Posted on 07/05/2022 10:30:52 AM PDT by SeekAndFind
Like some of you, I love to check out car models and drive salesmen crazy with the classic "just looking" line. I look at the sticker and check out all the options. It's an old habit and a wonderful way to kill time when my wife is at the mall. It beats drinking another cup of coffee at the mall café.
Last week, I made another trip to the local dealership. Everything looked normal except for the prices. Check this out:
With interest rates rising, it's also becoming harder to spread the pain of higher pricing with long-term financing.
The average monthly payment on a new car loan was almost $700 in June, up 13% from a year ago, researcher J.D. Power reports.
A $700 monthly payment? I remember when that was a good down payment. Naturally, sales are down, with more people heading to the used car area, or "pre-owned," as they call it now. Read on:
The annual selling rate is expected to decline to 13.2 million vehicles in June, down 20% from a year earlier, according to the average forecast of six market researchers surveyed by Bloomberg.
Prior to the pandemic, annual US auto sales topped 17 million vehicles for five consecutive years from 2015 to 2019.
Sales are declining as the global semiconductor shortage continues to roil auto production and drain inventory from dealer lots.
General Motors Co. said Friday second-quarter sales and profit will take a hit from 95,000 vehicles it can't sell because it's waiting on chips to complete them.
The inventory shortage drove the average price of a new vehicle to nearly $47,000 in May, up more than 13% from a year ago, according to automotive researcher Edmunds.com.
Anyone talking recession? New car sales down 20% sure sounds as though an economic slowdown is coming.
(Excerpt) Read more at americanthinker.com ...
My 2011 GMC Sierra has 53,000 miles. It’s in perfect shape and gets 17!mpg.
We were told by a salesman that we could order a certain model, but there was no guarantee that we would actually get it....................
To whom?
China?..................
2019 F250 here,
My Dealership won’t leave me Alone!
.
Don’t want to know
What It’s worth.
.
To me it’s Priceless.
Went to look at a Santa Cruz. Had none in the lot. I asked when they will have one to show? They sent a guy out to retrieve one from the off lot lot:-)
Was not interested after the back seat was closer to the fronts than in my 2019 Tucson.
The off lot lot is now called “in transit” if you haven’t noticed:-)
I was looking at a 2002 low miles dodge pick up, in great shape, but when I did the simple math of filling up the tank I just about ran off the lot.
Two or three months ago I brought in my 2013 Jeep Compass with a bit over 100 miles on it for servicing at the dealer. A young sales guy hard pressured me into selling it. I said the same thing. What ever I pay for the repairs is still a Hell of a lot cheaper than car payments.
Manufacturers can’t BUILD the vehicles, there is a worldwide shortage of computer chips to put in the 47 or so separate computers that are now absolutely necessary to comply with emissions standards.
What chips are available are being reserved for installation in the battery-powered EVs that have to be built to comply with the “green new deal”, and for which there shall be little support for many years to come, until the electric grid catches up.
Ooops. That should read A bit over 100 thousand miles...
It's true: the best barometer as to how people feel about the economy going into the future is new car sales.
Whenever you see 0% or very low-interest rate financing, manufacturing dealer networks are seeing downturns in foot traffic into dealerships and sales are declining.
It's always been a great barometer. I follow it, and I'm following it now as I keep my old vehicle maintained and in good running condition waiting for car prices to finally start falling. I'll keep waiting, there's more to come.
I had the old Suburban at the dealer for some maintenance a few weeks ago. Decided to kill time by looking at the new models, which, I have to say, come with some nice features now, but was told “well, the price is sticker, plus 7,500 bucks, because demand is so high”.
Got a call from a salesman right before the holiday, saying that they might have some “flexibility” now. Good sign for buyers, not a good sign for the economy.
I think Ford and Chevy have abandoned the automobile market in the United States in favor of SUVs and trucks.
Ford’s only automobile is the Mustang.
Chevy offers only the Camaro and Corvette.
If you don’t want an SUV you have to go to some other car maker.
A $700 monthly payment? I remember when that was a good down payment
—
I remember when that was half the price of a new car.
Neighbor's ordered a new Edge over three months ago and still waiting for it.
I have a 79 K5 blazer that I would have to take a hefty 401k loan to send it out for things I’m not really able or equipped to do anymore.
Maybe one day it will get there.
My brother loves he hybrid for the same reason. He uses electric in stop and go environments and combustion on the road trips. Averages around 40 mpg.
The monthly lease payment on my new Jeep Compass is approx. $130 more per month than the payment on the same 2019 model I just turned in.
My timing was perfect.
Two years ago, a friend was selling his car. He told me what he was asking. It was basically trade in price. About $5000 less than retail.
My daughter needed to replace her car so I told her she can’t go wrong. She doesn’t like it but knows it was the absolute best deal in town. Just after she bought it the prices skyrocketed.
I drive a company car, a F150 with first dibs to buy it when it’s time to turn in.
I bought it and immediately resold it. $4000 profit for essentially a couple hours work.
they lost 5 billion on their investment in Rivian (electric)
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Saw a YT title where a guy’s brand new Rivian fell apart after 1500 miles. Rivian, the new Yugo.
My 2020 Corolla I got for 2% interest now has 10k miles and is worth 2K more than I paid.
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