Why you should be terrified of the 2024 used car market

2024 will be bringing some tough challenges to the used car market. Get ready. It's gong to be rough for a long time to come.
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Buying a Car Doesn't Have to Suck™

[SeanBaxley-wmlc]

The answer is to buy a vehicle and keep it for more than 5 years. Never have to worry about negative equity. Be satisfied with what you have not the latest and greatest thing.We do it to ourselves.

[darkerbinding]

This is why I have never purchased a new car. I'm 60 yrs old and have paid cash for every car I've owned except the one I bought at 16 yrs old when I needed help getting the money. I've never regretted this, not having a car payment. My newest car right now is a 2014 and I'll keep repairing it for another decade. What I'd really like to do is buy a 1970's pickup with a manual transmission... that is reparable basically forever.

[ericfriedle]

It is hard to feel bad the industry since they screwed themselves with the over msrp sales. As you said it right sizing and fixing the negative equity just means people have to hold onto them longer.

[davidcowan]

I was kicking some tires at a dealership not long ago and the salesman started trying to get me to make a decision about a car I was looking at and I said, "The problem here is that I can afford your new car on the lot but you cannot afford the car I want to trade in". LOL

[eyesurgeon]

Negative equity is mostly a problem for dealers because they want to sell you a car. Owners can just keep their current car until they aren't underwater any more. It's not like you have to park your car and take the bus if it's worth less than your loan.

[coyotebuster]

Spoken like a car salesman, just remember that they will squeeze your money out of you no matter how much their trying to help you

[EatMyPropwash]

I’m so glad I just pay cash or write a check for my cars. It’s amazing not owing other people money.

[churchmarquis]

You can't be infamous for reliability. You can be famous for reliability.

[stevenjohnlarson]

Thank you for the warning AND the heads up Mike: Appreciate all the information you throw out there for everyone willing and interested in learning/bettering themselves dealing with vehicles. Have a Great New

[mikejaxn]

Great point on dealer service rates - took my Highlander in for inspection and fluid changes, and was told I needed brakes/rotors all the way around (72k miles). OEM parts costs for everything was around $600, but labor was almost $900 on top of that. I bought the parts myself, and did all four wheels (new brakes and rotors) for ~$300. I refuse to pay $250-275 per hour for dealership labor, but feel bad for people that can't do service themselves or who don't have a good 3d party mechanic.

[stang]

Did you just call yourself the number one auto Youtuber? That's not a stretch that's a trip to Mars.

[EvenRookiesCanWrench]

You know who doesn’t have issues? Me with my 2000 Toyota Siennna. 200k miles and still running strong

[Bradleyschaeffer]

I recently made further purchases. Saving for a market slump is also a bad idea. There are different perspectives on recessions and depressions; we cannot always expect significant rewards; and taking risks is preferable to doing nothing. The bottom line is that by diversifying your portfolio and making sensible judgments, you will accomplish exceptional outcomes. In just 5 months, my portfolio's raw earnings increased by $608k.

[wawalker]

Buy 2-3 years old. Pay it off. Drive it years loan free for years. Maintain it well, because if you treat the car well, chances are it will last and you'll be happy with it for years. Too many people buy cars too often.

[kortyEdna]

People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much dollar in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?

[MilsurpMikeChannel]

I doubt I will ever buy anything newer than 2017 again. It seems like once they went more than 6 speed in automatic transmissions and to CVTs, there has been nothing but problems. I am going to be on the hunt for old grandmas' cars for my daily drivers and just hope Incan find a decent truck when it comes time to replace my RAM. Haven't had car payments in many years and don't plan on starting now.

[bronzechicken]

I disagree on the used vehicle costs coming back off Marketplace, where I am, I recently sold a 2000 Dodge Ram 1500 and struggled to get anything over pre 2020 prices, and have actually bought a couple used vehicles for pre 2020 prices. The pre 2020 prices are going to come back for private party sales

[barrypeters]

Bought a part for my 10 year old chevy at my local chev dealer last year. I tried to make an appointment to have it installed but they told me the car was too old and that they would not work on it. So much for great service ! 😅

[Islandwaterjet]

I bought new because the price on a used, 5yo with 60K miles was the same price. I do not understand how this can possibly be and I do not understand why anyone would buy used when one can get new at the same price. Makes no sense to me. I my mind 5yo with 60K miles should be priced at most, 50% of what that car was new. When I offered half of their asking they got all pissy with me all I could do was walk away. I do not understand any of this but I assure you I am not going to participate by paying new price for a 5yo with 50K miles.

[shaynehix]

You are exactly right Mike. I work for GM Corvette and I see and hear about these issues with different models and manufacturers every day. When I'm in the market to buy a quality used car I will drive up and see you.