All new car pricing has been out of control for a long time now and gets worse every year. It needs to stop. That doesn't even factor in any of the COVID inspired greed.
So EVs are not cars & will magically stop the new car pricing being out of control? You are insane & wrongOh it will stop. I can even tell you the exact date. The day the EV production takes over for the 2024MY. On that glorious day, you will be able to get any battery-powered Dodge you want at INVOICE or below...
What's your idea of "giving away" on that Challenger?You are going to go upside down, and it is going to happen faster than in recent months if your buying as more of the payment will be going towards interest. Used car prices are dropping - that's what the data says so it's kind of a double whammy between the two issues. I don't know your Uber bill but It's expensive and a PITA for me. Obviously, you can get a beater and save a bunch of money. I don't like driving beaters. Not to pump the brand but they are giving away base model 22 Challengers - huge discounts. New or used something like this might be a compromise to minimize your loss (still going to cost) and avoid driving a junker for an unknown length of time.
Never put money down on a leaseNot a financial expert yet I would expect off-the-lot depreciation (9-11% MSRP) will kill any short term profit and the lease amount is likely double what you are paying the uber guy unless you are putting down a hefty down payment (equivalent to one year depreciation). Did a quick check for a $70K car with $6K down is over $800/mo over a four year lease. Probably higher if it is a one year lease. I would stick with uber if it is only for a couple of months. Leases are also limited on how much over MSRP they will finance so any ADM you would end up eating as well.
Never put money down on a lease
We're going to have to wait A little bit longer for these beater cars to settle back down into their correct pricing bracket. We are seeing progress, but not enough yet across the board especially for these garbage cars. I'm still seeing beater cars that should be $1,000 advertised at 4 or 5,000 🤣I haven’t looked recently but I guess before the COVID crap I did see cars for $1500. Craigslist beaters. 180k mile + cars.
26,000 for that? No thank you
Google broken? On the decline...I’d love to get your real world insights. What’s the market doing right now, what’s hot, what’s not and most importantly, where are things trending over the next 6 months, year? Both for used cars and if you had to guess new car prices as well.
Big companies have already started layoffs and cut backs. The near future will not be goodI hear you on the delinquency - I am aware of the numbers. And you said it right, they are 1-3 months behind. I am aware of a couple folks in this situation. They contacted the lender and said that they were going to be late on the payment and could not make one for a couple months. They are employed. They couldn't even get the words out of their mouth before the bank said no problem, they would make note and push the due date out. The banks don't want the car so we are in the early innings of this - they are not repossessing anything yet. Any loss of job or shallow recession and the cars are going on the rollback.
At some point these dealers are going to have to face the reality of they paid high prices now they're going to have to let it go for losses because the bottom finally fell out. Anyone thinking the bottom was never going to fall out is just an idiotI was going to say the markets crashing in everyone’s view but the dealers, I’m not really seeing prices affected there just yet. Some of the wholesale is dropping though in certain areas. I absolutely believe a reckoning is coming and as far as I am concerned it’s about fkn time. The dealers have been swimming in cash the last few years so they can keep their tears when the bottom falls out. Big reckoning coming for all the people that recklessly fed the frenzy overpaying for cars they just had to have in the last two years and now they are VERY upside down on (Hello Millennials…time for a good lesson!) This is just the start. Once the dealers finally concede that the market is tanking they won’t want to give shit for a trade in and then the snowball REALLY starts growing. Time to get out the popcorn!
It's simply more greedAs documented on this board all new car pricing has gone up significantly over the past three years. The analysis showed however that the Dodge price increases where far beyond the domestic competitors. Guess it's the popularity of the models in combination with the limited numbers with 23 being the last. Maybe they need the seed money for the electric transition. Don't know the details but I see them going out of business (not Ram or Jeep) shortly regardless of what Stellantis says about allowing some long runway to reach profitability. They've had years to develop an EV or Hybrid or new platform and have not done Jack. Will join that long list of failed American car brands. Buick can't be far behind.
Define "a few years back"Funny how " it needs to stop" is said by those who have their car from a few years back. That's when they paid an insane amount.
It's called Capitalism. If it's too expensive don't buy it.