Bank Study Claims 52 Percent of Households Postponed New Vehicle Purchases

TTAC ^ | October 22nd, 2024 | Matt Posky

[dpetty121263]

Waiting on that myself for a newer truck, Harris steals it I will make do.

[Salamander]

This is hilarious.

I just went out and changed the light bulbs myself on the 18 year old clunker I’m terrified to drive more than 20 miles in.

It’s all I have since a drunk rich non-native totaled my dependable 23 year old car.

Build back better.

[Psalm 73]

Damn - was looking at new trucks. They cost more than I owe on my house!

Maybe I will get a 2024 truck - in 2030.....

[PeterPrinciple]

While the paper attempts to put a positive spin on lapsing home ownership and the declining purchasing power of younger generations, the gist remains that the financial situation for Americans is shaping up to be fairly bleak.

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from the article

[ConservativeMind]

We are doing fine with our older cars and we sure don’t want an EV. A hybrid is fine, though.

I don’t want the quirky stuff and I sure don’t want a government kill switch on it.

You know they will eventually kill everyone’s car when the police, fire, ambulance, or dignitary is coming.

[ASOC]

With the new auto prices at the levels seen today - and crap that passes for new “quality”...

I’d rather buy an older car/truck and put in a new/rebuilt engine/transmission and swap out the shocks, bearings etc and have a quality car, with no computer chips and nearly as good as new...

[Rural_Michigan]

The average age of americans’ cars on the road is 12.6 years, which is a record high according to S&P Global.

[lightman]

I’m in my seventh decade. Newest vehicle I ever purchased was four years old.

Newest vehicle my parents ever purchased was about that same vintage.

Dad always said that when you buy a new vehicle you may as well burn ten thousand dollars the moment you drive it off the car lot.

[CIB-173RDABN]

When the future is cloudy it is wise to hold off any major purchase. However, the elephant in the room is credit card debt. Add lack of savings and Americans are facing a perfect financial storm that many will not survive. They are not just living paycheck to paycheck they are living off the paychecks they have yet to earn. In other words they have more financial obligations then they can meet in the near future. If they lose their jobs they are screwed.

[dragnet2]

Buying new is a rip off. It’s best to avoid it and go for a way better deal.

[Rural_Michigan]

i told myself that in 2019. Wish I had pulled the trigger on a new vehicle back then.

[Marko413]

I’m one of those. And income isn’t always a factor. Talked to a millionaire today who said he’s been waiting because it’s just stupid to buy a car now unless you absolutely have too. Says he’s always encouraging people to drive their cars longer and pay them off and live a few years without a car payment.

[frank ballenger]

No need for a new car when you can buy a used Smart car.
No longer made after 2019 model year. “It is recommended that Smart car engines be serviced every 10,000 miles as they require specialized attention. All types of maintenance are included in this package.” Specialty part places can supply parts as there are no dealers now.
Used average $3,795 to $15,995, depending on the year and condition.

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Or look for a Pontiac Aztek. Has frequent cases of steering system problems. Transmission Pressure Control Solenoid Failure May Cause Erratic Shifting · Intake Manifold Gaskets May Leak Coolant or Engine Oil.

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Old AMC Pacer is on several worst car lists.
AMC Pacer (1975–80)

“Including it in Time magazine’s “50 Worst Cars of All Time”, Dan Neil described the Pacer as a “glassine bolus of dorkiness” and that “in the summer, it was like being an ant under a mean kid’s magnifying glass.”

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[Texas resident]

Last year I came across a 2018 Toyota Sequoia. I got it for $45K. New ones at the time were $95K. It had some miles on it, but it is a Toyota and their trucks last forever. I refuse to buy new now.

[thegagline]

Who in their right mind would purchase a new vehicle?
2006 4Runner and 2013 Lexus GS 350 F Sport are running fine.

[webheart]

Did they falsely claim? Did they claim, without evidence? Claim is a word that you use to create doubt. They use it every time Trump says something that is true. I am sure there is no real way to determine if someone decided not to buy a car but you can compare sales figures over previous years to determine if the “claims” are factual.

[Bernard]

This all reads like what i used to think was "Bad Economic Times". But the dems, the media, and the official government stats say everything is fine.

Sounds like many of the people surveyed are suffering from a chronic case of lying eyes.

[skimbell]

I was looking for a new truck last year (2023). I've pretty much always bought new and drive it for 10 years and trade.
I stopped in a dealer and looked at a truck I'd be interested in and about had a heart attack when he told me the price, can't recall exactly but I know it was north of $70K.
That ended that.
On the way out the door a truck just sitting in the parking area caught my eye and-LSS, they'd just taken it on trade.
It had 19K miles/15 months left on the factory warranty and it was less than half the price of the new truck.
Bought it on the spot and when the 15 months ran out last summer added a 5 year/850000 mile BtoB extended warranty for a little shy of $4000.
Think that's going to be my new MO.

[Bearshouse]

Damn - was looking at new trucks. They cost more than I owe on my house!

I had my pick up (7 yrs old) in the dealership a few months ago for an oil change so I browsed new trucks on the lot. Sticker shock, they had no shame.