All the money in the world is called the M2. Obama double it and then doubled it again. Then they added 87 billion of quantitative easing each month for his whole presidency. It took long time for that money to appear at our level, where we buy groceries and used cars. As I mentioned banks are holding their inventory of seized vehicles off the market because if they sell them, the book value goes from loan value to real value, which is nothing.
Also, cars built in the last decade are virtually unrepairable. The pick and pull near my house has several rows of high-end cars so it looks like a Mercedes used car lot. They look fantastic. This one needs an engine at $15,000. That one needs a transmission at $12,000. All of them need a computer or two or three. Those run about two grand. They’re used and you don’t get your money back if they don’t work, or the diagnosis now goes one step further and calls for yet another computer.
A cheap used car of yesteryear could be repaired. Today, the cost and availability of parts mean they can’t be repaired.
When I was 20, my good car died and I need a car. My parents had bought me the good car and I didn’t have the money or credit to but even a $1000 car.
I bought one for $200 cash. It was a piece of crap and looks like $hit but it got me to and from work. The average car payment back then was $200-$350. They thought I was stupid for my cheap car. I thought they were stupid with 3 years of car payments.
Then I found around car for $200. Two years later I had 6 cars and the most expensive was $350. None of them were good for long trips but they got me to work and running around the city. I knew I would always have at least one that was working.
This lasted till I got married at 26 and scaled down to 3 cars, then to 2 cars. After I passed 40 years old, I finally got a decent car as I wanted something more reliable.
People made fun of me, but you never heard me say I couldn’t get to work because of car trouble. And if one of them died, I called the junkyard and they paid me $75 and towed it off (after I took the good battery out and swapped with a dead battery).