Car Market Updates - Good News for Buyers Bad News for Dealers! Here's Why NOTHING IS SELLING!

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Slow Auto Sales - high Supply and Low Demand and the High interest rates auto manufacturer are all factors of the Car Market Collapse
Here is what to expect with the Auto industry repo market new and used cars
Between increased interest rates overprices cars market adjustment people are not buying as much and saving their money.
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[Tedzepplin]

My plan is to go back to the Chevy dealer I shopped back in 2021 and go right to the same salesman I spoke to last visit. He told me to add 10k to the MSRP of everything on the lot and "maybe" I can drive a new truck home. He was a cocky shit. I told him I'll wait because i don't have to buy anything immediately. He told me not to count on it, the days of negotiations are over for good and I'll just have to get used to it. He also told me I'll never see inventories above 20-30 total units again and I need to get used to ordering without test driving. I'm starting to look again. I still haven't bought anything. I'm patient and I'll wait even longer if I have to. I know he's still there. I see him outside all the time when I drive by Chevy. I'm not buying anything from him or that dealership. I just want to stop by and make him eat his words.

[josephmccausland]

Msrp on ram went up 30-40k in the last 3-4 years, 10% off is not a deal.

[MONROEJACQ]

Surprisingly, nothing seems to be selling. The challenges range from supply chain disruptions to changing consumer preferences, leaving dealers grappling with excess inventory and shrinking profit margins.

[wigletron]

Yeah, truck prices up 25k over the last few years and coming down a couple thousand isn't a deal.

[MrPaige]

The best advice is NEVER pay interest on a DEPRECIATING asset.
Right now there are a TON of very good used cars that are between 5 and 10 grand that will serve you very well for the next 3 to 5 years and STILL be worth around 50 percent of what you paid when you're ready to upgrade.
Watch the CAR WIZARD'S series on what to buy and what to avoid.
You're welcome.

[mph]

2019, I was buying cars CHEAP. Decent cars for $1500, needing only minor repairs. One of those cars, my brother bought it for $1500 in 2019, drove it for 4 years and sold it a few months ago for $3500. Will we ever see that kind of market again, ???

[AS-ngpi]

Why is it that I have never heard of, nor met a person who enjoys the car buying process? It's because the dealers have created a dishonest, untrustworthy process, and an adversarial relationship with their customers. I can't think of anything else that I buy that has anything close to this experience. There is a stereotype for a reason.

[Vikturus]

I bought my mk7 gti from flipping (I started with $3000 and made $14000) and the car costs me no $$ per month on finance. Totally happy with the car and don’t plan on selling! Thanks Craig for helping me flip a few cars a year! (In my country I can legally sell 6 cars per year no license and last year did it and got $19, 000 tax free from flipping at $3000)

[zacbacon]

As a 20 yr real estate broker, thank you! I HATE that "marry the house, date the rate" saying. "You can always refinance" was bad advice in 2005 and its bad advice now. You've got some great insights and I'm curious how long you expect. This shake up in the auto industry to last. I expect another 18-24 months but i'm not in the industry. (And that's assuming there's not another crazy financial curve ball coming down the pipe)

[freakinmexarican]

You are correct. I've been wanting to buy a Cadillac EXT since October of last year, prices have dropped 5 to 6k in the Chicagoland area

[davidweber]

Tax refund market is going to disappoint you this year.

[Kevin-mkjo]

The rate could be 0% but the prices are still high. Think about this... 10% off MSRP average 8000 off, that's an 80, 000 truck which should be maybe 50k. You are still getting bent over. And remember taxes, insurance, gas and other costs. Don't pay attention just to the rate, but also the price of the car. Unless 30% off, nope.

[johneisenberg]

Tax Refunds Are At An ALL-TIME LOW and Sluggish Coming In

[uniquxperience]

Nothing is a deal still. I remember 2017 to 2018 i was getting 4 bangers for 800 to 1500 bucks needed some minor repair and i could flip for 3k to 7k and i would drive it until i could flip. I used todo it for fun. ( i am a home mechanic) i like to fix things lol ...i found a car for my wife in 2018 a 2002 mercedes e320 4matic wagon with only 100k on the clock for 3k! I found a 1997 960 volvo wagon with 90k miles like 10 years ago lol for 1500 bucks!! Needed nothing! I needed a 4x4 car i got a 2002 sequoia with 140k miles for 3500k about 8 yeard ago. I still have all these cars all still reliable. People need to start learning how to mantain their cars and buy parts before they break. Like sparkplugs coils brakes extra tires etc etc. Little by little put it in your garage or shed. When time comes you have everything ready. I do this my garage is full of parts when my car brakes i am ready!

[charlesevans]

If you're upside down on a loan another option is to drive it until paid for and hopefully a little longer then you can make up some of the money you spent upfront on your car. I did that with an 06 SRT magnum right after I bought it gas prices nearly doubled two months later the same car was $7500 less. I drove it just shy of 5 years without a car payment in the long run I drove the money out of it. I would have drove it longer but it dropped a valve @70000 miles loved the car

[danvain]

If you own it for 8 and it's now worth 6...you will take 6 or you'll end up taking 4 some months down the road. Period. Your first loss is your best loss.

[higherregion]

as a wholesaler there is a definite drop in prices. This time of the the year prices should be higher for dealers prepping for tax season, but I noticed prices are lower than what they were around thanksgiving to christmas season.

[silverfox]

Wow !!!you really made this car market make since to me, and thanks for the honesty and information it truly helps families. ❤

[alanbird]

If you save 6% rate buying a new car you will lose far more in depreciation over the next 48 to 60 months than the rate saves you. Buy used cash.

[darrylholcomb]

I'm a cash buyer w/789 credit score. I only buy the least optioned vehicle available so long as it has good reviews. It's sad the industry was forced to invest in the phony EV market, crammed down the throat of the American consumer. I see the damage done by that & other mismanaged decisions to cause a economic collapse. I realize dealers cant sell at a loss, but the reciever can.