I am 63 and I simply not buying a new car anymore. I can’t pay cash and I don’t want to make $800+ payments for 7 or more years...
In the 1930’s it got to the point where you could buy a car for pocket change. It won’t get quite that bad, but I expect the prices to go VERY low. There are literally thousands of cars in repo lots waiting for the banks to let them go for whatever they’ll bring. The banks don’t want to write down the loss so it’s just sitting there, and the cars are deteriorating.
A repo lot opened in January near my gym. This morning it looked full.