The Coming Car Market Crash Will Wipe Out Millions Of Americans And Affect Everyone
Here goes some news most Americans have been waiting for: The cost of cars and trucks in the United States is finally dropping, and new research shows the downward trend has been quite significant on vehicle prices already. Experts at InvestorPlace.com are warning that the latest developments are, in fact, proof that the auto market crash has begun, especially considering how fast these changes are occurring.
In this environment of higher interest rates, and rising inventory levels, Blue Book values have been consistently declining, with analysts projecting a reversal in the market happening this spring, and alerting that prices are on their way to find a bottom.
We're officially in a buyer's market, they say. Dealer incentives are up 102% year-over-year, according to fresh data. We're now being told that the long-awaited crash is going to give Americans much better changes of finding an affordable vehicle in 2024, and also that the conditions which helped to fuel the auto price bubble and overall inflation for nearly three years are no longer in place, setting in motion the much-needed correction everyone has been expecting for.
Cox Automotive reports that the recent price declines are due to a vastly expanded number of vehicles on dealer lots after years of severe shortages. With more cars and trucks available, the pressures that had sent prices surging are disappearing at last.
At the start of April, American dealers had almost 3 million new cars, trucks, and SUVs on their lots. For comparison, one year ago, that supply was standing at just 1.7 million. This is one of the reasons why many analysts and dealers say 2024 will be the most affordable year of the past five in which to buy a new car or truck.
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The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
F the car market, way overpriced I drive my 2004 another 4 years!
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
You could drop the cars to under $20k for the average and NO ONE WOULD STILL BUY THEM.
I'm driving my 'Paid For' 2002 Ford Explorer 4x4 till the wheels fall off.
The impending car market crash is causing quite a stir. It's not just about car manufacturers; it could have ripple effects across various industries.
LOL...The auto market still want you to pay $45,000 for a car that should be priced at $30,000
My 7 year old SUV is now needing some major maintenance/repairs that will cost me about $4000. Years ago, I would have traded it out for something new. Not now with these ridiculous prices and interest rates. That vehicle never broke down on me once, and even though its old I still like it. I'm going to fix it and keep on driving it.
Banks aren't going to loan money for auto loans. Banks are in trouble too.
I bought a 2004 Camry w/ 169k miles about 7 years ago for $3,000. Ive seen 2004 Camrys for sale recently with close too 300k miles for the same price i paid 7 years ago for mine at $3,000. Thats absolutely insane in my opinion.
Got a 1996 Jeep Cherokee.
New cars 40,000 grand for mid size cars
Got a 2001 Audi runs great! 2,000.00 fully paid for! Been so happy! 😁
Buyers. We are the power
I’m driving my Dads car after he died 4 years ago. Long live my 2011 Impala!!!
My biggest issue with buying another vehicle is the cost of insurance! Insurance premiums have increased by 26%.
Don't forget car insurance! That is like having a house payment. I may have to sell my "paid off" car and start taking the bus because of the hyperinflation in auto insurance alone.
Good thing my car is actually mine now.
When you push unreliable shit at an inflated price don't be surprised when nobody buys your garbage.
They need to allow the consumer to buy directly from the maker not from the third party dealer. It would be cheaper!!!