The supposed "healthy" US consumer is now experiencing the highest rate of car repossessions in at least 5 years. Meanwhile - used car prices have plunged 23%. And look like they have further to fall.
Used cars are nearly as expensive as new cars. After factoring in rebates, dealer discounts and warranties. Car parts have never been as expensive at any point in history as they are now. If your in the market, take advantage of today's economy and make any dealer work you up a deal that is in your favor. 10k, 15k, 20k off sticker prices. The auto market tips in our favor for once. However, if you are not able to pay off a car in cash, the current interest rates are going to tear you a new hole.....
People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much dollar in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?
truth is that gold serves as an inflation hedge in the long run, but not profitable in the short run. only thing you can predict is a strong effort of wealth transfer from the people to the powerful. luckily some folks find solution in financial advisors
Sure, investing is plain-sailing with the aid of an invt-specialist, thus I've always delegated my excesses ever since the rona-outbreak in January 2020 using a shrewd advisor, and my investments have compounded by at least 300%, summing up $820k ROI as of today.
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
The economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, but it's getting stronger compared to other currencies and things like gold and property. People are turning to the dollar because they think it's safer. I'm worried about my retirement savings of about $420,000 losing value because of high inflation. Where else can we keep our money?
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
My CFA ’Jessica Lee Horst’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I find this informative, curiously explored Jessica on the web, spotted her consulting page, and was able to schedule a call session with her, she shows quite a great deal of expertise from her resume.. very much appreciated
I had to buy 3 cars during that time. One was $7000, one was $3300. The other was $3000. Probably could have gotten them cheaper now but no car loans. Paid cash
@@iam_kaution you’re kind man! I have never been an unemployed in over 35 years. However, I know many senior, managers, and vice presidents, who will not take just any job, because it will typically lower their standard of living. once you are laid off, or you are fired from your position, your next gig frequently won’t pay you as much as your previous job. So, people will play the waiting game to see if something else comes through. The higher up you move within a corporation, the longer it takes to find an equivalent position, and that’s in a good market. Currently, we are slowing down, and there are many economic indicators, supporting this fact.
@@henrysheppard3433 lol asking a question isnt really a win/lose situation lol I think he's pointing to the fact like WHO is unemployed for 12 months and doesn't go learn a new skill lol. there's plenty of jobs people just don't do them because they don't pay enough. Why don't they pay enough....ill let you decide that one lol
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks this year. Hope to make millions in 2024.
There are a lot of strategies to make tongue-wetting profit especially in this down market, but such sophisticated trades can only be carried out by proper market experts
@@Jonathancolter7100 I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
@@BrandonRichards21 once you hit a big milestone, the next comes easier.. would you mind dropping info of your invt-advisor please? i'm in dire need of proper asset allocation in order to achieve an optimal portfolio till year end, thanks in advance ..
@@AlfredStephen127 Claire robert’s Durand is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
@@BrandonRichards21 I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
I absolutely refused to buy a car around the covid era, My company had a insane rebate with enterprise and i rented a car for 15 months, I saved more in taxes, upkeep, and depreciation. also the used car market sent alot of good viable cars to africa is a huge reason why the car market went the way it did, i miss those old toyotas and hondas from 1992-2004 they are almost gone.
Same. I eventually had to buckle at the end of last year but I held on to my last car for 14 years - a few more years than expected. There is no way I was going to pay covid prices for a new vehicle. Unfortunately, many people are on their way to financial ruin due to poor decision making.
It's never a bad idea to keep an old used car around just for backup as someone in the family will eventually need one. Live free of credit and your cash $$ will multiply, especially in current times where interest rates are obscene!
The rich stay rich by spending like the poor and investing without hesitating then the poor stay poor by spending like the rich yet not investing like the rich
I know that woman ( Andrea Megan) you were born and raised in new York you'd know too, she's my family's Broker for 3yrs till now and a very good one if you asked me. No doubt she is the one that helped you get where you are!!!!
@@MasticinaAkicta They were until chuds decided to make them into a dick-measuring contest. The amount of people I see who own Trucks as daily-drivers is staggering.
Well- normally a waitress made great tips 💵 Now with this economy - inflation etc.. less people out spending & many people flat out not tipping 💵 their waitress anymore… so don’t blame the waitress.. Blame the crappy economy & the cheap customers too stingy to tip the waitress.. ugh 😣
Invest in the financial markets before retiring by diversifying across assets, allocating a small portion of your portfolio, staying updated on market trends, and considering long-term holding to balance risk and growth
I feel sympathy for our country, low income people are now suffering to survive yet inflation and recession keep increasing daily, many families can't even enhance the good cost of living anymore. You've helped me a lot Sir Brian! Imagine I invested $50,000 and received $190,500 after 14 days
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
car value does not matter for those who drive the car to death. The value , under water not consequential. Not paying the monthly payment is a problem, value of the car is not an issu.
Agreed. I only buy new and I like to hold on to my car for 8-10 years until I get another one. During that time I save enough to put down at least a 50% down payment on a new vehicle. In fact, I'm considering paying off my new car I bought at the end of last year within two years from purchase. However, most people are too shortsighted and will waste tens of thousands of dollars trading new cars every 3-5 years. Then you have those that overpaid for their homes by tens of thousands of more. There is no way out for many of those people and they are on their way to financial ruin for years to come.
Use the money to buy tech company shares at bargain basement prices when the market crashes over the next few months... it's starting to fall hard this week.
FED rate cuts 100% absolutely mean, particularly when housing is in the largest bubble of all time, that unemployment will triple and homes and vehicles will crash in value at least 50%, as well as stocks. The math is so much worse than 2008 it's going to make 2008-2010 look relatively mild by comparison.
Can you share your math with us? I concede and agree that the rate cuts correlate, I just want to see the mechanism. I suspect the mechanism has already started and the fed merely recognizes that and pivots.
@@thomasreynolds1530 . There will be no 50% cut in car prices - especially new. That's just ridiculous. I would be surprised if more than a couple of states incur 50% RE price cuts. OP is just making up numbers out of thin air. There will be large price cuts but we need to be honest with ourselves.
Could you enlighten me with why the housing market will crash if rate cuts are in? Wouldn't mortgage rate go down and money be easier to borrow thus, more people will buy a home, or?
With the average US car payment being $700, I have no sympathy for anyone who loses their vehicle because they can no longer afford (or could never afford) their payment.
I’m in the car market in Las Vegas, been in that for 24 years in Vegas and it’s gotten very tough to make money, people are broke. My saving grace is that cheap cars, say under 4000 have picked up because people just need basic transportation since their nice car has been repossessed and they can beg borrow or steal 4000. Still it’s tough to make money in that price range. I’ve never been so nervous about paying the bills
If you dig deeper into the data, this is exactly what you saw in the 70s in the U.K., the 90s in Japan, and 100 years ago in the U.S. The working classes are leveraged to the max, can't afford to move up into the middle class, and the wealthy are still in excess mode. Meaning the entire support structure for the economy collapses and you enter a not a simple recession, but the almighty lost decade scenario as the working classes have lost all momentum and fall backwards in a failed bid to move forward due to excessive greed by those at the top/government. So the entire consumer-based and service-based economy cycle hits a brick wall and stops. Nobody can spend because they are broke or spent too much, retailers don't have customers, nobody can pay for services, and the wealthy were stuck believing that the party would last forever - but are too few to hold it up all by themselves in the end.
Live below your means, only paying cash keeps you out of constant pain from worrying about debt. Renting your home is the thing. Reset in about 3-5 years. Only buy 10 year old cars with 80-120k miles that are cars that last.
@@jsd354 You are far better off building your own home, long-term, as it might take 8-12 years, but you'll end up with a dream home worth a lot of money and nothing owed to the bank.
Fantastic video! I have incurred so much losses trading on my own....I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong??
Investing with an expert is the best strategy for beginners and busy investors, as most failures and losses in investment usually happen when you invest without proper guidance. I'm speaking from experience.
Brian Humphery Services was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Brian.
Well his name is 'Brian Humphery Services'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*
Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
Same, I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Maria Frances Hanlon, has been an amazing experience.
Good day all👍🏻 from Australia 🇦🇺. I have read a lot of posts that people are very happy with the financial guidance she is giving them ! What way can I get to her exactly ?
YES!!! That's exactly her name (MARIA FRANCES HANLON) so many people have recommended highly about her and am just starting with her 😊from Brisbane Australia🇦🇺
I literally just had my 2017 Tacoma repossessed from the front of my home, just like the story described about the woman and her Prius. I woke up one morning and the truck was just gone. Luckily, I got a little help from my family to get it back. It was such a horrible experience. The repo guys also stole the dash cam and the custom leather seat covers. They actually cut one of the rear seat belts in order to get the seat covers off. I am currently working on a claim with the loan company, Ally Auto, to recoup the money required to replace those items. They are giving me a massive run around. Now I feel dirty every time I drive the truck, in a way it was corrupted by the awful repo company and their dirty employees.
Banks are your friends until you run into trouble. You learned a great lesson. You don't have to feel dirty because there are people who prey on those in their weakest moment. I went one day late on the rent, and they wanted to start eviction on the 10th. I broke the lease and got out. Always stay one step ahead. You'll be alright. God be with you.
I have had a couple of repos in my day. The feeling you get the next day when you step outside to go somewhere and you do not have your ride is priceless. They stole a diamond ring and chain worth $1k from me. Most people do not understand how this can happen, but we know shit happens. My best advice is the learn from it and move on. Mine was trying to rely on part-time income while paying rent. I had to get a full-time job to obtain some financial stability. If getting a part-time job will help you, just do it. In these crazy financial times, budgeting may not be enough. Good luck.
@@dollarmerchtree4587 we are looking to supplement our income with a couple of part time jobs now. It's a bit tough where we live in the rural high desert of SoCal, but we are going to try our best to make it happen. We are also behind on our mortgage payments. This is all due to our choice to startup a non-profit dog rescue business. Nobody is donating anymore to our type of cause even though the need is astronomical. We moved to this area because we needed a certain amount of land to build the facilities and the home prices out here were relatively affordable. There are also so few government funded programs now for non-profit ventures and we are absolutely feeling the squeeze.
They shouldn’t have stolen from you, but perhaps the vehicle was corrupted and you feel guilty when you drive the vehicle due to your poor financial decisions?
@@WaterWalk-fb9fd Your house could be on fire and you would say "that's not hot, it's above freezing at best!". Always with the relative terminology like "moderate" to try to be argumentative.
I work security late at night & all you see is unmarked tow trucks with newer cars on the hook getting repoed! A nice car means nothing if you can’t afford it!
Same out here in Las Vegas!!!! i remember years ago when i had a repo!!!! Want traumatic or demoralizing for me!!!! i simply didn’t, like now, care!!!!
High interest rate, inflated price tags, sky rocketing insurance rates, predatory lending lets face Ally and few others been in the headlines for consumer predatory lending and consumer fraud.
The difference is the sheer scale of defaults. The buy here pay here loans aren’t counted in the reports because the loans aren’t made by lending institutions. More people who used to get bank loans for cars are falling into the buy here pay here trap.
The poorer people in Europe and America are extremely badly educated on financial decision making. Governments need to prioritize their education and make it a condition of receiving handouts.
Economy sucks , people losing their jobs , inflation , increases in cost of living , increase in car 🚙 insurance, increase in home 🏡 insurance, increase in rent prices , increase in food costs, gas ⛽️ etc etc
Economy sucks , people losing their jobs , inflation , increases in cost of living , increase in car 🚙 insurance, increase in home 🏡 insurance, increase in rent prices , increase in food costs, gas ⛽️ etc etc
@@janiemiller825 like the great Warren Buffet said "when the tide goes out, you'll see who was swimming without shorts." In other words, those living beyond their means
Would you please do a video focused on foreclosures? 1) why we aren’t seeing them 2) their affect on the market 3)when we should expect to start seeing them show up in different markets, such as Florida?
You aren’t seeing them because they aren’t happening. In 2010 there were half a million foreclosures a month. Today there are less than 300k foreclosures a year.
I'm dreamshopping for a bmw x5. Getting daily updates from carmax and carguru on price reductions...however most 2021 cars have over 60k miles on them because everyone was driving around like crazy during the pandemic. Prices are up in the sky still even with weekly $500 price cuts. I just can't see myself driving a 3 year old car with 60k miles for 45-55k. No way! Back to my 2013 civic I go.
I can believe it and the reason was simple... most people who paid high prices also sold into those high prices.. its a lot easier to swallow a 7K "market adjustment" when the dealer is giving you 40K for a car you paid 40K for 3 years prior. A positive feedback loop was established.
@@rooster1012 That’s true, but does it justify paying above asking price on a new or used vehicle? The old adage was always that your vehicle depreciates the second you drive off the dealers lot. How can anyone feel good about putting themselves thousands further underwater? I must be cheap, because I’m not going to throw thousand of dollars away just because I received a stimulus payment… We had to buy a new vehicle earlier this year, and I had a hard time signing the contract even after negotiating the purchase price to almost $17,000 under sticker.
New car prices are insane due to government regulations and the auto makers trying to push consumers towards luxury and electric vehicles. At the same time, inflation and interest rates skyrocketed. Average people could no longer afford a 7 year loan on a $70,000 vehicle at 10%. As realized new car prices increase to unsustainable levels the demand for used cars increases. This drives up the price on used vehicles
There's a local shopping mall near me where at least 5 rows of that mall parking lot have brand new cars parked from a local dealership. I would say at least 150 brand new cars. There is a massive surplus of vehicles being hidden from the general public.
There is a Tesla dealer near me that asked a neighboring supermarket if it could use a section of its parking lot to store vehicles. As the weeks go by this section of the supermarket’s lot is filling up with more vehicles. This assumes not too many sales happening at this dealership
Used cars are nearly as expensive as new cars. After factoring in rebates, dealer discounts and warranties. Car parts have never been as expensive at any point in history as they are now. If your in the market, take advantage of today's economy and make any dealer work you up a deal that is in your favor. 10k, 15k, 20k off sticker prices. The auto market tips in our favor for once. However, if you are not able to pay off a car in cash, the current interest rates are going to tear you a new hole.....
What's so bad here in Florida the car insurance only is SAME cost my "USED" car payment used to be 5 years ago. Its very Sad for people the insurance problem ADDS to the REPO problem !
I have a 2012 and the rates went up last year so much I dropped full coverage. I've also always had the highest deductible they'll allow. It's still way too high.
It's sad how difficult things have become in this recessive economy. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to protect my $250K-worth stock portfolio from decline, but haven't figured which way to go.
Very difficult indeed, but when the going gets tough, the tough gets going. You have to learn and handle finances properly. you should hire a CFP to help you diversify your assets to include ETFs/index funds/mutual funds and stocks of companies with consistent cash flows. Don't go for penny stocks.
Opting for a brokerage Adviser is currently the optimal approach for navigating the market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 300% since 2022.
How can one participate in this? I sincerely aspire to establish a secure financial future and I'm eager to see it come to fruition. Who is the driving force behind your success?
‘’Iynne Marie Stella’ is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Actually, out here in Las Vegas, Nevada., not as much like before!!!! Have to remember that all cities have their own economy!!!! More cars are being repoed than sold!!!! They, to prevent discouragement from wanting to spend money, aren’t talking much about repos!!!! i’m seeing more and more repos out here in Las Vegas!!!!
I watch your channel to learn about real estate but cars are my specialty and the car prices are indeed dropping like crazy there are 100+ thousand dollar cars that have low miles and only 1-3 years old being sold for 60-70s. Trucks car of all kind the prices are dropping like crazy if you wait a few more months I think it’ll be an incredible time to be in the car market. Great video keep it up
@@jasperdemuyaya5143 all over, honestly just depends on the car your looking for higher end cars see the most drop from what iv seen. But mostly just depends, some vehicles don’t see a big drop
Don't hate on the repo drivers. They are just doing their job. Taking cars back from deadbeats who can't pay. The repo of the vehicle only happens after months of missed payments.
The average cost of a new car in the US is around $47k. The average salary in the US is around $59k~$60k. People buying cars that are over 2/3rd their total annual salary and having them repossessed isn't an indicator of a recession, just that many people make really shitty purchasing decisions and that banks/lenders are the bigger idiots for authorizing such loans to begin with.
I make 200k a year. I have never bought a brand new car in my life. I’m driving a 2010 Lexus ES that I bought in 2014. Car runs, drives and looks mint. My commute to work is only 3 miles car only has 80k miles. I’m driving it til the wheels fall off.
So glad mine is long ago paid for. I maintain it properly and it has given me years of reliable service. Buying when the market was so overpriced was crazy. It still is.
@@RangerBass is january better? I thought end of year they'd want to get rid of older inventory models, and if you do it towards the end of december like the 28-31 range, you're likely to get good deals. But I'm just guessing, I'd like to hear your thoughts.
@@HDCybersun I always go in January, all 5heir cars are 'a year older' so to speak, on paper. For example my last car I bought, a Nissan murano, brand new on lot, but it was Jan 2019 and the car was a 2018 model. They really under pressure to get rid of cars in that category because buyers always want the current year model.
As someone that literally went from the penthouse to the outhouse when the "pandemic" hit; oh you know, stay home, etc. Had a 747 credit score, long story short, voluntarily retuned the car, it was detailed, even full of gas. It sold, I reached out to the bank and because of my attitude and the cars condition, I was able to negotiate the payoff and they reported favorably to the credit bureau. Things are MUCH better and I could get another pre owned vehicle. No way, still too much. I know not everyone can do this but I was forced to use public transportation. Yes, it can suck, mainly due to some of the other passengers. Do you have to pre plan? Are there going to be issues with the buses themselves? Do you have to really manage and watch time? YES. I can get to work, appointments, shopping, etc. Main thing, I figured out the money I have saved; insurance, gas, maintenance, depreciation, vehicle itself, registration, and it will make eventually purchasing something a cash endeavour.
I can feel it in the air that everything is slowing down. I do Door Dash to make a few bucks and I literally sat in my car for two hours before an order came in. Also, the restaurants are empty and I'm not talking about during the normal weekday hours when everyone is at work. I'm talking about the hours when restaurants should be busy like Thursday, Friday, Saturday, Sunday, especially on the 15th of this month it's pay day for many people, and no one is spending money ordering out that tells you something. When you see Amazon, Walmart, Tesla, Red Lobster, Home Depot, McDonalds, etc., closing locations and laying off people that tells you just how bad it is. Let's not even talk about car dealers they are hurting for business big time! I just hope once Trump gets elected the economy takes a turn for the better, but it's not going to happen overnight. All this government printing monopoly money and giving handouts to the masses that don't want to work added fuel to the fire with the overall high inflation were seeing.
I paid $2.45 for a regular old hamburger at McDonald’s that cost me a dollar just a couple of years ago. This is Northern Indiana, not California. That’s not worth it. Never again.
Yep, people cut discretionary spend first (eat out, services etc) then it's car loans, then it's rent/mortgage payments. Worse still is more people will show up for Gig economy work which means less orders to deliver per driver etc.
Saw this last week. When to Olive Garden after church. I told my wife to call ahead because I expected it to have a line. Nope. We were immediately seated. We were there for an hour or so and still saw a lot of open tables when we left. That would not have happened even a few months back.
i just had my car repo'd not that long ago. i had been consistently behind 2-3 payments and eventually they made an ultimatum: either i voluntarily surrender the car or i pay the entire loan in full. obviously i couldnt pay the entire loan in full so i surrendered the car. definitely a crappy situation to be in.
I was in need of a car in 2021 and so i bought my 2022 corolla cross with cash for 30k. The dealership originally wanted me to pay 35k for it. The predatory markups and price hikes back then where so insane. My corolla cross is esitmated to be worth 24k rn. I couldnt imagine the situation would be if i didnt pay cash
Under UCC regs. a vehicle cannot be repossessed on private property without permission. It is a "breach of the peace". And in most state pre-notice to the local police is required. Most folks have no idea.
I know people in the Repo business. If they can get a tow on that car. IT GETS TOWED. The only way to prevent it. Park it in the garage. Your driveway will Never stop them.
Only if it cannot be reached without damaging private property actually. For example, if your car can be towed out of your driveway, it can be repossessed, however if it is locked in a garage, you cannot access this property to get the car.
Consumers are still vacationing even though nearly 3 quarters of them are living paycheck to paycheck. Have you seen the airports? The airports are still jammed with these idiots for almost 3 years straight. The airports should be mosoleums with the level of consumer debt. These folks are called doom spenders from what I have read. So my observations have been correct. This video even further supports my analysis.
I go on three vacations a year. Not a doom spender. I don’t have any debt other than 60k in mortgage debt on a 550k house with a 2.1 15 year loan. I refuse to believe people are just living hand to mouth. Maybe they are but idk. I drive a 14 year old car. My wife and I make 330k a year and we save over 50% of our income.
Stealerships got greedy selling 20-30% over msrp. They traded consistent sales with satisfied customers for short term profits. While customers may be dumb they don’t like to feel like they’re taken advantage of.
@@crand20033 It was less about a "chip shortage" and more about an overabundance of people - 30 million in fact - getting free massive weekly paychecks from the US government alone (well over 200 million in total worldwide) to save us from the flu. Learn the basics of economics, our economy depends on you voting for people who aren't incompetent, so we never get a repeat of this 50% inflation in a 3-year period.
Maybe this is obvious but if you are a family try to manage with one car. Our family did that and we were able to do it. I have seen recessions and people went to ride sharing for work and even a motorcycle which I would say is last resort because it is a very dangerous mode of transportation in a commute especially.
Great point you made at the end of the video. The prices are still too high and need to come down a lot for them to be more affordable. It’s that simple.
I got mine in summer 2020 when Hertz was off loading all their vehicles for cut rate prices. Car is now worth 1k below what I paid for it. Car payment 167.00 a month.
I feel like San Diego market is finally starting to go flat. Not sure if this is because people are on vacation and or are pausing for a possible rate cut or both. And then everyone will jump back in after that or in the fall/cooler temps to move. 🤔🤷
It's those people and the 20 million other people who got a half decent deal as well but are now losing their jobs by the hundreds of thousands per month with no money in the bank. It's cars now, but it'll be homes later into the year and all throughout 2028. It will be worse than 2008-2010 because the entirety of the math is worse as well.
Next month prices will drop even more due to kids going back to school. And people taking vacations, dealers are usually very slow in August no matter what so I’m predicting that we will see some great deals on vehicles soon
Our tenant hasn't pd her payment for 9 months. The bank stated to her she minds well drive it cause they can't find a repo person to get car cause they are so busy.
@@pugnaciouspredators2086 . Sounds like the tenant probably told the landlord that she was missing her car payments. But I agree that the way it was phrased sounded like the conversation was about missed rent as opposed to car payments.
We’re really in need of a second car right now - Hubby and I have had only one car for four years. We’re trying to do the responsible thing and buy an older, cheap reliable model, but that’s not even a thing. You can’t find anything under $10k that doesn’t have more than 150k miles on it unless you want to buy a brand known for being unreliable (Jeep, Kia, etc). Toyotas and Hondas in the $10k range are going to have almost 200k miles on them. Things are still not affordable at all.
Here is what you do have you husband stop by used car dealership and ask them if they have anything you can buy that needs a little work. Body or interior are the best but if you find easy mechanical issues, those can be dealt with brakes, wheel, bearings,ect.
In ‘93 I had my car repo’d. Because I moved out of state. I went to a bankruptcy attorney and paid him $500.00 to file a Chapter 13 (I guess) on just that creditor, and got the vehicle back and continued to make payments.
In FL. I have a 2007 Honda Odyssey mini van 200k. miles, NO Accidents, NO Tickets .Pay $2,200 year for "No Name" Garbage insurance. $200 month just to be Legal . . . NO comp./collision SMH
Leave Florida. It is too expensive. Part of the reason your auto insurance is expensive is storm damage to the autos, and the number of unlicensed and/or uninsured motorists driving, sometimes not very well. Use your Free Will to LOVE!...it will help more than you know
My average replacement cost for my cars over the last 40 years has been eight hundred dollars per year. ( LOW MILEAGE 70000 OR LESS. , OLDER, REBUILT, KEEP AND DRIVE TO THE JUNK YARD.
Seems to me that everything Nick said is coming to fruition. Unless you sincerely think the economy hasn't been slowly crashing for about a year at this point. In that case, you must be a realtor. Nobody who has been paying attention thinks the economy is doing great. But keep living in fantasy land.
@@MrSupernova111 No, I didn't buy homes for 450k in 2021 thinking that a "Massive crash is coming in Housing Market". Those used to be the title of every video :D Still I'm renting. I missed the boat. Now houses here are 600k+ :(
That dealership: “100% approval! Bad credit doesn’t matter!” The lot: packed with chargers, challengers, a couple g37s…They definitely have a target consumer lol. Very predatory
car centric thinking finally comes to a hold as more and more people get rid of it and ask for cheaper alternatives. LONG OVERDUE, BUT FINALLY HAPPENING!
The supposed "healthy" US consumer is now experiencing the highest rate of car repossessions in at least 5 years.
Meanwhile - used car prices have plunged 23%. And look like they have further to fall.
Used cars are nearly as expensive as new cars. After factoring in rebates, dealer discounts and warranties. Car parts have never been as expensive at any point in history as they are now. If your in the market, take advantage of today's economy and make any dealer work you up a deal that is in your favor. 10k, 15k, 20k off sticker prices. The auto market tips in our favor for once.
However, if you are not able to pay off a car in cash, the current interest rates are going to tear you a new hole.....
youtube gurus have been saying this for 2 years now and each year goes by yll keep pushing the dates back
Yay you in my city! 😊
I hope so….we need a car
the poor and middle class are being destroyed by late stage capitalism.. they need to stop reproducing now
People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much dollar in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?
truth is that gold serves as an inflation hedge in the long run, but not profitable in the short run. only thing you can predict is a strong effort of wealth transfer from the people to the powerful. luckily some folks find solution in financial advisors
Sure, investing is plain-sailing with the aid of an invt-specialist, thus I've always delegated my excesses ever since the rona-outbreak in January 2020 using a shrewd advisor, and my investments have compounded by at least 300%, summing up $820k ROI as of today.
this is incredible! how can I vet your advisor if you please? definitely would love to make money from the market too, but a complete newb..
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
The economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, but it's getting stronger compared to other currencies and things like gold and property. People are turning to the dollar because they think it's safer. I'm worried about my retirement savings of about $420,000 losing value because of high inflation. Where else can we keep our money?
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
My CFA ’Jessica Lee Horst’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I find this informative, curiously explored Jessica on the web, spotted her consulting page, and was able to schedule a call session with her, she shows quite a great deal of expertise from her resume.. very much appreciated
I had to buy 3 cars during that time. One was $7000, one was $3300. The other was $3000.
Probably could have gotten them cheaper now but no car loans. Paid cash
the poor and middle class are being destroyed by late stage capitalism.. they need to stop reproducing now
can't beat a beater
Is not only the car payment. What about the cost of the insurance???
Yes, your car insurance and car payments go hand in hand. The finance company can repo your vehicle if you fall behind on insurance.
****After 12 months of being unemployed, they stop counting you into the unemployment rate!**** Just one more economic manipulation.
Not ti mention you only count if you approved for unemployment payments
What's your skill set? Not asking for college or anything because theirs lots of work depending on where you are.
@@iam_kaution dude you lost, he not saying he unemployed. He pointing to data manipulation
@@iam_kaution you’re kind man! I have never been an unemployed in over 35 years. However, I know many senior, managers, and vice presidents, who will not take just any job, because it will typically lower their standard of living. once you are laid off, or you are fired from your position, your next gig frequently won’t pay you as much as your previous job. So, people will play the waiting game to see if something else comes through. The higher up you move within a corporation, the longer it takes to find an equivalent position, and that’s in a good market. Currently, we are slowing down, and there are many economic indicators, supporting this fact.
@@henrysheppard3433 lol asking a question isnt really a win/lose situation lol I think he's pointing to the fact like WHO is unemployed for 12 months and doesn't go learn a new skill lol. there's plenty of jobs people just don't do them because they don't pay enough. Why don't they pay enough....ill let you decide that one lol
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks this year. Hope to make millions in 2024.
There are a lot of strategies to make tongue-wetting profit especially in this down market, but such sophisticated trades can only be carried out by proper market experts
@@Jonathancolter7100 I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
@@BrandonRichards21 once you hit a big milestone, the next comes easier.. would you mind dropping info of your invt-advisor please? i'm in dire need of proper asset allocation in order to achieve an optimal portfolio till year end, thanks in advance ..
@@AlfredStephen127 Claire robert’s Durand is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
@@BrandonRichards21 I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
I absolutely refused to buy a car around the covid era, My company had a insane rebate with enterprise and i rented a car for 15 months, I saved more in taxes, upkeep, and depreciation. also the used car market sent alot of good viable cars to africa is a huge reason why the car market went the way it did, i miss those old toyotas and hondas from 1992-2004 they are almost gone.
Same. I eventually had to buckle at the end of last year but I held on to my last car for 14 years - a few more years than expected. There is no way I was going to pay covid prices for a new vehicle. Unfortunately, many people are on their way to financial ruin due to poor decision making.
@MrSupernova111 yes. This recession is going to be huge, it's not going to be an easy landing.
It's never a bad idea to keep an old used car around just for backup as someone in the family will eventually need one. Live free of credit and your cash $$ will multiply, especially in current times where interest rates are obscene!
The rich stay rich by spending like the poor and investing without hesitating then the poor stay poor by spending like the rich yet not investing like the rich
You're correct!! I make a lot of money without relying on the government.Investing in stocks and digital currencies is beneficial at this moment.
Please how's that possible, I'm curious
Please how do I go about it, am still a newbie on investment trading and how can make profit?
I know that woman ( Andrea Megan) you were born and raised in new York you'd know too, she's my family's Broker for 3yrs till now and a very good one if you asked me. No doubt she is the one that helped you get where you are!!!!
I have heard a lot of wonderful things about Andrea Megan on the news but didn't believe it until now. I'm definitely trying her
Just this morning I saw a tow truck pull into my condos and hook a Mazda SUV - in like 3 minutes he was gone.
@@keithn4304 😂👍🏼😂👍🏼😂👍🏼
Cars have been WAY too expensive! Time for them to get cheaper!
I've seen at least 3 repossessions in the last two days. Most were 6 figure trucks
... why are american trucks so freaking expensive. Weren't they supposed to be rugged tools for WORK?
@MasticinaAkicta because somewhere along the line, it became about flexing how poor your financial decisions are
@@MasticinaAkicta They were until chuds decided to make them into a dick-measuring contest. The amount of people I see who own Trucks as daily-drivers is staggering.
Why are people financing six figure cars?
Those trucks are more expensive today than most people with 10-year-old mortgages.
Greedy dealers did it to themselves.
Now it can be sold at double the payment!
the dealers already made off with the money. it's the banks and lenders that are on the hook
correct
People did not have to buy it. Blame the person in the mirror.
WAIT... so the waitress just woke up, ... ... after 3-4 months of missed payments... ... ... and the car... it was just... gone?
Incredible
Well- normally a waitress made great tips 💵
Now with this economy - inflation etc.. less people out spending & many people flat out not tipping 💵 their waitress anymore… so don’t blame the waitress..
Blame the crappy economy & the cheap customers too stingy to tip the waitress.. ugh 😣
Invest in the financial markets before retiring by diversifying across assets, allocating a small portion of your portfolio, staying updated on market trends, and considering long-term holding to balance risk and growth
I feel sympathy for our country, low income people are now suffering to survive yet inflation and recession keep increasing daily, many families can't even enhance the good cost of living anymore. You've helped me a lot Sir Brian! Imagine I invested $50,000 and received $190,500 after 14 days
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
This is how it starts.
car value does not matter for those who drive the car to death. The value , under water not consequential. Not paying the monthly payment is a problem, value of the car is not an issu.
Most people like to trade in their cars after warranties are done.
Agreed. I only buy new and I like to hold on to my car for 8-10 years until I get another one. During that time I save enough to put down at least a 50% down payment on a new vehicle. In fact, I'm considering paying off my new car I bought at the end of last year within two years from purchase. However, most people are too shortsighted and will waste tens of thousands of dollars trading new cars every 3-5 years. Then you have those that overpaid for their homes by tens of thousands of more. There is no way out for many of those people and they are on their way to financial ruin for years to come.
Can't wait till this sh*t hole economy completely collapses and waiting with cash to purchase a new truck at 60% in a couple ot years.
Yep. Then you’ll sell it for 50% less a year later
Use the money to buy tech company shares at bargain basement prices when the market crashes over the next few months... it's starting to fall hard this week.
Cash will inflate though...
Yeah then it’ll keep on depreciating 2 years after purchase . Cars are a losing game lol
Not me. I'm going to drive my Toyota another 250,000 miles.
FED rate cuts 100% absolutely mean, particularly when housing is in the largest bubble of all time, that unemployment will triple and homes and vehicles will crash in value at least 50%, as well as stocks. The math is so much worse than 2008 it's going to make 2008-2010 look relatively mild by comparison.
As soon as Trump wins, they will let it all collapse to make it as hard as possible for him to climb out of. It’s all a house of cards right now
Can you share your math with us? I concede and agree that the rate cuts correlate, I just want to see the mechanism. I suspect the mechanism has already started and the fed merely recognizes that and pivots.
the poor and middle class are being destroyed by late stage capitalism.. they need to stop reproducing now
@@thomasreynolds1530 . There will be no 50% cut in car prices - especially new. That's just ridiculous. I would be surprised if more than a couple of states incur 50% RE price cuts. OP is just making up numbers out of thin air. There will be large price cuts but we need to be honest with ourselves.
Could you enlighten me with why the housing market will crash if rate cuts are in? Wouldn't mortgage rate go down and money be easier to borrow thus, more people will buy a home, or?
With the average US car payment being $700, I have no sympathy for anyone who loses their vehicle because they can no longer afford (or could never afford) their payment.
That’s fair. I got a car and the loan was 1/10 of my income. B/c I never wanted a high loan or car payment.
Sympathy goes out to "no longer can afford" if it's job loss etc. That sucks.
Why?
It’s the greedy car market that increased car prices to sky high … 🤷♀️
Tesla prices Went down 50% 😂😂
Sure they did.
You will need to hold the ev till the battery warranty is done 100k .
So true
Good
My son in law bought a 2022 Model Y with 22K miles on it for 50%of the original MSRP about 6 weeks ago.
Sure they did.
There’s going to be A LOT of people who are under on their car and completely screwed to get anything else
I’m in the car market in Las Vegas, been in that for 24 years in Vegas and it’s gotten very tough to make money, people are broke. My saving grace is that cheap cars, say under 4000 have picked up because people just need basic transportation since their nice car has been repossessed and they can beg borrow or steal 4000. Still it’s tough to make money in that price range. I’ve never been so nervous about paying the bills
Real unemployment rate is 25% and we've been in stagflation for a while.
Source on real unemployment?
@alexyu6621 google real unemployment rate and you should find the website for they show you exactly what numbers they are using.
Truth 🎉
@@alexyu6621because I said so 😂
@@alexyu6621his source is “trust me bro”
If you dig deeper into the data, this is exactly what you saw in the 70s in the U.K., the 90s in Japan, and 100 years ago in the U.S. The working classes are leveraged to the max, can't afford to move up into the middle class, and the wealthy are still in excess mode. Meaning the entire support structure for the economy collapses and you enter a not a simple recession, but the almighty lost decade scenario as the working classes have lost all momentum and fall backwards in a failed bid to move forward due to excessive greed by those at the top/government. So the entire consumer-based and service-based economy cycle hits a brick wall and stops. Nobody can spend because they are broke or spent too much, retailers don't have customers, nobody can pay for services, and the wealthy were stuck believing that the party would last forever - but are too few to hold it up all by themselves in the end.
Live below your means, only paying cash keeps you out of constant pain from worrying about debt. Renting your home is the thing. Reset in about 3-5 years. Only buy 10 year old cars with 80-120k miles that are cars that last.
@@jsd354 You are far better off building your own home, long-term, as it might take 8-12 years, but you'll end up with a dream home worth a lot of money and nothing owed to the bank.
Fantastic video! I have incurred so much losses trading on my own....I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong??
Same here, My portfolio has been going down the drain while I try trading,l just don't know what I do wrong. .
Investing with an expert is the best strategy for beginners and busy investors, as most failures and losses in investment usually happen when you invest without proper guidance. I'm speaking from experience.
I think l'm blessed if not I wouldn't have met someone who is as spectacular as expert mrs Janet..
Highly recommended🙌
Wow, I'm surprised to see Janet mentioned here as well. I didn't know she had been kind to so many people
I'm also a huge beneficiary of her..
I thought myself and my family were
the only ones enjoying Janet
trade benefits
I'm interested in investing, but I'm not sure where to start. Do you have any advice or contacts who can help me out?
Investing can be complex, so it's smart to get professional guidance when building your financial portfolio.
Brian Humphery Services was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Brian.
I keep hearing great things about Brian Humphery Services! He must really stand out for people to speak so highly of him.
How can I reach him?
Well his name is 'Brian Humphery Services'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*
Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
Same, I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Maria Frances Hanlon, has been an amazing experience.
Hello how do you make such monthly?? I'm a born Christian and sometimes I feel so down 🤦♀️of myself because of low finance but I still
believe in God
Good day all👍🏻 from Australia 🇦🇺. I have read a lot of posts that people are very happy with the financial guidance she is giving them ! What way can I get to her exactly ?
YES!!! That's exactly her name (MARIA FRANCES HANLON) so many people have recommended highly about her and am just starting with her 😊from Brisbane Australia🇦🇺
I literally just had my 2017 Tacoma repossessed from the front of my home, just like the story described about the woman and her Prius. I woke up one morning and the truck was just gone. Luckily, I got a little help from my family to get it back. It was such a horrible experience. The repo guys also stole the dash cam and the custom leather seat covers. They actually cut one of the rear seat belts in order to get the seat covers off. I am currently working on a claim with the loan company, Ally Auto, to recoup the money required to replace those items. They are giving me a massive run around. Now I feel dirty every time I drive the truck, in a way it was corrupted by the awful repo company and their dirty employees.
Banks are your friends until you run into trouble. You learned a great lesson. You don't have to feel dirty because there are people who prey on those in their weakest moment. I went one day late on the rent, and they wanted to start eviction on the 10th. I broke the lease and got out. Always stay one step ahead. You'll be alright. God be with you.
I have had a couple of repos in my day. The feeling you get the next day when you step outside to go somewhere and you do not have your ride is priceless. They stole a diamond ring and chain worth $1k from me. Most people do not understand how this can happen, but we know shit happens. My best advice is the learn from it and move on. Mine was trying to rely on part-time income while paying rent. I had to get a full-time job to obtain some financial stability. If getting a part-time job will help you, just do it. In these crazy financial times, budgeting may not be enough. Good luck.
@@dollarmerchtree4587 we are looking to supplement our income with a couple of part time jobs now. It's a bit tough where we live in the rural high desert of SoCal, but we are going to try our best to make it happen.
We are also behind on our mortgage payments. This is all due to our choice to startup a non-profit dog rescue business. Nobody is donating anymore to our type of cause even though the need is astronomical. We moved to this area because we needed a certain amount of land to build the facilities and the home prices out here were relatively affordable.
There are also so few government funded programs now for non-profit ventures and we are absolutely feeling the squeeze.
They shouldn’t have stolen from you, but perhaps the vehicle was corrupted and you feel guilty when you drive the vehicle due to your poor financial decisions?
Pay your bills shit doesn’t get repo’d
Too many people who are renters bought cars not taking into account rising rents! Fools!
That's not a crash, that's a correction
Used car prices “crashing”. Hyperbole! Moderate correction at best.
@@WaterWalk-fb9fd Your house could be on fire and you would say "that's not hot, it's above freezing at best!". Always with the relative terminology like "moderate" to try to be argumentative.
@@nitroneonicman I’m sorry my comment triggered you. Have an amazing weekend.
@@WaterWalk-fb9fd Be blessed friend
I work security late at night & all you see is unmarked tow trucks with newer cars on the hook getting repoed! A nice car means nothing if you can’t afford it!
which city or state?
Same out here in Las Vegas!!!! i remember years ago when i had a repo!!!! Want traumatic or demoralizing for me!!!! i simply didn’t, like now, care!!!!
Just over 3 years ago dealer lots were mostly empty and used prices were rediculous. $20k+ for trucks with over 100k miles, it was insane.
the poor and middle class are being destroyed by late stage capitalism.. they need to stop reproducing now
In Sweden, the debt stays with the owner not the car, no repossesions here just people with loans 😁
You mean a 2006 Toyota Tacoma isn’t worth $35,000? I don’t believe it
No low ball offers- I know what I got.
LoL. I see old VW vans have "opening bids" at $15k.
Only to the suckers
😂😂😂😂😂
Its got a scoop!
High interest rate, inflated price tags, sky rocketing insurance rates, predatory lending lets face Ally and few others been in the headlines for consumer predatory lending and consumer fraud.
It aint easy out there but never has been. Don't buy shit you cant afford. Fake it til you make it isnt a plan. Educate yourself about money.
They should listen to Dave ramsey.
That is what I did during the pandemic and then I lost my job but I finished paying my car loan this may.
@@thefpvlife7785the guy who has been telling everyone to buy a house at the worst market on record?
Well put!
Not just ppl who bought used in 22. I got a new Tesla for $84k and now its worth $30k
Man those 500 dollar down bad credit signs have existed my whole life lol this isn't new
The difference is the sheer scale of defaults. The buy here pay here loans aren’t counted in the reports because the loans aren’t made by lending institutions. More people who used to get bank loans for cars are falling into the buy here pay here trap.
"Buy Here - Pay Here" dealership - they build repossession into the sales cycle.
Love you doing a piece on other aspects of the economy. You are so well spoken and knowledgeable 🙏
5:52 Serious question, when during the life of the loan does the payment “balloon” cuz rates are not variable on auto loans to my knowledge
The poorer people in Europe and America are extremely badly educated on financial decision making.
Governments need to prioritize their education and make it a condition of receiving handouts.
the poor and middle class are being destroyed by late stage capitalism.. they need to stop reproducing now
Gov won't. Debt fuels the system
The government? They create the problem. They don’t want you educated.
People living beyond their means
Welcome to America.
True, I have no sympathy for those who do.
Economy sucks , people losing their jobs , inflation , increases in cost of living , increase in car 🚙 insurance, increase in home 🏡 insurance, increase in rent prices , increase in food costs, gas ⛽️ etc etc
Economy sucks , people losing their jobs , inflation , increases in cost of living , increase in car 🚙 insurance, increase in home 🏡 insurance, increase in rent prices , increase in food costs, gas ⛽️ etc etc
@@janiemiller825 like the great Warren Buffet said "when the tide goes out, you'll see who was swimming without shorts." In other words, those living beyond their means
These economy videos are so informative. Thanks, Nick!
Would you please do a video focused on foreclosures?
1) why we aren’t seeing them
2) their affect on the market
3)when we should expect to start seeing them show up in different markets, such as Florida?
You aren’t seeing them because they aren’t happening. In 2010 there were half a million foreclosures a month. Today there are less than 300k foreclosures a year.
My car is 21 years old. I’ll keep it running with duct tape if I have to!
@@minimalist0000 life isn't about how new of a car you have🤦🏻♀️.
You’ll be running to not miss the bus 😂
@@Halfdead211 You’d think so. But she runs like a clock, about as fast as a clock too. But dependable. I’m driving it ‘till she no go no mo.
@@randalmiller7952 But duct tape is a dangerous thing to put in a car!
Mine unfortunately only keeps running with gas
I'm dreamshopping for a bmw x5. Getting daily updates from carmax and carguru on price reductions...however most 2021 cars have over 60k miles on them because everyone was driving around like crazy during the pandemic. Prices are up in the sky still even with weekly $500 price cuts. I just can't see myself driving a 3 year old car with 60k miles for 45-55k. No way! Back to my 2013 civic I go.
Vehicle prices skyrocketed during the pandemic, and I can’t believe anyone was paying the prices they were demanding…
I can believe it and the reason was simple... most people who paid high prices also sold into those high prices.. its a lot easier to swallow a 7K "market adjustment" when the dealer is giving you 40K for a car you paid 40K for 3 years prior. A positive feedback loop was established.
Yea but they gave all that free money out.
@@rooster1012 That’s true, but does it justify paying above asking price on a new or used vehicle? The old adage was always that your vehicle depreciates the second you drive off the dealers lot. How can anyone feel good about putting themselves thousands further underwater? I must be cheap, because I’m not going to throw thousand of dollars away just because I received a stimulus payment… We had to buy a new vehicle earlier this year, and I had a hard time signing the contract even after negotiating the purchase price to almost $17,000 under sticker.
You know what they say about a fool and his money...
Uneducated people are grabbing them like hot cakes
Bro, I love your app. If I listened to you, however, I'd never buy a house and now I'd never buy a car.
they repossesed my honda civic while i was INSIDE of it sleeping, SMH
New car prices are insane due to government regulations and the auto makers trying to push consumers towards luxury and electric vehicles.
At the same time, inflation and interest rates skyrocketed. Average people could no longer afford a 7 year loan on a $70,000 vehicle at 10%.
As realized new car prices increase to unsustainable levels the demand for used cars increases. This drives up the price on used vehicles
Ready for that coming spike in unemployment. Hope it starts before the election..
It will get much worse after the election!
Westlake and Santander doing 25 to 27% rates years ago for bad credit when lowest rate was still 0%. Can't imagine what it is now.
The BIG CRASH is almost here!!FASTEN YOUR SEAT BELTS!!😢😢😢😢😢😢
I have three seatbelts on... they say the world ends very soon.... this is so scary!!! 😂 NOT
People have been saying this since 2012.
If anyone is watching, just look at car tags on license plates....I see at least 3 to 5 cars every day that are behind....
YUP!!!! Good eye!!!! Forgot all about that!!!!
Look at all of the fake paper plates on vehicles that are obviously not anywhere near new or just purchased.
Just look at the price for a big bag on m&ms. Almost $20!!!
Crazy
That needs to be an indicator!
😂 something tells me you shouldn’t be buying m&ms.
😂👌 sure
Don't buy 'em the price will go down that goes for everything. That's why gay was under 2 bucks during the pandemic, No one was driving.
That's why don't buy new cars, depreciation as soon as driven off of the car lot at the dealership.
There's a local shopping mall near me where at least 5 rows of that mall parking lot have brand new cars parked from a local dealership. I would say at least 150 brand new cars. There is a massive surplus of vehicles being hidden from the general public.
Here in Northern Virginia as well!
One milion percent
There is a Tesla dealer near me that asked a neighboring supermarket if it could use a section of its parking lot to store vehicles. As the weeks go by this section of the supermarket’s lot is filling up with more vehicles. This assumes not too many sales happening at this dealership
Same in west palm beach , big lot with a lot of brand new Tesla’s, hidden from view.
Used cars are nearly as expensive as new cars. After factoring in rebates, dealer discounts and warranties. Car parts have never been as expensive at any point in history as they are now. If your in the market, take advantage of today's economy and make any dealer work you up a deal that is in your favor. 10k, 15k, 20k off sticker prices. The auto market tips in our favor for once.
However, if you are not able to pay off a car in cash, the current interest rates are going to tear you a new hole.....
This is getting good
What's so bad here in Florida the car insurance only is SAME cost my "USED" car payment used to be 5 years ago. Its very Sad for people the insurance problem ADDS to the REPO problem !
I have a 2012 and the rates went up last year so much I dropped full coverage. I've also always had the highest deductible they'll allow. It's still way too high.
It's sad how difficult things have become in this recessive economy. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to protect my $250K-worth stock portfolio from decline, but haven't figured which way to go.
Very difficult indeed, but when the going gets tough, the tough gets going. You have to learn and handle finances properly. you should hire a CFP to help you diversify your assets to include ETFs/index funds/mutual funds and stocks of companies with consistent cash flows. Don't go for penny stocks.
Opting for a brokerage Adviser is currently the optimal approach for navigating the market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 300% since 2022.
How can one participate in this? I sincerely aspire to establish a secure financial future and I'm eager to see it come to fruition. Who is the driving force behind your success?
‘’Iynne Marie Stella’ is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Thank you for this amazing tip. I just looked up Lauren wrote her explaining my financial market goals and scheduled a call.
Not!Ive been waiting to buy a truck for months and prices haven’t dropped one bit and they’re still selling
Actually, out here in Las Vegas, Nevada., not as much like before!!!! Have to remember that all cities have their own economy!!!! More cars are being repoed than sold!!!!
They, to prevent discouragement from wanting to spend money, aren’t talking much about repos!!!! i’m seeing more and more repos out here in Las Vegas!!!!
I watch your channel to learn about real estate but cars are my specialty and the car prices are indeed dropping like crazy there are 100+ thousand dollar cars that have low miles and only 1-3 years old being sold for 60-70s. Trucks car of all kind the prices are dropping like crazy if you wait a few more months I think it’ll be an incredible time to be in the car market. Great video keep it up
the poor and middle class are being destroyed by late stage capitalism.. they need to stop reproducing now
Examples of where in the U S to find such car deals?
@@jasperdemuyaya5143 all over, honestly just depends on the car your looking for higher end cars see the most drop from what iv seen. But mostly just depends, some vehicles don’t see a big drop
you can't feel sorry for these stupid ass banks
Don't hate on the repo drivers. They are just doing their job. Taking cars back from deadbeats who can't pay. The repo of the vehicle only happens after months of missed payments.
So they’re all deadbeats huh? God forbid the tanking economy has anything to do with it huh?
Google
New Car Graveyards.
A job loss/Layoff or UNPLANNED medical issue makes people Deadbeats . ? . ? . . . SMH
Most arent deadbeats the hyper inlflation is killing a lot of Americans.
Could this keep the sub 10k cars pricing level? Instead of investing in the stock market I’m going to invest in the 2005 Prius market 😉
The average cost of a new car in the US is around $47k. The average salary in the US is around $59k~$60k.
People buying cars that are over 2/3rd their total annual salary and having them repossessed isn't an indicator of a recession, just that many people make really shitty purchasing decisions and that banks/lenders are the bigger idiots for authorizing such loans to begin with.
I make 200k a year. I have never bought a brand new car in my life. I’m driving a 2010 Lexus ES that I bought in 2014. Car runs, drives and looks mint. My commute to work is only 3 miles car only has 80k miles. I’m driving it til the wheels fall off.
So glad mine is long ago paid for. I maintain it properly and it has given me years of reliable service. Buying when the market was so overpriced was crazy. It still is.
I bet this December it's going to be a really good time to get deals on vehicles if you can pay cash.
Jan will be even better,
@@RangerBass is january better? I thought end of year they'd want to get rid of older inventory models, and if you do it towards the end of december like the 28-31 range, you're likely to get good deals. But I'm just guessing, I'd like to hear your thoughts.
@@HDCybersun I always go in January, all 5heir cars are 'a year older' so to speak, on paper. For example my last car I bought, a Nissan murano, brand new on lot, but it was Jan 2019 and the car was a 2018 model. They really under pressure to get rid of cars in that category because buyers always want the current year model.
Less selection of course, but 8m not picky on color etc.
As someone that literally went from the penthouse to the outhouse when the "pandemic" hit; oh you know, stay home, etc. Had a 747 credit score, long story short, voluntarily retuned the car, it was detailed, even full of gas. It sold, I reached out to the bank and because of my attitude and the cars condition, I was able to negotiate the payoff and they reported favorably to the credit bureau. Things are MUCH better and I could get another pre owned vehicle. No way, still too much. I know not everyone can do this but I was forced to use public transportation. Yes, it can suck, mainly due to some of the other passengers. Do you have to pre plan? Are there going to be issues with the buses themselves? Do you have to really manage and watch time? YES. I can get to work, appointments, shopping, etc. Main thing, I figured out the money I have saved; insurance, gas, maintenance, depreciation, vehicle itself, registration, and it will make eventually purchasing something a cash endeavour.
Excellent video. You have an excellent understanding of what’s going on in North America.
I can feel it in the air that everything is slowing down. I do Door Dash to make a few bucks and I literally sat in my car for two hours before an order came in. Also, the restaurants are empty and I'm not talking about during the normal weekday hours when everyone is at work. I'm talking about the hours when restaurants should be busy like Thursday, Friday, Saturday, Sunday, especially on the 15th of this month it's pay day for many people, and no one is spending money ordering out that tells you something. When you see Amazon, Walmart, Tesla, Red Lobster, Home Depot, McDonalds, etc., closing locations and laying off people that tells you just how bad it is. Let's not even talk about car dealers they are hurting for business big time! I just hope once Trump gets elected the economy takes a turn for the better, but it's not going to happen overnight. All this government printing monopoly money and giving handouts to the masses that don't want to work added fuel to the fire with the overall high inflation were seeing.
I paid $2.45 for a regular old hamburger at McDonald’s that cost me a dollar just a couple of years ago. This is Northern Indiana, not California. That’s not worth it. Never again.
Yep, people cut discretionary spend first (eat out, services etc) then it's car loans, then it's rent/mortgage payments. Worse still is more people will show up for Gig economy work which means less orders to deliver per driver etc.
Saw this last week. When to Olive Garden after church. I told my wife to call ahead because I expected it to have a line. Nope. We were immediately seated. We were there for an hour or so and still saw a lot of open tables when we left. That would not have happened even a few months back.
I never understand how people that only make $18/hr use DoorDash .
Yeah Trump will save you. He really really really gives a sh*t about the laboring working class folks.
Idiots.
i just had my car repo'd not that long ago. i had been consistently behind 2-3 payments and eventually they made an ultimatum: either i voluntarily surrender the car or i pay the entire loan in full. obviously i couldnt pay the entire loan in full so i surrendered the car. definitely a crappy situation to be in.
I bought my car cash. Why take a loan on a used car???
I'm 2 cheap to pay the interest.
Haven't ever filled loan application in my life. Have 5 cars and a house. Really don't care about interest rate or house market😂.
I was in need of a car in 2021 and so i bought my 2022 corolla cross with cash for 30k. The dealership originally wanted me to pay 35k for it. The predatory markups and price hikes back then where so insane. My corolla cross is esitmated to be worth 24k rn. I couldnt imagine the situation would be if i didnt pay cash
Under UCC regs. a vehicle cannot be repossessed on private property without permission. It is a "breach of the peace". And in most state pre-notice to the local police is required. Most folks have no idea.
I know people in the Repo business. If they can get a tow on that car. IT GETS TOWED. The only way to prevent it. Park it in the garage. Your driveway will Never stop them.
Only if it cannot be reached without damaging private property actually. For example, if your car can be towed out of your driveway, it can be repossessed, however if it is locked in a garage, you cannot access this property to get the car.
Well then.... The repo man will swing by your job the next weekday to get it.
@@keithn4304 Seen that myself several times.
Consumers are still vacationing even though nearly 3 quarters of them are living paycheck to paycheck. Have you seen the airports? The airports are still jammed with these idiots for almost 3 years straight. The airports should be mosoleums with the level of consumer debt. These folks are called doom spenders from what I have read. So my observations have been correct. This video even further supports my analysis.
I go on three vacations a year. Not a doom spender. I don’t have any debt other than 60k in mortgage debt on a 550k house with a 2.1 15 year loan. I refuse to believe people are just living hand to mouth. Maybe they are but idk. I drive a 14 year old car. My wife and I make 330k a year and we save over 50% of our income.
A lot of people paid full sticker or sticker plus for cars in the last few years. Gonna get ugly.
The chip shortage made for a shortage of inventory so -prices were sky high a few years ago. Not a good time to buy a car.
@@crand20033 I still cannot believe people fell for the chip shortage bs...😂😂
Stealerships got greedy selling 20-30% over msrp. They traded consistent sales with satisfied customers for short term profits.
While customers may be dumb they don’t like to feel like they’re taken advantage of.
@@TunaNoKetchup It was a real thing. Cars were not able to be sold so there was a shortage of cars on the market.
@@crand20033 It was less about a "chip shortage" and more about an overabundance of people - 30 million in fact - getting free massive weekly paychecks from the US government alone (well over 200 million in total worldwide) to save us from the flu. Learn the basics of economics, our economy depends on you voting for people who aren't incompetent, so we never get a repeat of this 50% inflation in a 3-year period.
Maybe this is obvious but if you are a family try to manage with one car. Our family did that and we were able to do it. I have seen recessions and people went to ride sharing for work and even a motorcycle which I would say is last resort because it is a very dangerous mode of transportation in a commute especially.
I sold my hail damaged car at an absurdly high price during the pandemic. Best trade in my life.
Great point you made at the end of the video. The prices are still too high and need to come down a lot for them to be more affordable. It’s that simple.
I got mine in summer 2020 when Hertz was off loading all their vehicles for cut rate prices. Car is now worth 1k below what I paid for it. Car payment 167.00 a month.
Enterprise too! Cheers
I feel like San Diego market is finally starting to go flat. Not sure if this is because people are on vacation and or are pausing for a possible rate cut or both. And then everyone will jump back in after that or in the fall/cooler temps to move. 🤔🤷
Are these the people that paid "Market Adjustments" and paid 30k over MSRP
Actually, no!!!! People that did that, the percentage isn’t high enough!!!!
It's those people and the 20 million other people who got a half decent deal as well but are now losing their jobs by the hundreds of thousands per month with no money in the bank. It's cars now, but it'll be homes later into the year and all throughout 2028. It will be worse than 2008-2010 because the entirety of the math is worse as well.
Just splashed 1k to maintain my paid off car. So worth it.
Even the Auto Auctions are having trouble selling vehicles
Out here in Las Vegas, SAME problem!!!!
Next month prices will drop even more due to kids going back to school. And people taking vacations, dealers are usually very slow in August no matter what so I’m predicting that we will see some great deals on vehicles soon
Our tenant hasn't pd her payment for 9 months. The bank stated to her she minds well drive it cause they can't find a repo person to get car cause they are so busy.
What are you talking about? A house? A car? A motor home? I'm confused.
@@pugnaciouspredators2086The car look at last two lines
@@pugnaciouspredators2086 . Sounds like the tenant probably told the landlord that she was missing her car payments. But I agree that the way it was phrased sounded like the conversation was about missed rent as opposed to car payments.
@@pugnaciouspredators2086 a car
Yes, your car insurance and car payments go hand in hand. The finance company can repo your vehicle if you fall behind on insurance.
We’re really in need of a second car right now - Hubby and I have had only one car for four years. We’re trying to do the responsible thing and buy an older, cheap reliable model, but that’s not even a thing. You can’t find anything under $10k that doesn’t have more than 150k miles on it unless you want to buy a brand known for being unreliable (Jeep, Kia, etc). Toyotas and Hondas in the $10k range are going to have almost 200k miles on them. Things are still not affordable at all.
Here is what you do have you husband stop by used car dealership and ask them if they have anything you can buy that needs a little work. Body or interior are the best but if you find easy mechanical issues, those can be dealt with brakes, wheel, bearings,ect.
In ‘93 I had my car repo’d. Because I moved out of state. I went to a bankruptcy attorney and paid him $500.00 to file a Chapter 13 (I guess) on just that creditor, and got the vehicle back and continued to make payments.
In FL. I have a 2007 Honda Odyssey mini van 200k. miles, NO Accidents, NO Tickets .Pay $2,200 year for "No Name" Garbage insurance. $200 month just to be Legal . . . NO comp./collision SMH
I find that very difficult to believe, you have a kid driver ? Same car 800 in , California,AAA insurance. What company?
Honda automatic transmission will fail you soon or later.
Really? My buddy has max stacked coverage for 220 a month there with geico.
Progressive and State Farm are expensive.
@@davidjacobs8558Scotty Kilmer is that you ? !!!!
Leave Florida. It is too expensive. Part of the reason your auto insurance is expensive is storm damage to the autos, and the number of unlicensed and/or uninsured motorists driving, sometimes not very well. Use your Free Will to LOVE!...it will help more than you know
Hi Nick, Welcome to South Atlanta area. I am happy to see You so close to this places.
My average replacement cost for my cars over the last 40 years has been eight hundred dollars per year. ( LOW MILEAGE 70000 OR LESS. , OLDER, REBUILT, KEEP AND DRIVE TO THE JUNK YARD.
We paid cash on a 2 year old car in 2022. Great deal my Lincoln continental it is holding value ❤
I've been listening to you and waiting for a drop in prices from 2021 😢
you are responsible for your own decision not anyone else....
@@tongtongwang Oh so you mean I should have stopped listening to him 3 years ago? Thanks!
@@TraderBrandon-ok7khPatiently wait
Seems to me that everything Nick said is coming to fruition. Unless you sincerely think the economy hasn't been slowly crashing for about a year at this point. In that case, you must be a realtor. Nobody who has been paying attention thinks the economy is doing great. But keep living in fantasy land.
@@MrSupernova111 No, I didn't buy homes for 450k in 2021 thinking that a "Massive crash is coming in Housing Market". Those used to be the title of every video :D
Still I'm renting. I missed the boat. Now houses here are 600k+ :(
That dealership: “100% approval! Bad credit doesn’t matter!”
The lot: packed with chargers, challengers, a couple g37s…They definitely have a target consumer lol. Very predatory
Dealership gets paid from the bank. Bank gets paid from YOU, the taxpayer, if they fail. Why wouldn’t they approve everyone?
car centric thinking finally comes to a hold as more and more people get rid of it and ask for cheaper alternatives. LONG OVERDUE, BUT FINALLY HAPPENING!