đź“° Auto News The Big Short coming for the auto industry?
- Thread starter Flyn
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Aready been happening for a while. People cant afford 1k on average for a new F150 for example. Then theres places like Carvana too. LOL. Screw them all.
I invested in increasing my toolbox size after 2 years ago I realized I'd be making this 04 comp G last forever or as long as the rust will let it.
Calling it a bubble and comparing it to the 08 housing crisis are two totally different things. 08 happened because people got loans they couldn't afford because they didn't need to have income, with rates that ballooned after a few years. That's not the case in the auto industry. If people default on loans, cars get repo'd, someone else buys it for cheap and the world keeps spinning.
Will prices come down? Yes. Will it come within an inch of collapsing the global economy? No.
Its probably actually good for buyers.
Will prices come down? Yes. Will it come within an inch of collapsing the global economy? No.
Its probably actually good for buyers.
Don’t forget the biggest component of 2008, big banks betting 20 to 1 on the housing industry via securities filled with those mortgages you are referencing. That’s what really did it
Yeah, there was more to it. But due to that, they don't allow that shit anymore.
It's Flyn, what do ypu expect.
They aren't that bad. We've just been spoiled over the past 3-4 years with the lowest rates we will probably ever see.
I would need a 10% interest rate towards me for me to be interested in any of these new pieces of s***
This is fair and maybe like noted in the video if it was something like real estate that will appreciate in value it's one thing, but there's no way this car market can hold out like this not to mention losing 10k as soon as you drive it off the lot. And then all the adp bs. It's a hard no from me
When you're used to the thing sitting on jackstands, it's odd when they actually function as intended eh?
Outside of museum pieces, cars have never appreciated in value in the history of their existence. It's almost the exact opposite for real estate. Also, cars are a luxury. People can get by just fine without one. Housing is totally different. It's not an appropriate comparison. That doesn't stop Chicken Little YT personalities from talking about it though.
Cars shouldn't go up in value (except for what's been discussed as far as collectors cars go) didn't watch the video...but can tell you there is no fucking way in hell my 2019 Equinox with 60K on it should be worth more than I paid for it currently.
That's the bubble that's going to pop....and everyone that paid way over sticker is going to be more underwater than usual.
There is no way on earth a 1K payment should be a thing for a DD.
That's the bubble that's going to pop....and everyone that paid way over sticker is going to be more underwater than usual.
There is no way on earth a 1K payment should be a thing for a DD.
My thoughts go straight to seeing somebody drop 20k on a few years old enclave and it shits the timing belt in a month or two. Now not only are they in at 10% interest ballpark on somethin worth half what they paid they've gotta take out a personal loan to pay somebody 5 or 6k to put an engine in it or they have no transportation. Just like that your into an 8k piece of shit for 30k and YOU HOPE it lasts you until you can at least get it paid down enough to roll that debt into somethin else. Nobody wins in this scenario but the banks and they'll keep rollin that loan over diggin it deeper with higher rates indefinitely. No thanks I'll keep fixin my loaded 250k hoopty.
This is also me from the standpoint of being able to fix stuff myself so I don't mind miles or buying somethin cheap and fixing it up. That's the only way to appreciate and win at this game.
I was pricing out new Grand Cherokee and Explorers. In the 60k range. And even with a trade it, it's almost $1k/month and that's not even top of the line.
That's when you tow that bitch behind a friend's truck and plow it into a tree and say you "lost control" or find a freshie and you "hit a deer".
Gap or not at least you're not on the hook for the 5k or whatever engine bill. You can get from out under on that at that pojnt.
Banks seem to be holding off on many repos. Could it be that they don't want to repo a car with a value of $40K when the loan is for $60K because it was purchased with a large mark up?
But that's the deal though. New trucks the dealers don't even wanna mess with shit like the dodge e torques locking the e brake on the highway so they drag it out until warranty or buy it back and sell it and make it again. I've been drooling over 25k 16 ltzs lately because I'd love to get back in one of the newer trucks for the luxury but if I'm gonna deal with shit gm lifters and transmissions I'll just put a cam in what I've got and go on with life.
Plus I won't drive anything until I've fucked with it and made it mine so your gonna figure at least 5k in mods in anything. Even at 500 a month I'm way happier firing parts at somethin I have the title too than worrying about paying the bills on a tight month. Prices of everything still goin up but wages came to a halt. You gotta be batshit or need a write off and keep flipping new to be buying in this market and that's whose buying these 100k trucks and waiting months for them.
Plus I won't drive anything until I've fucked with it and made it mine so your gonna figure at least 5k in mods in anything. Even at 500 a month I'm way happier firing parts at somethin I have the title too than worrying about paying the bills on a tight month. Prices of everything still goin up but wages came to a halt. You gotta be batshit or need a write off and keep flipping new to be buying in this market and that's whose buying these 100k trucks and waiting months for them.
Just buy a Ford with a Coyote and Jesus himself will ensure that you don't have shit GM lifters and transmissions.
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