Shit is about to hit the fan

[Jim14510]

The automotive market is going to crash before the housing market, especially those who purchase a new or used vehicle from Q3 2020 to Q4 of 2022. Most new cars were going for MSRP up to 10k over MSRP, even domestics. Used car prices skyrocketed to a shortage of trade and artificial bump by vroom/Carvana buying up vehicles for over 10%-20% retail values, not trade values. They had a strategy for volume and try and starve out dealerships from gaining inventory.

Example the same 2022 F-150 XLT purchased in mid 2022 would go for $64,500-$70,000 @ 4.9% for 60 mos, now can be purchased for $56,600 @ 1.9% for 60 mos. Similar built 2023 F-150 XLT will be around $57k-$58k @ 1.9%.

I've got a perfect example.

Got the daughter a basic Equinox at 16 for 22k in May 2020. There wasn't a used car to be found.

She got rear ended in a hit and run that totaled that in summer of 2022. Insurance cut us a check for about 26,500.

We bought a replacement of virtually the exact same thing for 31k.

 

[dsbigred1]

I've got a perfect example.

Got the daughter a basic Equinox at 16 for 22k in May 2020. There wasn't a used car to be found.

She got rear ended in a hit and run that totaled that in summer of 2022. Insurance cut us a check for about 26,500.

We bought a replacement of virtually the exact same thing for 31k.

Shoulda bought my G35 for about 12k, Jim…
I keep trying to get my wife of goad someone into crashing into her, but she’s such a wimp about it. Thinking about making the drive to East St. Louis and parking it there for a few hours. Maybe I can visit a few of the fine establishments in Sauget to pass the time.

 

[Jim14510]

Shoulda bought my G35 for about 12k, Jim…
I keep trying to get my wife of goad someone into crashing into her, but she’s such a wimp about it. Thinking about making the drive to East St. Louis and parking it there for a few hours. Maybe I can visit a few of the fine establishments in Sauget to pass the time.

That was when I was looking for car for son. Fell into a deal for him. 2009 Rav 4 with 68k miles.

 

[dsbigred1]

That was when I was looking for car for son. Fell into a deal for him. 2009 Rav 4 with 68k miles.

That should run forever, so probably a good choice. The G35 has gone through a battery a year the past 3 years because my wife drives it about once every 3 months.. less than 150 miles put on last year. Costs us more for insurance than gas

 

[2010sarenevercomingback]

I've got a perfect example.

Got the daughter a basic Equinox at 16 for 22k in May 2020. There wasn't a used car to be found.

She got rear ended in a hit and run that totaled that in summer of 2022. Insurance cut us a check for about 26,500.

We bought a replacement of virtually the exact same thing for 31k.

Crazy that a virtually exact replica of a totaled car is $31k.

 

[slattimer]

16% of Americans have $1,000 car payment

Dafuq...Guess I'm super poorsinous

 

[Jim14510]

16% of Americans have $1,000 car payment

Dafuq...Guess I'm super poorsinous

I don't have that with 4 cars.

 

[dsbigred1]

16% of Americans have $1,000 car payment

Dafuq...Guess I'm super poorsinous

Or you are smarter than 16% of people, and it is a safe bet a majority of that 16% are living beyond their means.

 

[dsbigred1]

I don't have that with 4 cars.

Quit buying jalopies, Jimbo!

 

[slattimer]

Or you are smarter than 16% of people, and it is a safe bet a majority of that 16% are living beyond their means.

We try to carry as little debt as possible. Have always paid for our vehicles out right. Basically the only real debt we have is my student loan debt...blows, but I'll be rid of it eventually between paying off and PSLF.