High car prices and auto loans
- Thread starter Joe1
- Start date
Lotta changes going on and driven by the big issue.
Used cars will go down in price when new car prices go down. The problem is, of course, material procurement which has been decimated by the supply chain. Semiconductor shortages will subside over time, but the SEMI companies want to build and sell the more profitable new chips; most car companies are stuck in the older chips. So it's a double whammy for many.
And heck, we need truck drivers to move everything around! Lotta changes... Perhaps an inflection point?
Have to get more used cars into the market as well. Since new car sales supply the used market 2-5 years later, the correction on the used market will be a few years out. There will be some relief, but it's not going to be a huge, immediate correction.
In the mean time we are going to see the following threads on BITOG...
1) I can't buy a decent beater anymore for $5,000.00
2) Why are new car prices so high?
3) Don't buy the pickup truck, they are overpriced-buy a mini van instead
4) Where have all the sedans gone?
5) Why does this vehicle I am considering have a key FOB. I want good old fashion keys! A key fob could leave me stranded!
I am already there.
1. You used to get a vehicle that was peeling but last for cheap. Only thing I can find is 80s Dodge truck with over 300k needs front end rebuild, engine rebuild, paint etc. for 1500.
3. Been saying this for years. Only one needs to drive a truck is workers that work out of them.
4. Sedans could help with gas prices but no one wants to be driving them.
CUVs get the same gas mileage as sedans....so why not have the extra utility and ride height?
1. Beater with a heater is good enough! We don’t need no luxuries like AC, power windows/locks/mirrors, or key fobs as they are potential failure points!
2. God dang millennials and their apparent need for technology, that’s why!
3. Instructions unclear, ended up with a truck and minivan! (Really though… it’s the absolute perfect combination assuming you don’t live in a crowded city/area and need 2 vehicles)
4. Probably crushed under the mammoth pick up trucks that nobody really needs
5. Circle back to point 1
Do they in the real world? EPA estimates being notorious for being wrong.
I have not driven a RAV but our CRV drives like an ox cart.
I have no doubt both drive like trash Asian vehicles.
In South Dakota the interstate speed limit is 80 mph. Many drivers such as myself will run 84 mph and not get a ticket because the highway patrol are looking for people going 86 to 90 mph or greater. That Toyota Camry will drive much nicer at 84 mph than the Toyota Rav 4. If you run lots of interstate miles the Camry is the car to drive. That's why I have a Honda Civic in my fleet and it gets great mileage at 84 mph. The smaller SUV's really suck the gas at those higher speeds and with gas at over $3.00 per gallon the sedans are the way to go. As far as crazy new and used car prices which this topic is about I have to believe the bubble will burst. How long will it take? Nobody knows however these inflated prices will come to a halt at some place in time.
I’m using 2020 data on Fuelly since there is a whole lot more of it than for 2021. Camry seems to be averaging 36.4mpg vs the RAV4’s 35.16.
Personally I think if you have a decent used vehicle and want something else incredible times. My cousin just sold a paid off 2018 GMC truck purchased for $42k for $37k recently and 70 k more miles. He is paying MSRP + $1500 for brand new 2021 Toyota Supra.
Winners and losers for sure. Losers are buying new or used with nothing in trade.
Winners and losers for sure. Losers are buying new or used with nothing in trade.
You are only in trouble if you stop paying them? Keep paying and keep driving the car and you will never know the difference (other than costing a little more in interest). Total it or trade it and you are screwed though
The internet is a big part for higher car appraisals . Before its arrival ( about 25 years ago ) we would have to go to the local library and ask librarian to look at N.A.D.A. book values which were much less . Could buy $140 import and run for a few years or more . Did have to put a little money into it . So maybe a total of $400 including the $140 .
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