CARMAX COLLAPSE Of The Car Market
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- Опубліковано 19 кві 2024
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CarMax isn't doing so hot these days...could this signal a CORRECTION in the used car market? Zach certainly thinks so! CarMax's lackluster sales and gross profit numbers, combined with high interest rates and lower new car prices, will likely lead to lower used car prices this year! - Розваги
I used to watch this channel, but with every thumbnail/headline predicting some automobile apocalypse that never happened, I stopped.
look around you, we’re literally in the automobile apocalypse
@@randymcnaughton4318 it even close
Capital One sounds alarm, Ally sounds alarm, Carmax sounds alarm……. Yet nothing has happened or changed?
Because you're just getting clickbaited. They repost the same video every 3 months lol.
LOL! And the thumbnails! Here for the comments. Pure gold.
Awaiting 2 and half years now and hearing this.
And caravna went up? Lmao scam caravna.
the doom and gloom click bait
Current car prices + sales taxes + high interest rates + high insurance costs = a lot of consumers staying out of the market...
Commonsense, high interest rates + high insurance costs means the government is causing this insanity.
@@JerryGivan Of course they are...
Plus unwanted 500% marked up accessories and market adjustments.
Throw in that everyone that purchased a new car in the last three years is upside down, due to dealer markups. No equity, in addition to the reasons you described.
Bidenomics
In the summer of 2021 I was looking a buying a used 4Runner that ranged from three to four years old. I learned that I could buy a brand new 4Runner for an additional $3000, I ended up buying new, very glad I did.
If i had a dollar every time someone predicted the demise of Carmax and Carvana, I could actually afford a vehicle.
😂
I didn't hear them predict the demise of Carmax.
@natchitoches6702 you must've missed the click bait title
Rent a center business model.
Carmax is part of the problem. They try to sell questionable cars at crazy prices.
Tell everyone you don't know anything about cars and used lots without saying it. Not how it works at all and more so for them. Saying lot A has "better" cars than lot B is ignorant as they more than likely came from the same auction. Not to mention the 30 day unlimited anything for any reason warranty. Which I did use and took the whole truck back, and got a different one. Prices is what value the purchaser has not your opinion on value. To me it worth a bit more $$ to NOT have to even step foot in the dealer.
I sold them my 16 year old questionable Honda Ridgeline for 50% more than it should have been worth. Imagine a 16 year old car on original EVERYTHING. (Except brakes and a radiator). I would like to know if they took a loss or ripped someone off?
@@gwcrispithey sold your poorly maintained Ridgeline at auction to a “Mom & Pop” local dealer.
@@jekinneysbro is yapping
@@jekinneys You're trying way too hard to justify getting ripped off by Carmax
I've been reading this title for the last six months. I don't think we've seen anything close to the bottom yet.
You've been clickbaited. You'll see this same video reposted in 2025.
Yeah just look through the history of this channel. They've had the same titles since they started
Used car only dropping hundred dollars here and there
You see it almost everywhere. Apparently the best way to get clicks on UA-cam is with a headline that says “the car market is crashing.”
They say the market is crashing then turn around saying "now is the worst time to buy cars" lol these guys are a money grab
Used car market is great
Buying a used car for over msrp of a new one is stupid as fuck
I've been looking to buy 2-3 yr old CRV or HRV for the wife, its crazy, there is only a few thousand difference on a brand new one.....
I just checked out a 2015 Corolla online with 70k miles. I looked up the original MSRP they want $1995 less than the original MSRP.
@@heavycream6682 Nearly 10 yrs old and they want $2 k less than it was brand new-proud of that Corolla aren't they???
@@heavycream6682they have 2-3 year old siennas with 20-60k miles. They want 2k under MSRP of a new one
Depends on the car of course. Cross shopping a brand new hatchback for a used sports car is pretty reasonable.
Used car prices are still very elevated. just went thru buying a car for my retired mother this week. Used car prices were so over priced, went ahead & purchased a new car instead. She doesn't drive much so was thinking used originally. She previously has a 2008 car purchased new & it only has 73K miles.
So what was wrong with that car that she needed a new one ?
@NickChemist-yf6oj Nothing, she just wanted a modern car with updated tech, etc... She has a more modern car at the winter place in FL already, wanted one for primary residence up north.
Both new and uses cars are still way too high. Who wants to pay 65k for a brand new pickup truck. A consumer is probably looking at 1500 a month payment. Mercedes used to cost that much.
Right! Back in the day when pick trucks were an affordable, it made sense to buy one even if you don’t use it a lot. Nowadays, unless you’re in the business where you have to have one for the work you do, it a poor financial decision to spend todays inflated prices specially when you’re reason behind the purchase is “in case i need to tow one day”.
Test drove a few full size trucks this weekend and was amazed how quickly the dealership dropped their OTD prices and just how rough the ride still is on base models that they’re trying to selling for 45k+.
You and your dad are the BEST. Monthly car insurance in Michigan can be almost as much as your monthly car payment. Here in Michigan, we find out how much your insurance will be on a car before you finance it and buy it.
I just can’t thank you enough for all the info you guys have put out there! I bought my used close to new car today and I felt a PRO buyer with all the knowledge I got from you guys. Needless to say, I got the car with a big discount!
Hello Caredge
Thank you for another Great Video 👍 Question for you. With the bottom currently dropping out. When should I expect to get the Best Deal to Buy😊
I can't believe that some car dealerships are still charging market adjustment like they did during covid, local kia is charging $2-$3K over msrp.
We had this experience over the last 10 days. We were offered for our 2015 Ram by Carmax $15k, 6 days later it dropped to $14k and 2 days later it dropped to $12k.
That didn’t take long to see $3k vanish.
You guys do good work and have great shares- so any predictions as to WHEN, in 2024 timeframe wise that car prices will fall to where it actually makes sense for people to buy or lease them?
I hate everything about the car market, new, old, all of it. Going through hell right now trying to get a truck. Turns out there is a disparity between my Experian and the Equifax and TransUnion FICOs. Somehow someway something popped up from 2014 on my Experian, and it dropped to 590 while my other two are in the 740s. But, it appears dealers by me run Experian and even though they ran the others and see there’s no issue, Stellantis and Chrysler are denying me. Obv I will have to see what happened and fix the Experian, but the process is exhausting.
I had a bad mark pop up on my credit report a long time ago, checked into it and a fellow with the same name hadn't paid his hospital bill and I had to prove that I had paid mine and it wasn't me...
Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
People prefer to spend money on liabilities, Rather than investing in assets and be very profitable
You are so correct! Save, invest and spend for necessities and a few small luxuries relatives to one's total assets ratio.
Making a living is becoming more challenging, and it's difficult for me to save enough to enjoy quality time with my loved ones.
Even though digital currency has taken over the world, people still work for people. So, why not consider buying stocks and crypto and holding onto them?
That's a great point! With the rise of digital currency, investing in stocks and crypto can be a smart move. It's a way to potentially grow your wealth and secure your financial future
I've been holding out for like 4 years now, keeping my 89 civic wagon running.
I cant wait for the market to fall through the floor.
Sounds like youve been holding out for 34 years, not 4
Enjoy your wait
Spoiler alert: your 89 civic won’t ever stop running!
@@Betamax84 Did a compression test last month and it's in good shape!! It's kind of nuts how these old hondas just keep going👍
@@ryanmac358 I will! I'm happily watching it happen and waiting until prices are somewhat near normal 😄
Thank you for the great information. I was interested in a 2021 gmc 4x4 Sierra T something model with 17k miles. Dealership wanted 53,83ish for it. The interest about 6.5. I thought it quite high. Even with 12k is for my vehicle it still left a lot of money to finance. Any feed from you fellas is greatly appreciated. Again, thank you for videos. It makes me think about what I am getting into.
Great video. Say, you guys need to do a video on the increase of fraudulent auto sales - especially private selling and the huge increase in "title washing" scams.
I’m keeping my 1986 Monte Carlo SS, not worth trading in for $12,000-$15,000 after 36 years
36 yrs, outstanding!! Someone kept up with their maint...
Your website couldn’t generate a quote for my 2022 Acura MDX aspect perfect conditions 38000 miles no scratches. Paint still shines like brand new. I’ll try somewhere else.
I bought a ford 150 from Carmax and traded it in for something more economical 6 mos later, and they gave me more than I paid for it as a trade in
Just sold my 2023 mx-5 with 12k at carmax. They paid me well for it. I walked the lot and saw a handfull of 1 and 2 year old cars priced at ridiculous prices, basically new car prices. Add on top of this their 11-18% interest rate loans and the cars on the carmax lot are priced HIGHER than NEW. bonkers.
Well, it's Groundhog Day... again... and that must mean we're up here at Gobbler's Knob waiting for the forecast from the world's most-famous groundhog weatherman, Punxsutawney Phil, who's just about to tell us how much more winter we can expect.
Again...and again...and again. :)
I walked a Carmax lot last week and I felt abused just reading the prices. Darned near MSRP for 3-4 year old cars with 30-40K miles.
Keep up the good work boys. Great info consolidated into one source. Keep doing my research for me. Thx.
Just came back from a used car dealer. Its a dealer thats pretty large with multiple locations. Went in to see an 2020 Acura MDX AWD priced at 31k with 46k miles. Car was filthy. As its a used car we know it is what it is but there were more nicks, small dents and blemishes on it and we were thinking and they're really asking excellent condition pricing for this nastiness? We walked.
You should be able to find one with less miles for similar prices. Even if they are asking say $34K, I would still go see it. They are dying for business
Went looking for a Chevy Bolt last weekend at a GMC dealer. Place I went to was filled to the gills, hard to find a spot to park on a Friday morning. While it seemed the place was well staffed with at least a dozen employees I saw, only one guy actual dealing with people trying to buy a car, and he was double booked for our appointment time making every step excruciating. We were sent to the lot to look around and text him which car we wanted to test drive, but no prices on anything, so you had to cross reference the VIN to their web site. Really an awful experience. When it came to numbers they would not budge and inch and we walked. The price was fair, but no way I wasn't getting a pound of flesh after all that hassle.
There are tons of adds popping up on Facebook of companies offering to buy my cars, Carvana still won't negotiate on their cars and on average they are $3,000 higher than others dealer's for similar vehicles.
Oh ‘’Shocking’’ wait.. oh ‘’Shocked’’, wait.. oh It’s the “‘Collapse””
In Louisiana, prices are well above CarMax levels ($5k+). With $500+ document fees in Louisiana this makes it the worse state in the South or Southwest to buy a vehicle.
I love the comments about Carmax. So many opinions passed as facts but no explanation or anything. Many of the local lots including Dealers now price against carmax and carvana, not KBB. Both those companies use a algorithm of data crunching for care values, including KBB's api. Now starting to us AI also, that said. Now you pay a "premium:" instead of a free service, to not have to spend time at a dealership. Generally takes me an hour to do a deal at Carmax instead of a whole afternoon at a dealership. Add in they drop off, sign papers (10 minutes), and done.
If time = money and I make $75 hour. Definitely worth a couple hundred more to not spend a day at the dealer. Have it delivered and a 30 day no questions warranty. Which I have taken advantage of by swapping a vehicle.
Sounds like you're trying to rationalize allowing your wallet to be raped...
I hear people talk about the price of cars dropping, but they rarely talk about the car insurance cost. Case and point, I looked at a 2024 Tiguan and I wanted to finance $30000 by using a 60 month loan and my car payment would roughly be $602 a month but my insurance was going to be $1278 a year not including my deductible. I knew people who go in an accident but because there deductible was so high, there car sat in the drive way until they could pay the deductible.
I always give the vin of the car I wanna buy to insurance first and see what it will be like .
Carmax bought my 2010 Honda CR-V for quite a bit more than I expected. The deal went through Edmunds with a 7 day guarantee on their offer. Surprised they didn’t cut down the offer when I got to the lot.
The used cars I see still have covid prices they are 10 to 15 k over than what they are really worth. Plus the interest rate is still high, and will be, than a new vehicle, so where I'm at people are buying new, for the lower interest rate. I'm not in a hurry to buy, so I can play the waiting game
This is exactly why I got the 2024 Trax over what they tried to sell me which was a used 2020 equinox and it was only 2k less
Are you guys able to rate by state how the industry is doing? I live in western PA and it seems bulletproof, prices not falling here. The numbers you share is that a national average? Are certain states skewing the numbers??
Looked for a new HD truck recently…dealers will not move on prices and trade in values are silly…bbbyyyyeee
In my opinion, I don’t see Carmax coming down with their prices… Watching about a half a dozen videos I could see that Carmax the mileage on these vehicles are way too high. The prices are way too high and my opinion if they came down another 20%… I still think the car will be sitting… I really think that Carmax got greedy. That’s why they are in the situation they’re in…. rest in peace.✝️☮️CM
Carmax's secret is not the informed buyer. Their niche whether they want to admit it or not is the folks that are in need of a vehicle and "special financing situation". Even pre pandemic you can shop carmax at all the used higher mileages and the price is usually within $1k of a brand new vehicle at a regular dealership.
Thank you for sharing great information. I happen to be in the car market as my 18 yr. old Prius in on its’ last legs.
wow, I thought Toyotas were supposed to last forever.
If you have a very good negotiator with you, a used EV is probably your best deal right now. Depreciation is EXTREMELY heavy. A good deal will keep you minimally underwater Keep the battery between 20-80%, unless it’s an LFP battery, which needs to be regularly charged to 100%.
This Toyota lasted 18 years. The hybrid battery needs to be replaced. If not for the rusted under carriage, I would replace the battery
Great video gents!
New cars rising in price by 40% since 2018 are not touched by an 18% drop especially with current financing rates.
I can't wait to see if your prediction pans out. I'm rooting for US!!
I am in the market of buying a used accord. And base of what you 2 are saying I should wait till summer?
I would appreciate your view on KBB and NADA values, if they are fair or or favor the dealers. Especially trade-in value when dealers try to steal your trade using KBB or saying they called a 'Ford' dealer and they bid your Ford trade even less than KBB. Getting fair value on trades is a major hassle in car negotiations yet I see little in the way of online advice. Thank you
Ray & Zach kicking tyres & taking names (aka data) 🇺🇸🎯😎
Oem car parts are going up. The price for all parts have gone up and sometimes over msrp.
How can people pay over 14% interest!? Thats INSANE!!! Here in Canada brand new car interest is about 6-7% and i think thats a deal breaker. Thats like $10k borrowing cost for something like a base Model 3 over 5 years. I just coudlnt do that to myself, but 14%...!!!? How is that LEGAL!!! THATS PREDATORY AF
In the early 80’s after Jimmy Carter rates were higher than 14% is the USA.
Central bank rates have huge sway over loan APR’s. 6-7% is pretty normal for where central bank rates are. It’s not much of a spread. 14% adjusts for potential delinquencies, pretty sad. Around 20% and up is predatory.
Here "predatory" is considered the PayDay Loan places that 372% and higher, but it's legal. I think credit cards being able to charge 29% crazy, but that is the system we got.
Most people dont have 14%, thats just for those with bad credit. My credit union is offering 6% for people with just a tad above average credit.
That high average is driven up by the subprime borrower. They typically can’t get loans through conventional lenders so many get financing through the used dealership themselves which comes with that high interest rate. And since my subprime borrowers aren’t financially educated, they don’t know they’re being prayed upon.
It's crazy to hear how nuts things have become. I've got 8k in equity with excellent cred. on my lease, it's up next March and I thought I wanted to look because I was in a good spot and there's no way I'm going to pay those apr's. not a chance.
So when do I buy used?
Put a third timing belt on my 6th gen Honda Accord while waiting for the market to go down. The rear main seal finally failed at almost 300k miles, so I sold it. The money I've saved by not making car payments, waiting for the market to adjust has been the best decision I ever made and thanks to you guys. I would've lost $6,000 to market adjustment fees alone!
Carmax has always overcharged for their vehicles yet they are still in business. So it seems like the consumer will never stop overpaying and Carmax will do just fine.
Hey Ray it kind of sounds to me like CarMax needs to re-evaluate their pricing strategy and possibly offer about a $15,000 per vehicle discount if they want to clean the lot out
Car max is making money so they are doing just fine. Care edge is losing their grift. I would short car edge.
Ironic to see this CarMax video as just this morning I was on Edmunds used and noted the most competitive dealer prices were coming from CarMax! I was researching '20/'21 Ford Escape. I took this as a positive indicator!
I just added myself to the Subaru customer base. Out the door at less than MSRP, 3.9% nothing down.
Enjoy your new car! Subarus are terrific vehicles.
@@tinymission7821 I went to look at a Mazda originally and the store also sold Subaru. The Onyx version of the Ascent was main position in the lobby. I purchased a Limited Ascent. I think it's much better than the Mazda CX-90. Still adjusting to the cost though. I was out the door about 800 under MSRP. So not bad put not stellar.
Always, excellent insight_
Does car edge have Canadian data too?
I bought a used 2012 Ford Edge with 43K in October of 2015 for 17.5K (SEL trim level). Granted that was 9 years ago but similar cars in age and mileage now are going for over 30K…inflation in the used car market has gone bonkers. I’ll drive my current vehicles until they die…
Cant imagine buying used right now with interest rates unless the price is havily discounted. spending more on new and getting a much better incentivized rates is the way to go.
I don't know if you said this but the difference between new car financing vs used car financing. Usually get better financing on new car.
Went to the new Carmax in my area in Calif. yesterday and wanted to check out an EV and they did not have
even one on the lot, I was the only customer there and they had lots of Jeeps.
EVs are a scam anyways.
Why so many jeeps?
Right Ray, I just wanted to add to it that new cars have a lower interest rate too
I'd like to see a quick video on how you would handle ordering a new vehicle. I'm looking for a 2025 Yukon AT4 with a diesel. Something that has a decent demand. Do I have any leverage to ensure I'm not overpaying? Or am I at the whim of the dealer?
Caredge has buyer templates on their site.
Yukons are in too high demand. If you don't buy the next person will
Last time i went to car max was 7 years ago. I got a 2015 honda fit with 40k miles for 13k.
That same car today is going for 18k. I recently wrecked that fit and am looking for a new car but i sure as hell am not using carmax again because their prices are inflated.
You guys are a well oiled machine now. Very slick and professional. You got Ray out of the salvation army T-shirts and looking good ( sorry Ray, I just had to rib you ) . Thumbs up and carry on.
Steve, I've been trying to step up my game. I am so glad that you noticed. All the best, Ray
How crazy is it that the average transaction price has dropped, hard, even though inflation is up? People are angry over what happened over the last two years.
I have spent over 50 days looking for a good used car in central Illinois. The good used cars are selling fast and at higher prices. Lots of junk cars are sitting on lots. I bought 2 used cars in the last 2 weeks and had to overpay them. The dealers in my area are not coming down on used cars. I also know 3 people looking for good used cars and not finding them.
Wow well good luck. Maybe try expanding your search area.
My question is, are ppl looking when they go especially new car at the ‘LOT ROT’?. Probably am naive but when I see the rate goes down to close to 3.7% or close maybe I will change my mind.
Wooaa! Time to shop😂
I'm trying to buy a Miata and Carmax seems to own almost all of them and have the price jacked sky high!
*Your positivity brightened my day. Sending good vibes your way!* 😘
I just don’t own a car and opt to take Uber. Less hassle and less money when you factor in high insurance costs.
Less hassle? Not sure about that.
Next year in 2025 used car prices will plummet. Why? Easy, lease returns. In 2022-23 dealers were pushing 24 month leases. Next year thise cars will be coming back. Next year used car prices will collapse. That's good!
I am mid 40s guy living in Northern Va area. I don't know if I should get a new, lease or used car. I don't own a car for trade in. I will wait until after tax season as suggested. What kind of car you suggest would be the best value? I appreciate your time.
Might be cheaper to not own a car. How do you get around now? Do you own a home? If so, is there a garage?
Talk to someone with financial expertise please! Do not look for these twits to have anything of value in terms of advice. They’re just regurgitating the same gloomy garbage day after day trying to make a few UA-cam bucks.
Lower car prices only makes sense if you buy cash otherwise you still pay premium after the interest rate.
Dad is looking at averages and not seeing what is cming. That didn't work well at the end of 2007
Last month I got 4.9% for a 2021 RAV4 loan. I’m so glad I’ve kept up with my credit score.
What’s your score?
@@benjaminhollar7462 You'll never get an answer to these, I got a smoking deal using the R and Z type method questions.
That's amazing.. I didn't know they would even offer that financing right now. My credit score is pretty good and I'm getting pre-approval for 8%.. so I'm holding off till either use car prices drop or interest rates.
@@HK-ur7hu Keep waiting. The crash is imminent since 2020.
@@benjaminhollar7462 equifax score 8 is showing as 834. I started a credit score instagram
Account last year but it got hacked lol. It’s still visible but I can’t get into it anymore. I was going to give people tips and ideas but one day I suddenly lost access. No way to get it back. Oh well @theultimate800score
CarMax CEO os going to have to make bold and drastic decisions. Clear out the high mileage vehicles at a 5% loss and bring in uses inventory that's lower in mileage and higher in profit. Rinse and repeat of need be by 1.5 percent in higher mileage units.
It looks from your chart of wholesale prices that wholesale prices are something like 40% higher than they should be.
Sales down 1% last 3 months. Profit down 5% last 3 months. So nothing changed. It will crash and it is. People just happy to get a vehicle at slight better prices now that have been waiting.
Thanks!
Thank you very much, you are way too kind. All the best, Ray
@@CarEdge You're Welcome 😊 Learning a lot. Thank you 2 for caring enough to share your knowledge. 🤗
I REALLY want a new (or used but newish) car or possibly truck. But I am still holding out until this insanity stops lol
My advice is to take these videos with a grain of salt. Decide what vehicle(s) you want and watch the market. Exhaust every avenue possible. Know a good deal when you see it and be ready to act. I purchased my 2020 Frontier in June ‘23 for $23,500. KBB private party value on my truck exact vin number today is $26,480. Almost a year later. Good deals are always available if you are willing to go to the effort to stay alert. I searched for 4 months daily online everywhere. I looked at one truck in person, the one I bought. I knew it was an excellent deal if the vehicle was in great condition and lo and behold it was. I was able to negotiate down $1,500 and the deal took about 30 minutes. I bought from a “gas station” car lot. This is the second time I’ve purchased from these types of car lots. First time I bought a Toyota Tacoma. It lasted 16 years. A good vehicle for a good price is where and when you find it. Big dealer, little car lot, private party, look everywhere.
I don’t understand why people buy at carmax. Their prices are high. If it’s because of the “less stress” then what’s the difference in just accepting the listed price at a traditional dealer?
Ive been watching the same car for over 2months now. Price hasnt changed AT ALL. And I just read a financial article that was written yesterday that talked about what a lucrative stock Carmax is. And their stock is up, again.
Based on my three decades selling vehicles, I always watched what carry back lenders will finance. They are the buyers, not the people driving off the lot with a happy tag in the window.
I have a super specific situational question. I am a millennial who has never had a car do too many things, financially and otherwise going wrong. I am planning to buy my first car this year. Before the end of the year I will only have a little less than $9,000 saved up for that purpose. Part of the reason, I don't have more saved is I have a parent who is living in their car. Some of my money has gone to help them go to car repairs so they end up in a worse situation. My goal is to get their car that is much newer and nicer for me, eventually a second car for them. Eventually, housing that solves everyone's problems. I make very little which makes saving doable but it takes a long time. Given what you are saying, should I go for it and get a car at the end of the year or keep waiting? I mostly keep going back and fourth on getting something that is actually new versus used or electric. I would love something electric but if I get something gas or used I can get a car sooner. If I get a vehicle cheap enough, I won't have to spend all this money and will have a cushion for car specific emergencies or nest egg towards the next savings goal.
You need to factor in insurance. Newer cars have horrendous insurance premiums. The only good way is a cheap gas car that is reliable. Something like a Corolla or something else very cheap and reliable. Hard to find. Not a fan of Honda for multiple reasons, their tendency to being targets for catalytic converter thefts being one reason.
Suggestions: Find out what taxes, tag fees, and title application would cost on an $8300 car where you live. That will help you know what will go to "transaction costs" and you can adjust your max price from that. I recommend surveying the market with your max price (or a little more if you can haggle). Take a friend with you when shopping in person to point out every negative they see (for your info and psyop on the seller). Don't get rushed and walk if it doesn't feel just right.
GOOD Damn pricess were too damned high just like real estate.
Subsidies keep business alive, but slows down the natural exchange of producers in the market, but at the cost of glut/waste/long term corruption and lack of competition and productive change in goods. As long as we allow our tax dollars to be funneled into these major businesses, we will never see a crash, until we’re all broke.
Whats stopping the dealer from only financing new and leasing out used? Wouldnt they make more money that way?
Carmax prices compared to Louisiana prices are much cheaper.
Just a guess on my part, but for about a third of a new car price you can probably recondition your current car to close to new car status. [EDIT] Don't forget to factor in taxes, depreciation, and additional insurance into the new car price.
You have valid points. Taxes on my newer truck purchase were almost $1k. Insurance went from $357 every 6 months to $654 every 6 months. Personal property taxes will be higher too. Was $79 per year and probably will be $300 per year now. I expect and can afford the increased expenses but it is something to keep in mind. These extra costs over and above the sticker price do add up and are ongoing.
@@tinymission7821 Thanks for the comment. I have a 2007 Chevy Impala with only 120,000 original miles on it. The car is 17 years old but runs like a top. I've put new tires, battery and brakes on in the last couple of years, but other than a slight drip of oil I have no other problems of which I am aware. The body has its nicks and bumps, but it is for the most part very presentable for a 17 year old car and the interior is impeccable as I have always had seat covers on the seats and durable mats on the floor and I have, for the most part, been the primary occupant. Any new car I would replace it with I estimate would be in the $35,000 range. Now my car would only "BlueBook" for about $5000 and it might seem absolutely nuts to put $10,000 to $15,000 into it, but I know when I'm done I'm going to have a reliable vehicle. My personal property tax is only $45 / year and I wouldn't have to pay any sales tax. There would be no depreciation and my insurance costs are far lower now than they would be on a new car.
I have a reliable and trusted mechanic and I'd just tell him to replace anything and everything that he feels should be replaced i.e. belts, hoses, fuel pump and filters, alternator, starter ... in other words shoot the moon. I don't need or want the fancy new crap they are putting on new cars which customers are paying through the nose for whether they want these things or not - I've never needed a camera to tell me what was behind me before, or to tell me where the lane lines are, or to tell me when to hit the brakes. I can truly say I love this Impala just the way it is presently configured. I need a car that can get me where I want to go reliably, safely, and in reasonable comfort; beyond that, I could care less about its age.
[EDIT] I remember an old TV commercial for VW. This good-looking guy in a $3000 suit walks out of his mansion and the viewers can hear his thoughts as he climbs into his VW Rabbit - "I can afford to drive any car I want to. I can also afford not to." Well, minus the mansion, the good looks and the $3000 suit those are my sentiments exactly. 😉
Insurance prices need to come down, Everything is in total chaos within the car market
I wish I had a dollar for every time a thumbnail says it's over. I'd be rich enough to go buy a new car with cash.
so if everything is fine, and the answer to any problem is to inflate our way out of it, then we just need to print more money. no consequences that I have seen.
Unfortunately I have more had one dealer not want my 2 yr trade even though it's a wash and a Lexus with less than 40k miles...I think this is why
So keep er
@@EMichaelBall I would, but the trunk space is just way too small for my lifestyle.
I was just there. Long from over.
Success❤