I saw a few videos in the past week with parking lots full of repossessed vehicles. They said anywhere from 5 to 10 times what they normally would see. It will be interesting to see if that trend continues.
đź“° Auto News The average new car price is now $40,573
- Thread starter Mook
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It's been happening all year. My friend works for a company that developed recovery scanning cameras for repos. They've been booming. The market adjusting is starting to (and will) make it worse.
MFers are going to start doing a ton of insurance jobs on shit that they can no longer afford. I guarantee you will start seeing a ton of Scats, Hellcats, and Trackhawks for sale with salvaged and or rebuilt titles. They arent salvage, they are tagged with bogus titles/vins.
I always do this when I take out a loan on a car. At least in the past I did when interest rates were less than 3.9% for 72 months. For now I plan to keep my '17 Escape as long as I can.
I like having a low monthly payment for the months that I may be short on cash. I always pay extra and end up getting ahead on the loan in the months when I can afford to. It's also nice being able to skip the payment some months too. I usually end up paying off a 72 months loan, at least a year early.
carvana stock price was $400 not that long ago? opened at $9 today, currently just a bit above $7
I was thinking about the ASP on new cars the other day and with absolutely no data to back up my numbers here I recalled that in the early 90s my parents bought decent, middle of the road cars for about 20k to 25k. A eagle vision tsi, eagle talon tsi, ford explorer Eddie Bauer v6, dodge grand caravan… so not cheap ass entry level cars, but not luxury autos by any means. I’d consider those average vehicles that a lot of people bought at the time. Well in todays money that $20-25k car is about $40-45k. So are cars really that much more expensive now? Or did wages just not really keep up with inflation so they seem more expensive?
There's data on this out there but you're right, vehicle CPI over the past few decades was pretty much in line with inflation (ie super low) until covid happened. Keep in mind CPI/inflation factors in quality improvements and cars have advanced in quality/technology damn near as fast as phones have, so while the sticker price might outpace inflation, that's mostly accounted for when you factor in improvements in quality and features.
People complain about the stickers of cars right now, take an escalade for example. Then I remember that my dad had a fwd deville that was like $50k in 2001. That is $83,800 in todays money for a vehicle that was a total piece of shit. So as crazy as it sounds, 100k for a 2022 escalade makes total sense lol
Not to mention compared to todays cars, older cars are complete death traps. New vehicles are unbelievably safe compared to cars even 15 years ago
That's almost always true though.
A car today is probably 2x-3x safer than one produced 15yrs ago, and the same 15yr old car is 2x-3x safer than a car produced 30yrs ago.
To a point yes. Cars in the 70s aren’t much more safe than cars in the 60s or 50s
Cars from the 50's and early 60's didn't have seat belts.
Or collapsible steering columns.
Nothing like being ejected while being impaled.
Sign me up for an affordable death trap please. Absolutely dreading a car purchase when I need to
Make one.
Make one.
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