I sold my 2013 Dodge Ram 2 years ago as my wife could no longer drive and we were paying for insurance on 3 vehicles. She could not get into the Dodge is why I sold it. She has passed on now and I will make the 2 cars left last me till I die.
Trucks now cost more than my house.
The Biden administration, in order to make the economy look less bad, put in place an insane tax incitive. Buy a hundred-thousand-dollar vehicle and you get to take a hundred thousand dollars off your taxable income. This did what all incentives do, raised the price and moved forward demand. It also drove up general car prices as it set a new floor. It was a three-year incentive with decreasing value each year, but you could always buy yet another hundred-thousand-dollar vehicle. Like cash for clunkers, it was a horrible program with long term bad effects.
Having said that, what I’m seeing now is people buried in their upside-down vehicles, letting the bank have them. One of my renters just did this. So, the price of new and used vehicles will be coming down. The real downside is much of the existing car manufacturers are going to fail. Nissan turned belly up last week.