Used Car Market Update 

Car prices are up 40% from 2022 to today. This "crash" doesn't make them more affordable when they drop by 7%, they're still 33% overpriced.

We own our cars. If I need a car again, it’s gonna be 8-10 years old, low miles and paid for. I can find plenty of cars for a decent price. You just have to look.

I got that 0% 72 month on a new Subaru outback. I thought it was worth it.

Hard to buy used car these days! Facebook market place have so many scammers!🤮🤮

As long as Banks keep loaning Americans will keep going in debt

Used car prices are still too much.

If they are asking 18k for 100k miles. They are def still out of their damn minds

If you need 84 months to buy a Honda accord, you probably can’t afford it.

I was homeless, got into drug's went to prison and then I got to know Jesus and he changed my life...Heaven came through for me in my finances too, getting $36,000 in 2months . I can support God's work and give back to my community. God is absolutely more than enough! Now I have a new identity and a child of God.

When you only buy much older cars like me; a 10 year old car is state of the art to me and seems new, and I save save save save and never have debt!

I am a SoCal independent for 5 years now. Come from Corporate America middle management. You are totally correct with 99% dealers will stick with that car they have had for 6 months. MOVE IT - GONE. MOVE ON. Alot of stupid people in the business with ego's.

Not used but new; going out of local market is what I had to do in order to get the truck that I wanted. I told local Tucson dealers and nearby Phoenix dealers what I wanted, went through the normal back and forth with them all, and asked them to at least find me what I wanted. Nothing came up, so I searched myself around the Southern Arizona area. Found a dealer in a small town about a hundred and thirty miles away. They not only had the truck and color that I wanted, no dealer add ons and dealer Doc fees of only $195. Also got $1000 of for financing with GM Financial, which I paid off right as soon as GM contacted me. So that paid off for me, and guess where I will go back for my next truck. 🙋‍♂

“All the dealers here smoke crack…” 😂 Keep it colorful, Lucky! Excellent video. 👍

Good thing I listened to you and waited a year. I wanted to buy new last year but now everything is marked below msrp.

It's strange to see this weird dichotomy where the top of the market is caving in, but the floor of the market is actually rising. For some perspective, I've been helping my sister shop for a car around the 10-13k range, but any cars listed in that range are very poor condition, terribly maintained, high mileage junkers. Crazy that the minimum you gotta spend to get a half decent car today is 20 grand, that's just way too much money for average people to spend

Most used good condition Japanese cars today are like gold. Toyota, Honda, Mazda, and Subaru.

Paying on a car for 8 years is crazy

Car repair shops are killing it!!

I have been in the market for over a year. I keep walking in and out of dealerships because they want to sell 2 to 5 thousand over MSRP. Thanks for educating us on shopping and buying vehicles.

I live in Toronto ontario canada 🇨🇦 I'm noticing Honda and other dealers discounting their 2024 cars by $3-4,000 plus an interest rate of 2.99%

Considering the monthly payment on most cars is still almost 40 percent of 79 percent of people's income across the US it still has a long way to go.

Agreed, I typically have to get my cars 300-500 miles away. I make it a mini-vacation event to get a car. Good video!

Lucky, we don't care where or what backdrop you have. We just appreciate YOU giving us the knowledge we need. The location does not matter.

LOL people care about payment and not the price.... only the idiots. We have many of them. If you are only focused on what payment you can afford monthly you are going to get reamed from behind and you deserve it. LOL.

I talked to a salesperson about a car they had for 362 days. He wouldn't budge on the price. I'll talk to that person in December, I believe the car will still be there!

Car payments keeps the middle class broke!!

96 month payment plan is so (place f-bomb here) stupid, depending on the interest rate, you'll wind up paying twice as much when the car was new.

My wife and I are holed up in 2 old tahoes trying to continue to be patient. Hoping the prices continue to fall while we save cash. Problem is she’s dead set on a 4Runner and those are the last cars on earth to come down in value.

Guys, if everyone doesn't buy cars or houses, the market will crash. Just invest your money in food and utilities for now. Only the necessities

I just tried to negotiate on 2016 ram Laramie that has been sitting for 7 months. Dealer had it listed $2500 over kbb and CarGurus value and wouldn’t budge an inch on price.

Local used car lot near me previously carried a good selection (35-45) of SUV's, sedans, trucks, jeeps and also had a very limited selection of U-Haul rentals available on the side. Now the lot only has a small (5-10) selection of inexpensive sedans but has vastly increased the selection U-Haul trucks, vans and trailers on the lot.

Used car prices I see are still incredibly high compared to pre-pandemic. Some of that is inflation and some of it is because dealers paid way too much for inventory and can’t or won’t sell at a loss to clear it. If the rental companies ever go back to selling their stock at traditional levels the market should stabilize.

Needed a second car, got a Bz4x for $230 for 36 months.

My favorite car guy is back with another video! I don't need a car, but I would love to have a Lexus RX. I will be ready to buy at the end of the year. I will start looking for the ones that have been on the lot for awhile.

I hope it keeps dropping! I want a sedan/hatchback with a stick shift.

The studio is looking nice 👍

If you are selling NICE vehicles under 15K, book prices have been WAY off for a long time in the Southeast market. Quality has been low in auctions for quite some time now in this under 15k market. So what happens when a NICE 2010-213 GMC Sierra comes through? It brings retail in the auction. Every dealer there is tired of buying junk and will pay up for a nice unit. Then customers will pour in on that unit only be to be told by the bank that they need 5k down because the book says its worth way less. I have found CARFAX retail to be the most accurate retail guide.

I actually found a good deal on a convertible 2 weeks ago! The dealer was trying to sell it with all 4 shocks blown, and all 4 tires cupped. I replaced both for $1200. Why would a dealer try to sell a sporty car in that condition?

Small used car dealer in upstate NY , we have almost completely transitioned to auto repair

$189 Hyundai Ioniq 6 361 mile range. 2 year lease and FREE charging for 2 two years.

Used Car Dealer in Northeast College Town: Last 3 months, all anyone asks for is Hondas and Toyotas under $9,000 ( people DON'T want Nissans. ) Still get phone call once a week for $3,000 Car. CDK software glitch may help us sell $12,000 to $20,000 Car if they get impatient with local new car conglomerate getting bogged down in software glitch. Waiting for people to dump ATVS, snowmobiles, and motorcycles since they lost overtime, second job. JD Power ( what banks use)prices have softened. Lucky Lopez's house has furniture! Thanks for economic update. Wait when banks release houses onto market in July! Fun times!

I’m happy for stumbling across your channel, however unhappy that the market has flipped like that. I’m retired and only have a monthly check . My only means of transportation has major expenses that I feel, just isn’t worth it. So, I’ve been patiently waiting for months without transportation and I’m literally not the kind of person that depends on other people. My security and independence has never been challenged like this. I only have around $6000. which won’t buy much today. I was considering a lease but my credit score is low.. I have always paid cash. Banks won’t loan on property as collateral, unless it has a house on it. My house burned down and I still live on my property, but in a little house. If I try to find a reasonable price on a vehicle, would my payments be sky high ? But most importantly, I don’t think I can get a bank to accept my application. Even with assets, a career most of my life, always paid my bills on time..and no debt..I’m up a creek without a paddle! I seriously was even considering an electric bike! (Don’t laugh) well, I’ve got to laugh, there’s a reason for everything. This has been one major enlightening experience. It certainly opens your eyes to what life’s all about.

Great information, thank you! I’m looking for 2nd vehicle for daughter …… just looking at my options for now.

Not looking, Not shopping. Happily driving paid for stuff that suits the needs well.

$$$$ facts

Question: When buying a new car with a trade-in, sales tax is on the diff. My trade-in is worth $X, but the dealer says the tax savings is $Y, so we're going to offer you $X - $Y as a trade-in value. They say "with the tax savings, we're giving you $X for your trade-in." That is, they're pocketing the tax savings. Is this legit?

Lucky, enjoy your videos. Wondering if you could do something about all the Chinese cars ending up in Mexico; wondering what impact this will have on the used car market. Business in Florida is very slow but that is typical during the summer. Prices at auctions for BHPH units are moderating; cars needing paint are going for under rough book.

Lucky I love you man but I’ve been hearing for almost 3 years now it’s gonna crash. I can’t hold off any longer. Everyone keeps saying “next 90 days” nothing ever happens. Sick and tired of it. This is the new normal guys wake up

How to know the lowest interest rate qualified at dealer vs rate given by sells man?

I'm looking for 2010 or later Acura TL with a manual transmission. Dealers are still asking $7K to $8K over KBB private party price.

Lucky I am looking for a navigator 2018-202 to Escalade 50k or less miles for around 30-35k but market is still to high.

Good video 😊 but chevy Silverado duramax dully they are not lowering prices I'm in southern California never buy used cars

I wouldn't buy a new car over a good used one because the new cars are not as reliable as good used ones. They are made like crap. and they are stooopid expensive with so much tech that goes wonky all the time and you end up being a victim.

Thanks Lucky for broadening the horizons on the car market. I always enjoy your videos. I still believe we have some more fallouts not of just dealers but manufacturers as well. Stay cool up there 😁

Any tips on how to get more lenders in our network? Is paying for CUDL worth it? A lot of them always say they are not adding new dealers or that we need to send them ridiculous amounts per deals a month.

I am pretty sure... we is doomed.

I have to be patient patient and I have a pay down get rid of plan, but I’m beyond the point of owning this BMW, never wanted it this long but here I am

Bring back the 4 speed stick shift !! Don’t need all that extra 💩! Get back to basics and keep it simple !!!

Hey Lucky, do you think the Chevy Dude buying a new Q8 was a good investment right now?

The only way I've ever had a dealer lower pricing, is showing a dealer a comparable vehicle price at another big local dealer.

my buddy just got $13k off a 2023 Dodge Challenger RT T/A edition.

Here in New England, there was a 23k lease rebate on the Lexus RZ’s that were still on lots! This was for all of the new 2023 that no one wanted to buy!

Oh no, you’re one of those that stay in your comfort zone people that are born in this one city and just stay there their whole life that’s a huge red flag to me

LUCKY, buy me a car and I'll pay you and we'll be even. You married? lol

In Wichita, they are not budging. I've about decided to keep my 2014 ram. I've started fixing everything.

Smoke crack 😂

I’m looking at cars on carmax and they are still too much. I know they generally charge higher for the “convenience” of a no haggle online shopping experience. They are still not immune to market forces and still should generally move down with the book value as you indicated.

I am waiting for the day of reckoning in Florida. $1200 doc fees add ons like you read about. I think Florida new car dealers pay cash for their cars with no flooring lines because they have made huge money over the years and do not worry about inventory carrying cost.

What happened to the thumbnails with explosions and your mouth wide open?

if you buy ford, dodge, chrysler, and any european cars... thank you for supporting mechanics grandkids

Always better to buy from a private individual than a dealership

Cars are sitting at the dealerships. But still dealerships are not negotiating the price!!

Nice clean trucks haven't come down much. Trucks with fixable issues have come down substantially. Used vans and minivans are still in relatively short supply and seemingly holding onto higher prices, maybe because their owners can't afford to replace them with anything. I got distracted and missed a 2013-ish F350 6.7 crew cab dually with 250K-ish miles that sold for $4500 at a contractor auction. Supposedly ran fine. But at 4500, you could justify turbo, pumps, and injectors along with a new driver's seat.

Lucy that’s not happening here in Florida, actions price are crazy

new house looks dope. Grats

You think the Porsche 911 market is about to drop?

#CASHISKING in small business and family owned companies!!!

People don't have jobs let alone can afford a new used car

Is now a good time to get a dealers license?

I spent half vs new on a '19 Odyssey Elite.

Currently in the process of shopping for a new car. While I haven’t decided on what make or model I am looking to get, I have been noticing the financing offers from some manufacturers. Definitely decent stuff. And yes you are correct about people caring more about their monthly payments over the actual price. Because that’s pretty much how I think about it

In Arizona, all used and new cars are a rip-off!

12:47 great advice. Drive a little, save a lot. I imagine some dealerships strongly dislike you. 😂 Who cares. The truth hurts for a little bit, but lies last forever 😢

Why are hybrids catching fire more than EV's.

Great material - I'm a dealer in Utah and really enjoyed your video. 18 years in the business and love changes in the market , great opportunities out there.

My cars value went from 10k to 8k

Lol! Name drops the living room😅

Buying new is just dumb to me now used please 😂

Imagine paying $400 a month for 80 months lol

Good advice. Thank you sir. Expect factory incentives to continue with longer terms

I'm shopping for new truck but it's a struggle to find a good truck for a reasonable amount of money. For a 2018 v8 f150 with 70k miles on it they want 30k I thought that trucks like that and low demand would have it priced somewhere closer to 20k. I need to know am I being unreasonable, or prices are ridiculous.

The prices for used cars are NOT expensive. The prices have dropped like crazy. I can see the difference week to week. I found your channel April/May 2023. It has blessed me. You've always right! I listened. I waited. Unfortunately, I couldn't wait any longer due to a semi driver hitting my vehicle in April 2024. I found a Nissan Murano 125K for $3800. Now I could get it for $2500 to $3000. I'm in a good market. I'm in Atlanta. I know you don't like EVs, but I will get a second vehicle. I am going to buy a Tesla Model X (year 2018-2022) with cash in about 60 - 90 days. I am excited because as you said over and over again for the last 12+ months the prices will drop. They are way more cheaper than I imagined. I'm excited. Thanks so much for passing on the knowledge.

So when can I buy a used car on the cheap?

I don't see any deals still all 20% over priced min

I'm keeping my car until there's a repair I can't afford (which would be like $15K.....). The cost of cars are stupid these days. The dealers/market are making people want to keep cars forever. Great job dealers!

I am shopping for a new Lexus I am waiting on inventory to go up a bit.

Kelly BB ... on east coast too

Lucky been watching you on and off for years. Retired now just applied for Wholesale license, I do body work I was thinking buying beaters fixing and bringing back to auction or sell to dealers, any advise? Thanks love this channel.

I'm transferring my 2016 Chevy Sonic to my teenage son today. I paid $13k for it in 2017 and it's selling now for over $8k in NorCal? I was floored when I saw the comps on these, figuring out the gift value. My new car is a 2024 Acura Integra Type S. It was used 1.7k miles for $51k. Its power curve is somewhat more robust than the Sonic. Stupid grin on my face going through those gears every time.

I do black car service and currently in the market for a 2024 Escalade. My 2020 navigator I could either sell or use for trade-in. How could I find out the value of the Escalade? Is it even possible since MSRP is market suggested retail price. Wouldn’t that mean the same thing?