I used to watch this channel, but with every thumbnail/headline predicting some automobile apocalypse that never happened, I stopped.

@randymcnaughton4318

5 күн бұрын

look around you, we’re literally in the automobile apocalypse

If i had a dollar every time someone predicted the demise of Carmax and Carvana, I could actually afford a vehicle.

@tinymission7821

29 күн бұрын

😂

@natchitoches6702

27 күн бұрын

I didn't hear them predict the demise of Carmax.

@TrippleTheHops

25 күн бұрын

​@natchitoches6702 you must've missed the click bait title

@Peteeboy2011

20 күн бұрын

Rent a center business model.

Capital One sounds alarm, Ally sounds alarm, Carmax sounds alarm……. Yet nothing has happened or changed?

@jdfrench86

Ай бұрын

Because you're just getting clickbaited. They repost the same video every 3 months lol.

@TEQLC

Ай бұрын

LOL! And the thumbnails! Here for the comments. Pure gold.

@babajoon1214

Ай бұрын

Awaiting 2 and half years now and hearing this.

@Koushi82

Ай бұрын

And caravna went up? Lmao scam caravna.

@drones7838

Ай бұрын

the doom and gloom click bait

In the summer of 2021 I was looking a buying a used 4Runner that ranged from three to four years old. I learned that I could buy a brand new 4Runner for an additional $3000, I ended up buying new, very glad I did.

Current car prices + sales taxes + high interest rates + high insurance costs = a lot of consumers staying out of the market...

@JerryGivan

Ай бұрын

Commonsense, high interest rates + high insurance costs means the government is causing this insanity.

@devildog5354

Ай бұрын

@@JerryGivan Of course they are...

@babajoon1214

Ай бұрын

Plus unwanted 500% marked up accessories and market adjustments.

@dennissvitak5475

Ай бұрын

Throw in that everyone that purchased a new car in the last three years is upside down, due to dealer markups. No equity, in addition to the reasons you described.

@snap4720

Ай бұрын

Bidenomics

Carmax is part of the problem. They try to sell questionable cars at crazy prices.

@jekinneys

Ай бұрын

Tell everyone you don't know anything about cars and used lots without saying it. Not how it works at all and more so for them. Saying lot A has "better" cars than lot B is ignorant as they more than likely came from the same auction. Not to mention the 30 day unlimited anything for any reason warranty. Which I did use and took the whole truck back, and got a different one. Prices is what value the purchaser has not your opinion on value. To me it worth a bit more $$ to NOT have to even step foot in the dealer.

@gwcrispi

Ай бұрын

I sold them my 16 year old questionable Honda Ridgeline for 50% more than it should have been worth. Imagine a 16 year old car on original EVERYTHING. (Except brakes and a radiator). I would like to know if they took a loss or ripped someone off?

@Balnk1326

29 күн бұрын

⁠@@gwcrispithey sold your poorly maintained Ridgeline at auction to a “Mom & Pop” local dealer.

@user-tu1ot8ol1u

29 күн бұрын

@@jekinneysbro is yapping

@nemesis656

28 күн бұрын

@@jekinneys You're trying way too hard to justify getting ripped off by Carmax

I've been reading this title for the last six months. I don't think we've seen anything close to the bottom yet.

@jdfrench86

Ай бұрын

You've been clickbaited. You'll see this same video reposted in 2025.

@yucrysoez

Ай бұрын

Yeah just look through the history of this channel. They've had the same titles since they started

@Sunshinemano627

Ай бұрын

Used car only dropping hundred dollars here and there

@dondgc2298

Ай бұрын

You see it almost everywhere. Apparently the best way to get clicks on KZread is with a headline that says “the car market is crashing.”

@Blvcjac

29 күн бұрын

They say the market is crashing then turn around saying "now is the worst time to buy cars" lol these guys are a money grab

I just can’t thank you enough for all the info you guys have put out there! I bought my used close to new car today and I felt a PRO buyer with all the knowledge I got from you guys. Needless to say, I got the car with a big discount!

You and your dad are the BEST. Monthly car insurance in Michigan can be almost as much as your monthly car payment. Here in Michigan, we find out how much your insurance will be on a car before you finance it and buy it.

Used car prices are still very elevated. just went thru buying a car for my retired mother this week. Used car prices were so over priced, went ahead & purchased a new car instead. She doesn't drive much so was thinking used originally. She previously has a 2008 car purchased new & it only has 73K miles.

@NickChemist-yf6oj

29 күн бұрын

So what was wrong with that car that she needed a new one ?

@grobble8954

29 күн бұрын

@NickChemist-yf6oj Nothing, she just wanted a modern car with updated tech, etc... She has a more modern car at the winter place in FL already, wanted one for primary residence up north.

Used car market is great Buying a used car for over msrp of a new one is stupid as fuck

@tonyjordan1320

29 күн бұрын

I've been looking to buy 2-3 yr old CRV or HRV for the wife, its crazy, there is only a few thousand difference on a brand new one.....

@heavycream6682

29 күн бұрын

I just checked out a 2015 Corolla online with 70k miles. I looked up the original MSRP they want $1995 less than the original MSRP.

@tonyjordan1320

29 күн бұрын

@@heavycream6682 Nearly 10 yrs old and they want $2 k less than it was brand new-proud of that Corolla aren't they???

@RandomGamerCory

29 күн бұрын

​@@heavycream6682they have 2-3 year old siennas with 20-60k miles. They want 2k under MSRP of a new one

@fragoutrambo6381

28 күн бұрын

Depends on the car of course. Cross shopping a brand new hatchback for a used sports car is pretty reasonable.

I can't believe that some car dealerships are still charging market adjustment like they did during covid, local kia is charging $2-$3K over msrp.

Thank you for the great information. I was interested in a 2021 gmc 4x4 Sierra T something model with 17k miles. Dealership wanted 53,83ish for it. The interest about 6.5. I thought it quite high. Even with 12k is for my vehicle it still left a lot of money to finance. Any feed from you fellas is greatly appreciated. Again, thank you for videos. It makes me think about what I am getting into.

Both new and uses cars are still way too high. Who wants to pay 65k for a brand new pickup truck. A consumer is probably looking at 1500 a month payment. Mercedes used to cost that much.

@DarthNero

Ай бұрын

Right! Back in the day when pick trucks were an affordable, it made sense to buy one even if you don’t use it a lot. Nowadays, unless you’re in the business where you have to have one for the work you do, it a poor financial decision to spend todays inflated prices specially when you’re reason behind the purchase is “in case i need to tow one day”.

@dmbsituation

28 күн бұрын

Test drove a few full size trucks this weekend and was amazed how quickly the dealership dropped their OTD prices and just how rough the ride still is on base models that they’re trying to selling for 45k+.

Hello Caredge Thank you for another Great Video 👍 Question for you. With the bottom currently dropping out. When should I expect to get the Best Deal to Buy😊

I love the comments about Carmax. So many opinions passed as facts but no explanation or anything. Many of the local lots including Dealers now price against carmax and carvana, not KBB. Both those companies use a algorithm of data crunching for care values, including KBB's api. Now starting to us AI also, that said. Now you pay a "premium:" instead of a free service, to not have to spend time at a dealership. Generally takes me an hour to do a deal at Carmax instead of a whole afternoon at a dealership. Add in they drop off, sign papers (10 minutes), and done. If time = money and I make $75 hour. Definitely worth a couple hundred more to not spend a day at the dealer. Have it delivered and a 30 day no questions warranty. Which I have taken advantage of by swapping a vehicle.

@morebeer7673

29 күн бұрын

Sounds like you're trying to rationalize allowing your wallet to be raped...

You guys do good work and have great shares- so any predictions as to WHEN, in 2024 timeframe wise that car prices will fall to where it actually makes sense for people to buy or lease them?

We had this experience over the last 10 days. We were offered for our 2015 Ram by Carmax $15k, 6 days later it dropped to $14k and 2 days later it dropped to $12k. That didn’t take long to see $3k vanish.

I bought a ford 150 from Carmax and traded it in for something more economical 6 mos later, and they gave me more than I paid for it as a trade in

I hate everything about the car market, new, old, all of it. Going through hell right now trying to get a truck. Turns out there is a disparity between my Experian and the Equifax and TransUnion FICOs. Somehow someway something popped up from 2014 on my Experian, and it dropped to 590 while my other two are in the 740s. But, it appears dealers by me run Experian and even though they ran the others and see there’s no issue, Stellantis and Chrysler are denying me. Obv I will have to see what happened and fix the Experian, but the process is exhausting.

@tonyjordan1320

29 күн бұрын

I had a bad mark pop up on my credit report a long time ago, checked into it and a fellow with the same name hadn't paid his hospital bill and I had to prove that I had paid mine and it wasn't me...

I’m keeping my 1986 Monte Carlo SS, not worth trading in for $12,000-$15,000 after 36 years

@tonyjordan1320

29 күн бұрын

36 yrs, outstanding!! Someone kept up with their maint...

Your website couldn’t generate a quote for my 2022 Acura MDX aspect perfect conditions 38000 miles no scratches. Paint still shines like brand new. I’ll try somewhere else.

Well, it's Groundhog Day... again... and that must mean we're up here at Gobbler's Knob waiting for the forecast from the world's most-famous groundhog weatherman, Punxsutawney Phil, who's just about to tell us how much more winter we can expect.

@markh.6687

Ай бұрын

Again...and again...and again. :)

Great video. Say, you guys need to do a video on the increase of fraudulent auto sales - especially private selling and the huge increase in "title washing" scams.

Carmax is overpriced dealership.

@quackula9190

Ай бұрын

Still waiting for them to collapse.

@LVDesert584

Ай бұрын

@@quackula9190they won’t

@ItsEverythingElse

Ай бұрын

They tend to make pretty good offers when selling to them, at least they did when prices were high.

@thegonz7833

Ай бұрын

Always have been priced higher than giraffe nuts, cant believe anyone would ever buy from them.

@abrahammc2125

Ай бұрын

@@thegonz7833 Because even when buying from them, they end up being cheaper than stealerships. Lets just think of carmax as the lesser of evils.

Just came back from a used car dealer. Its a dealer thats pretty large with multiple locations. Went in to see an 2020 Acura MDX AWD priced at 31k with 46k miles. Car was filthy. As its a used car we know it is what it is but there were more nicks, small dents and blemishes on it and we were thinking and they're really asking excellent condition pricing for this nastiness? We walked.

@eseir64

28 күн бұрын

You should be able to find one with less miles for similar prices. Even if they are asking say $34K, I would still go see it. They are dying for business

Ironic to see this CarMax video as just this morning I was on Edmunds used and noted the most competitive dealer prices were coming from CarMax! I was researching '20/'21 Ford Escape. I took this as a positive indicator!

Ive been watching the same car for over 2months now. Price hasnt changed AT ALL. And I just read a financial article that was written yesterday that talked about what a lucrative stock Carmax is. And their stock is up, again.

I've been holding out for like 4 years now, keeping my 89 civic wagon running. I cant wait for the market to fall through the floor.

@R0CKtheR3D

Ай бұрын

Sounds like youve been holding out for 34 years, not 4

@ryanmac358

29 күн бұрын

Enjoy your wait

@Betamax84

28 күн бұрын

Spoiler alert: your 89 civic won’t ever stop running!

@lynnmckenney1987

27 күн бұрын

@@Betamax84 Did a compression test last month and it's in good shape!! It's kind of nuts how these old hondas just keep going👍

@lynnmckenney1987

27 күн бұрын

@@ryanmac358 I will! I'm happily watching it happen and waiting until prices are somewhat near normal 😄

I walked a Carmax lot last week and I felt abused just reading the prices. Darned near MSRP for 3-4 year old cars with 30-40K miles.

Carmax bought my 2010 Honda CR-V for quite a bit more than I expected. The deal went through Edmunds with a 7 day guarantee on their offer. Surprised they didn’t cut down the offer when I got to the lot.

Keep up the good work boys. Great info consolidated into one source. Keep doing my research for me. Thx.

Thank you for sharing great information. I happen to be in the car market as my 18 yr. old Prius in on its’ last legs.

@pooh4519

Ай бұрын

wow, I thought Toyotas were supposed to last forever.

@EMichaelBall

Ай бұрын

If you have a very good negotiator with you, a used EV is probably your best deal right now. Depreciation is EXTREMELY heavy. A good deal will keep you minimally underwater Keep the battery between 20-80%, unless it’s an LFP battery, which needs to be regularly charged to 100%.

@paulabennett3069

29 күн бұрын

This Toyota lasted 18 years. The hybrid battery needs to be replaced. If not for the rusted under carriage, I would replace the battery

Looked for a new HD truck recently…dealers will not move on prices and trade in values are silly…bbbyyyyeee

There are tons of adds popping up on Facebook of companies offering to buy my cars, Carvana still won't negotiate on their cars and on average they are $3,000 higher than others dealer's for similar vehicles.

Just sold my 2023 mx-5 with 12k at carmax. They paid me well for it. I walked the lot and saw a handfull of 1 and 2 year old cars priced at ridiculous prices, basically new car prices. Add on top of this their 11-18% interest rate loans and the cars on the carmax lot are priced HIGHER than NEW. bonkers.

I would appreciate your view on KBB and NADA values, if they are fair or or favor the dealers. Especially trade-in value when dealers try to steal your trade using KBB or saying they called a 'Ford' dealer and they bid your Ford trade even less than KBB. Getting fair value on trades is a major hassle in car negotiations yet I see little in the way of online advice. Thank you

Went looking for a Chevy Bolt last weekend at a GMC dealer. Place I went to was filled to the gills, hard to find a spot to park on a Friday morning. While it seemed the place was well staffed with at least a dozen employees I saw, only one guy actual dealing with people trying to buy a car, and he was double booked for our appointment time making every step excruciating. We were sent to the lot to look around and text him which car we wanted to test drive, but no prices on anything, so you had to cross reference the VIN to their web site. Really an awful experience. When it came to numbers they would not budge and inch and we walked. The price was fair, but no way I wasn't getting a pound of flesh after all that hassle.

Went to the new Carmax in my area in Calif. yesterday and wanted to check out an EV and they did not have even one on the lot, I was the only customer there and they had lots of Jeeps.

@mi5tafreeman

Ай бұрын

EVs are a scam anyways.

I hear people talk about the price of cars dropping, but they rarely talk about the car insurance cost. Case and point, I looked at a 2024 Tiguan and I wanted to finance $30000 by using a 60 month loan and my car payment would roughly be $602 a month but my insurance was going to be $1278 a year not including my deductible. I knew people who go in an accident but because there deductible was so high, there car sat in the drive way until they could pay the deductible.

@heythere6983

15 күн бұрын

I always give the vin of the car I wanna buy to insurance first and see what it will be like .

Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them

@PaulaAdrian721

29 күн бұрын

People prefer to spend money on liabilities, Rather than investing in assets and be very profitable

@AlexanderHernandezhj

29 күн бұрын

You are so correct! Save, invest and spend for necessities and a few small luxuries relatives to one's total assets ratio.

@Juanw5ayne

29 күн бұрын

Making a living is becoming more challenging, and it's difficult for me to save enough to enjoy quality time with my loved ones.

@CharlotteAdam360

29 күн бұрын

Even though digital currency has taken over the world, people still work for people. So, why not consider buying stocks and crypto and holding onto them?

@SherrillHouser1

29 күн бұрын

That's a great point! With the rise of digital currency, investing in stocks and crypto can be a smart move. It's a way to potentially grow your wealth and secure your financial future

In my opinion, I don’t see Carmax coming down with their prices… Watching about a half a dozen videos I could see that Carmax the mileage on these vehicles are way too high. The prices are way too high and my opinion if they came down another 20%… I still think the car will be sitting… I really think that Carmax got greedy. That’s why they are in the situation they’re in…. rest in peace.✝️☮️CM

@dondavi5798

19 күн бұрын

Carmax's secret is not the informed buyer. Their niche whether they want to admit it or not is the folks that are in need of a vehicle and "special financing situation". Even pre pandemic you can shop carmax at all the used higher mileages and the price is usually within $1k of a brand new vehicle at a regular dealership.

Are you guys able to rate by state how the industry is doing? I live in western PA and it seems bulletproof, prices not falling here. The numbers you share is that a national average? Are certain states skewing the numbers??

New cars rising in price by 40% since 2018 are not touched by an 18% drop especially with current financing rates.

I just added myself to the Subaru customer base. Out the door at less than MSRP, 3.9% nothing down.

@tinymission7821

29 күн бұрын

Enjoy your new car! Subarus are terrific vehicles.

@wtlwoods

29 күн бұрын

@@tinymission7821 I went to look at a Mazda originally and the store also sold Subaru. The Onyx version of the Ascent was main position in the lobby. I purchased a Limited Ascent. I think it's much better than the Mazda CX-90. Still adjusting to the cost though. I was out the door about 800 under MSRP. So not bad put not stellar.

The used cars I see still have covid prices they are 10 to 15 k over than what they are really worth. Plus the interest rate is still high, and will be, than a new vehicle, so where I'm at people are buying new, for the lower interest rate. I'm not in a hurry to buy, so I can play the waiting game

This is exactly why I got the 2024 Trax over what they tried to sell me which was a used 2020 equinox and it was only 2k less

Put a third timing belt on my 6th gen Honda Accord while waiting for the market to go down. The rear main seal finally failed at almost 300k miles, so I sold it. The money I've saved by not making car payments, waiting for the market to adjust has been the best decision I ever made and thanks to you guys. I would've lost $6,000 to market adjustment fees alone!

In Louisiana, prices are well above CarMax levels ($5k+). With $500+ document fees in Louisiana this makes it the worse state in the South or Southwest to buy a vehicle.

It's crazy to hear how nuts things have become. I've got 8k in equity with excellent cred. on my lease, it's up next March and I thought I wanted to look because I was in a good spot and there's no way I'm going to pay those apr's. not a chance.

Carmax has always overcharged for their vehicles yet they are still in business. So it seems like the consumer will never stop overpaying and Carmax will do just fine.

Oem car parts are going up. The price for all parts have gone up and sometimes over msrp.

Oh ‘’Shocking’’ wait.. oh ‘’Shocked’’, wait.. oh It’s the “‘Collapse””

I bought a used 2012 Ford Edge with 43K in October of 2015 for 17.5K (SEL trim level). Granted that was 9 years ago but similar cars in age and mileage now are going for over 30K…inflation in the used car market has gone bonkers. I’ll drive my current vehicles until they die…

I can't wait to see if your prediction pans out. I'm rooting for US!!

Hey Ray it kind of sounds to me like CarMax needs to re-evaluate their pricing strategy and possibly offer about a $15,000 per vehicle discount if they want to clean the lot out

CarMax CEO os going to have to make bold and drastic decisions. Clear out the high mileage vehicles at a 5% loss and bring in uses inventory that's lower in mileage and higher in profit. Rinse and repeat of need be by 1.5 percent in higher mileage units.

Cant imagine buying used right now with interest rates unless the price is havily discounted. spending more on new and getting a much better incentivized rates is the way to go.

Ray & Zach kicking tyres & taking names (aka data) 🇺🇸🎯😎

My question is, are ppl looking when they go especially new car at the ‘LOT ROT’?. Probably am naive but when I see the rate goes down to close to 3.7% or close maybe I will change my mind.

You guys are a well oiled machine now. Very slick and professional. You got Ray out of the salvation army T-shirts and looking good ( sorry Ray, I just had to rib you ) . Thumbs up and carry on.

@CarEdge

29 күн бұрын

Steve, I've been trying to step up my game. I am so glad that you noticed. All the best, Ray

I wish I had a dollar for every time a thumbnail says it's over. I'd be rich enough to go buy a new car with cash.

I have spent over 50 days looking for a good used car in central Illinois. The good used cars are selling fast and at higher prices. Lots of junk cars are sitting on lots. I bought 2 used cars in the last 2 weeks and had to overpay them. The dealers in my area are not coming down on used cars. I also know 3 people looking for good used cars and not finding them.

@mi5tafreeman

Ай бұрын

Wow well good luck. Maybe try expanding your search area.

I am in the market of buying a used accord. And base of what you 2 are saying I should wait till summer?

Last time i went to car max was 7 years ago. I got a 2015 honda fit with 40k miles for 13k. That same car today is going for 18k. I recently wrecked that fit and am looking for a new car but i sure as hell am not using carmax again because their prices are inflated.

Right Ray, I just wanted to add to it that new cars have a lower interest rate too

I REALLY want a new (or used but newish) car or possibly truck. But I am still holding out until this insanity stops lol

@tinymission7821

29 күн бұрын

My advice is to take these videos with a grain of salt. Decide what vehicle(s) you want and watch the market. Exhaust every avenue possible. Know a good deal when you see it and be ready to act. I purchased my 2020 Frontier in June ‘23 for $23,500. KBB private party value on my truck exact vin number today is $26,480. Almost a year later. Good deals are always available if you are willing to go to the effort to stay alert. I searched for 4 months daily online everywhere. I looked at one truck in person, the one I bought. I knew it was an excellent deal if the vehicle was in great condition and lo and behold it was. I was able to negotiate down $1,500 and the deal took about 30 minutes. I bought from a “gas station” car lot. This is the second time I’ve purchased from these types of car lots. First time I bought a Toyota Tacoma. It lasted 16 years. A good vehicle for a good price is where and when you find it. Big dealer, little car lot, private party, look everywhere.

How can people pay over 14% interest!? Thats INSANE!!! Here in Canada brand new car interest is about 6-7% and i think thats a deal breaker. Thats like $10k borrowing cost for something like a base Model 3 over 5 years. I just coudlnt do that to myself, but 14%...!!!? How is that LEGAL!!! THATS PREDATORY AF

@drbcrb

Ай бұрын

In the early 80’s after Jimmy Carter rates were higher than 14% is the USA.

@EMichaelBall

Ай бұрын

Central bank rates have huge sway over loan APR’s. 6-7% is pretty normal for where central bank rates are. It’s not much of a spread. 14% adjusts for potential delinquencies, pretty sad. Around 20% and up is predatory.

@laser31415

Ай бұрын

Here "predatory" is considered the PayDay Loan places that 372% and higher, but it's legal. I think credit cards being able to charge 29% crazy, but that is the system we got.

@R0CKtheR3D

Ай бұрын

Most people dont have 14%, thats just for those with bad credit. My credit union is offering 6% for people with just a tad above average credit.

@DeadAir21

29 күн бұрын

That high average is driven up by the subprime borrower. They typically can’t get loans through conventional lenders so many get financing through the used dealership themselves which comes with that high interest rate. And since my subprime borrowers aren’t financially educated, they don’t know they’re being prayed upon.

I don't know if you said this but the difference between new car financing vs used car financing. Usually get better financing on new car.

Last month I got 4.9% for a 2021 RAV4 loan. I’m so glad I’ve kept up with my credit score.

@benjaminhollar7462

Ай бұрын

What’s your score?

@SmittyAZ

Ай бұрын

@@benjaminhollar7462 You'll never get an answer to these, I got a smoking deal using the R and Z type method questions.

@HK-ur7hu

29 күн бұрын

That's amazing.. I didn't know they would even offer that financing right now. My credit score is pretty good and I'm getting pre-approval for 8%.. so I'm holding off till either use car prices drop or interest rates.

@SmittyAZ

29 күн бұрын

@@HK-ur7hu Keep waiting. The crash is imminent since 2020.

@Blackhawk556.

29 күн бұрын

@@benjaminhollar7462 equifax score 8 is showing as 834. I started a credit score instagram Account last year but it got hacked lol. It’s still visible but I can’t get into it anymore. I was going to give people tips and ideas but one day I suddenly lost access. No way to get it back. Oh well @theultimate800score

Car max is making money so they are doing just fine. Care edge is losing their grift. I would short car edge.

I'm trying to buy a Miata and Carmax seems to own almost all of them and have the price jacked sky high!

I'd like to see a quick video on how you would handle ordering a new vehicle. I'm looking for a 2025 Yukon AT4 with a diesel. Something that has a decent demand. Do I have any leverage to ensure I'm not overpaying? Or am I at the whim of the dealer?

@EMichaelBall

Ай бұрын

Caredge has buyer templates on their site.

@workoutwithrob1700

29 күн бұрын

Yukons are in too high demand. If you don't buy the next person will

I am mid 40s guy living in Northern Va area. I don't know if I should get a new, lease or used car. I don't own a car for trade in. I will wait until after tax season as suggested. What kind of car you suggest would be the best value? I appreciate your time.

@EMichaelBall

Ай бұрын

Might be cheaper to not own a car. How do you get around now? Do you own a home? If so, is there a garage?

@paulb6736

Ай бұрын

Talk to someone with financial expertise please! Do not look for these twits to have anything of value in terms of advice. They’re just regurgitating the same gloomy garbage day after day trying to make a few KZread bucks.

Dad is looking at averages and not seeing what is cming. That didn't work well at the end of 2007

Great video gents!

How crazy is it that the average transaction price has dropped, hard, even though inflation is up? People are angry over what happened over the last two years.

*Your positivity brightened my day. Sending good vibes your way!* 😘

Always, excellent insight_

I have a super specific situational question. I am a millennial who has never had a car do too many things, financially and otherwise going wrong. I am planning to buy my first car this year. Before the end of the year I will only have a little less than $9,000 saved up for that purpose. Part of the reason, I don't have more saved is I have a parent who is living in their car. Some of my money has gone to help them go to car repairs so they end up in a worse situation. My goal is to get their car that is much newer and nicer for me, eventually a second car for them. Eventually, housing that solves everyone's problems. I make very little which makes saving doable but it takes a long time. Given what you are saying, should I go for it and get a car at the end of the year or keep waiting? I mostly keep going back and fourth on getting something that is actually new versus used or electric. I would love something electric but if I get something gas or used I can get a car sooner. If I get a vehicle cheap enough, I won't have to spend all this money and will have a cushion for car specific emergencies or nest egg towards the next savings goal.

@EMichaelBall

Ай бұрын

You need to factor in insurance. Newer cars have horrendous insurance premiums. The only good way is a cheap gas car that is reliable. Something like a Corolla or something else very cheap and reliable. Hard to find. Not a fan of Honda for multiple reasons, their tendency to being targets for catalytic converter thefts being one reason.

@user-qy4pc1wm7k

24 күн бұрын

Suggestions: Find out what taxes, tag fees, and title application would cost on an $8300 car where you live. That will help you know what will go to "transaction costs" and you can adjust your max price from that. I recommend surveying the market with your max price (or a little more if you can haggle). Take a friend with you when shopping in person to point out every negative they see (for your info and psyop on the seller). Don't get rushed and walk if it doesn't feel just right.

Why is Carmax being so slow to reduce the prices to market value? The dealers etc had no problem shoving "market adjustments" in our faces when supply was low. CARMAX needs to adjust prices and take the loss. Car depreciation is not a consumer issue - the value of their cars keep declining regardless of it being parked in a driveway or dealer lot. Love your vids! 2024 is the year of a car company collapse. Who will it be? :)

@markh.6687

Ай бұрын

Dealers hope to not lose money, so Carmax is hoping enough suckers...errr, customers come in and buy at the "old" high prices.

@paulb6736

29 күн бұрын

According to Ray…all of them.

Just bought a 2020 Gx460 from Carmax. Until May 11th they have a 30 day or 1500 mile return policy. I am having issues with exiting the car because the running board is so narrow. Had a foot reconstruction from sports and that is the issue for me. Most likely the car is going back.

@rowedog1100

28 күн бұрын

They'll take it back for sure, too. Dealers around here won't just take them back like that.

@OptimizeYourHealthPhD

28 күн бұрын

@@rowedog1100 Hope so. As of May 12th they move to a 10 day return policy! Let's see how it goes! +))

Sales down 1% last 3 months. Profit down 5% last 3 months. So nothing changed. It will crash and it is. People just happy to get a vehicle at slight better prices now that have been waiting.

Does car edge have Canadian data too?

I just don’t own a car and opt to take Uber. Less hassle and less money when you factor in high insurance costs.

@YouSoundButtHurt

Ай бұрын

Less hassle? Not sure about that.

It’s the price of the used car, they are the same as a new one. The problem is they can’t sell those either.

Whats stopping the dealer from only financing new and leasing out used? Wouldnt they make more money that way?

Subsidies keep business alive, but slows down the natural exchange of producers in the market, but at the cost of glut/waste/long term corruption and lack of competition and productive change in goods. As long as we allow our tax dollars to be funneled into these major businesses, we will never see a crash, until we’re all broke.

I don’t understand why people buy at carmax. Their prices are high. If it’s because of the “less stress” then what’s the difference in just accepting the listed price at a traditional dealer?

Lower car prices only makes sense if you buy cash otherwise you still pay premium after the interest rate.

Wooaa! Time to shop😂

So when do I buy used?

you guys said Caravan would be out of business by now caravan stock is 123.03 USD as of 5/6/24 someone buy used cars.

I'd push back on Zach's argument because of the fact that many people are so up-side-down on recent new car prices, they can not 'afford' to flip the 2/3 y/o car and buy new; therefore, the pipeline of quality newer pre-owned stays dry and keeps those '21/'22's at a higher price tag.

Unfortunately I have more had one dealer not want my 2 yr trade even though it's a wash and a Lexus with less than 40k miles...I think this is why

@EMichaelBall

Ай бұрын

So keep er

@DashaTheDivineDivah

Ай бұрын

@@EMichaelBall I would, but the trunk space is just way too small for my lifestyle.

It looks from your chart of wholesale prices that wholesale prices are something like 40% higher than they should be.

Based on my three decades selling vehicles, I always watched what carry back lenders will finance. They are the buyers, not the people driving off the lot with a happy tag in the window.

Just a guess on my part, but for about a third of a new car price you can probably recondition your current car to close to new car status. [EDIT] Don't forget to factor in taxes, depreciation, and additional insurance into the new car price.

@tinymission7821

29 күн бұрын

You have valid points. Taxes on my newer truck purchase were almost $1k. Insurance went from $357 every 6 months to $654 every 6 months. Personal property taxes will be higher too. Was $79 per year and probably will be $300 per year now. I expect and can afford the increased expenses but it is something to keep in mind. These extra costs over and above the sticker price do add up and are ongoing.

@DATo_DATonian

29 күн бұрын

​@@tinymission7821 Thanks for the comment. I have a 2007 Chevy Impala with only 120,000 original miles on it. The car is 17 years old but runs like a top. I've put new tires, battery and brakes on in the last couple of years, but other than a slight drip of oil I have no other problems of which I am aware. The body has its nicks and bumps, but it is for the most part very presentable for a 17 year old car and the interior is impeccable as I have always had seat covers on the seats and durable mats on the floor and I have, for the most part, been the primary occupant. Any new car I would replace it with I estimate would be in the $35,000 range. Now my car would only "BlueBook" for about $5000 and it might seem absolutely nuts to put $10,000 to $15,000 into it, but I know when I'm done I'm going to have a reliable vehicle. My personal property tax is only $45 / year and I wouldn't have to pay any sales tax. There would be no depreciation and my insurance costs are far lower now than they would be on a new car. I have a reliable and trusted mechanic and I'd just tell him to replace anything and everything that he feels should be replaced i.e. belts, hoses, fuel pump and filters, alternator, starter ... in other words shoot the moon. I don't need or want the fancy new crap they are putting on new cars which customers are paying through the nose for whether they want these things or not - I've never needed a camera to tell me what was behind me before, or to tell me where the lane lines are, or to tell me when to hit the brakes. I can truly say I love this Impala just the way it is presently configured. I need a car that can get me where I want to go reliably, safely, and in reasonable comfort; beyond that, I could care less about its age. [EDIT] I remember an old TV commercial for VW. This good-looking guy in a $3000 suit walks out of his mansion and the viewers can hear his thoughts as he climbs into his VW Rabbit - "I can afford to drive any car I want to. I can also afford not to." Well, minus the mansion, the good looks and the $3000 suit those are my sentiments exactly. 😉

I don't understand these average used auto loans at 14.21% as noted in this video. That means some people are paying over 14.21% on used car loans. I bought a used car less then a year ago and got a rate under 6.5% which was high to me compared to other loans I acquired in 2021. I could not justify buying a car if I had to pay 10% interest or more.

@heythere6983

15 күн бұрын

You can usually pay it off before and not be stuck with high interest for long. Maybe some can simply get the car and then afford to pay off early. Plus Iv never seen a huge advantage to dropping 10 grand or more on a car to still have high financing with low interest . Atleast high interest allows for more reasonable daily living. You pay for the convenience of lower monthly payments over time . Aslong as you understand that it is reasonable enough

Both of you have excellent insights into the car market but your dad really impresses me the most! Always thoughtful and insightful information for those about to take the plunge. Thanks! 🚗