Used Car Market COLLAPSE | Depreciation SKYROCKETS

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Ray and Zach explain whether you should be looking to buy a new or used car in 2024!

[hendrikvandermerwe]

I hear you guys, but what's amazing is that ONLY the vehicles WE OWN are now all of a sudden worth much less, UNTIL it lands on a dealers floor! Used vehicles on dealer floors have not nearly tanked as much as the value of used vehicles in private hands! The Jag my wife own is ONLY worth $18K on a trade, but that exact same vehicle sells for just north of $30K when on the dealer's lots. Dealers as STILL screwing over customers and best thing, I agree with you Zach, is to keep it and drive it! Let the dealers go belly up, one after the other - and I really have ZERO sympathy for dealers who are really struggling now!

[craigpatterson]

80, 000 for a jeep, 92, 000 for a Chevy truck, 80, 000 for a ford bronco? Prices aren’t down near enough.

[CYCO]

Strategy: buy a depreciated used car for cash. Drive until the wheels fall off.

[EddieJazzFan]

Years ago, people bought cars and kept them for a long time after the loan was paid off. Or if they paid cash, they would start saving for their next car right away so when the car was completely worn out they would have the money saved for a replacement. This mentality of getting a brand new car every 3-4 years is ridiculous. It just makes the banks rich with your interest payments.

[littlered]

I am OLD, all Markets go up and down, AUTOS, HOUSES, STOCKS, etc.... Just learn and follow the cycle. We were planning to buy a a New Truck back in 2020/2021, took notice of the crazyness and said, well lets wait a few years. Still have not bought yet, but looking to buy Winter of 2025. We will see.

[Fred-]

No, it's not that average Americans were $6000 upside down. It's that people who WERE upside down were upside down by $6000 on average. Two completely different things.

[pamc]

I got an offer of $11, 000 for my 15 Crosstrek and I'm going to accept it. Its been paid off for 3 years soon it wont be enough to put a good down payment on a new one 🤷‍♀️ I'm 72 and dont want to risk being stuck with mounting repair bills. I feel safer in a new vehicle.

[kenarthur]

My 2016 Toyota Camry is a crown jewel. Only 22, 000 miles on it. Keeping it for another 20 years. 😊

[seana]

If people want their money’s worth, might as well drive the car until it simply can’t go anymore. But it seems as though people put their wants first before the needs, being sensible seems to be absent from most people these days.

[markadler]

Correction: Newer used cars are depreciating because they were sold at ridiculously high prices and have high interest loans. Anything bought before the pandemic is holding its value just fine because the MSRP on those vehicles was realistic and not over inflated. I just paid off my low mileage 2019 F-150 and I could sell it tomorrow for around $35, 000 CDN and I paid $62, 0000 CDN all in with taxes and interest.

[BCNeil]

We are at that equilibrium point. Where you trade in is somehow with 30% less than book, but new sales are still marked up. Buy private with money you saved.

[cmilesx]

If only dealerships would stop playing the small print "gotcha" games when they advertise pricing and you stop by. If only they would advertise their price with taxes and required state fees without having to deal with slimy salespeople and managers.

[kirkraszman]

Prices that I am seeing are still ridiculously high. I have been looking for a used full size truck. They are still priced at least $5-10, 000 too much. I will wait and keep driving what I have.

[danielphillipsmusic]

Keep up the great work! Y’all are really doing a great service to the car buying community! It’s truly revolutionizing the way people are going into dealers. Arming them with the knowledge they need to keep from being taken advantage of.

[arielcolon]

I just bought a used 2021 EV Bolt with 38k miles certified today. I got them to take off $500 down to 12k. It was already under Kelly blue book price by 3k in California. I put down 2k and got a 6.89 interest rate. Don’t mind the high interest rate because I’m going to pay it off this year. I have solar panels and finally got a EV. So now I’ll see my $400 a month gas cost go away. My monthly is $198🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉

[Paul-icki]

used car prices are going down... unless it's a naturally aspirated V8... those seem to be holding values.

[ronyeahright]

well that explains why multiple dealers offered me peanuts for my great condition, low mileage, 2017 Jeep Cherokee bought new tires for it instead, and away I go. Maybe next year, we shall see.

[AlexHG-bchz]

No one to be blamed accept the consumer. Time and time again, Americans buy things that they can NOT afford. People need to learn how to negotiate and buy stuff. Just because you can afford the payment it does’t mean you can afford or should own that product. The consumers did this and now they are paying for it. I purchased a truck during the pandemic and I did NOT pay a penny over the MSRP, including all the dealer fees, tax & registration.

[lumber]

I unfortunately had to buy a vehicle in March, before prices started coming down, but I was offered only 300 dollars for my 2015 ford fusion Titanium on trade in,
I didnt trade it, I'd rather give it away to someone who needs a car, than get 300 dollars for trade value

[gregsmith]

We went to buy a used car today. Dealer wouldn’t budge on price. Found similar cars online private party for $55-6500 less than dealer lots. Crazy and we watch their lots keep filling up,