patrick.net

Booger says

GNL says

RC2006 says

My wife's car was just totalled when she was rear ended sitting at a light. Waiting for check, I want to hold out a bit longer but we only have the rental free for a month.

Wow, must have been a hard hit? Just about 2 weeks ago, I witnesses an accident at a stop light. I was first to open the door. The guy, about 65ish, said he simply passed out. He hit the other car pretty hard.

Clot shot?

That was my first thought.

HeadSet says

Eric Holder says

How does it stop the predicted flood of repo'd used cars from hitting the market and lowering USED car prices?

When there is a shortage of new cars, used car prices go up. Around here, the dealers have little new inventory and very high prices for the used cars they do have. The local Nissan dealer sends me emails asking me to sell them my Pathfinder.

That is how it works in absense of the huge flood of repo'd cars, but the said flood should've at least compensated for the new car shortage, no? If it happened, that is.

RC2006 says

F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.

Speaking of which, why the hell do the idiots driving those big trucks insist on driving way too fast for conditions. Morons don’t realize that heavy large trucks take longer to stop than smaller cars? The new compensation? No longer a sports car, now compensation is a large truck?

What's not to love about $20,000 10 year old cars?

Tenpoundbass says

What's not to love about $20,000 10 year old cars?

Fixed:
What's not to love about $20,000 10 year old cars that have > 100,000 miles on them?

This is because decent used cars get EXPORTED, leaving only the junkers and the "60k miles in 2 year Uber" Vehicles.

zzyzzx says

Tenpoundbass says

What's not to love about $20,000 10 year old cars?

Fixed:
What's not to love about $20,000 10 year old cars that have > 100,000 miles on them?

This is what TPTB want, just like the push to EVs. It’s getting a large part of the population out of private transportation. Prices increased by dollar devaluation on these vehicles will buoy the price retreat from the scarcity peak somewhat.

FuckTheMainstreamMedia says

RC2006 says

F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.

Speaking of which, why the hell do the idiots driving those big trucks insist on driving way too fast for conditions. Morons don’t realize that heavy large trucks take longer to stop than smaller cars? The new compensation? No longer a sports car, now compensation is a large truck?

Exactly. If the DOT and NHTSA really gave two shits about crashes there would already be integrated systems with warnings to the driver that adjusted dynamically the safe following distance and other vehicle dynamics for speed instead of these other bullshit Nannie’s that have been added. Give us something useful that educates and warns the morons that don’t understand vehicle dynamics, or just remove their license.

FuckTheMainstreamMedia says

RC2006 says

F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.

Speaking of which, why the hell do the idiots driving those big trucks insist on driving way too fast for conditions. Morons don’t realize that heavy large trucks take longer to stop than smaller cars? The new compensation? No longer a sports car, now compensation is a large truck?

In the case of this f250 it was a company truck for an electrician with all the utility stuff built into the bed. Wife thinks guy was on phone.

ForcedTQ says

If the DOT and NHTSA really gave two shits about crashes there would already be integrated systems with warnings to the driver that adjusted dynamically the safe following distance and other vehicle dynamics for speed

Sounds like adaptive cruise control. ACC does not just warn the driver, it slows to car down to maintain a distance from the car ahead. I have that feature in my 2018 Pathfinder.

FuckTheMainstreamMedia says

RC2006 says

F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.

Speaking of which, why the hell do the idiots driving those big trucks insist on driving way too fast for conditions. Morons don’t realize that heavy large trucks take longer to stop than smaller cars? The new compensation? No longer a sports car, now compensation is a large truck?

Or the BMW driver could've decided to squeeze in between the truck keeping the proper distance and the car in front. When I rented a 26' U-haul box truck a was amazed at the number of idiots thinking that the gap between the truck and the car in front is there for no fucking reason.

Another thing I checked. Prices are down from last year's peak. Interest rates + Bad Loans/Repos = Cheaper Prices.

Used Car Price Trends - CarGurushttps://www.cargurus.com › Price Trends
Make Avg Price Last 30 Days Last 90 Days YoY
CarGurus Index $29,463 ‑2.13% ‑4.26% +0.26%
Coupe $36,892 ‑1.19% ‑2.06% +6.42%
Hatchback $17,312 ‑1.62% ‑1.74% +9.13%

Used car prices are dropping quicker than ever in history. Some categories have been dropping 1% per week lately. Wholesale is dropping even more quickly.

Normal appreciation/depreciation is +/- 0.1% per month from what I've heard.

just_passing_through says

Used Car Price Trends - CarGurushttps://www.cargurus.com › Price Trends
Make Avg Price Last 30 Days Last 90 Days YoY
CarGurus Index $29,463 ‑2.13% ‑4.26% +0.26%
Coupe $36,892 ‑1.19% ‑2.06% +6.42%
Hatchback $17,312 ‑1.62% ‑1.74% +9.13%

Used car prices are dropping quicker than ever in history. Some categories have been dropping 1% per week lately. Wholesale is dropping even more quickly.

Normal appreciation/depreciation is +/- 0.1% per month from what I've heard.

Looks like Jeep has found a stash of mail-in ballots in some warehouse, LOL.

PS. Used car prices are big part of the inflation number, right? Meaning that it could keep going down in the months to come.

just_passing_through says

Used Car Price Trends - CarGurushttps://www.cargurus.com › Price Trends
Make Avg Price Last 30 Days Last 90 Days YoY
CarGurus Index $29,463 ‑2.13% ‑4.26% +0.26%
Coupe $36,892 ‑1.19% ‑2.06% +6.42%
Hatchback $17,312 ‑1.62% ‑1.74% +9.13%

Used car prices are dropping quicker than ever in history. Some categories have been dropping 1% per week lately. Wholesale is dropping even more quickly.

Normal appreciation/depreciation is +/- 0.1% per month from what I've heard.

So it's habbening.

RWSGFY says

PS. Used car prices are big part of the inflation number, right?

That's what I've heard too.

https://www.bloomberg.com/news/articles/2022-11-15/us-household-debt-jumps-most-since-2008-even-as-card-rates-surge?srnd=premium#xj4y7vzkg

I believe mortgage debt hide credit and auto debt.

Don't you really mean wholesale user car prices are imploding?

Because retail lags wholesale, and like a home seller, car dealers are mostly still asking peak prices based on 3% interest rates and negligible supply.

zzyzzx says

Don't you really mean wholesale user car prices are imploding?

Because retail lags wholesale, and like a home seller, car dealers are mostly still asking peak prices based on 3% interest rates and negligible supply.

No retail level bargains where I live yet.

https://www.cnbc.com/2022/11/18/carvana-to-lay-off-1500-employees-amid-economic-uncertainty-.html

Carvana lays off 1,500 employees following stock free fall

HeadSet says

No retail level bargains where I live yet.

And Used car prices are among the highest nationwide in the DC area.

just_passing_through says

Used car prices are dropping quicker than ever in history. Some categories have been dropping 1% per week lately. Wholesale is dropping even more quickly.

So it's habbening!

A drummer I play with, was the mantainance manager for a large car lot in Miami. A week before he was talking about how connected and dialed in he is at his job.
Then last week he said, a bunch of car carriers showed up and removed the entire inventory to bring them all to auction. Then closed down, in the blink of an eye.

The prices of their inventory was dropping so fast, along with their overhead, they would be paying people to take their cars from them.

Still no used or new car bargains here yet.

Eric Holder says

So it's habbening!

Up until this past week: https://www.cargurus.com/Cars/price-trends/

HeadSet says

Still no used or new car bargains here yet.

No, not yet.

Nope.

Lot of cash ready for a deal and a lot of people who "Know what I got".

New car inventory is still low. WTF is going on? Supply chain breakdown? Inventory control?

https://finance.yahoo.com/m/9a801cdf-a385-33d1-a268-04f3c9294946/general-motors-is-reportedly.html

General Motors is reportedly cutting around 500 jobs, a month after CEO said ‘We’re not planning layoffs’

HeadSet says

Still no used or new car bargains here yet.

The Deals are all at the auctions. They buy them cheap and put them up for sale with a huge markup, to protect the rest of their inventory.
(Shrugs) It worked for the Real Estate market.

gabbar says

New car inventory is still low. WTF is going on? Supply chain breakdown? Inventory control?

China is dying demographically. So is a lot of Asia that makes the electronics for some car parts and other electronics. I dislike Biden in general, but he made a good move following through with Chips Act. Probably will be his only and greatest achievement. And yes probably kick backs to the big guy included... But this is a massive project. Drove by it a couple weeks back. It's huge.

https://www.azcentral.com/story/money/business/2022/12/07/what-to-know-phoenix-taiwan-semiconductor-factory/69707994007/

zzyzzx says

https://finance.yahoo.com/m/9a801cdf-a385-33d1-a268-04f3c9294946/general-motors-is-reportedly.html

General Motors is reportedly cutting around 500 jobs, a month after CEO said ‘We’re not planning layoffs’

500 jobs out of an employee count of 167,000. Oh no!!!

Tenpoundbass says

The Deals are all at the auctions.

Auctions is where the cab company got most of its vehicles, so I am familiar with them. Still no deals yet.

Good video on this:
https://www.youtube.com/watch?v=cBKCNlQeVgI

HeadSet says

Tenpoundbass says

The Deals are all at the auctions.

Auctions is where the cab company got most of its vehicles, so I am familiar with them. Still no deals yet.

There won't be any deals on cars until there's more of them. THIS is the same thing as real estate that some users can't wrap their mind around. If there's no product and people NEED a car or house you'll pay more. INVENTORY. 10 people fight for 1 house or car and the price goes up. 10 people move out of the Bay Area and no one wants it prices drop. 10 people move to my town and there's only 1 house, prices go up.

Not shitting on you Headset. There's just some lately that don't have any logic here or are basing it on the specific zip code they probably rent in. That's not the rest of us. It's the uhaul effect. Check the prices going into CA versus out to say Texas somewhere. Same route. They'll damn near pay you to bring a truck back to CA from TX.

It looks to me like the goal is to make the same profits on fewer sales. This solves the resource problem the greenies/globalists want while keeping corporations solvent. Unless rising rates can solve inflation (and even cause deflation(?)), only the rich will own anything while the rest of us own nothing but still be happy.

WookieMan says

HeadSet says

Tenpoundbass says

The Deals are all at the auctions.

Auctions is where the cab company got most of its vehicles, so I am familiar with them. Still no deals yet.

There won't be any deals on cars until there's more of them. THIS is the same thing as real estate that some users can't wrap their mind around. If there's no product and people NEED a car or house you'll pay more. INVENTORY. 10 people fight for 1 house or car and the price goes up. 10 people move out of the Bay Area and no one wants it prices drop. 10 people move to my town and there's only 1 house, prices go up.

Not shitting on you Headset. There's just some lately that don't have any logic here or are basing it on the specific zip code they probably rent in. That's not the rest of us. It's the uhaul effect. Check the prices going into CA versus out to say Texas somewhere. Same route...

I can attest to the Uhaul stat.

GNL says

It looks to me like the goal is to make the same profits on fewer sales. This solves the resource problem the greenies/globalists want while keeping corporations solvent. Unless rising rates can solve inflation (and even cause deflation(?)), only the rich will own anything while the rest of us own nothing but still be happy.

I believe it's a generational thing. Multiple factors. The boomers built a shit load of houses that weren't needed. Lenders fucked up and loaned to unqualified people. Housing crash happens and shit hits the fan. Builders stop building and the trades lose a generation of plumbers, hvac, framers, concrete, electricians, etc. So we're now left with a labor shortage in the trades and a bunch of you tuber digital generation.

We solved this by having damn near negative interest rates to an extent though not all that much building outside of hipster areas like Denver and Phoenix (Boomer retirees). Combine that currently with covid and cities going to shit we have a very weird situation. Millennials are finally having families and realizing that you cannot raise kids in cities. No one was building in the far out suburbs where there's cheap housing because of profit margins so existing home sales sky rocket.

This is why I get so testy on this topic. We're witnessing the 80's and early 90's. It's a cycle. The same happened in the 40's and 50's. If you have kids you don't want to raise them in a city. It's a central work place for big business. A good chunk are there to serve in the restaurant, tourism, travel, service type industries. Basically it's ghetto/losers. Then you defund police and allow blatant homelessness and no one wants to live there. So prices drop in the highest cost of living areas, but rise in the outlying areas. But it drags the median price down. This is regardless of interest rates. It's demographics, movement and inventory.

This will happen again in 2050(ish) is my guess. You guys can call that prediction out then. Goal is to be alive then, but not much longer after. As long as I see a grandkid at some point, life will have been fulfilled for me. I'm not long for this earth lets put it that way. If you're not enjoying life why do it? That's my single goal. To see one of my boys had a kid and not have to pay for the wedding.... Hold the baby and start doing really crazy shit when I'm 60. No intention of living past 70. All my parents boomer friends are in miserable health and quality of life. I kind of want to go like Sonny Bono did. Just smash a tree and die on a mountain. Maybe fall into the Grand Canyon. No chance in hell I want to "feel" what 80-90 is like. Rant over.

It's coming..

https://www.zerohedge.com/markets/americans-10000-underwater-auto-loans-surges

https://www.axios.com/2023/03/01/low-income-households-are-falling-behind-on-car-bills

Low-income households are falling behind on car bills