Few things I am noticing by me at the moment, dealers have more new car inventory then I have seen in the last 2-3 years, which is good but with no incentives / lease deals / apr specials those cars are going to sit.
Used cars every where are going to take a loss, especially if you bought at the auction as they were way over priced and trying to buy at the auction right now you are still paying too much. Used car inventory I have seen at big and small dealers as well a few classic car dealers, the lots are getting empty, 75+ cars on a lot are in the 30-40’s top.
My mom who runs a gm dealer in the south burbs, said they have used car inventory but the prices are dropping and taking a small loss on each car in some ways just to get them off the lot.
repo’s are going to happen no matter what, banks take the risks, and in the long run the dealers are the winners, dealers made profit on the car, financing profits ( dealers only need the customer to make 3 payments to collect financing money ) then the car gets repo’d and dealers buy them cheap from the bank auctions and resell and make profits again … viscous circle .
It’s going to be a crazy market and I’m starting to see prices on both dealer and private party sales dropping for the better.