Depreciation CRISIS! Car Values Are PLUMMETING
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- Опубліковано 11 чер 2024
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Ray and Zach compare the prices of several EVs with the highest cash offer for each on caredge.com/sell and find a disturbing trend: EV values seem to be driving straight off a cliff, with the examples falling up to 50%!! - Розваги
It's not a "crisis" or "insanity" as you say if finances are returning to normal. Things have been allowed to skew out of kilter for far too long. We need to get back to sanity.
Exactly. This is simply a market correction for what happened in 2021/2022. Same as the housing market rocketing up from 2018-2022, which simply was a market correction from the depths of 2008-2010.
Back to sanity requires jail terms.
Pretty sure that for the people who are upside down in a silly EV more then $30k consider it a crisis.
Although i agree things need to return to sanity, just remember: capitalism is only about making a bigger profit next year than the year before. So, just keep your price lowering expectations in check. 👌🏼
That's what they said in 1929 😂
I think what you meant to say is that they were seriously overpriced when new. And suckers bought them
@user-hg4li3zx1x but EVs are what driving prices down rn. they did some good for the society
Were they overpriced if people were willing to buy them? Supply and demand.
@@R0CKtheR3D they were overpriced; they just found people dumb enough to pay it. But not enough
Boggles the mind
@@R0CKtheR3DYes. That’s why we had a Housing Bubble and crash in ‘08. People were perfectly willing to overpay straight into the Bubble. People are crazy.
Yeah, they'll offer you $23k and then turn around and ask $39K. Good luck car dealerships!
There is a 2 yr old, 2 owner CT5V Blackwing that’s being advertised above original MSRP ($95K) and the CarGurus cash offer was $73K. I told them I’d pay $73K + $1K 😂 of course they didn’t take it, but the car is going to sit and cost them money!
You mean car stealer ships
What was insanity was how much new car prices went up.
Car values were too high to begin with.
It is called equilibrium. They are going back to realistic prices. The GREED went through the roof over the past 3 years.
So glad I’m still around to see things balance out. While in the thick of it it seemed like it would never end 😭
The prices haven't plummeted far enough as far as I'm concerned 😆
Out of the blue last week I got a call from my local Ford dealer. I had bought a truck from them, then sold it back to them for more than I paid for it (2yr old). Saleswoman told me she had a 2023 Mach-E for sale and they were dropping the price by $10k. I couldn’t stop laughing. Saleswoman got mad and hung up.
Why do dumb people always get mad when you laugh at them??
thank you for your service may your pillow be cold on both sides
@@abrahammc2125 - and, his nuts never stick together...
@@z-z-z-z ummm. you mean stick to his thighs right?
As long as dealers of all sorts remain predatory with used car prices, their junk will sit on the lots.
How is it predatory to say "This item that I own is for sale for $X.00. Take it or leave it?" and then finding people who will take it? I'm sure if you had a yard sale and someone offered to pay you $10 for your dead Aunt's bedazzled ash tray you would tell them "oh no that's just too much for that old thing... how about $1!"
Nobody would.
@@nothingtoseaheardammit While sellers have the right to set prices, the term “predatory” comes into play when there’s a power imbalance.
Information Asymmetry: Buyers lack complete info about used cars, while dealers have it. Exploiting this gap can be seen as predatory.
Pressure Tactics: Some dealers use high-pressure sales tactics, pushing buyers into quick decisions.
Hidden Fees: Predatory dealers add undisclosed fees, increasing the final price.
Targeting Vulnerable Populations: Certain dealers exploit vulnerable individuals.
Unfair Trade-In Values: Undervaluing trade-ins harms buyers.
@nothingtoseaheardammit The scenario you presented would possibly have items suitable for "Antique Roadshow". Let dealers sit forever on their inventory. My vehicle's got decades of service life left.
Takes 2 to buy a car, the dealer and the buyer
@@nothingtoseaheardammitThank you! Its called supply and demand. The consumers are the ones that ruined the market, not the dealers. People were willing to pay the crazy prices and they did, thats on them and it screwed themselves and the rest of us!
I saw a used truck advertised in the paper with 150k miles for $45k. Are they nuts? It's worth $8k with 150k miles. Can't break road wear with high prices.
What kind of truck. So many factors
Dealers and manufactures problems make me smile !
It's self inflicted
Got to cover all those Union wage increases
@@reneeann5340 Not with my hard earned money ! Must be a tough job installing lug nuts and windows !
To be fair it’s more entertaining than anything on TV for last 20 years.
Prices are dropping. My car dropped 10 percent in a week, however dealers still want super inflated prices on their used stock.. goid luck. They will go out of business
Don’t worry they won’t go out of business.. bank work along side with Greddy car dealers financing loans .. they are working hand and hand .. screwing is over and lining there pockets as a tag team
They will not go out of business 😂
Thanks fellows you just saved me from making a mistake
I don’t know about anyone else, but I think this is Great!😊
every aspect of the vehicle is "proprietary" making it unrepairable except at the dealer. If it is broke it is not economically feasible to fix it.
Agree 50% off the vehicles would be reasonable..or prorate all new cars as a 500 mile used to clear lots.
I have been looking ( in Canada) at 4-5-6 year old SUB compact SUV's and the prices I am seeing are $30,000+ for cars with over 50,000+ kilometers. I think that is NUTS ❗
they're not depreciating, dealer have over valued their vehicles with their markups. Finally they have to drop their markups to move inventory and have lowered interest rates on the slowest moving ones.
It's no more insane than the 40-50% MSRP increases over the last 5 years. This is like a reverse mirror image, but with EV's taking it in the shorts moreso than overpriced ICE vehicles at the moment (which, to me, makes sense given market current market demands).
Congratulations to everyone here who avoided being robbed the last 3-4 years (by NOT buying a new vehicle).
Exactly. Just say no!! Please folks stop feeding the bear.
Buying a depreciating asset is not good, but buying a rapidly depreciating asset is insane.
@@alancooper4368lease is even worse. You'll never own that thing
@@alancooper4368 Leasing is renting, you'll never own it. Buy something you can afford with cash saved up, or finance something very much within your budget and get it paid off in 2-3 years. People need to stop buying things with payments. That's why so many people are broke.
@alancooper4368 possibly for a EV like they said.
Lease comes with restrictions, and typically, you do have to pay a down payment.
Ultimately, they are using you to soak up the depreciation.
@@speeddemon0712Totally agreed. I hope and pray people wake up to the insanity that the banks and manufacturers have created. Do you know how good it is to feel walking into a dealership, buying a slightly used vehicle, paying cash, and walking out knowing you won’t be back for at least 10 years. The banks absolutely hate people like me, and that in a sick yet satisfying way..makes me a very happy person. If your buying a car that is overpriced and you have to finance all your doing is feeding the beast. STARVE THE BEAST.
Virtually everything you buy depreciates.
Thank you, great job‼️🏁🏆
Keep up the great work. Lot of great info helped me secure a strong deal on my upcoming lease.
Well this is a "market correction" as well as showing us just how over priced & over rated new vehicles are starting with Mercedes in the beginning but similar can be applied to anything brand new today. Vehicle manufacturers as well as car dealers need to come to grips with the fact that all of their greed of the last 5-10 years is coming full circle i.e. KARMA and it is fun to watch. 😂🤣😅😆😁👍👍👍
Hi guys. So I watched several of your videos and advice. We needed to buy a car to get our daughter to and from school…a Junior in college. So used your advice and techniques and wow we could not be happier. Got a great deal with little to no hassle. I got preapproved first from our credit union, called our insurance to find out what the new car would cost…talk about shocking! Rates are higher now especially for young drivers. Then checked how many days the car that we wanted was on the dealers lot. Checked the car fax and the maintenance performed by the dealer. We got a great little car for our daughter and at a good price. The sales manager was a little frustrated with me because I was direct and knew what I was talking about. But in the end he made a sale on the last day of the month, and I did say that to him. We both got what we needed in the end. Thanks guys. You helped us a lot!
I hope you’re right the prices are sickening.
$7500 of the depreciation also includes the tax credit. Plus, many of the vehicles not eligible for the tax credit if purchasing are eligible if leased and can be passed through.
As someone who’s genuinely interested in an EV (most likely a Ford Lightning) but has no need to buy now as all my cars run fine and and are fully paid off… this is fabulous news. Can’t wait to go shopping in a year to so.
For a person as wise as you by running paid for cars…buying a Ford lightning I can assure you is the antithesis of a wise. Ford can’t give away their EVs…there’s a reason…always a reason.
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Trust me. My 2014 AWD GMC Terrain, one owner but high mileage, no dents, was offered $2,500 trade in on a Ford Escape
to be fair, if you’re keeping your car for as long as possible, I guess the depreciation crisis wouldn’t matter, since you’d be keeping it till the wheels fall off and not trying to sell it.
Until someone rear ends you or otherwise destroys it. My last 2 cars died that way.
As long as you buy a car that can last…at this point that would be Lexus and Toyota…maybe Honda as well. Anything else is a gamble at best.
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Dealerships are robbing ppl all the time. They’re selling a car with mark up and buying same car with less than half price as happened to me. My Hyundai 2022 Ioniq 5 cost me with tax and 5k mark up $51.400. And after 18 months tried to see how much will give me for it and price was 17k. I was so angry of them and will never buy an EV only lease because the depreciation is very high. I just gave 50% down payment to pay it off as soon as possible with no idea that i will lose that much on my car. I still like my car and with this situation i have to stick with it until it dies no other option.
They're NOT robbing people. They're collecting what the market is willing to pay. It's not the dealerships' fault that there are uneducated moron consumers out there willing to pay ridiculous prices for cars. They are simply collecting what the customer is willing to pay.
Bless your soul man lol ride our till it dies because there's no other option is just the raw truth.
Why did you buy it if they are robbing you? Did they force you?
Pays to do research and understand how things work in the world huh.. maybe not go out and buy an EV just because the government wants you to..
Folks, the EV market is a sham. It’s a Ponzi scheme. Don’t believe me, just go out and buy one and try to trade it in a couple years later. I’m in sales and was training a new hire a year ago. I begged him not to buy the Audi EV. He paid 55k. In the last year it has been back to the dealer 6 times. He went to to trade it in and they offered him 30k. My advice, take the financial hot and get rid of it. Sometimes the best investment you can make is to stop the bleeding score it gets even worse. How much worse, I bet that car won’t be worth 10k in 2 more years.
Any recommendations on getting a Ford maverick lariat awd ecoboost at msrp?
How do you access that page where it shows the cash offer?
I live in Ford country Louisville Ky. There are 80k-9ok pick-ups, Expeditions, Broncos, Explorers parked in empty parking lots of closed businesses all over town and it's been this way for months.
I think it’s great, there getting closer to what the real value is.
A broker in SoCal is advertising an S Class at 20k off. You can get a Lexus RX500h 10k off.
Then they add in 10-20k in mandatory ad ons and junk fees
I see 5-6k off on new RX500h..I think it should be 16k off of them lol. I think 70 plus is preposterous for it
@@Derek-pq3zb I, too, have seen 5-6k. I also went to Santa Monica Lexus to test drive a 500h and negotiated ultimately a discount of 10k from msrp. I still didn’t buy the car, but you can certainly push them for a deep discount
Want to know something even crazier about those Mercedes EQS? At the height of the chip shortage people were buying them for sometime a $100,000 markup here in Southern California.. ouch
Extreme environmental slavery mindset is a real thing
There’s a reason the rest of us question the sanity of many people living in California.
Had to sell later than I wanted and buy replacement earlier as insurance threatened to drop all my insurances if I didn't buy the replacement first (had to save for it). Better to have done this in Novermber than now in the spring as my late 2021 car kept dropping in value. I typically keep cars for years; needs changed. Did use CarEdge sell tool to sell my car in 1 day.
I see these videos with the same message and updated data points yet local dealers are adding thousands in fees and more thousands for their "club" with things like security etching, ets on top of the "discounted" price putting it back to above MSRP. Even the Stellantis dealers are doing it. Not really seeing the hyped drop in pricing locally in Tampa, FL when out the door is the same with fees and addons dealers will not take off. They do offer "plummeting" values for your trade in though.
Thank you.
A few hours ago my daughter and I were at CarMax Henderson NV. We saw a Toyota Camry SE 2018 (5 years old!!!!), 45K miles, priced at $23,998. I checked the online prices for some Las Vegas dealers and found the same model brand new for $29700, with $1600 of dealer add-ons. How will CarMax survive?
It’s amazing how different the depreciation is between a total electric and a hybrid or plug-in hybrid. The hybrids can be hard to get.
My father has owned an electric golf cart for the past 20 years that he drives around his private neighborhood. I’ve had to change the batteries 2 times (the batteries last about 6-7 years). The last battery change was 3 years ago. It cost about $1400 for (six)8volt battery’s …..if it had a gas Honda engine all I’d have to do is change the oil once a year for 6 bucks.
Those are lead acid batteries
@@dwcanker yes I have lead acid batteries. They do have a lithium battery but those cost even more. My point is batteries are not cheap
You guys do an amazing job. I’m personally waiting for full size trucks. To start going down in price. A 2500-3500 series.
So now the dealerships are going to charge more to offset the depreciation?
Perfect
I’ll keep waiting
What is the depreciation on hybrid vehicles like? Rav4 hybrid?
You two rock!!! I love your channel. ❤
Car values are plummeting everywhere but on the dealer lots! They are still asking TOP dollar for new or used! Your trade is worthless though.
This is true. On paper the value is xyz. But that is NOT what you can find when shopping. Even private sellers are way over asking for their pos vehicles.
I bought my car in 2019 for 32k. Last year got a appraisal from Carmax and Carvana. They offered me 28-26k. Just got another email today from Carvana for 20k. But cant justify the cost of a new vehicle in todays market. They can eat doodoo
Zach you have an awesome dad………wish mine was still around…….thnx guys !!
Is this only for states or also Canada?
Until there become standardized, reliable metrics that can be measured across all EV manufacturers for battery health status - there is simply too much risk in purchasing a ussd EV.
Love the videos guys! Biggest issue I'm finding here in Florida is actually finding a decent used car for sale from a regular human being. Everything I see on Facebook is overpriced from a crappy used car lot. 25% of those are rebuilt title. Where are the normal humans selling their cars these days? Craigslist was great until they started charging $$. Now FB seems to be the only place to look. I'm in the $10k budget range.
Hello guys... Love your content. I'm struggling with the "buy used EVs" with my specific case. I purchased a 2024 Tesla Y long range in February for $38,500 after IRS $7,500 credit ($41,500 out the door). Using CarGurus for a 2024 Model Y LR with 3,000 miles i'm getting 43K for private sale. Adjusting to a 2023 Model y with 12,000 miles CarGurus is showing $37,500 private party. Is the the IRS rebate throwing things off? Who would buy a one-year-old vehicle with 12,000 miles for only $1,000 less (private party value) than a new vehicle?
No one wants Tesla anymore, especially used one 😂
@@azerogliev6520 Thanks for the reply. I mean, it’s not really related to the question I pose, but still always nice to interact. My wrangler and 3 series are just collecting dust now. Maybe I’m just in the honeymoon period with Tesla.
I hope all the vehicles prices out there normalizes including Toyota
Finally. I saw and knew this was coming.
Will you ever do a video about dealer holdbacks?
A good friend leased an EQS for $0 down $550 per month, 12 month lease, 10K miles. They used $77K for the cap cost on a sticker of $112K
12 month lease??
Ford Transits and similar cargo vans are still super expensive! $30k for 2018 with 100k miles. Im afraid these can go up even more. And I need one.
I bought a 2023 f150 xlt brand new in october of 2023. It was 10k off sticker so i got it for 52k. 6 months later its only worth 40k. Lost 12k of value in 6 months on a truck, which was in high demand for a long time.
I have seen so many videos, shouting, the car value are PLUMMRTING! So, by now, I think the car should be free on the basis first come, first served.
Sure wish they were plummeting in my area. I’m seeing some raise prices 😢
Depreciation on Evs were easy to predict. Nobody goes into a store now looking for last year model’s cell phone.
I buy used iPhones that still have two or three years of security updates (unlike most new Androids) for under $250.
@@EMichaelBall proves my point
I just tried a very basic i4 on public listing WBY43AW05PFP65717 and KBB value is 40k. So it’s not as cheap as 29k as mentioned in video. Why the difference?
So if you get in a car wreck, how does this depreciation affect your insurance appreciation?
Screw depreciation! I am an original owner of a 1997 Honda Del Sol Si. I paid $17,000 brand new. It has 221,000 miles . It is my only
car. Del Sol in good shape are running $10,000 to $15,000 and even more. My advise take care your car . Through the crap out of your garage
and take care of your investment. Screw to car manufacture and their corrupt schemes. The old time Germans would maintain their cars and use it
lightly. Cars are the worst thing you can buy. Buy a good reliable car and keep it. The money blown on cars is sickening. People as was school
children need to take home economics. My little car will do anything I want. If I need a bigger car Temporarily I will rent it
PREACH!! Wise man.
I'd love to know where all the Honda Civoc hatchbacks are. None of the dealers around me seem to have any!
I just opened by 6 month car insurance renewal bill. No Price increase from 6 months ago.
I want to pay the $1k CarEdge concierge fee but I want to know if it’s tax deductible first
I wonder what the depreciation is on a Honda Civic or Toyota Rav4 is? It seems to me that popular vehicles like that depreciate slowly. Not to mention it is extremely difficult to find a slightly used one for sale; and if you do find one for sale, its not much cheaper than a new one.
RAV4 hybrid depreciates the least out of any vehicle currently
@@azerogliev6520 Yes, and that is my point. Cherry picking EVs (which depreciate like a stone dropped in a lake) and other high value cars as examples can tend to distort the picture a little, just as picking cars that have the least depreciation (like the RAV4 hybrid).
you all ever heard of this. The chevy dealership here in Tuscaloosa Alabama sent me a letter saying there were going to give me about 15784 for my wife's 2018 Equinox LS. That is a good price since we only owe 8k on it. I was thinking of trading up and that would be one heck of a down payment. So we go to the dealership and they look at the wife's Equinox and say ok we give you 10k for it. I was like what the bleep. This letter says you give me over 15k for it no matter the condition. The sales man said oh but you have an ls the striped down version now if you had the rs the upgraded version we would have given you the 15k. So he does the payments and sure thing not in the same galaxy. He said I pull around something I think you like, so the fool pulls around a Trax, I am like oh hell no. He then says well we have an ls coming in on the next shipment that is 26k we might be able to get you to the payments you are at. Talk about a bait and switch, is this thing not illegal? If they send you a printed letter stating oh we will vie you 15k don't they have to live up to that?
A "super center" just offered me $3,000 below trade in value for a car that they admitted they could find nothing wrong with. I have yet to see anything already for sale on the lot have a reasonable price.
Wouldn't a lease also allow for the huge depreciation in the monthly payment?
hahahahaha, of course not. Gotta keep making them money.
Leasing is one of the worst ways of getting something.
Yes!!! The payment goes up as the residual value goes down.
Hello. Do you think y’all can do a role play of purchasing a used car? My name is Thomas and I’m looking for a car in the new car, used car market. I wanted to know how purchasing a used car at a dealership could potentially look like. Thank you so much!
28k offer for a 1 or 2 year old barely used BMW is insanity. I paid ~18k for my '07 back in 2012!!!
The iX is electric. Your '07 doesn't factor
Broke My Wallet.
Don't buy crappy cars
@@jacobstrouble6631 My point is that even if you account for inflation on the MSRPs, the rate of depreciation for the iX, among other cars mentioned in this video, is staggering. Ludicrous drops.
@@frederick6570I would agree. All you have to do is look at the 10 year depreciation rate of whatever brand of car your looking at….hint BMW, Audi, Mercedes, Rover, and Dodge are at the bottom…have been for decades. There’s a reason these cars depreciate so fast…it costs so much to keep them running. I’ll give you one guess at what manufacturer is at the top.
You are comparing a five year old vehicle to a 1 to 2 year old vehicle. You are comparing a 2012 price to a 2024 price. A false comparison.
Wow. Gonna have to revise that old trope “you know that your new car loses 20% in value once you drive it off the lot”
1st time in several years my dealership is calling and emailing me. I think things are going to get very bad....
Good thing I only have a few payments left on my 2018 wrangler. Funny that people pay so much more now for wranglers that look almost the same. I paid 32,900 for my 2018 now same car is 47k!
50%, sounds about right... I don't know anyone who got a 50% raise in 6 years... And the heeps definitely aren't 50% better now!
Ok thx. I’m sure sitting there in person,you can def get more off…I believe the RX500h starts around 65k..it’s a nice vehicle. But I wouldn’t pay over 51-52 for it. It just not worth it IMO
The key word being “ask” as in “I’m asking $400,000 for my house but I’ll take $375,000.”
Drooping like a rock
Fellas! Could it be we are seeing the results of car sellers greed out of control? Prices were raised exorbitantly while the average smoes paycheck stagnated. Now we feel the backlash and it ain’t pretty. Add car companies rush to all electric. What did they think Toyota was doing. Had a great example in front of them and still missed it. Jt
😮Thanks!
New car values need to go down like used car values !!
Ray and Zach don’t hate EVs; the MARKET does!
I want a 2017 Accord because the 10th gens have oil dilution problems and are blowing head gaskets left and right in the 1.5T engines. The 9th gens are all going for at least $15k with over 100k miles and that's from private sellers/flippers. Dealers want even more. Hoping prices fall after tax season.
Get the 2.0t engine, much better reliability.
Part of the depreciation in EV cars is the huge decreases in prices for Teslas, which makes up over 50% of the electric market. Its what all cars should be doing now imo, not just EVs/Teslas.
dang and dealers here in southern Oregon are still trying to get 18 to 22k for 2016 BMW X5s with over 100k miles. I swear they would rather go out of business than sell something for a realistic price.
Please don’t tell me this. My hope in humanity is already low. Who would buy a BMW with 100k miles period? PEOPLE PLEASE LISTEN…MODERN BMWS ARE TOTAL JUNK AFTER 70k MILES. Just look at depreciation rates of BMWs over 10 years…there’s a reason they drop faster then Donald Trumps bible business.
Those cash offer websites are terrible I was offered $1200 for an old Mazda truck and up selling it Private Party for $3000. Same with real estate instant offers they are literally $150k less than I could actually get for my home. I just don’t think instant offers carry any weight to true depreciation.
Not happening in Finland sadly.
The values are plummeting but the prices remain high
I keep trying to buy one of these lightnings and I️ can’t even get a straight price. Heck, I️ can’t get a dealer to call me back!!!
That’s because you’re savvy and they want suckers.
Karma is a xitch! Manufacturers should never has loaded up the cars the way they did, dealers should never have ripped off their customers the way they did, finance companies should never have loaned what they did, and customers should never have paid what they did. ALL are in the process of having their day of reckoning and it is well deserved. Unfortunately, it is going to impact the entire economy but at least all those that caused it will pay the highest prices.
Well said
I haven't noticed at carmax😂
The depreciation is going to hit really hard on the over priced and over produced models.
They need to drop brand new 40% and house prices 50% before we return to where things should be.
where??
When consumers years from now return to a dealership to buy a car, they will be hostile and pissed after the screwing they took due to car dealership greed over the last few years.