HELLO 👋 I AM SO PROUD OF THIS WHOLE THING 😎👍🫵 YOU ARE DOING GREAT WORK 💯✅ SAM EVANS YOU HAVE TOLDED THE TRUTH WHAT WILL HAPPEN IF POSSIBLE DECLINED IN INTERNAL COMBINATION ENGINE (ICE) HOW PEOPLE STILL DON'T UNDERSTAND WHY THEY ARE NOT GOING TO BE AROUND LONGER THAN BEFORE ESTIMATED TIME AGO SINCE THE BEGINNING OF THE RISE OF ELECTRIC VEHICLES (EV) IS GREAT FOR EVERYONE WHO UNDERSTAND THAT THOSE WHO STILL BELIEVE IN THE FOSSIL FUELS CARS ARE GOING TO BE GOING EXACTLY TO THE STORAGE COLLECTING DUST AND GETTING OLD REAL FAST FOR THE THE TIME BEING 👏🎉
@@dnn32 2025 Toyota Corolla in my area goes for $28K and 2024 Toyota Corolla hybrid goes for under $26K. That is a pretty affordable to me. The Camry’s are slightly higher.
@@williamquemuel7824 it is overpriced from what they used to sell. Those prices used to be camry/Honda accord. It looks affordable but you pay a downgrade model for that money.
I have a very old car that I paid for a long time ago and it still runs well. To go into debt for a new one doesn't look appealing to me at all. I think a lot of people feel that way.
Because those jobs are for low skilled workers like young adults and students etc. Those jobs are not for someone raising a family. if you are and have one of those jobs, well, your not doing well in life probably do to your poor life choices.
@@jstar1000Yes…you’re correct but how much “skill” did it take those before us to screw a bolt on one assembly line car after another? Yet I see in today’s dollars a UAW worker earned over $1,600\week in the mid-60’s…screwing on a bolt in the assembly of vehicles.
@@Skyking6976 Unions. And people who remember the 1970s also remember WHY Ford / GM etc became LESS vertically integrated. (Because the UAW DID drive costs up uncontrollably). The "benefits" list for UAW used to include some utterly insane things.
@@jstar1000 Yup. Choosing NOT to be born into an upper middle class white American family is one of the worst decisions you can make. And getting disabled by serving your country (in one of it's "oil wars") is another.
Depends on what there is available to buy. For the most part, USA manufacturers are only trying to sell the high end stuff to people who neither want or can afford them.
Car Prices and Interest Rates are the cause for the glut. Manufacturers need to reduce prices by 20% at a minimum and 40% as a realistic number. 100,000 dollar trucks and Jeeps and SUV’s are too effing expensive. ** Subsidies for EV’s are a big incentive to buy one, but EV’s still need to have at a minimum of 300 + real world range** Audi, BMW, Porsche, MB and VW all are producing EV’s but they are terrible for a range / price.
As a life long Honda motorcycle tech working in dealerships from 1971 to 2009, I bought a 2022 Chevy Bolt EUV because after carefully studying, I decided it was the best, most reliable car on the market and cheapest to operate. I have a REAL Jeep Cherokee for highway and only use the Bolt for local driving. About 90% of my driving. It has been a great money saver for me, and as a mechanic, I LOVE the lack of maintenance demanded. I have had to fill the washer bottle and rotate the tires. Damn!!
@@bobsacimano4104don't believe the naysayers. EV batteries last longer than car engines! When was the last time you replaced your car engine? (Plus batteries are 95% recyclable, practically eliminating future mining)
Did you just say you bought a second car to save money driving your main car 😂. This is why people are so broke. With what you spent on the second car plus insurance you are absolutely losing money plus depreciation on 2 cars. Public schools seriously need a class in money management….
@@nickv8816Not true. Once both are paid off, there might be a decade or more with no debts and low maintenance costs. The ICE is hardly used and EVs are low cost city cars.
The real problem is all the junk tech added to vehicles, ICE and EV, has made those vehicles problematic, expensive, and undesirable. From start/stop, panoramic sunroofs, adaptive cruise, "self-driving", lane departure, distracting screens,.... It has made modern vehicles into an overpriced rolling pile of problems.
@@paulevans7560 Not all "electronics" are the same. Traditional speed based cruise control almost never breaks and works fine. Whereas, adaptive cruise control is a breaking house of cards that causes unnecessary expensive repairs while convincing drivers to use cruise control when it is unsafe.
Especially when you know that in max 5 years, ICE vehicles will be worthless, so better buy a used BEV in the meantime until new BEV will be much lower in price than ICE vehicles.
But EV sales are up 20% competition to last year. So fact is that demand for fossile fuel vehicles are going down as the total market hasn't grown. Which is great news
that's right, it's a worldwide phenomenon, and with the looming global conflict in the horizon, being able to afford a car might be the last of out concerns
I wanted to buy two new pickups. They were close to $100,000 each! That’s crazy. I take perfect care of my equipment. I’m keeping them. The dealers tried to screw me with $400 for special air in the tires and a rip off paint protector for another $300. I walked. I am pissed.
@@enigmavariations3809 I know. We are breathing it right now. The Stealership called me a few days back wanting to make a deal. I’m keeping my trucks. They run perfectly and I take excellent care of them.
My 2011 Toyota RAV4 is still in great shape,needs some suspension work but it’s PAID FOR! I have no interest in buying a new car,too expensive and then there’s the interest rates. Nope I’ll keep it till the wheels fall off.
That may have been a very reasonable perspective in the past. But now there are new EV's available that sit at price parity (or less) with comparible new ICE vehicles. At least where I live that is the case. It doesn't look like the opportunity for reducing EV pricing is going to stop any time soon either. Add on top of that it costs significantly less to own and operate an EV.
@@BrentonSmythesfieldsaye All cars are now very expensive compared to a few years ago. Charging EVs in UK is expensive (no solar and traditional electricity is dear). Other running costs (depreciation, insurance and repairs) are also higher on EVs than ICEs. All this may change in future, who knows, but that’s the current (nEVso pun intended) position.
@@roybatty2030 From what I have read and heard, many of your compatriots express a different experience in the UK. But there you go, perspectives abound. Have you actually done the numbers comapring both ice and EV? I am in Australia. My son bought an EV earlier this year and we have been doing the numbers. His overall comparitive financial position has improved significantly since he began driving an EV, taking into account all the factors you mentioned. That holds true even if rooftop solar charging is not taken into account, which otherwise improves his financial situation further. Electricity isn't cheap in Australia at this current time either by the way, which is to be expected while a systemic energy transition process is in progress. The cost of petroleum products keep climbing and separating further and further from electricity pricing. The is no indication of that growing separation ceasing.
@@markmiller8903 What about the exploitation, health damage and deaths suffered by native peoples, their lands and environment, by the petroleum industry all around the world? You don't care, still using numous products of petroleum orgin? I hear your complaints when EVs are involved, but for other serious negative impacts related to other products..................all I hear is crickets! Here is a tip for you. If you think the matter requires attention, then by all means confront the government representatives of the Congo, that if as you claim, allow their citizens to be so exploited. I am powerless to answer for them! You are welcome.
The US is insane. In my neighborhood I have a neighbor that owns 5 or 6 cars. Other neighbors have cars parked on the street that haven't moved in months. There's SO many cars - why do mfgs think we need MORE cars? The inventory is already nuts.
@flyrodmike True, however, almost every man in 1950's America could afford 5 children a stay at home wife, a new car, and a paid off house within 9 years. Shome how everything was made in America 🇺🇸 & families were much better off, even without modern technology such as the cell phone.
Um... I can. I can afford the mortgage, and the new car. Why can't you? Just get a job that is not minimum wage. Also, be childless. I know Elon wants everyone to have children, pay me $5k a month for 18 years and I will have one. Otherwise, no.
Mr. Viking I hate to tell you this, but my car is not crap! I drive a hybrid Camry and I have a lot of Customers Who Dr., Teslas some of which have been in the warranty shop many times and I have almost 200,000 miles on my car and zero that’s exactly right zero! so you can badmouth Toyota you can badmouth Nissan you can badmouth all of these people except one thing that some of the engines are better than electric cars until the technology comes another 10 years face it! I have no problem with Tesla. I love their innovation, but sometimes the comments you make are a little bit off on another world.
Once in a long while he makes sensible observations, but generally he is a pro-EV, pro-CCP shill. He's insulated and doesn't understand the US car market. He sees vehicles not selling and he assumes that it must be because they're ICE. No, new vehicles are simply too expensive, regardless of manufacturer. Add in economic uncertainty, and you get the picture - nothing more, nothing less. The US market is unique in that the majority of buyers have 0 interest in current EVs and will continue to do so until the government forces EV adoption or EVs improve in the metrics that a US buyer, living out in the suburbs with 2-4 kids cares about. Of course they're selling in China, the government mandates it and the average person works 996 and lives in a tiny apartment. It's a different market with different needs.
@prophotoservices hate to say this but hybrids and toyota ain't the bomb. They are complicated, have issues. As for hybrids, I'm sure of you knew your car then you'd know hybrid issues and those of toyota. Hybrids have the worst maintenance costs, highest fire risk, small engine, small motor, worst of both worlds. Ev has fewer parts, lower maintenance costs, lowest fire risks (hybrids are 139x ) Google the shoddy ans scamms that toyota has done. It's like vw.. used to be a good brand 30 tp 40 years ago but now they're not. I say this having owned more tptotas than any other brand. Toyota ans vw have scandals more than other autpmakers.
Has nobody in the industry actually realized that the vast majority of the population are economically stretched to the limit? They’re busy putting food on the table and paying for roofs over their heads. There’s bugger all left over.
Yeah, but there have always been a huge segment of the population which is stretched. That segment almost never purchases new vehicles anyways - the segment of the population which can and does purchase vehicles still has a ton of excess money. What we're seeing is that the middle-middle class and below are locked out of new vehicles. We do need to sell more new vehicles so that there's something on the used market for them.
The "segment of the population that is stretched" has expanded and far more of us are stretched as the so-called middle class continues to shrink. And let's not forget that the bulk of the money is in the hands of boomers who are retiring and dying. @Spocker93
The average price of a vehicle in the US has climbed way beyond inflation- Stellantis and Ford made the decision to dramatically increase average MSRP, its comeback to bite them. Ford has announced plans to bring small cars back.
What I have been doing for my vehicle is buying top of the line used high mileage Toyota Prius cars for two to four thousand dollars. I love the ones with a dead batteries because they are really cheap. In the USA, you can fully replace a prius battery for under $2,000 dollars with a 24-month warranty. These battery stores are everywhere. I have been buying quite a few, putting in the new battery and selling the cars to friends and family for tiny profit. Everyone loves the 50+mpg. Do your own research because some older years had issues, if you are smart and avoid the bad year models you get one of the top ten reliable vehicles for two decades reborn with a new battery for peanuts.
@Trust_but_Verify there are many factors involved. Are you buying remanfactured or genuine Toyota new? Your climate and your driving habits. Do your own research, I buy my batteries from HomeTownHybrids in Dallas, Texas who provides the warranties sell both new and reman batteries.
Greatest mistakes of car manufacturers in the last 4 decades are ; 1 Small cars make small profit. 2 Electric cars will not sell. So small cars do make hugh profit and electric cars do sell.
In Canada my local Ford and Gm dealers have lots of vehicels on their lots but they are all trucks and all around $70,000 or more. The local Nissan dealer has had hardly anything on there lot for the last year or more. My sons friends just bought a used tesla for a really good price and just loves it.
@@Leafbinderand here in lays the problem. EV,S with all their software will be all good until the time when they stop doing updates for older models and they brick!
I wanted to buy a Corolla hybrid in Australia in May 2024. I asked the dealer how long it would take to get one in. His answer was six to nine months. How long was the wait for a Yaris Cross Hybrid? Twelve to eighteen months. So there is still huge unmet demand for ICE vehicles, but it has to be the right one. Anyway, I wandered over to the Mazda dealer and the waiting time for a Mazda 3 was just two weeks, so I placed my order and am enjoying the car right now.
As far as it goes with Toyota, it may not be demand. It’s just that Toyota is in a world of trouble. Most indebted company in corporate history, endless recalls and being prosecuted for falsifying emissions and safety record records. Maybe they have other things on their mind other than delivering cars.
Good for you. I’ll keep driving my 2009 Toyota Aurion. It’s available immediately. A lot of freedom, money saved and environmental savings in not buying anything new.
The 3 million is 76 days of inventory which isn't huge for the USA. E.g. Dec 2018 was 69 days. You can't look at the pandemic affected years as supply was abnormally low. But, inventory is above normal and growing.
Dealerships in Canada pretending there's a high demand of cars but shortage of new cars supply. To over charge every customers walking into the showroom with overly inflated prices above the sticker price.
My brother told me a friend of his just came back from China and told him that China is full of EV's, they are everywhere. In south America people are seeing more and more EV's. Also this new generation doesn't want to own cars, they are opting more and more for ride-sharing. Most ICE manufactures have billions in debt, it is a matter of time before they are in trouble, I say in 5 to 10 years, maybe sooner. Looks like the only refuge they have right now is the United States.
Won't last here in the US. for long. The main thing the govt needs to do is legislate (and financially support) the installation of EV charging for apartment tenants. Once that happens EV adoption will be huge. The cost of EVs keeps going down as battery prices are nose diving still.
Yes, I have personally seen the younger generation aren't even interested in driving. Which is a good thing overall for their personal health and financial health as car ownership has a long list of expenditures beyond the initial purchase price. Moreover, once cheap automated robotic AV taxis arrive, I will sell whatever vehicle I have at the moment, so 95+% of my transportation would be AV taxis at that point. I'd rent an (EV) truck, SUV, minivan for rare special jobs.
Chinese EVs are basically golf carts and tend to catch on fire dramatically. If China's government says you're going to do something, you don't really have a choice in the matter.
@@nickmcconnell1291Grid can't handle the load. And where is all that charging power coming from? Do you even realize the size wire required to provide the amount of charging current required for that many EVs?
@@Bill-q2c Did you know it is now cheaper to put in a solar farm and battery storage (to handle peak loads) than it is just to continue to operate existing power plants of any type? It actually would save money to mow down the existing ones and put in renewables. So there's your answer. However what does the U.S. do? It blocks the best made and cheapest cost solar panels coming from China.... the panels that are now so cheap in Australia that almost everyone with a home is buying and installing them. They then use that solar power to charge their EVs. Having given the solution to generation, the grid can be massively upgraded by just upgrading to the latest cross country high tension wire type. Just doing this alone will double the amount of power that can be conveyed. Watch a channel called "Just Have a Think" the one entitled "ReThinking Electricity Grids". Good info there.
Maybe somebody can help me understand this, as I see it reported over and over that "X amount of people are underwater on their car loans." The moment somebody drives their car off the lot, with the exception of somebody receiving a 7500 rebate, isn't EVERYBODY automatically underwater on their car loan?
@@videosuperhero100 Absolutely correct, but this guy does not let facts get in the way of his biased narrative. He also fails to mention how much EV sales have been propped up by taxpayers helping to pay for those who can afford EV's through subsidies.
@@tonybloomfield5635 I have heard that Federal Government agencies must buy EVs when replacing older vehicles. Artificial demand to show EVs sales are up.
@@rayellebishop8168 No doubt this is the case in Australia across federal, state and local government. I actually have much less problem with that than my taxes helping wealthier people buy Teslas. The EV subsidies take tax from the poor to give to the rich. Effectively it's a reverse Robin Hood scam.
Smart people would stay out of vehicle debt, but most people aren't smart. Or they actually use their vehicle for work purposes and can use that debt expense and operating expense as business expenses for income tax deduction, but that's not most people.
During The Covid Plandemic the auto manufacturers doubled or more the price of a new vehicle. The dealerships acted badly and added addendum stickers with a huge price up charge and thousands in useless options. The up charges may have mostly disappeared but the crazy stickers prices haven't. I cope by buying a Tesla Y during the huge sale last March. It was 30% sticker. I spent $10,000 making my old Tahoe perfect. I will drive that five more years.
You will see a fast turn around to a bunch of entry level cars like you had in the past . A lean towards volume to make money . Insurance companies charging higher rates is taking purchase power away from the middle class along with interest and bank tighting
Beware of "lot rot". You may have to do $3,000 worth of fluid, tire, hose, and belt replacements in your "new" car because it sat without being driven for over a year.
The ones that are underwater bought at jacked up prices during CzoVID at high interest rates if the were sub prime credit. They can’t make the payments because they couldn’t afford it in the first place. You are only underwater if you need or want to get out of the car.
People are holding on to their money. Food, housing and bills are to the roof. At the moment people are struggling. They are not going to splurge on an expensive car, ICE or electric.
This is exactly why i just purchased a tesla model y. You can get a base model here in the U.S. for only 30k after the tax incentive. I only pay $9 to fill up(80% charge). That's a $450 savings in gas every month for me, maybe more for you. My only maintenance is the windshield washer fluid. No oil changes, no power steering fluid changes, not even brakes shoes. My friend has a model s with over 300k, and he still has the original brakes. For those who dont realize, you drive a Tesla with rarely touching the brakes. Ive put almost 4k on my new Tesla and hve mayve hit the brakes 7 times. The motors are so powerful that when you let off the acceleration pedal it uses the motors to put energy back into the battery. I can be doing 45mph and let off the pedal and the car will completely stop in about 50ft all by itself. It will only use the brake when it comes to a complete stop to put you in "Hold" mode. Its basically like when your at a stop light in your car and you're not moving because you have you foot on the brake. No other maintenance is required. Think about all the money you spend at 25k maintenance, 30k maintenance 4k maintenance, and so on. This car is also crazy fun to drive. The only out of pocket cost was have a charge plug put in tmy garage wall. That only cost me $275. Im never going back to ICE
When you include insurance that car is too way too expensive for 70% of the US population. EVs will continue to be the play thing of the very well off and wealthy.
You are in good company with the rest of the car buyers globally. In 2023 Tesla model Y was the most sold car model globally. You don’t become no1 in the world by selling mediocre products, it has to be a top product when you compare all the metrics, Tesla model Y is a winner, even in China
EV are so expensive in Canada. A Chevrolet bolt starts @ $41.577.00 That is insane. Nissan Leaf starts ! $41,748.00 " GM Canada supports potential tariffs on Chinese EV imports amid market concerns " GM Canada is concern no one will purchase their inferior EV over the Chinese ones. Hence Canadian have to pay more due to GM Canada's encouragement to slap tariffs on imported EVs.
Nobody can afford, they greatly understate the economy here and how everyone is struggling to make it by but cars have gone up on average 20%-50% over the last 3-5years. That and interest rates have gone from being easily get 0 to 3.9% to now around 6% for a new loan and 12% for a used here in the states.
Just signed a contract to purchase a Zeegr X here in Thailand, test drove today , nice dual motor , nice , 1.35 m thb or 38000 usd converted , price ok, - trading in our Mitsubishi Pajero sport 2.4 , 4 years old 60 k klm good shape - they say dealer has a buyer next week . ok 1 down and 1 to go - hopefully diesel doesn't go up alot more - seen a pop of 20 % since early this year - no more B7 diesel at 30.55 thb a litre, excited to take delivery next week.
I drove by a Chevy dealership while creeping through traffic yesterday. There were rows and rows of vehicles with caked on dirt. At least 15 rows about 9-12 vehicles wide. It looked crazy. They look like they have been sitting there for ages.
I live in Southern California and have seen so many cars on Ebay go unsold. Cars that went for 10k Last year go unsold at $3k to $4k. They are relisted at lower and lower prices. The new car dealers are being kept afloat by fleet sales. $60k bare bones white trucks. While 45 minutes away in Tijiana Mexico, i can buy a great chinese MG zs for under $20k new.
I bought a new Chevy Bolt EUV and a new 2024 Rav4 hybred SUV. LOVE both cars. The RAV4 gets 42 MPG if I drive the speed limit and keep the electric motor on as much as possible. The Rav gets 530 miles on every tank of gas. The Bolt can charge up to 285 miles in the summer and 235 in the deep winter. We drive the Bolt about 75% of our driving around town.
Hi Viking I’m here in Brisbane. I live in Kedron on Brisbane Northside. I can tell you the car dealers in Brisbane are stuffed with cars. Dealers no longer have places to put them. They are now having to rent spaces in nearby business to borrow space. It’s amazing how many ice cars there are.
Just checked the numbers for the German car market. The numbers overall for cars registered in comparison to July 2023 went down 2.1% in July 2024. The number of electric cars registered went down 37% year on year (probably due to lesser public funding for EVs). How did the market react in your country?
I haven't bought a new car since I bought a brand new Ford Mustang for $5,000. That was in the 1970's and since then I've only got used vehicles. But I'm not sure even if I got an electric truck whether it could carry 3,546 pounds, up hills, and how long the battery would last. I've got a 1 ton Dodge diesel now, and it carries that with power to spare.
There are people desperate enough to want to use those cars. There are more than enough people just in the US who need a car and don't have one or are driving lemons. But insurance pays more for them to gather dust than they would get as tax breaks to fufil that need. The luxury to turn down those cars is an example of economic privilege.
Depends on the company…Toyota has no inventory on most models. It is difficult to even test drive a vehicle to see if it’s what you want where I live. And its been like that since covid.
The UK market is up on 2023 YTD including petrol MHEV cars. BEVs are up 10% and the only segment down is diesel powered cars. There are NOT stock piles of vehicles in the UK and most cars are to order and not from stock.
Not so. Fleet sales are propping up the BEV market, private sales account for only a 3.6% increase from 2023. Diesel sales are up over 14% compared to last year. And a typical EV is depreciating at over 70% after just two years, compared to an ICE vehicle which will lose 40% over three years. The fact is that in the UK an EV is significantly more expensive to buy and run. Any useful EV (not the nonsensical 35kw city runabouts) will set you back over 35k new, compared to an ICE vehicle at around 25k. A full charge at a reasonable speed public charger will cost £60 (most people don't have off road parking to install their own) and get you 250 miles. A full tank of petrol costs £55 and gets you 400 miles. Tyres on an EV are done by 7K miles, as opposed to 25K miles on a regular ICE vehicle. By ANY measure an EV will cost you more to run. That's why nobody wants them. Also they typically cost 125% more to insure than an ICE vehicle. There are very few places you can get them repaired, even main dealers who sell them new can't cope with the volume of work coming through. An EV owner in the UK will wait on average six weeks for a common fault such as a 12v battery replacment. You can't just pop down to your local kwik Scammers and have it done. Even a "cheap" two year old EV will cost you more to own. EV's are a joke.
Hi Sam, Your UA-cam videos are a lot of fun. I have a Fit and a CRV, had a Civic before that. I’d like to have something super simple, sodium battery, hand cranked windows, no TV screen or a bunch of electronics. Nothing fancy at all. I live in the mountains so I need AWD and it would need to be inexpensive.
Agree. There might be a big market for EVs that are not connected to the internet. A car that does not tell me what to do with endless checks and beeps. Full Self Driving? Cracked it at 15 y/o
10 million vehicles are sold every year in the US ; 3 million is only a quarter's inventory. It takes about 6 weeks to get a vehicle from a domestic factory to the dealer, 3 months from Asia. Current inventory levels relative to sales are still lower than the average since the 1970s. Last year there was a chronic _shortage_ of vehicles. In 2008 there were over 10 million vehicles in inventory.
Nobody wants an expensive EV that you can't charge, especially if you don't have a garage. A trip to the grocery store for me is a 50 minute drive, 60 miles. Doing that drive in mid-winter in -5 F temperatures, with no chargers anywhere nearby would be a nightmare. I'll take a reliable ICE car with no "software" any day over an EV. When an EV gets to 200,000 miles or so, they are "throw aways", who would want it?
Our grocery store has fast chargers, so i would shop while charging. You are cherry picking a worst case scenario. There are plenty of cases where they are practical.
My wife and I drove from our home to Panama City FL last year, 14.5 hours non-stop, 933 miles. We left at sunrise and arrived before dark. We did it with 2.5 tanks of gas since the car goes about 410 miles on a tankful. The average temperature along the whole way was 95F to 101F, so running the AC the whole way was a must, that never shut off. Also having the stereo playing the whole way was a must. And for safety reasons I always drive with headlights on. Also only 50% of the drive was done on Interstate highways, the other half was done on two lane roads for the scenery. We literally did not see a single solitary sign on any road indicating EV refueling, not on the Interstates, and forget about two lane backroads having a charger. This is a typical great American road trip I grew up on with family vacations. Also hit a few truck retreads on the road which scraped the car bottom, no problem, just keep going, glad there was no $20,000 battery case under there to get dented. Also the car has 120,000 miles on it, I expect an EV to not have any degradation in range after it has 120K miles as well.
Here in the USA, it seems most OEMs have drastically reduced EV options and are pushing ICE/Hybrids, no thanks. I have already owned four EVs since 2017 and will never go back to ICE. I have been shopping for a new luxury EV and was originally planning on purchasing in 2024 but after disappointing responses from dealers, lack of support for NACS charging ports or adapters that have been delayed, I have decided to wait until 2025 or later. It also seems that there are a large number of new EVs with superior range and new battery tech that are scheduled to be coming to USA in 2025 - 2027. Most OEMs have also stated that EVs manufactured in 2025 and beyond should have NACS charging ports so waiting is a better option.
Honestly who has $950 a month for a car payment on top of all your other bills. I can’t pay.half my income each month just for a car.Being disabled it’s not like I can go make more money!
My 1991 Mercedes SEL that we bought in October 1990 still runs well enough for me to have kept it this long. Of course, I had major work done to it about 15 years ago, parts have been expensive, and labor, too. I will be buying a PHEV or EV for my next car in 2025, and it won't be a Mercedes. It will be a safe car that requires minimal upkeep.
The Bank of Montreal is exiting the retail auto finance business, as it looks to redeploy resources to areas where its “competitive positioning is strongest.” The Montreal-based lender will cease making consumer vehicle loans, but continue offering financing for dealers, BMO spokesperson Jeff Roman confirmed Sept. 15.Sep 15, 2023
People want cars, but nobody can afford them right now. We can't justify buying a car when we can barely afford groceries and other necessities. Buying a car instead of paying your rent or mortgage is just utter folly. Between food and housing, new vehicles have become a luxury item for most in North America.
Why do people buy cars they can't afford on borrowed money? Just buy a second hand one that you can afford to buy with cash. I've never bought a new car, in fact I've spent less in 40 years than some people waste on one new car.
In my case it was because I bought the car at 5% and invested the cash I would have spent and got a 15% yearly return for the last 4 years. That's why. 😂
OK…I’ll give you a little insight as to how there is an economic gulf in this country that grows wider…every day. I actually bought, not leased a Tesla last month. BUT, as was established by my grandfather, he set up a “loan company”. So I buy things and pay this company with interest. The interest is accrued as “profit”…right? So I deduct the interest paid at the end of the year, then take a “bonus” in the 1Q of the following year, getting the money back😁 And when republicans passed the “middle class” tax break, the corporate tax rate was virtually cut in half, so we paid half in taxes that we did before🤣
One element many people overlook, is young people turning to alternative forms of transportation. There are a number of these money saving alternatives. Some of them are cars that people car share. Another is e-bikes, while e-scooters are another different option. Some people will use a combination of these, especially young city dwellers. Of course there is also the the old standbys of Uber, Lyft, and regular transit to add into the list. With all of these options available, and city parking being at a premium, some city dwellers have no personal automobile. Instead they use one or more of the options that I just listed. The popularity of this money saving movement has been growing, and as it grows more, and more people don't need a personal vehicle. (I didn't mention robotaxies, because they aren't available everywhere... yet. Just ANOTHER option when they are available everywhere. Sam you really ought to look into alternative EV transportation.
I have rural property. I want to find a simple electric ATV. I’m tired of having to pay a premium for all the gadgets in cars these days. Electric doors, windows, moonroofs, heated seats and steering wheels are all nice, but who wants them if the car is over $40,000? When you have to take out a loan the length of the useful life of a car to buy it, you never really own it. Ridiculous. These manufacturers have lost touch with the needs and wants of customers. And so has the government with all of its required safety crap. Insurance loves higher priced cars as their premiums go up too. All crap. Most of us have just had it. Better to use a bicycle these days.
I’m a Canadian truck driver, and I can tell you business is really slow. All the auto parts factories that I deal with on both sides of the border have cut all overtime since the beginning of the year. Inflation has robbed almost every one of any extra money to spend on these overpriced new vehicles. I mean a hundred thousand dollars for a new pickup truck is obscene. Between the greedy auto manufacturers and the greedy auto unions who demand ever better pay packages when they are already making double what their counterparts make, their chicken have come home to roost.
I visited our local Chevy dealership in Arizona, to see the new Blazer and Equinox EV’s, which look great! The dealership had dozens of ICE trucks that have been on the lot for several months. Funny that the sales rep said their manager wants to get rid of their several EV’s that sell almost the minute they hit the lot while the ICE sit on their lot for a year.
$50k and up instant depreciation. Who needs trucks when small business going out of business due to COVID, crime and retirements. A boost in pay doesn't always compensate for product price inflation. Housing and food have higher spending priorities than a new truck.
A statistic out of context is a pretext! Yes, new vehicle inventory has grown from 0.9m to 3m in USA. However, in 2023, total new vehicle sales in the USA were 15.5m. At that rate, there is a stored supply of approximately 2-3 months. When they had less than 1 million cars in inventory, it was a problem, because they only had around 20-25 days supply of vehicles.
When inventory is over 60 days, it's a problem. 3/15= .2x365=73 days That's a problem so expect reduced prices, reduced orders and reduced shifts at auto factories.
@@robertsheperd502 I agree. My point is that Sam is making a big deal about a number in.a vacuum. When looked at in context, it is pretty obvious how to manage it.
What is the usual cycle of inventory at the onset of a recession? This inventory in America is far more likely to be related to the economic cycle than replacement by EV sales. Given all the investment needed for legacy automakers to update their product line and the cost pressures intensified by costly labor agreements, it is not a happy time for legacy automakers in America.
@@andrewsaint6581 The increase in US EV sales in 2024 v 2023 is not large enough to account for more than a small percentage of the movement from 900K to 3M vehicles in inventory.
@@andrewsaint6581Tesla sold 1.3 million EVs in 2022. Then Tesla sold 1.8 million EVs in 2023. That's more EVs than Ford sold in trucks. Tesla won't be going out of business any time soon as they're still making a profit on EV sales.
@@carloscastelo861 Nah. The future is electric but we will need to wait a few years until the batteries can charge in 10-15 minutes and go 400 miles between charges.
I don’t get it. In the UK you go to a dealer and sit down and ‘build’ your order. This allows you to add whatever extras you want, and your order is then sent to the manufacturer. You are then given a build date, and you can even get a notification when your car is being built. You are given a delivery date and arrange a pickup date. I did this earlier this year when I ordered my Skoda Enyaq. Essentially your car is built for you. Why would you build cars that nobody has actually asked for?
No everyone can wait months for a car to be built. You're talking about custom order. There would be people who would buy certain build outs off the lot.
@@Trust_but_Verify this was just a Skoda, and every Skoda I have owned was built this way. For a few years I was lucky enough to drive Jaguar F Paces and they were built the same way.
You leave out reasons Sam. Chinese EV sales are MANDATED. ICE would compete if there WAS a free market in China. There is not. U.S. has inventory of high dollar vehicles. Not base vehicles. Interest rates are high and covid high prices have driven most out of market. A crash WILL happen because of pricing and interest rates. No lack of demand. U.S. does NOT want E.V. Not the way in short term. I hope Chinese EV's NEVER get a foothold in U.S.
For decades GM, Ford & Chrysler have been ignoring customers & making available just a select range of specifications & styling for purchase. Since the 1990's they've been forcing their Japanese competitors down the same pit with grotesque styling & terrible reliability. Today's automotive industry just flat-out stinks!
Nobody wants to spend the money on overpriced products. That is what it is. It is not because we are in crisis. It is because the consumer is fed up with the prices we are paying and I am personally fine with driving a paid off car.
I have been trying to buy a new car for a month now, and no dealer wants to sell at a reasonable price. Both the ICE and EV inventories are overpriced, and nobody wants to deal. There are so many fake sales out there on EV's, like they tell you it is $7500 off, but when you call them, that is the EV rebate, not a sale price. When you buy any car, it depreciates immediately, such that after just 2k miles, it drops $5k in value. That means that a used car with 2k miles on it, costs the same as a new car due to the interest rates being higher on used cars. Yet when you try to buy a used one at the dealership, they won't drop their price to make it a good deal, and they offer you $5k under THAT for the same trade in. It is really messed up. Some of those used cars have already been on the lot for 6 months, and they STILL won't deal on them. Lot rot is horrible.
Two reasons why no one wants to buy new cars now. The first is they are too dam expensive. And second reason interest rates make the cars even more expensive. That goes for electric cars and gas cars,,,,,,,,,,,,,,,,
The best solar company in Australia just installed my new solar system.
Check them out here: www.resinc.com.au/electricviking
How much discount did you get for this post series? 100%?
HELLO 👋 I AM SO PROUD OF THIS WHOLE THING 😎👍🫵 YOU ARE DOING GREAT WORK 💯✅ SAM EVANS YOU HAVE TOLDED THE TRUTH WHAT WILL HAPPEN IF POSSIBLE DECLINED IN INTERNAL COMBINATION ENGINE (ICE) HOW PEOPLE STILL DON'T UNDERSTAND WHY THEY ARE NOT GOING TO BE AROUND LONGER THAN BEFORE ESTIMATED TIME AGO SINCE THE BEGINNING OF THE RISE OF ELECTRIC VEHICLES (EV) IS GREAT FOR EVERYONE WHO UNDERSTAND THAT THOSE WHO STILL BELIEVE IN THE FOSSIL FUELS CARS ARE GOING TO BE GOING EXACTLY TO THE STORAGE COLLECTING DUST AND GETTING OLD REAL FAST FOR THE THE TIME BEING 👏🎉
people can't afford new cars at all.
Yes my new car is 9 years old. My old car is 20. No new,anything here
Tata, lol.
The American people don't want overpriced vehicles but we do want affordable vehicles
Toyota Corolla and Camry are still affordable.
@@williamquemuel7824they are becoming overpriced as well
@@dnn32 2025 Toyota Corolla in my area goes for $28K and 2024 Toyota Corolla hybrid goes for under $26K. That is a pretty affordable to me. The Camry’s are slightly higher.
cheap cars are an E X T I N C T I O N level event
@@williamquemuel7824 it is overpriced from what they used to sell. Those prices used to be camry/Honda accord. It looks affordable but you pay a downgrade model for that money.
I have a very old car that I paid for a long time ago and it still runs well. To go into debt for a new one doesn't look appealing to me at all. I think a lot of people feel that way.
I agree. I have a 2014 Jetta, works fine. Why spend 40,000 on a new car?
Living within ones means, means a good-night's sleep!
I have two 20 year old cwrs that runs like a dream...no shift gear or engine or oil leak problem...dont see the logic in buying a new one.
My VW Beetle is an antique at 25 years old with 294,000 miles. Keep running, please!!!
@@kitburns1665 every year new oil and a new distibution kit every 70 .000 miles and you ar good
The 3 or so million people in the U S that work for Walmart and McDonalds
can't buy cars! ( NO Money)!
Because those jobs are for low skilled workers like young adults and students etc. Those jobs are not for someone raising a family. if you are and have one of those jobs, well, your not doing well in life probably do to your poor life choices.
@@jstar1000 McDonald employee in Canada make over $20 an hour, so yes they can buy cars.
@@jstar1000Yes…you’re correct but how much “skill” did it take those before us to screw a bolt on one assembly line car after another? Yet I see in today’s dollars a UAW worker earned over $1,600\week in the mid-60’s…screwing on a bolt in the assembly of vehicles.
@@Skyking6976 Unions. And people who remember the 1970s also remember WHY Ford / GM etc became LESS vertically integrated. (Because the UAW DID drive costs up uncontrollably). The "benefits" list for UAW used to include some utterly insane things.
@@jstar1000 Yup. Choosing NOT to be born into an upper middle class white American family is one of the worst decisions you can make. And getting disabled by serving your country (in one of it's "oil wars") is another.
Nobody wants a 100k Jeep, does not mean nobody wants cars.
Yeah only people ya see driving a Jeep, is someone who is related to a machanic or young girl that has no clue about cars and trucks.
Depends on what there is available to buy. For the most part, USA manufacturers are only trying to sell the high end stuff to people who neither want or can afford them.
A BAIC BJ40 resembles a Jeep. Cheaper too.
Car Prices and Interest Rates are the cause for the glut. Manufacturers need to reduce prices by 20% at a minimum and 40% as a realistic number. 100,000 dollar trucks and Jeeps and SUV’s are too effing expensive. ** Subsidies for EV’s are a big incentive to buy one, but EV’s still need to have at a minimum of 300 + real world range** Audi, BMW, Porsche, MB and VW all are producing EV’s but they are terrible for a range / price.
One dealer has 3,000 fleet spec cars they can’t sell so want to return to Ford .
The number 1 reason is that people don't have money and the prices of cars have jumped to high.
It's not that we don't want new cars, it's that we can't afford them
For Kamala, that’s pure joy. 😂😂😂
As a life long Honda motorcycle tech working in dealerships from 1971 to 2009, I bought a 2022 Chevy Bolt EUV because after carefully studying, I decided it was the best, most reliable car on the market and cheapest to operate. I have a REAL Jeep Cherokee for highway and only use the Bolt for local driving. About 90% of my driving. It has been a great money saver for me, and as a mechanic, I LOVE the lack of maintenance demanded. I have had to fill the washer bottle and rotate the tires. Damn!!
Have you had the battery replacement? How was that process?
@@bobsacimano4104don't believe the naysayers. EV batteries last longer than car engines! When was the last time you replaced your car engine? (Plus batteries are 95% recyclable, practically eliminating future mining)
Did you just say you bought a second car to save money driving your main car 😂. This is why people are so broke. With what you spent on the second car plus insurance you are absolutely losing money plus depreciation on 2 cars. Public schools seriously need a class in money management….
@@nickv8816Not true. Once both are paid off, there might be a decade or more with no debts and low maintenance costs. The ICE is hardly used and EVs are low cost city cars.
@@mefobills279 lol whatever you need to tell yourself. You’re obviously not very good at math
The real problem is all the junk tech added to vehicles, ICE and EV, has made those vehicles problematic, expensive, and undesirable. From start/stop, panoramic sunroofs, adaptive cruise, "self-driving", lane departure, distracting screens,.... It has made modern vehicles into an overpriced rolling pile of problems.
Well said. They overcomplicated cars with electronic features.
Ice cars maybe. Not evs. I use all my tech. In fact studies show the tech is desirable.
@gokhanersan8561 they've been electronic for the last 30 plus years.
@@paulevans7560 Not all "electronics" are the same. Traditional speed based cruise control almost never breaks and works fine. Whereas, adaptive cruise control is a breaking house of cards that causes unnecessary expensive repairs while convincing drivers to use cruise control when it is unsafe.
@@paulevans7560 Studies show that everything is desirable until it blows up in your face, sometimes at the worst possible time.
I think nobody can afford cars now. It's just too expensive whether it's ICE or EV. Plus recession is coming.i'd buy used cars rather than new ones.
There will be no recession in Australia.
Especially when you know that in max 5 years, ICE vehicles will be worthless, so better buy a used BEV in the meantime until new BEV will be much lower in price than ICE vehicles.
they are used model 3s for 16k on tesla website. thats a great deal
But EV sales are up 20% competition to last year. So fact is that demand for fossile fuel vehicles are going down as the total market hasn't grown.
Which is great news
that's right, it's a worldwide phenomenon, and with the looming global conflict in the horizon, being able to afford a car might be the last of out concerns
I wanted to buy two new pickups. They were close to $100,000 each! That’s crazy. I take perfect care of my equipment. I’m keeping them. The dealers tried to screw me with $400 for special air in the tires and a rip off paint protector for another $300. I walked. I am pissed.
Stealerships. No wonder people are buying Teslas!
Nitrogen filled tires are a total scam because the tires already contain about 80% nitrogen.
@@enigmavariations3809 I know. We are breathing it right now. The Stealership called me a few days back wanting to make a deal. I’m keeping my trucks. They run perfectly and I take excellent care of them.
67 % of Americans can NOT afford ANY New or Used car. PRICES are EXCESSIVELY TOO HIGH...... PERIOD...........
Prices will be coming down. Be patient :)
If the internal combusion engine was invented today, it would be seen as a massive step-change in long-distance, quick-recharge motoring.
My 2011 Toyota RAV4 is still in great shape,needs some suspension work but it’s PAID FOR! I have no interest in buying a new car,too expensive and then there’s the interest rates. Nope I’ll keep it till the wheels fall off.
Electric Viking has officially lost his mind. This is the first time I'm hearing somebody say "Corolla is a junk car. Who will buy them" 😂
Agreed I love the new Corolla look it's much sleeker than these big fat SUVs
Most reliable car in history.
It’s largely about their (un)affordability for the mass markets, rather than any wishful switch to EVs.
That may have been a very reasonable perspective in the past.
But now there are new EV's available that sit at price parity (or less) with comparible new ICE vehicles. At least where I live that is the case. It doesn't look like the opportunity for reducing EV pricing is going to stop any time soon either.
Add on top of that it costs significantly less to own and operate an EV.
@@BrentonSmythesfieldsaye All cars are now very expensive compared to a few years ago. Charging EVs in UK is expensive (no solar and traditional electricity is dear). Other running costs (depreciation, insurance and repairs) are also higher on EVs than ICEs. All this may change in future, who knows, but that’s the current (nEVso pun intended) position.
@@roybatty2030 From what I have read and heard, many of your compatriots express a different experience in the UK. But there you go, perspectives abound. Have you actually done the numbers comapring both ice and EV?
I am in Australia. My son bought an EV earlier this year and we have been doing the numbers. His overall comparitive financial position has improved significantly since he began driving an EV, taking into account all the factors you mentioned. That holds true even if rooftop solar charging is not taken into account, which otherwise improves his financial situation further. Electricity isn't cheap in Australia at this current time either by the way, which is to be expected while a systemic energy transition process is in progress. The cost of petroleum products keep climbing and separating further and further from electricity pricing. The is no indication of that growing separation ceasing.
@@BrentonSmythesfieldsayeWhat about the slaves in the Congo? You dont care?
@@markmiller8903 What about the exploitation, health damage and deaths suffered by native peoples, their lands and environment, by the petroleum industry all around the world? You don't care, still using numous products of petroleum orgin? I hear your complaints when EVs are involved, but for other serious negative impacts related to other products..................all I hear is crickets!
Here is a tip for you. If you think the matter requires attention, then by all means confront the government representatives of the Congo, that if as you claim, allow their citizens to be so exploited. I am powerless to answer for them!
You are welcome.
The US is insane. In my neighborhood I have a neighbor that owns 5 or 6 cars. Other neighbors have cars parked on the street that haven't moved in months. There's SO many cars - why do mfgs think we need MORE cars? The inventory is already nuts.
yellon forgot domestic overcapacity
0:47 what that means? -------------------------------- overcapacity with color face
After paying your rent or mortgage, who can afford a new car.
Stop buying Trump merch and you'll be fine.
Your furor trump can afford lots of cars
Mortgage
@flyrodmike True, however, almost every man in 1950's America could afford 5 children a stay at home wife, a new car, and a paid off house within 9 years.
Shome how everything was made in America 🇺🇸 & families were much better off, even without modern technology such as the cell phone.
Um... I can. I can afford the mortgage, and the new car. Why can't you? Just get a job that is not minimum wage. Also, be childless. I know Elon wants everyone to have children, pay me $5k a month for 18 years and I will have one. Otherwise, no.
Mr. Viking I hate to tell you this, but my car is not crap! I drive a hybrid Camry and I have a lot of Customers Who Dr., Teslas some of which have been in the warranty shop many times and I have almost 200,000 miles on my car and zero that’s exactly right zero! so you can badmouth Toyota you can badmouth Nissan you can badmouth all of these people except one thing that some of the engines are better than electric cars until the technology comes another 10 years face it! I have no problem with Tesla. I love their innovation, but sometimes the comments you make are a little bit off on another world.
Once in a long while he makes sensible observations, but generally he is a pro-EV, pro-CCP shill.
He's insulated and doesn't understand the US car market. He sees vehicles not selling and he assumes that it must be because they're ICE. No, new vehicles are simply too expensive, regardless of manufacturer. Add in economic uncertainty, and you get the picture - nothing more, nothing less.
The US market is unique in that the majority of buyers have 0 interest in current EVs and will continue to do so until the government forces EV adoption or EVs improve in the metrics that a US buyer, living out in the suburbs with 2-4 kids cares about. Of course they're selling in China, the government mandates it and the average person works 996 and lives in a tiny apartment. It's a different market with different needs.
@prophotoservices hate to say this but hybrids and toyota ain't the bomb. They are complicated, have issues. As for hybrids, I'm sure of you knew your car then you'd know hybrid issues and those of toyota. Hybrids have the worst maintenance costs, highest fire risk, small engine, small motor, worst of both worlds.
Ev has fewer parts, lower maintenance costs, lowest fire risks (hybrids are 139x )
Google the shoddy ans scamms that toyota has done. It's like vw.. used to be a good brand 30 tp 40 years ago but now they're not. I say this having owned more tptotas than any other brand. Toyota ans vw have scandals more than other autpmakers.
Yea, both Cybertruck and F-150 are decent vehicles, one pick them because they are good, not because the others are worse.
Has nobody in the industry actually realized that the vast majority of the population are economically stretched to the limit? They’re busy putting food on the table and paying for roofs over their heads. There’s bugger all left over.
Yeah, but there have always been a huge segment of the population which is stretched. That segment almost never purchases new vehicles anyways - the segment of the population which can and does purchase vehicles still has a ton of excess money.
What we're seeing is that the middle-middle class and below are locked out of new vehicles. We do need to sell more new vehicles so that there's something on the used market for them.
The "segment of the population that is stretched" has expanded and far more of us are stretched as the so-called middle class continues to shrink. And let's not forget that the bulk of the money is in the hands of boomers who are retiring and dying. @Spocker93
The average price of a vehicle in the US has climbed way beyond inflation- Stellantis and Ford made the decision to dramatically increase average MSRP, its comeback to bite them. Ford has announced plans to bring small cars back.
What I have been doing for my vehicle is buying top of the line used high mileage Toyota Prius cars for two to four thousand dollars. I love the ones with a dead batteries because they are really cheap. In the USA, you can fully replace a prius battery for under $2,000 dollars with a 24-month warranty. These battery stores are everywhere. I have been buying quite a few, putting in the new battery and selling the cars to friends and family for tiny profit. Everyone loves the 50+mpg. Do your own research because some older years had issues, if you are smart and avoid the bad year models you get one of the top ten reliable vehicles for two decades reborn with a new battery for peanuts.
What's the longevity of the after market batteries for Prius? Do they last as long as OEM or you can modify it to be even bigger capacity?
@Trust_but_Verify there are many factors involved. Are you buying remanfactured or genuine Toyota new? Your climate and your driving habits. Do your own research, I buy my batteries from HomeTownHybrids in Dallas, Texas who provides the warranties sell both new and reman batteries.
Greatest mistakes of car manufacturers in the last 4 decades are ; 1 Small cars make small profit. 2 Electric cars will not sell. So small cars do make hugh profit and electric cars do sell.
In Canada my local Ford and Gm dealers have lots of vehicels on their lots but they are all trucks and all around $70,000 or more. The local Nissan dealer has had hardly anything on there lot for the last year or more. My sons friends just bought a used tesla for a really good price and just loves it.
My 2001 Commodore Exec 330.000Ks still goes great
I've looked after it !
There's this thing called survivorship bias
So does my 1984 commodore 64 but Im not using it to make this post : P
@@Leafbinder That's exactly what I thought. Though it my case it is a Commodore VIC-20
I bought my 2001 VX V6 auto Exec Commie new, and I'm still driving it at 295,000K. I've looked after it and it looks after me.
@@Leafbinderand here in lays the problem. EV,S with all their software will be all good until the time when they stop doing updates for older models and they brick!
I wanted to buy a Corolla hybrid in Australia in May 2024. I asked the dealer how long it would take to get one in. His answer was six to nine months. How long was the wait for a Yaris Cross Hybrid? Twelve to eighteen months. So there is still huge unmet demand for ICE vehicles, but it has to be the right one.
Anyway, I wandered over to the Mazda dealer and the waiting time for a Mazda 3 was just two weeks, so I placed my order and am enjoying the car right now.
You will be lucky if Mazda is still in business in 2 years. Just keep polluting with ICE
most japanese cars have been discovered with faked engine and safety data.
As far as it goes with Toyota, it may not be demand. It’s just that Toyota is in a world of trouble. Most indebted company in corporate history, endless recalls and being prosecuted for falsifying emissions and safety record records. Maybe they have other things on their mind other than delivering cars.
Same in the uk with some models, you have to wait months, no massive car parks here!
Good for you. I’ll keep driving my 2009 Toyota Aurion. It’s available immediately.
A lot of freedom, money saved and environmental savings in not buying anything new.
The 3 million is 76 days of inventory which isn't huge for the USA. E.g. Dec 2018 was 69 days. You can't look at the pandemic affected years as supply was abnormally low.
But, inventory is above normal and growing.
Dealerships in Canada pretending there's a high demand of cars but shortage of new cars supply.
To over charge every customers walking into the showroom with overly inflated prices above the sticker price.
That's why I liked Tesla's transparent pricing and doesn't need to deal with a sales person. I buy at the price I see.
My brother told me a friend of his just came back from China and told him that China is full of EV's, they are everywhere. In south America people are seeing more and more EV's. Also this new generation doesn't want to own cars, they are opting more and more for ride-sharing. Most ICE manufactures have billions in debt, it is a matter of time before they are in trouble, I say in 5 to 10 years, maybe sooner. Looks like the only refuge they have right now is the United States.
Won't last here in the US. for long. The main thing the govt needs to do is legislate (and financially support) the installation of EV charging for apartment tenants. Once that happens EV adoption will be huge. The cost of EVs keeps going down as battery prices are nose diving still.
Yes, I have personally seen the younger generation aren't even interested in driving. Which is a good thing overall for their personal health and financial health as car ownership has a long list of expenditures beyond the initial purchase price.
Moreover, once cheap automated robotic AV taxis arrive, I will sell whatever vehicle I have at the moment, so 95+% of my transportation would be AV taxis at that point. I'd rent an (EV) truck, SUV, minivan for rare special jobs.
Chinese EVs are basically golf carts and tend to catch on fire dramatically. If China's government says you're going to do something, you don't really have a choice in the matter.
@@nickmcconnell1291Grid can't handle the load. And where is all that charging power coming from? Do you even realize the size wire required to provide the amount of charging current required for that many EVs?
@@Bill-q2c Did you know it is now cheaper to put in a solar farm and battery storage (to handle peak loads) than it is just to continue to operate existing power plants of any type?
It actually would save money to mow down the existing ones and put in renewables. So there's your answer. However what does the U.S. do? It blocks the best made and cheapest cost solar panels coming from China.... the panels that are now so cheap in Australia that almost everyone with a home is buying and installing them. They then use that solar power to charge their EVs.
Having given the solution to generation, the grid can be massively upgraded by just upgrading to the latest cross country high tension wire type. Just doing this alone will double the amount of power that can be conveyed. Watch a channel called "Just Have a Think" the one entitled "ReThinking Electricity Grids". Good info there.
Maybe somebody can help me understand this, as I see it reported over and over that "X amount of people are underwater on their car loans." The moment somebody drives their car off the lot, with the exception of somebody receiving a 7500 rebate, isn't EVERYBODY automatically underwater on their car loan?
Stop rebates and any tax incentives for EVs
@@rayellebishop8168 not sure you really explained anything
@@videosuperhero100 Absolutely correct, but this guy does not let facts get in the way of his biased narrative. He also fails to mention how much EV sales have been propped up by taxpayers helping to pay for those who can afford EV's through subsidies.
@@tonybloomfield5635 I have heard that Federal Government agencies must buy EVs when replacing older vehicles.
Artificial demand to show EVs sales are up.
@@rayellebishop8168 No doubt this is the case in Australia across federal, state and local government. I actually have much less problem with that than my taxes helping wealthier people buy Teslas. The EV subsidies take tax from the poor to give to the rich. Effectively it's a reverse Robin Hood scam.
It’s not that people don’t want a new car, it’s that they don’t want to go into heavy debt to get something mediocre.
Smart people would stay out of vehicle debt, but most people aren't smart. Or they actually use their vehicle for work purposes and can use that debt expense and operating expense as business expenses for income tax deduction, but that's not most people.
During The Covid Plandemic the auto manufacturers doubled or more the price of a new vehicle.
The dealerships acted badly and added addendum stickers with a huge price up charge and thousands in useless options.
The up charges may have mostly disappeared but the crazy stickers prices haven't.
I cope by buying a Tesla Y during the huge sale last March. It was 30% sticker.
I spent $10,000 making my old Tahoe perfect. I will drive that five more years.
You will see a fast turn around to a bunch of entry level cars like you had in the past . A lean towards volume to make money . Insurance companies charging higher rates is taking purchase power away from the middle class along with interest and bank tighting
I find it amazing that when vehicles cost as much as cheap houses from a decade ago that, anyone is surprised that they are not selling.
It seems to me that the coming crisis for legacy auto companies is going to totally devestate them.
that includes EV mate
Beware of "lot rot". You may have to do $3,000 worth of fluid, tire, hose, and belt replacements in your "new" car because it sat without being driven for over a year.
The ones that are underwater bought at jacked up prices during CzoVID at high interest rates if the were sub prime credit. They can’t make the payments because they couldn’t afford it in the first place. You are only underwater if you need or want to get out of the car.
I had multiple $100k cars over the years. Now I drive a used Prius. Used to see new cars on the road constantly. Now rarely do I see a new car.
People are holding on to their money. Food, housing and bills are to the roof. At the moment people are struggling. They are not going to splurge on an expensive car, ICE or electric.
Ironically manufacturers raised the prices of ICE vehicles aggressively to pay for their EV transition of which they are losing a fortune.
The costs went through the roof. Our paycheck barely moved. It's not that we don't want them. They have increased prices out of our reach.
A 2004 crown victoria costs 1200 usd. I've had mine for 8 years. It looks like crap runs like a top. It will probably out live me.
This is exactly why i just purchased a tesla model y. You can get a base model here in the U.S. for only 30k after the tax incentive. I only pay $9 to fill up(80% charge). That's a $450 savings in gas every month for me, maybe more for you. My only maintenance is the windshield washer fluid. No oil changes, no power steering fluid changes, not even brakes shoes. My friend has a model s with over 300k, and he still has the original brakes. For those who dont realize, you drive a Tesla with rarely touching the brakes. Ive put almost 4k on my new Tesla and hve mayve hit the brakes 7 times. The motors are so powerful that when you let off the acceleration pedal it uses the motors to put energy back into the battery. I can be doing 45mph and let off the pedal and the car will completely stop in about 50ft all by itself. It will only use the brake when it comes to a complete stop to put you in "Hold" mode. Its basically like when your at a stop light in your car and you're not moving because you have you foot on the brake. No other maintenance is required. Think about all the money you spend at 25k maintenance, 30k maintenance 4k maintenance, and so on. This car is also crazy fun to drive. The only out of pocket cost was have a charge plug put in tmy garage wall. That only cost me $275. Im never going back to ICE
The charge plug is tax deductible under the IRA also.
When you include insurance that car is too way too expensive for 70% of the US population. EVs will continue to be the play thing of the very well off and wealthy.
You are in good company with the rest of the car buyers globally. In 2023 Tesla model Y was the most sold car model globally.
You don’t become no1 in the world by selling mediocre products, it has to be a top product when you compare all the metrics, Tesla model Y is a winner, even in China
If the price is right and mid size or bigger I mean 15,000 below msrp?
There is price control in America, but it is designed to keep prices UP!
EV are so expensive in Canada.
A Chevrolet bolt starts @ $41.577.00
That is insane.
Nissan Leaf starts ! $41,748.00
" GM Canada supports potential tariffs on Chinese EV imports amid market concerns "
GM Canada is concern no one will purchase their inferior EV over the Chinese ones.
Hence Canadian have to pay more due to GM Canada's encouragement to slap tariffs on imported EVs.
Nobody can afford, they greatly understate the economy here and how everyone is struggling to make it by but cars have gone up on average 20%-50% over the last 3-5years. That and interest rates have gone from being easily get 0 to 3.9% to now around 6% for a new loan and 12% for a used here in the states.
Just signed a contract to purchase a Zeegr X here in Thailand, test drove today , nice dual motor , nice , 1.35 m thb or 38000 usd converted , price ok, - trading in our Mitsubishi Pajero sport 2.4 , 4 years old 60 k klm good shape - they say dealer has a buyer next week . ok 1 down and 1 to go - hopefully diesel doesn't go up alot more - seen a pop of 20 % since early this year - no more B7 diesel at 30.55 thb a litre, excited to take delivery next week.
Zeekr X is a nice car. Good choice.
@@manimalworks7424 it is quick , fastest car I have ever owned, so nice to get out in front of these drivers here , wowowowo so fast off the line
I drove by a Chevy dealership while creeping through traffic yesterday. There were rows and rows of vehicles with caked on dirt. At least 15 rows about 9-12 vehicles wide. It looked crazy. They look like they have been sitting there for ages.
I live in Southern California and have seen so many cars on Ebay go unsold. Cars that went for 10k Last year go unsold at $3k to $4k. They are relisted at lower and lower prices. The new car dealers are being kept afloat by fleet sales. $60k bare bones white trucks. While 45 minutes away in Tijiana Mexico, i can buy a great chinese MG zs for under $20k new.
I bought a new Chevy Bolt EUV and a new 2024 Rav4 hybred SUV. LOVE both cars. The RAV4 gets 42 MPG if I drive the speed limit and keep the electric motor on as much as possible. The Rav gets 530 miles on every tank of gas.
The Bolt can charge up to 285 miles in the summer and 235 in the deep winter. We drive the Bolt about 75% of our driving around town.
1.
In-ven-tory
2. The American UA-cam channels have been reporting this for the past 6 months.
It is just the beginning ,next step is you can not afford not just new car but run the old one .
Hi Viking I’m here in Brisbane. I live in Kedron on Brisbane Northside. I can tell you the car dealers in Brisbane are stuffed with cars. Dealers no longer have places to put them. They are now having to rent spaces in nearby business to borrow space. It’s amazing how many ice cars there are.
3M cars at say 30k each is $90B, that's a lot of money given the debt most car companies are in already.
I suspect that the dealerships incur the debt. The automakers sell to the dealerships.
Just checked the numbers for the German car market. The numbers overall for cars registered in comparison to July 2023 went down 2.1% in July 2024. The number of electric cars registered went down 37% year on year (probably due to lesser public funding for EVs). How did the market react in your country?
I haven't bought a new car since I bought a brand new Ford Mustang for $5,000. That was in the 1970's and since then I've only got used vehicles. But I'm not sure even if I got an electric truck whether it could carry 3,546 pounds, up hills, and how long the battery would last. I've got a 1 ton Dodge diesel now, and it carries that with power to spare.
There are people desperate enough to want to use those cars. There are more than enough people just in the US who need a car and don't have one or are driving lemons. But insurance pays more for them to gather dust than they would get as tax breaks to fufil that need. The luxury to turn down those cars is an example of economic privilege.
Nobody can afford a new car
It's a worldwide phenomenon where alot of the Middle class are having economic problem
Then buy used
Go buy used Honda 😊😊cheap to keep and not on hi theft list
Depends on the company…Toyota has no inventory on most models. It is difficult to even test drive a vehicle to see if it’s what you want where I live. And its been like that since covid.
This is a sign of recession when automakers start building inventory which has no keen buyers.
NO..... GREEDY manufactures pushing up inflation because idiots pay
0:47 what that means? -------------------------------- overcapacity
People are hunkering down, needs and wants ...
The UK market is up on 2023 YTD including petrol MHEV cars. BEVs are up 10% and the only segment down is diesel powered cars.
There are NOT stock piles of vehicles in the UK and most cars are to order and not from stock.
Not so. Fleet sales are propping up the BEV market, private sales account for only a 3.6% increase from 2023.
Diesel sales are up over 14% compared to last year.
And a typical EV is depreciating at over 70% after just two years, compared to an ICE vehicle which will lose 40% over three years.
The fact is that in the UK an EV is significantly more expensive to buy and run. Any useful EV (not the nonsensical 35kw city runabouts) will set you back over 35k new, compared to an ICE vehicle at around 25k. A full charge at a reasonable speed public charger will cost £60 (most people don't have off road parking to install their own) and get you 250 miles. A full tank of petrol costs £55 and gets you 400 miles. Tyres on an EV are done by 7K miles, as opposed to 25K miles on a regular ICE vehicle. By ANY measure an EV will cost you more to run.
That's why nobody wants them.
Also they typically cost 125% more to insure than an ICE vehicle.
There are very few places you can get them repaired, even main dealers who sell them new can't cope with the volume of work coming through. An EV owner in the UK will wait on average six weeks for a common fault such as a 12v battery replacment. You can't just pop down to your local kwik Scammers and have it done.
Even a "cheap" two year old EV will cost you more to own.
EV's are a joke.
Hi Sam,
Your UA-cam videos are a lot of fun.
I have a Fit and a CRV, had a Civic before that.
I’d like to have something super simple, sodium battery, hand cranked windows, no TV screen or a bunch of electronics.
Nothing fancy at all.
I live in the mountains so I need AWD and it would need to be inexpensive.
Agree. There might be a big market for EVs that are not connected to the internet.
A car that does not tell me what to do with endless checks and beeps.
Full Self Driving? Cracked it at 15 y/o
10 million vehicles are sold every year in the US ; 3 million is only a quarter's inventory. It takes about 6 weeks to get a vehicle from a domestic factory to the dealer, 3 months from Asia.
Current inventory levels relative to sales are still lower than the average since the 1970s. Last year there was a chronic _shortage_ of vehicles.
In 2008 there were over 10 million vehicles in inventory.
Nobody wants an expensive EV that you can't charge, especially if you don't have a garage. A trip to the grocery store for me is a 50 minute drive, 60 miles. Doing that drive in mid-winter in -5 F temperatures, with no chargers anywhere nearby would be a nightmare. I'll take a reliable ICE car with no "software" any day over an EV. When an EV gets to 200,000 miles or so, they are "throw aways", who would want it?
Our grocery store has fast chargers, so i would shop while charging. You are cherry picking a worst case scenario. There are plenty of cases where they are practical.
True,but many people would find EV s impractical.
My wife and I drove from our home to Panama City FL last year, 14.5 hours non-stop, 933 miles. We left at sunrise and arrived before dark. We did it with 2.5 tanks of gas since the car goes about 410 miles on a tankful. The average temperature along the whole way was 95F to 101F, so running the AC the whole way was a must, that never shut off. Also having the stereo playing the whole way was a must. And for safety reasons I always drive with headlights on. Also only 50% of the drive was done on Interstate highways, the other half was done on two lane roads for the scenery. We literally did not see a single solitary sign on any road indicating EV refueling, not on the Interstates, and forget about two lane backroads having a charger. This is a typical great American road trip I grew up on with family vacations. Also hit a few truck retreads on the road which scraped the car bottom, no problem, just keep going, glad there was no $20,000 battery case under there to get dented. Also the car has 120,000 miles on it, I expect an EV to not have any degradation in range after it has 120K miles as well.
Prices certainly haven't come down.
Business cycles are normal but new to a younger generation. Makes interesting UA-cam content on a slow news day.
Here in the USA, it seems most OEMs have drastically reduced EV options and are pushing ICE/Hybrids, no thanks. I have already owned four EVs since 2017 and will never go back to ICE. I have been shopping for a new luxury EV and was originally planning on purchasing in 2024 but after disappointing responses from dealers, lack of support for NACS charging ports or adapters that have been delayed, I have decided to wait until 2025 or later. It also seems that there are a large number of new EVs with superior range and new battery tech that are scheduled to be coming to USA in 2025 - 2027. Most OEMs have also stated that EVs manufactured in 2025 and beyond should have NACS charging ports so waiting is a better option.
Honestly who has $950 a month for a car payment on top of all your other bills. I can’t pay.half my income each month just for a car.Being disabled it’s not like I can go make more money!
My 1991 Mercedes SEL that we bought in October 1990 still runs well enough for me to have kept it this long. Of course, I had major work done to it about 15 years ago, parts have been expensive, and labor, too. I will be buying a PHEV or EV for my next car in 2025, and it won't be a Mercedes. It will be a safe car that requires minimal upkeep.
Call Sam an “alarmist?” Banks are ringing the alarm too. Canada’s 4th largest bank stopped all auto loans through dealers- LAST September!
The Bank of Montreal is exiting the retail auto finance business, as it looks to redeploy resources to areas where its “competitive positioning is strongest.” The Montreal-based lender will cease making consumer vehicle loans, but continue offering financing for dealers, BMO spokesperson Jeff Roman confirmed Sept. 15.Sep 15, 2023
I’m not underwater my truck is 24 years old and runs great ……Another good show Sam
People want cars, but nobody can afford them right now. We can't justify buying a car when we can barely afford groceries and other necessities. Buying a car instead of paying your rent or mortgage is just utter folly. Between food and housing, new vehicles have become a luxury item for most in North America.
Why do people buy cars they can't afford on borrowed money? Just buy a second hand one that you can afford to buy with cash. I've never bought a new car, in fact I've spent less in 40 years than some people waste on one new car.
Keeping up with the jones 🤔
In my case it was because I bought the car at 5% and invested the cash I would have spent and got a 15% yearly return for the last 4 years. That's why. 😂
OK…I’ll give you a little insight as to how there is an economic gulf in this country that grows wider…every day. I actually bought, not leased a Tesla last month. BUT, as was established by my grandfather, he set up a “loan company”. So I buy things and pay this company with interest. The interest is accrued as “profit”…right? So I deduct the interest paid at the end of the year, then take a “bonus” in the 1Q of the following year, getting the money back😁 And when republicans passed the “middle class” tax break, the corporate tax rate was virtually cut in half, so we paid half in taxes that we did before🤣
One element many people overlook, is young people turning to alternative forms of transportation.
There are a number of these money saving alternatives.
Some of them are cars that people car share.
Another is e-bikes, while e-scooters are another different option.
Some people will use a combination of these, especially young city dwellers.
Of course there is also the the old standbys of Uber, Lyft, and regular transit to add into the list.
With all of these options available, and city parking being at a premium, some city dwellers have no personal automobile.
Instead they use one or more of the options that I just listed.
The popularity of this money saving movement has been growing, and as it grows more, and more people don't need a personal vehicle.
(I didn't mention robotaxies, because they aren't available everywhere... yet.
Just ANOTHER option when they are available everywhere.
Sam you really ought to look into alternative EV transportation.
I have rural property. I want to find a simple electric ATV. I’m tired of having to pay a premium for all the gadgets in cars these days. Electric doors, windows, moonroofs, heated seats and steering wheels are all nice, but who wants them if the car is over $40,000? When you have to take out a loan the length of the useful life of a car to buy it, you never really own it. Ridiculous. These manufacturers have lost touch with the needs and wants of customers. And so has the government with all of its required safety crap. Insurance loves higher priced cars as their premiums go up too. All crap. Most of us have just had it. Better to use a bicycle these days.
Dealers refuse to lower prices.
I’m a Canadian truck driver, and I can tell you business is really slow. All the auto parts factories that I deal with on both sides of the border have cut all overtime since the beginning of the year. Inflation has robbed almost every one of any extra money to spend on these overpriced new vehicles. I mean a hundred thousand dollars for a new pickup truck is obscene. Between the greedy auto manufacturers and the greedy auto unions who demand ever better pay packages when they are already making double what their counterparts make, their chicken have come home to roost.
People can't afford food or rent, so they can't afford cars. ANY cars.
from factory straight to graveyard? or strip for parts?
I visited our local Chevy dealership in Arizona, to see the new Blazer and Equinox EV’s, which look great! The dealership had dozens of ICE trucks that have been on the lot for several months. Funny that the sales rep said their manager wants to get rid of their several EV’s that sell almost the minute they hit the lot while the ICE sit on their lot for a year.
Because they can't make as much return sales on services and parts for EVs. The outdated dealership model doesn't work for EVs
@@brianliddell7938 Yup! Dealerships stay afloat with the cashflow from the service department. No service needed on EVs!
$50k and up instant depreciation. Who needs trucks when small business going out of business due to COVID, crime and retirements. A boost in pay doesn't always compensate for product price inflation. Housing and food have higher spending priorities than a new truck.
Good morning Viking! Always a great one,with you,and your/ our Truth, which can only tesult in better choices. Thank you, everlasting.
I’m just not paying today’s prices for new automobiles.
smart people are getting 30 y old taxfree good quality cars before governments go full rtrd with laws and prohibitions
A statistic out of context is a pretext! Yes, new vehicle inventory has grown from 0.9m to 3m in USA. However, in 2023, total new vehicle sales in the USA were 15.5m. At that rate, there is a stored supply of approximately 2-3 months. When they had less than 1 million cars in inventory, it was a problem, because they only had around 20-25 days supply of vehicles.
True, the trend line doesn't look good though
When inventory is over 60 days, it's a problem. 3/15= .2x365=73 days That's a problem so expect reduced prices, reduced orders and reduced shifts at auto factories.
@@robertsheperd502 I agree. My point is that Sam is making a big deal about a number in.a vacuum. When looked at in context, it is pretty obvious how to manage it.
My 2002 Mercedes E320 is paid for and is comfortable to drive. Pretty reliable.
Do you own your possessions or do they own you?
What is the usual cycle of inventory at the onset of a recession? This inventory in America is far more likely to be related to the economic cycle than replacement by EV sales. Given all the investment needed for legacy automakers to update their product line and the cost pressures intensified by costly labor agreements, it is not a happy time for legacy automakers in America.
What if it is a bit of both?
EV sales eat ICE 1 for 1.
A slowdown in ice numbers - EV sales = Legacy pain.
Even if ev makers croak like fisker.
@@andrewsaint6581 The increase in US EV sales in 2024 v 2023 is not large enough to account for more than a small percentage of the movement from 900K to 3M vehicles in inventory.
@@andrewsaint6581Tesla sold 1.3 million EVs in 2022.
Then Tesla sold 1.8 million EVs in 2023. That's more EVs than Ford sold in trucks.
Tesla won't be going out of business any time soon as they're still making a profit on EV sales.
Well, regarding EV sales, they are actually declining The bubble has burst.
@@carloscastelo861 Nah. The future is electric but we will need to wait a few years until the batteries can charge in 10-15 minutes and go 400 miles between charges.
Looked at my VW dealer the other day... they still have NEW 2023 inventory... and still offering only modest discounts to sticker price.
I don’t get it. In the UK you go to a dealer and sit down and ‘build’ your order. This allows you to add whatever extras you want, and your order is then sent to the manufacturer. You are then given a build date, and you can even get a notification when your car is being built. You are given a delivery date and arrange a pickup date. I did this earlier this year when I ordered my Skoda Enyaq. Essentially your car is built for you. Why would you build cars that nobody has actually asked for?
No everyone can wait months for a car to be built. You're talking about custom order. There would be people who would buy certain build outs off the lot.
@@Trust_but_Verify this was just a Skoda, and every Skoda I have owned was built this way. For a few years I was lucky enough to drive Jaguar F Paces and they were built the same way.
Billionaires have corrupted competition and created inflation while their wealth grew nearly 20% in just the last year. A record!
There's only one thing to do. RAISE PRICES!
In the uk, they dont have many vehicles, just sat around. They do have stock but not much if you want a new car you have to wait for it these days.
You leave out reasons Sam. Chinese EV sales are MANDATED. ICE would compete if there WAS a free market in China. There is not. U.S. has inventory of high dollar vehicles. Not base vehicles. Interest rates are high and covid high prices have driven most out of market. A crash WILL happen because of pricing and interest rates. No lack of demand. U.S. does NOT want E.V. Not the way in short term. I hope Chinese EV's NEVER get a foothold in U.S.
For decades GM, Ford & Chrysler have been ignoring customers & making available just a select range of specifications & styling for purchase. Since the 1990's they've been forcing their Japanese competitors down the same pit with grotesque styling & terrible reliability. Today's automotive industry just flat-out stinks!
Nobody wants to spend the money on overpriced products. That is what it is. It is not because we are in crisis. It is because the consumer is fed up with the prices we are paying and I am personally fine with driving a paid off car.
we in a recession, also who can afford 100k cars. manufacturers are crazy
Other than Tesla, No one is buying EVs in the US because we are for NACS plugs to be implemented by most carmakers.
Hi Sam! Nobody in their right mind would pay a lot of money for an obsolete ICE POS while EV's are getting better and less expensive all the time.
I have been trying to buy a new car for a month now, and no dealer wants to sell at a reasonable price. Both the ICE and EV inventories are overpriced, and nobody wants to deal. There are so many fake sales out there on EV's, like they tell you it is $7500 off, but when you call them, that is the EV rebate, not a sale price. When you buy any car, it depreciates immediately, such that after just 2k miles, it drops $5k in value. That means that a used car with 2k miles on it, costs the same as a new car due to the interest rates being higher on used cars. Yet when you try to buy a used one at the dealership, they won't drop their price to make it a good deal, and they offer you $5k under THAT for the same trade in. It is really messed up. Some of those used cars have already been on the lot for 6 months, and they STILL won't deal on them. Lot rot is horrible.
Two reasons why no one wants to buy new cars now. The first is they are too dam expensive. And second reason interest rates make the cars even more expensive. That goes for electric cars and gas cars,,,,,,,,,,,,,,,,