Used Car Market COLLAPSE | Depreciation SKYROCKETS 

This is what we just did. Traded in a 20yr old car that needed a ton of work and wasn’t what we needed anymore, got a 8yr old suv in perfect condition for cash. Now people see me driving and think I’m rich, lolol

That's what I do every time. One year old cars. Cash

Yes

Yes, keep the old one. It's much less expensive to put new parts into it than to purchase brand new. Unless, of course, the frame is rotted beyond repair.

the only way to counter is to hold. just like when corps manipulate stock prices. funny how this happened within a couple of weeks... lol

Facts!

I took my 2013 Chevy Express to a dealer for a repair. 2 weeks later I get a letter saying they want to buy it.

@@philwood9760 What did you say to the dirty snakes?

Inflation. they are destroying our currency.

Don't bet on any Stellantis brand to roll back MSRP's to pre-Stellantis prices. Ford isn't going to cut much off the price of a Bronco -- the high price is to cover the gas guzzler hit to their CAFE average by subsidizing the losses they're taking on trying to sell EV's nobody wants. Citing "$92k for a Chevy truck" is pretty vague. Which class of Chevy truck? What trim level? If $92k is for a loaded up luxury trim is too expensive for you, why are you even LOOKING at that trim? You can get a 3/4-ton Chevy truck for $55k or you get it for $90k. If $90k is too much, well I guess you just have to buy a trim you can afford. Same with a 1/2-ton Chevy. You can get one for $40k or you can get a fully loaded one for $70k. Oh you think the truck is too expensive? I guess you can't afford it, so stop complaining and buy a trim you can afford. Guys can whine until they're blue in the face, truck MSRP's are not going to drop $30k across the board no matter how many people post comments on youtube saying "prices are too high, i'm not buying a new truck until prices drop 50%!"

I know, where are the bargains we're hearing about.

@@karlschauff7989 I think it's just his flawed approach to debate where he is using big numbers because they're impressive. A lot of the high price feels are in the low end where the numbers aren't too big. The new Tacoma is expensive AF. There is a whopping 1 new car at my local Toyota dealership below 30k and there isn't a used toyota with less than 85k miles sub $20k. I got a legacy for 16k fresh off of lease, low 40k miles a few years ago. if someone's car breaks down and they need to replace it; they're pretty fucked right now.

They made cars to last years ago, now it’s a consumable and expect you to trade in every 3-4 years. As soon as the warranty is up expect major break downs, people would rather finance new cars rather than buy a new engine or transmission.

@@stevenbesson8988 I see your point. Today there are a lot more cheap cars that are not made very well. Hyundai, Kia, Fiat are not long lasting cars. But new cars like Accord, Camry will likely last 10 years if they are cared for.

@@stevenbesson8988 No breakdowns ever on my 12' Altima car now in its 13th year on the road. Regular maintenance is the key that includes changing the CVT fluid every 2 years.

we're just making sure those car dealers still have jobs 😀

​@@EddieJazzFanLeasing has become more popular

They are for sure, but in my area, the prices aren't nearly as high as a year or two ago.

That's because something like 10 million cars that would ordinarily exist are "missing" from the lockdown craziness... These would be top tier used cars right now, many returned/returning off lease and hitting the used car market.

Here in Europe prices on used cars has skyrockeded and many cars now 2-3 double...

Exactly..still insanely high.. These 2 really know nothing but like to talk like they do.

Any one that bought a car in the last 3 years

​@@daleolson3506I bought my car in '17 and in hindsight was the best purchase I've ever made. I'm gonna wait for the market crash before buying again.

Totally agree. The people who buy a $45K car and put $2K down and finance over 72 months are the ones who have huge negative equity. Those who put down 50% and finance over 36 months are not having negative equity.

@@fleuger99 No, you’re correct. They just lost their $6000 when they made that large down payment. The ones who put 100% down will never have negative equity also.

@@curtgomeseven if they bought it cash they have still “invested” their money in a depreciating asset so they are upside down too.

@@eliwhitney852 Exactly my point…..

Did I understand correctly that the average American who owns a car, OWES the banks 6500 more than what the thing is actually worth? What the hell crap kind of society is that, so millions of ppl are waking up in the morning driving to work every day in a car that is worth 6500 less than what they OWE the banks on it, that must be a very hopeless, enslave feeling everyday. Good grief.

Exactly right, because it's really no problem breaking down on the interstate and being stuck in 100+ degree weather waiting for help. I tell this to my wife all of the time! LOLO

Gotta have the "latest and greatest" 🤟🤑

This is why millenials and Gen z are broker than other generations and still living with mommy while saying they are adults........ womp womp

@@Kevin-mk6joguess I’m just a different millennial.🤷🏻‍♂️

@@darrell3643a bit dramatic right 😂 Most people drive close by their home. You can also save by getting AAA and they tow 100 plus miles for free as part of the membership. You can also buy a $100 jump start battery at Costco in case you need a jump. Then if you know anything basic about car maintenance you can easily check your fluids and do simple replacements like the oil. I get that you may not know how to do some basics but it’s pretty easy and affordable. Just got to not expect everything to be handed to you, kid 😂

No not really. What happened with cars over the last 4 years was a once in a lifetime event. When else during your life did used cars APPRECIATE? Sure some hyper-rare sports cars do go up in value some time but mass produced cars like Accords, Tahoes, Highlanders? Never has that happened.

Your stupid, you can’t advertise prices with taxes as sales taxes are based on the county you register the vehicle, it’s different for everyone, what they should do is advertise the added on accessories and packages to be transparent.

Agreed. Also, if only people would STOP falling for stupid tricks like this, dealerships would stop employing these predatory tactics. Huge thanks to Car Edge for fighting the good fight.

AND people wonder why the Tesla sales model is so effective. You go to their website, pick the model you want, customize, decide if you want to pay cash, lease or finance. Boom…give them $250 and they’ll tell you where the car is locally you can simply pick up or when you can expect delivery in a few weeks.

And the advertised price is usually for financing at the dealer and paying 11% on a new car. They are selling a loan more than a car.

@@Skyking6976except you pay full “MSRP” every time. The only thing keeping car prices down (as hard as it is to believe😂) are dealers competing against each other. Tesla is a wolf in sheeps clothing people just can’t see through the business model because it’s “different”

I know plenty of people your age who opt for a “final vehicle,” and if budget allows, I think it’s a perfectly sensible thing to do. For whatever an opinion from a stranger is worth!

The new Crosstreks are pretty impressive. Just make sure you get one with the 2.5L engine - the 2.0L Crosstrek is really doggy.

@@eskieman3948 I'm getting the Rav4. I wanted the Corolla Cross but haven't been able to find one. The only way is to have one built then I'll be stuck home all summer waiting.

@@pamc3338I have a 2017 RAV4 hybrid. Best car I’ve ever owned (am 76). 86k miles and never an unscheduled repair.

My 2019 Hyundai Elantra has 19k miles and is paid off I’ll be keeping it as long as possible too ❤ rather spend my valuable money else where 🎉

It's also ugly as sin but you enjoy that thing at least it's a Toyota.

I have a 2002 Camry with 150K on it. Guess i've got my money's worth. But I'm not getting rid of it. Have a 2018 Sienna for trips. No car pmts.,just regular maint.

You have a car that new? We’re driving a 2009 Toyota and a 2002 Ford. Repairs, yes. Still cheaper than new!

@ted356 until they can't go no more but they both drive like new. Maintenance is key.

i think april was the sweet spot in terms of maximizing trade in value while still managing 10% off msrp. msrps aren't going to drop, even if inflation slows your money is already worth considerably less. unfortunately your trade in value has gotten considerably worse

I still consider those new cars lol.

15 out of last one.

There is a sector of the buying market that doesn't wait, doesn't care and doesn't think. They are basically ruining it for the rest of us sensible people waiting on the sidelines.

Correction: Everything's inflated

That’s amazing! $300? Was it wrecked or have a million miles on it?

There are car donation nonprofits where you can get a tax break and it goes to someone in need or they sell the parts and give the money to someone in need.

I WISH that was true on Tesla Model X. Saw a new one at their store on Friday for 78K. Went home and searched used. Saw a 2020…that’s 4 years old, with 35K miles, asking $65,000 in PA. Is that model different or is this EV COLLAPSE total BS?

The housing market is not in another bubble, sorry.

Because its an anomaly that will hardly matter in a few years. Notice that ya see a lot of people with ICE cars saying its bad, but not a lot of the actual EV owners? Hmm.. Ya should know a lot more EV tech from Toyota etc is coming very soon, its not stopping. ICE will not be able to compete in 5 years, that's just reality.

Not here in Denver metro either

They have been saying the same crap for years now. They make it sound like -50% drop in prices when in reality its 1%

Well done ! You UNDERSTAND the math involved in buying EVs. 🎉

@@dexlab7539 thanks Dexter

@@dexlab7539😂

@@dexlab7539 REally what math did he use. solar panels to charge a EV how long is that going to take. The Laws of Thermodynamics are NOT SUGGESTIONS. Solar panels to charge a EV... yea OH what about the batteries to store the electricity and the massive cost of those. Like to see your math and cost analysis.

Falling in love with my 2010 VW all over again as I assess the damage of this market and scroll these comments

Just because he’s bad with his finances doesn’t mean he can’t drill and fill a cavity. 😂

@@emiryan2238no it means he’s passing on his loses to his customers. 😂

Yeah but he'll take it out on the customers' wallet.

I need to become a dentist since you can apparently afford to blow 22k on Kias.

I remember an angry Sir Laurence Olivier drilling the teeth of Dustin Hoffman!

Sometimes, life circumstances require you change your vehicle type. Once, a long time ago, everyone drove a sedan. Now, you either buy a tiny coupe, a pickup truck, or an SUV. (Geez, I haye SUVs. If a car could be indecisive, it would be an SUV!) But, my point is, at different stages of your life, you'll be better served with different models.

I never realized it was booming. Those things are crazy expensive new.

@@rangerryda8218 they boomed during COVID!

Not surprised. A couple local dealers have their lot absolutely stuffed with new inventory, and it looks like hardly anything has moved. And now people who are realizing their stupidly expensive new RV only gets use once a year, if at all, they all want to sell like mad while the used sale prices were still high so they aren't deeply underwater on the loan.

@@rangerryda8218 Bro during covid you almost couldn't get them. My buddy sold his trailer back to the dealer for what he paid after owning it for 3 years.

Next in line is the US Rear Estate market, in the next 2 to 8 months.

Oh yeah? I just went to the Tesla store and looked at a new Model X. Went home and priced used ones. Saw one not far away in PA that’s a 2020 selling for 65K with 35,000 miles. New Model X starts at 78K. Explain?

I don't think a car loan is entirely terrible but its these 72 and 84 month loans that need to stop.. if you put 20% down and 36 or 48 month terms you will always have equity in the car.. If you do a 36 month loan and buy a car every 36 months you will always have a payment but it won't be that bad because a 3 year old car with under 40K miles is high value trade in so you can put 40-50% down. I think this is the thing to do if you aren't mechanically inclined at all... this way you never even have to buy tires your only car cost is the payment and gas.

@@jonathantaylor6926I never exceed 36 months, but I do tend to keep my cars longer if I enjoy them.

You misspelled "middle"

Janet Yellin says we’re ok. I trust her 😂

@@JohnnyFontane528 🤣🤣

​@@JohnnyFontane528oh those pesky hats

Not if they don't want to destroy their credit score for 7 years afterwards they won't!

Hear yeah but the smart move is to trade it in and refinance

And I’m willing to look around for a bargain, even a Chysler…lololol

Toyota and Lexus vehicles are still in demand… I just got two of my vehicles serviced and I found that only my local Toyota dealer has empty spaces in the lot

A market secret I've noticed is the Toyota Avalon. It has many Lexus-like amenities and creature comforts, but carries a discounted Camry price tag. It's an anomoly.

Are you kidding me ? There’s special regulations on certified cars man

@@MrBlinchikON there's a difference between "dealer certified" and manufacture certified. It's all marketing

How did you find out how much your dealer sold for?

@@kemangraya2382 his point was that it’s not manufactured certified. Dealer certified and someone overpaid for that lemon

Dealer certified is meaningless. At a lot of places they do nothing extra for certified cars beyond saying it’s certified and adding another $8k to the price.

Well, no one has a crystal ball. You might not be as happy next year as you think you'll be.

Did you take an extended warranty on your car after the Manufacturers warranty ended - they are so expensive Honda wants 3500-4500 - I was told by a mechanic the CRVs are very reliable if you do the regular maintenance

@@marybethcarlson9288 I don't have an extended warranty, never bought one, like you say, too expensive. I've taken care of my CRV, but like everything else, tear and wear. Good thing I only drive 10 miles to work. Hopefully it will last me 3/4 more years. As soon a can get a good deal on another vehicle, I'll take the opportunity.

I’m in the same boat. Driving my Honda civic hybrid 2007. 108,000 miles. Waiting for better deals!

Craigslist but you will need to pay cash. Screw the dealer.. buy a car from an estate.. I will literally search for the world "inherited" on the car section. Be sure to CarFax because people will scam.. make sure its not some scumbag backyard dealer..

2wd? That would sell on a dealer lot for 25K no problem something must be up.

@@jonathantaylor69264 wheel

You dodged a bullet if you didn't get it. The Traverse is on every mechanics do NOT buy list!

​@@MX-CO 2024?

There is not enough good used car inventory because people are keeping their current cars longer.

@@01mia18 depends on who you ask but the stealerships are offering low ball amounts. Just not a good time to buy sell or trade. Just have to wait until the market turns. Not a matter of if that happens just a matter of when.

@@01mia18 It seems like there's a lot of used car inventory. Trade and resale values are in the dumps. (mainland US, not including miami, if that's where you are)

It could be considered an investment in the health of the planet, barring the poor working conditions of lithium mines. There are more aspects to the value of a dollar than just face value. Some people enjoy tracking how their money works not just for them, but others as well.

And he w owns the banks)))

For used expect 12% and higher.

What's interest?

​@@Kevin-mk6joInterest is what you get when you loan your savings out. I don't know what it has to do with buying a car though... 😂

@tradermunky1998 to me... interest is a feeling I have for a chick or a car. I pay OTD cash money or if they take a credit card, drop it there for the points and pay it off two hours later or so... once I see the charge.

@@Kevin-mk6jo Obviously you never made payments

😂

That's not a real truck

With Toyota embracing a new philosophy of all hybrids and turbos. Only NA engine left is in the RAV4, which rumor is that it will be faded out with the next gen. I am going to guess that the old Toyota's will maintain their value better than the new ones.

Don’t buy Toyotas

Why?

​@@dexlab7539Give your reasoning why not to buy a Toyota...unless you don't *HAVE* any reason to say that.🤨

@@rattlecat5968For starters the “safety recall” for the current generation Tundras and LX600s.

Give it a bit, it’s coming!!!!

WHAT kind of load is it?

Dealers are trying to make about $5000 on a trade. Best advice is see what your car is selling for and back off $3000. That is then your trade in value

Drove mine till the wheel came off Bach in march…called AAA, had it towed to the shop and put the wheel back on. Drives better than ever with all new suspension!! And still no car payment 😂😂😂