How much of a price increase is happening with today’s cars versus 5 years ago.
Younger family members have priced later model replacement vehicles for their 5 year and old vehicles.
The increased costs are outrageous. Non are buying a new vehicle. The increased costs coupled with Obozo care costs make a new car a no go.
So they are getting their used cars serviced at Big O and other non auto company service areas. They will be driving their cars longer until the prices on comparable new cars come down.
“GM is dead and Osama is recalled”
Anecdotal evidence: I drove past a marshaling yard next to the Chevrolet/GMC full size truck assembly plant in Flint yesterday. It was packed to the rafters. FWIW.
CC
I think the problem is I have a job, pay my bills and support my family. I don't have the luxury of sitting on my arse collecting "free money" so I can buy a new car, and rims.
The AVERAGE fleet age in the US is 11+ yrs old now, and getting older fast.
Company trucks must be replaced, but without credit-criminal financing, like what Ally has been doing for 4 years, most average folks are keeping cars MUCH longer than in the past.
Sorry, there is no way in h*ll I can justify spending $45G’s for a new sedan, when my older car runs just fine.
We have finally reached the point where even engine replacements on older cars are more cost effective than buying new.
Lets put things into perspective a bit however, “cash for clunkers’ damn near wiped out the secondary market (perfectly good cars destroyed). Where we’re people going to get cars? Now it sounds more like the secondary market is rebounding and new sales are going to slump.
I just bought my wife a 2013 Lincoln MKX. I am still driving a 2008 Shelby GT500 with just under 30k miles.
Still driving my 2005 Acura TL with 250k. Runs great. They’ll have to yank the steering wheel FMCDHs.
In before ‘bring jobs back now...’
mmm...
Average age of cars on the road is over 11 years, or 3 years older than they were 20 years ago.
Cars do stay in good shape longer today, but seven year loans and the large numbers of the relatively wealthy might seem to indicate steady, rather than declining, new car sales.
On the other hand, if Democrats get their wish, lots of new high-mpg vehicles will be sold, resulting in sales growth. The Ford Focus will become the family car of choice (as in Europe) instead of the Fusion.
I drive an 2001 Ranger with 131 K miles. I’ll drive it until I don’t trust it anymore, simply must have reliable transportation here in Montana.
Last new vehicle was a 2009 Rav 4. That was a replacement for a 1991 4 Runner with 183 K miles on it. Would still have the 4 Runner but something electrical happened to it and nobody could chase down the problem and fix it. I traded it in on the Rav 4 and saw it for sale three times in the next 6 months. Looks like I got rid of it just in time.
Finance professor taught me years ago that transportation from A to B is what vehicles are for. You shouldn’t be paying to haul your ego around. That lesson has served me well over the years.