Today I give big updates on the new car market! Learn How To Save Time And Money The Next Time You Buy A Car: benjaminhardy.... Main Review Channel: / @benhardycars
The middle class is being squeezed out of car ownership. The manufacturers know this and will make fewer cars for richer buyers. Maintain the cars you already own because you will be driving them for a long time.
I went to trade in my wife’s 2019 rav xle with 43,000 miles Toyota offered only 19,000 and Honda gave us 22500 for trade we bought new Honda crv. Toyota really changed she wanted a new rav really. Greed
This is why saying no and walking away is important. I'll accept nothing less than $30,000 for my '21 with 30,000 miles on it. Demand private party value and after a series of 5 no's where you say no, they say no and stick to it, you say no, they make an insultingly better offer which is a no, you say no and start walking. You either get a phone call 15 minutes later or you keep shopping. I would rather drive 800 miles than get robbed for 5 grand.
I asked my 65 year old coworker if he has ever seen a crash in auto prices, his response was 'No, they always seem to ramp up and stay there.' To me it's like a stair step price chart. I think the inflation (increase in money supply, even if they claim otherwise, I mean where did they get all the money to give away, they printed it) is now reflected in auto prices, home prices, as well as everything else. The one percent decline in prices might just be a consolatory phase, but I am hoping for a bigger crash in auto prices (but that might also mean crash in the whole economy, so...idk.)
I went to a local Subaru dealer who had a left-over 2023 WRX. They offered 15% below KBB on the trade and would not discount the new, 2-year old vehicle one cent. The car is still sitting there to this day.
People just need to re adjust to the new norm. The rates will eventually come down but prices will never drop by much. Same reason a pack of smokes will never be dime and a bottle of pop will never be a nickel ever again.
Re adjust? That new norm ? inflation has wiped me out in the last 3-4 years I think you're Clearly out of touch with the economy and how people are struggling.
Sad that the USA is a vehicle desert for good subcompact offerings, unlike most of the rest of the world. But, most Americans look down their noses at smaller vehicles (subcompact & compact class), so we are stuck with mostly larger, higher-priced vehicles.
All of these problems are a direct result of government lies and mandates: 1. Hyper-'green' mandate for higher mpg at the expense of costs, complexity, longevity; 2. Excessive 'pollution' reduction measures, which killed diesel efficiencies and again, over complicates engineering efficiencies; 3. Over-regulation complexities
We The Americans, have basically no say in who or what country the soulless puppets in CD will decide to terrorize… When people say “US” doing this or that to Syria, Afghanistan or Yemen, Americans have no say in nor have no idea where these countries are on map… All I’m saying is that it’s very disingenuous to lump some 300+ Americans with handful of demons pretending to serve the will of all.
I bought a 1998 Jeep Grand Cherokee Limited 5.2 V8, 100k miles on it for 3800 in mint condition about 1 year ago. I put about 5 k in it so far and that was just to replace stuff and restore her. It is a 4wd/awd with 4 low and just a nice reliable cool ride for under 10k
I went to trade in my wife’s 2019 rav xle with 43,000 miles Toyota offered only 19,000 and Honda gave us 22500 for trade we bought new Honda crv. Toyota really changed she wanted a new rav really. Greed Honda financing also I got 3.9.
I’m a Tier 1 borrower; Toyota offered me almost 9% interest on a marked up Corolla Cross. Walked out and went to a Mazda dealer; bought a CX-5 at 3.9%.
@@lanceneol865 - I was happy with my 2017 RAV4 until some idiot broadsided it and it was totaled. Wasn’t happy to have to replace it in these economic times.
Greedy car dealers refuse to lower prices. The result: they don’t sell cars which makes it impossible for them to pay their employees, which promotes having locks on their doors. At the same time, they pull the car insurance companies down with them since you don’t need car insurance if you don’t drive.
Interest rates are very high and Inflation is high. Wages for me have not gone up enough to buy a car outright, and I don’t see that it is different from most other citizens, which means higher prices are going to leave car manufacturers with less, very expensive cars.
If you look at history not just recent history interest rates are still good. It’s just we saw such low rates people think they are bad. On top of that if you talk to the dealership they generally pad the rates. Example I went in knowing from a few sources my rate I could get with them 5.7%. The dealerships manager said he got me a great rate of 8.9%. Funny said nope I’ll do my own financing and he came back with a 5.4% on a new truck. Though the rate from the 0-3% seems high in recent years it really is not bad historically
@@jeffkoe310 yep and then the dealer gets paid from the bank the extra markup interest that you pay as extra commission to the finance department. Corruption at its best. That’s why you should always ask for the markup from finance.
As a Floridian the car insurance rates are so high I just switched to liability only. I don’t plan to ever buy new because it just leads to a doubling of the alreadt high insurance rates of new car value is higher than used.
Interesting point on parts and service. Id add its exacerbated by insurers just totalling a higher percentage of cars. The future is bleak for the traditional dealer model.
Put of principal not buying a new car anytime until a correction occurs. I'll maintain what I have and invest rather than drop 90k on a depreciating asset
Why is it labeled “greed” when a manufacturer tries to get as much as possible for their products but it’s not “greed” when employees try to get the highest wage possible? 😂
It's greed because the car manufacturers are managing to the quarter, not the year. If I sell 10 cars at 8K with a $1K profit that's 10 cars that need parts, service, and can show that the brand is built for quality and reliability. If I sell 8 cars at $10K with a $3K profit that's 25% less in service, parts, CPO sales, etc. While it got me $16K in extra money this quarter, how much is it going to hurt you long term to not have that stream of money coming in over the next 5-10 years, especially with parts and components that are more and more dealer only service? This is what happens when you manage to the quarter vs manage to the 5-10 year health.
@@stephkent2736 I appreciate your attempts to rationalize your version of morality with generally accepted accounting principles but I think what you wrote is a bit of a stretch. In the end, we live in a market economy. People can choose to buy, or not.
Sorry but greed is good. Everyone should be greedy. With both parties of a deal being greedy means that the deal doesn't happen until both parties reach an acceptable compromise. Be greedy and don't agree until it's acceptable. What's bad, and what is driving prices up, is vanity. The "I need this vehicle so other's will look at me" crowd is the problem. They are the ones not being greedy and paying the inflated prices.
