Stop putting the blame on interest rates. They were so low for so years, it allowed car manufacturers to raise prices. I totally agree with you. Car prices are ridiculous.
This goes all the way back to the Obama years with QE and Cash for Clunkers. It all started there, and here is where we landed. It was all planned years ago.
I drive a 2004 Camry with 245k miles. I love it. Today I saw the same year and model Camry with 160k miles on Facebook Marketplace for a mere $3400. I'd say anyone could afford this car. Yet people feel they HAVE to buy a new car. It's an identity issue more than an affordability.
Because people are stuck in 2019 where that money could get you a car 6 years newer with under 100k miles. They forget inflation made it so the dollar doesn’t go nearly as far and instead of accepting reality keep praying for a crash.
I’ve been thinking for years that it’s bizarre how EVERY car these days is some kind of sport or luxury car, even the normal mass market vehicles are designed to be more luxurious and way faster than they need to be, and the manufacturers hold back good features for top trims in order to get you on the purchase ladder and buy something more expensive. Good news is now a bunch of really cool vehicles have been made and we can buy them for a song. I for one am looking forward to owning a budget super car soon.
Insurance rates (and repairs) have gone up because the people selling automobiles decided they are worth double their value. It's the price. Let's start there.
This is just another aspect of the economy that is disappointing. Some people in urban areas might own cars, but they do get services provided by cars and this will impact the prices of their goods. While the official government number is 3%, actual inflation seems much higher to me just seeing prices at the local stores.
First off, the Fed Reserve is not the government. Keeping rates where they are at influences everything that uses financing. Not just cars. The greed is at a higher level than insurance and car companies. The Powers That Be/Were control the prices of material goods, oil, etc.
Stop putting the blame on interest rates. They were so low for so years, it allowed car manufacturers to raise prices. I totally agree with you. Car prices are ridiculous.
This goes all the way back to the Obama years with QE and Cash for Clunkers. It all started there, and here is where we landed. It was all planned years ago.
they need to crash the car market. Prices need to drop by half at minimum.
Although I agree with the sentiment… By the time, the car prices come down by 50%… Most of us will be out of a job during a depression
I drive a 2004 Camry with 245k miles. I love it. Today I saw the same year and model Camry with 160k miles on Facebook Marketplace for a mere $3400. I'd say anyone could afford this car. Yet people feel they HAVE to buy a new car. It's an identity issue more than an affordability.
Because people are stuck in 2019 where that money could get you a car 6 years newer with under 100k miles. They forget inflation made it so the dollar doesn’t go nearly as far and instead of accepting reality keep praying for a crash.
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I’ve been thinking for years that it’s bizarre how EVERY car these days is some kind of sport or luxury car, even the normal mass market vehicles are designed to be more luxurious and way faster than they need to be, and the manufacturers hold back good features for top trims in order to get you on the purchase ladder and buy something more expensive. Good news is now a bunch of really cool vehicles have been made and we can buy them for a song. I for one am looking forward to owning a budget super car soon.
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Um, 4-7% interest rates would be fine if the $20,000 car you want was actually $20,000 and not $35,000.
Blame the high interest rates on your federal government with its wasteful, endless borrowing & spending.
Ripping people off at the dealerships and then the insurance companies stealing more from the consumer are two factors.
Good information.
Insurance rates (and repairs) have gone up because the people selling automobiles decided they are worth double their value. It's the price. Let's start there.
This is just another aspect of the economy that is disappointing. Some people in urban areas might own cars, but they do get services provided by cars and this will impact the prices of their goods. While the official government number is 3%, actual inflation seems much higher to me just seeing prices at the local stores.
cough cough all the money printing.............
Car Prices > interest rate
So true to say no more cars being made anywhere on Earth right now because of all of this as well least of all in the USA and Canada plus Mexico!
Fewer options.
Your headline is a bunch of crap. Don’t blame the govt for the absolute greed of the insurance and car companies
First off, the Fed Reserve is not the government. Keeping rates where they are at influences everything that uses financing. Not just cars. The greed is at a higher level than insurance and car companies. The Powers That Be/Were control the prices of material goods, oil, etc.