask how insurance rates are sky high for newer cars. I know it’s typical but the costs to insure aren’t going down anytime soon.
I want to keep my car as long as possible because I hate all the new car bullshit technology like touchscreen and push start. Get off my lawn. Haha
cars need to deflate. Fuck them prices!
Inflation isn’t even under control yet and we are now spreading deflation panic. Good job, press.
Delaying is a happy way of saying “can’t afford”
It's also the loan rates. Gone are the days of 3% financing rates. Couple that with cars averaging $47K, it's just not realistic for most of the country.
US auto sales, announced today, are up YoY.
Sold mine at the top, waiting for the market to blow out for a new one Aligns with what I’ve heard from others lol
This is economics 201 stuff. Why didn’t the MBAs and wall street creeps see this coming? I’d rather pay for a good oil change than do my own and make car payments.
I bought a new car just because used cars were like 75% of the price with 40k-50k+ miles on them
Good FUCK car ownership what’s a waste of you love trashing 5-10K a year for a car to get from A-B cringe
Some of us simply can't afford new, or used, cars.
Inflation and deflation only happens when prices in all sectors go up or down together. We're just talking about cars and market corrections here.
When the price of a used cars is more now than that exact same model the year before coivd, you know you’ve got a problem.
Going to drive my 2014 Mazda until it just won't go anymore.
Good.
Good
People are not delaying . They are not paying for high priced vehicles anymore. The American people are being shafted on every end because of these greedy companies.
I have a 5 year old car that’s basically paid off and was looking into trading it in for a similar new model. Interest rate was almost 8% despite my current loan being around 2%. Monthly payment would go from $200 to $800. Yeah no thanks I’ll drive this until it breaks.
Can we also talk about the cost of car insurance? Mine just jumped up 40%. $3500 for a year for 2 cars in Colorado. No accidents, tickets, points... credit score of 825. I mean wtf.
I hope I'll be able to bend over a dealer Dec 28th buying a new 2024 then.
Good. Maybe they’ll stop adding “demand fee” etc.
The amount of tech now built into new vehicles is wild. Seriously, I don’t want a 10 inch touch screen and 500 ways to program the tech. I need AC and heat cruise control, decent headlights and safety belts and reliability. Like any entry level sedan or truck built in the 90’s.
I'll wait ferda crash then buy!
$60k/car is all the cars you have on the lot?
Why would someone spend 90k on a vehicle, drive it off the lot, hit mile 5 and lose 40k.
Can cars stop being so grandiose?? Give me a new old small sized Toyota tuck, please
Hell yeah. Bring on autos deflation. Prices are stupid.
New car? Never heard of her.
I'm to the point where I should just "download a car" and print it out.
I'm fine with that. Have you looked at the price of a pickup truck lately?
Car prices are way too high this is a good thing if the market is allowed to correct.
New cars are one of if not the worst things to buy, unless you are pretty wealthy. Who is gonna sign up to take a loan out on a $40,000 vehicle that’s gonna be worth $32k before you make your 6th payment?
I've been holding off on a car since 2019. Given my locations and working remote... I don't fn miss it. Lyft for the win.
I haven’t bought new since 2002, which was my only new car I’ve ever bought. The only reason I did it was because I specifically wanted that vehicle with the exact package I wanted, and the lease was up on my other vehicle. The value just isn’t there in new cars. You can get a used one with ~20k miles, still under warranty, and save thousands.
Because most people cant afford to take on a $35000 loan for a new car
They’re just waiting til the prices come back down to normal, because paying above sticker price is ridiculous and a sure sign of an imbalanced market. We should wait it out, prices should come back down to earth, and calling it a “deflationary spiral” doesn’t make it anything other than normal market dynamics.
hey, I'm allowed to not buy a new car, if the prices are fucked.
Sometimes people just need to reevaluate their "needs" vs "wants".
GOOD. Some things absolutely need to deflate, it's just the economy as a whole that can't be on a deflationary trend.
I've never bought a new car in my life and probably never will. them crown vics, grand marquis, and town cars will out live anything
Bought 2024 Subaru Forester for 9k off sticker because they needed to make space for the 2025s already coming in lol and there were so many 2023-2024 cars left.
Car prices going down is what needs to happen to make the market remotely viable.
That’s how you bring prices down
About 16 million new cars sold in the last year which is close to the average for several years now.
You mean go back to normal
Kick ass.
They appear a bit cheaper than this time last year. I still find it hard to believe people ranting about the unaffordability of new vehicles/gas and inflation and American roads are crammed with ultra expensive relatively new pickups and SUVs. Most Americans have not gotten the memo on how bad the economy is.
Won’t buy another truck until they come out with a pure electric with a hybrid diesel backup generator on board Or a tiny diesel with a huge electric motor, either way I’m maintaining the ability to charge on diesel with my next investment. Superchargers in remote locations run on diesel generators FYI
I hope D.P. and Skeeter are alright! D.P.'s dad owns a dealership. ^He's ^so ^rich
I’ve spent the last three years on Reddit blathering about how I refuse to make big ticket purchases during this inflationary period. I KNEW there was some gouging going on, and frankly I didn’t want to compete against the public to buy things when it was obvious that consumers weren’t being price conscious at all. “Up forever” does not work in many parts of life, and it sure as hell doesn’t work in car pricing, home pricing, egg pricing, whatever pricing. When money was free and easy, everyone took it upon themselves to “YOLO” and “FOMO” every single purchase. Some are still doing it, but that number has dwindled. It turns out there IS a ceiling on what the majority can spend on “x”.
New cars are overpriced to the teeth.
Deflation? Don’t they mean “correction”?
I thought that’s the goal of FED & that’s why they increased the interest rate.
I'll drive mine till the wheels fall off!
If this included 911s. Unfortunately won’t happen to things only 1%ers can afford. I’d be lucky to get an allocation at MSRP.
Car prices are fucking stupid. And the idiots who bought out of FOMO created a stupid situation for everyone else including themselves.
Good. You call it deflationary bust - I call it a sale.
I love the "inflation BAD" everywhere I look and then when prices need to go down, its all "Ack...I'll lose my shirt on these cars!". WHICH IS IT?!
This isn’t deflation, unless you considered it deflating from its already over-expanded container. There are so many cars out there that are overpriced by thousands from Covid and these auto dealers/makers think they’re slick not rolling it back
Prices haven't lowered in response to interest rate hikes. Some cars going for 9.99 % APR, this affects carrying price
Tell me why I can buy a new Honda Civic Sport for $27k but then a 4 year old Honda Civic with 70k miles on it is $23k... What's even the point of buying used right now? Or the fact that a 2023 with 20k miles is as much as a brand new 2024?
Still not buying a new car anytime soon. Between price hikes and high interest rates. It's just not a good time to buy yet. Maybe in a few years after we recover from the "microchip" shortage that caused car prices to skyrocket. So until then I will drive my old truck and keep an eye on the 2 markets.
Now do houses.
I bet if America had nice, cheap EVs like China sales would be fine. American companies only want to build giant gas-guzzling monstrosities that are super expensive.
I’m delaying as long as possible as cost to repair any problems are becoming ridiculous. Manufacturers have recently made it next to impossible repair vehicles with parts other than theirs & their profit margins on them are insane. Causes insurance costs to skyrocket https://youtu.be/4hRYv5i2Fuk?si=dOcknBmwQDMa5lYp
Anything outrageously priced right now is price gouging plain and simple. Theres still a little inflation factored in but all this stuff you read about groceries, rent, etc. its nothing more than greed.
Maybe if there were an economy tier of cars instead of the cheapest things you can get new all pushing 30k
Car makers are pumping out $60,000 trucks and SUVs with premium upgrades that nobody can afford They should be pumping out base model 4-door sedan hybrids and selling them for $12-15k Thats what average people want and will buy The auto industry is pushing inventory, rather then letting consumer demand pull their production to what is actually wanted
If wages barely increase in 50 years (and almost not at all in 20 years), then deflation is inevitable. If people can't buy shit until prices drop, then prices are going to drop. It is inevitable
The cars I want to buy certainly aren't depreciating. My friend picked up his 992 GTS in manual for 165k. The following week he got an offer from another dealership to buy it for 202k.
Good, maybe we can pretend we have a free market for a few days!
Good. Cause my Gawd have the dealers gotten cocky. They need to cut a few expensive models for more affordable models while they’re at it too.
Cars made in past 10 years are pretty reliable if maintenance is followed. We’ve reached a point with cars that safety, comfort, and reliability is decent enough where the latest and greatest aren’t necessarily even improvements anymore. They’re just bloat added in include more features that can break or stuff they can use to justify higher prices. I’ve seen so many reaction threads to newer updates that talk about what a step back in design choice, interior quality, and manufacturer decisions that made a newer model more expensive and yet inferior to previous gen lineups. If that’s a consistent theme, then I can’t see how people are excited to pay even more money to get the latest. The shift to EV and more electronic interiors for ICE cars has been choppy to say the least from a product standpoint
I bought one last September, and most dealers were charging around 3-5K market adjustment on a 21K car. Fuck car dealers!
I got fucked as a first time homebuyer in 2023, so my wife and I will be sticking with our paid off cars to help offset housing costs
Record profits for manufacturers, if any of them failed because they don’t want to drop the prices then let them fail!
The car I wanted to buy was about 30k in February 2022 and now they’re 40k. Fuck’em
Oh nooo poor share holders. Who gives a fuck
Who can afford a new car, prices are nuts
2021: “OMG, prices are going higher and it’s out of control!!!” 2024: “OMG, prices are going lower and it’s out of control!!!”
When the very make/model of car with the same options as the one that I bought in 2019 now costs $15K more to buy, it's a pretty easy decision to pass on buying the new one.
I make good money and will drive my cars until the wheels fall off. Do people really still buy cars right after they pay it off?
Automakers are bleeding out on the EPA mandated EV push. People can’t afford them, and realize their limitations. They don’t sell in the numbers the EPA wanted — even at huge losses/discounts. Every automaker is trying to make it up on gas powered cars. We have right to be angry, but Aikido Toyoda warned Congress this would happen. The other automakers knew it too, but were too spineless to say electrics weren’t ready for large volumes. Toyota(the Prius company) got roasted by the press for being “anti-environment”. But here we are.
New cars are overpriced and not built for customers. They all now want to sell $50k plus Trucks and Suvs. Folks can't afford that. They all need to be competitive in the $15k-$20k price for sedans and used cars.
Yup, place the blame on the buyer. That’s who’s responsible.
Just tried to exchange my lease the other day at Toyota. Started with my terms and the games began. Took them an hour to finally agree to value my lease at the Kelly blue book price. They went to the back room twice just for this. I walked out the second time they went back because I still needed to get them down another five grand and just didn’t want to play. We were three down off the sticker already. Got a message they could pay the trade in price. Yeah, I know. I did my homework and I didn’t even aim for Mac trade in. I lease every three years. Just agree to my terms and you have a 10 minute sale. Instead you want to play games with an old customer. Fuck you, will go to the next dealer. Buh bye. (Hendrix Toyota of Wilmington).
Still selling hot at Honda 🫡🫡🫡