Car Prices Are Down But Used Cars are Still Not Affordable

Car Prices are down but many Americans Struggle with affordability
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[PassportBrosBusinessClass]

The trick is to get that Toyota Camry at 144 MONTHS (12 years a slave). Then your monthly payment is $345

[jdub]

Private seller deals are starting to crop up, but many sellers still think we’re in kovid pricing economics. They’re starting to learn, prices should start trickling down.
Cash is king if you can swing it.

[johndone]

Insurance is a scam
1000 a month is stupid no matter how expensive the car is

[ms.b]

Newer used cars (4 to 5 years old) are still commanding very high prices. Some within a couple thousand dollars of brand new! Paired with high used car interest rates, you are better off just buying a new sub $35k car. You will get a lower manufacturer interest rate (0% in some cases, incentive cash, plus a warranty. The savings in accrued interest offset the cost of new and slightly higher insurance premium. You would need to buy a 10 year plus used car and put down money to make buying an older used car worthwhile at 10% to 12% used car rates. . And that's if you can find any just 10 years old at an affordable price. 10 year old vehicles are in high demand.

[PassportBrosBusinessClass]

My neighbor just bought his first car, a 2016 Toyota Camry with 86, 000 miles on it from a private seller for just $8000 It looks to be in good condition.

His problem, however, is getting car insurance at his young age. $600+ they demand right now.

The car prices are just one part of the problem. Insurance is high and cost of maintenance and driving is high as well.

[elcheapo]

I bought a new 2025 Camry today for a commuter car. I've been waiting almost three years to buy. All the dealers around me are advertising MSRP + $1500-$3500 for the 2025s. I got the one I wanted for slightly under MSRP, for cash.

[Engineersoldinterstingstuff]

A big part of the "increased" cost is actually due to government printing FIAT currency. Governments are spending money that they do not have by printing "money".

[ChrisFromFloriduh]

I don’t think we should lower the interest rates for a very long time. I don’t wanna see prices go through the roof even further.

[jameshearttech]

Our auto insurance hasn't gone anywhere near that over the past few years.

As for prices going up when interest rates go down it depends on how many consumers will be in a position to buy.

If interest rates come down in response to deteriorating economic conditions and we have high unemployment there may not be as much demand as you expect.

If someone is in the camp of interest rates coming down over the next 1 - 2 years could be a good time to buy then refinance when rates come down.

[davidshettlesworth]

Thanks for a great educational video. Every month I am grateful I have my 2016 Toyota Tacoma paid off and an excellent mechanic if needed. Carry On Sir!

[joecruz]

If interest rate were to be dropped back to 3% we would have hyper inflation like America has never seen in its history. Not gonna happen any time soon

[micker]

This is a great time to have cash. Able to avoid paying high interest and making easy, no risk interest on the money now.

[jamesdelap]

Seeing cars STILL sitting for 18+ mos. . .NO PRICE change(until NEW CAR PRICES CRASH bigly).
The sub $10k cars, are sedans(that nobody wants) or high mileage trash.

[shekool]

Or… You can just save your money right now and wait for the car market to drop. Then use the money you’ve saved and buy the vehicle you want in cash. You would not have to worry about the higher interest in the higher demand market.

[roguedolphin]

What a complete Shitshow situation with car insurance. Makes me angry how much has changed in just 4 years.🥵

[mghg]

It sounds like everything is a wash, high interest rates or lower interest rates and higher transaction price of the vehicle. Screwed either way.

[kalef]

Good vid man, shining light on the situation

[tsparky]

When I went to buy my first new car in the late 70s, the price was 5k and the interest rate was 18%. My father lent it to me at 8%, which was the rate he was getting from the bank for the money. I did the same recently for my daughter at 5%.

[DigitalBathInAZ]

It always makes me giggle whenever lucky says "boughten" for the past-tense of "bought". 🙂

[marsgold]

Used to buy all my vehicles used except now. My local Toyota dealer charges a couple thousand less for a used Camry. Interest rates are key (not to mention the warranty). Few trade ins also so I went with New @ MSRP (last year so better deals now)even with Toyotas.😮