Luck Lopez Channel
Link to Repo Article
Used Car Graph
Following March 2020, something specular happened to the used car market. What was always one of the worst financial decisions one can make became the investment of the year. Used car prices skyrocketed and for the first time in history, cars appreciated. For example, a used Model S bought in Feb of 2020 on average costs a buyer around $50,000. Today a used Model S will set you back $71,000. A 44% increase. For Americans around the country, this development has made life difficult. A car is essential to American life, and the US drives the most miles per capita in the world. With these wild price increases, the average car payment ballooned to $733 a month. This an insane statistic that captures greed from the top down. But for all of those people who have waited for the market to cool, the time may finally be here.
Intro 0:00 – 1:00
Repo’s 1:01 – 2:09
Luck Lopez Clip 2:10 – 3:44
Lending Challenges 3:45 – 7:00
Outro 7:01 – 8:00
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Everyone so excited to see this happen should take it with a grain of salt. When it does, so will the housing market, and we will enter a massive depression and the job market will implode and the world will suffer greatly
What is more likely is that car manufacturers will get a huge bailout that will extend to their dealers, used car lots will go out of business and automakers will wait until inflation catches up to their overpriced inventory.
This is fantastic news. Sounds like I'll be able to buy a house AND a car at depressed prices in the next 6 months!
New cars getting scarcer due to lack of electronic chips….. is what caused the rise of USED car prices.
Used cars will deflate yes….to meet a shrinking pool of Qualified buyers <<<< coz people are drowning in debt…..
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HOWEVER, most markets that depend on consumer demand will suffer from this ALLROUND Bankruptcy rout……UNTIL
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the Bankers press the PRINTING button which will send all product-pricing to the stratosphere <<<< Hyperinflation destroying Purchasing power of $$, Pounds, Euros etc
THUS more confetti money required to buy ANYTHING..
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We call it…..the END of the Capitalist system…..as it all burns down to ZERO. .
$10K ‘delivery fee’ markup on a new 2022 mustang. I’ll be laughing at them as they suffer
81 MILLION can't be wrong. Gonna be fun to watch the pain you fools voted for right!
I live in a decent part of town and had never seen a repo in person, especially one in my neighborhood.
Yes the used car market is ridiculous. Was looking for a honda CR-V and found a 2006 CR-V SE with 200,000 miles. It was $19,000!!! Absolutely ridiculous
Imagine throwing so much time and effort at your plastic flawed automobiles, that the public stops buying them, and creates a huge used car demand. These are the kinds of people that buy warehouses and scalp automobiles to inflate the prices.
It's about time they suffer
We just sold my wife's car for $13,500. We bought it 3 years ago for $10k. Absolutely absurd. We're just going to make due as a one car family for the next year or so until the market returns to normal or, even better, over corrects and we can get something cheap.
I can’t wait until it crashes so I could finally replace my 2004 Civic with another Civic.
Good I hope the car market caves.
gas prices makes my old car cost more per month than a newer, nicer car costs, so i can save money by buying a used car.
Soo youre saying we as consumers arent getting screwed? and its the used car sellers who are instead? so if they screw themselves over does it mean some are selling their cars desperately right now to consumers before auctioning them as a last resort? I figured consumers were screwed over from this but it sounds like they arent yet. also youre saying that the auctioned cars are going to keep piling up and needing to be sold?
It would be nice if you used full stops 😉
Ok great. When? No sign of cheap cars here
Greed is a mother fucker! Instead of making $2500 per used car, dealerships are attempting to make $10k per. Now no one wants to have anything to do with used crap. I’d rather buy new.
Three years ago we were looking for a used car for my wife and there were tons of decent used cars at affordable prices. The same make and models that we were looking at then – that were going for between $7,000 and $9,000 – now sit at between $10,000 to $13,000 or even more. Despite being three years older and having three years worth of additional miles on them. Absolutely absurd.
Flooring lines have been auditing for literally decades…? It’s been a standard practice for legit ages
The repos are a result of people paying too much for cars, which is a symptom of supply contraction.
Unfortunately, just like in the years following the 2008-2010 recession, there will continue to be a "wave" of x-years-old used car shortage. In other words, in 2026, there will be a shortage of 5-year-old, 60k mile used cars, which will keep used car pricing strong.
Damn glad I got a car in 2019…time to hold onto that
Any drop will be temporary..not nearly enough new cars to replace those going offline, materials cost continues to inflate, so those new cars will be more expensive than ever.. The US also has oldest average vehicle age on the road ever…
Used cars will drop like a rock by Oct/Nov. Sell it now if you want to sell
This combined with supply chain issues which won't go away soon. Demographic issues of less demand due to peak boomer retirement. Tighter capital requirements due again to peak boomer retirement and what that means for financing generally.
A 200k + kilometers car is now half the price of a new one and an under 100k km car is 5-10k cheaper then a new one in Europe. The car I wanted to buy in 2020 for 10k is now 14-15k, with a lot of km extra.
I believe this video won't age well. Repos create a decent source of used vehicles, but won't turn the tide overnight. The supply still isn't close to meeting demand, even with that line of cars at the auction. And with crappy quality manufacturers selling cars thst don't last, those used cars get pretty picked over real fast. What is happening is the good middle of the road cars getting gobbled up at auction by places like Car Hop, who do their own financing so they can pay $4-5k for an '04 Camry that should be $2k, since it has best chance of lasting the life of the loan. What's left is $15-20k cars, and the (retail) 10-15k affordable range is squeezed out.
And what did you see on the road in the years following 2008??? Lots of compact cars… The cost of gasoline dropped in the fall of 2008 like a rock, people tighten their belts and parked the big vehicles and bought small ones. But look at Ford who’s almost given up on cars besides the Mustang. When this next down cycle of the economy hits how many SUV’s are people going to buy? I almost forgot about the mini SUV Ford sells that looks like a beach ball with wheels but Ford doesn’t have a long track record of building reliable small vehicles. I think I’ll keep my 2009 and 2011 4 cylinder Rangers.
Great. I need a car. Been driving the same subaru outback for 10 years, want to upgrade. 🙂
yeah. I took advantage and traded in my 2015 malibu with a dying transmission to get an upgrade to a much newer vehicle. They paid off the rest of my loan and still gave me more for the car on top of it. Crazy
I would never pay 733 for a car per month 😥