this post was submitted on 24 Aug 2023
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People where I live regularly sell trucks on FB for 60-80K, and they are used with 100,000 km on them
Bidding up used cars during covid was peak bubble behavior
Work trucks costing what a start home used to cost a decade ago
I guess with at truck you work AND live in it
Bubble or generational shortage? You couldn’t replace a truck with a new, so prices ballooned.
The 6-10 year car loan with negative equity will cause a lot of pain in the next few years.
I think new car prices will drop. The payments aren’t affordable at current rates and used cars exist. When things were 0% APR you can get a 7 year car loan on an $80k car. At 6% who’s buying these things?
I know I’m going to nurse my 12 year old car because the current car market seems hell bent on making buyers miserable.
Well generational shortages caused by under construction and foreign money resulted in the bubble...
Either way, nobody was forcing people to play stupid games because "this is the new normal"
They can goose the system whatever way they want, but only low interest rate can sustain these prices. It does not look like they can lower the benchmark rates so people swimming naked will be exposed.
I bought a 2017 tundra with 60,000k on it from a dealer for 40k this year. It’s not fancy and has few bells and whistles, but I can live with that at less than half the cost of newer ones.