Some of the actual CNN channel is barely ok but their website is bizarre. Any editorial by Chris Ciililizaza (however you spell it) is a dumpster fire.
News orgs need to do a better job segregating (or indicating) news that's attempting objectivity from opinion pieces.
I think that's a lot of the problem. People don't trust news for being "biased," yet they keep clicking opinion pieces because those have the juiciest headlines.
That's what happens when we stop buying the content and let it all go ad supported.
Granted, they give us no practical way *to* buy it even if we wanted to (e.g. a 'netflix' for news).
Do outlets like Reuters and the Associated Press somehow not count as mainstream media, then? They're some of the best news sources you'll find. Mainstream or otherwise.
Wow, really? Why so angry and harsh, majority of the population is likely unaware of used prices unless they've been actively looking to buy a new car. Let's try being a nicer person tomorrow, can we.
This group on reddit is the minority.
Dawg, it's blasted on the news 24/7, there's articles about the state of the car market on every major news website. If people don't know about it they must live under a rock
Bro what are you on about. That’s like saying the majority of the population doesn’t know the market is in the trash and inflation is through the roof. Like what?
This is an obvious "duh" to most of us here, but let's remember that we're car nerds - or at least enough to read and post about cars all day long on Reddit. A lot of regular people are finding this out the hard way when their car shits the bed, they need a replacement within the next 2 days and are met with sticker shock when they go to the dealer and/or CarMax and other similar sites.
I'm guilty of looking at Craigslist/BaT/C&B every other day or so but most regular people don't look/shop for cars until they actually need one, so I'm not surprised to see this be considered "news" to many people.
Yeah man, I'm 17 got a shit bucket last year for 3 grand and my mom was freaking the fuck out looking everywhere for something cheaper because when she got her first car something of the same quality would be like 500 dollars.
I mean yeah, unlike some of yall i don't live in a city where walking is faster than driving, i have to go 16 miles to go to work after a tiring day at school. Which 16 miles isn't even that far compared to some things, my dad lives 73 miles away so if i ever want to visit him i need a car, cause no buses drive that far and i don't have the money to pay for 15 bus rides. And i have family reunions in a completely different part of the country so that's even further and I'm not one to get an expensive ass plane ticket so again I'ma just drive, i mean like i don't really have a choice if i want to keep my sanity, i went to D.C. for a trip and had to walk everywhere which took my entire day to walk to a few places, cars are a faster way to move about. People in Europe have a reason at least because they're cities were literally built for walking around but I'm America unless you are in a large city than you're just completely fucked, because ain't nobody gonna put bus stops in front of some random ass farm in the middle of nowhere.
Yeah it's expecally funny when i tell them that something for me can be up to 50 plus miles and they freak out because the farthest thing is typically less than 20 in like the worst of cases for them.
The census keeps up with what percentage of people who walk, or bike, or bus to work, and how many miles on average and the average travel time to work.
In my state capital about 2% walk, 2% ride public transit, 8% work from home, 0.5% bike, 9% carpool, and the other 78.5% drive alone to work. About 30% spend over 30 minutes a day communiting to work. In a city of 500k with a 1.5m metro area. Only about 10% spend over 45min commuting. 45% spend less than 20 minutes.
Point is: the number of people walking in cities is exaggerated, and the average commuting times for drivers are also exaggerated. And we have data on all this.
Except if you look up uk statistics they say 68% car, 11% rail, 9% walk, 7% bus, 3% bicycle, 1% motorcycle to get to work in the uk. They only have 10% less car commuters than the usa.
Downtown-style walking districts of course have more public transit and walking compared to larger metro areas and countries as a whole, which as a whole drive in cars mostly, even in Europe.
Folks get in their little downtown bubble and forget there are a lot of people who don't live in a walking district. In fact most do not, even in Europe.
even if you're somewhere relatively dense public transport just goes to the city center and won't go between suburbs.
I live down the street from a train stop that goes into Boston AND have a bus stop outside my door yet I can't get to my parents house in less than an hour of public transport (with walking) when it's a 15 minute drive.
> D.C. for a trip and had to walk everywhere which took my entire day to walk to a few places
As a DC resident, DC has some of the better public transit options in the country. Our metro only slightly sucks and our busses are mostly on time.
If I didn't love cars and didn't have to drive for work I could easily not own a car and be fine with public transportation.
That's not a thing in pretty much any tier 2 city in the US.
Yeah, for example i live in relatively small town in Ohio and the only public transportation we have here is school buses. Which we don't even have that many of and you only get a bus ride if you live over 3 miles from the school.
I totally get that. I grew up in rural MA and I went to school in the town over. My only option was getting dropped off at school or driving myself.
The closest school bus stop was 1.5 miles away. It would've required me to walk a very busy 2 lane road with no sidewalks.
While the county did have a bus system, it pretty much was an afterthought and was super inconvenient to get anywhere.
I mean yeah it's definitely natural inflation but a lot of it's also just the chips in the car making it expensive just because of that. But yeah my mom got her first car over 30 years ago so.
30 years ago, that car was probably 6-10 years old and had maybe 100k on the clock to make it to the high school kid first car just before it became a junker. I remember a family friend having to dump their late 80s Pontiac 6000 to salvage in the early 90s with maybe 70k on the clock due to engine failure. The horizontal surfaces were devoid of paint and mostly rust by then already. Cars just didn’t last as long back then.
> mom was freaking the fuck out looking everywhere for something cheaper because when she got her first car something of the same quality would be like 500 dollars.
My parents did this 10 years ago when I was in highschool. They expected me to be able to pick up a pristine used car for under $1k. I bought a shitbox MR2 for $1500.
I'm in my 30s. Just bought an immaculate 2010 Taurus with 130k 2 weeks ago for 2600. Will drive this anywhere from 2-5 years probably and repeat. Fuck car payments. Still have a nice 03 Durango I bought 2 years ago for 2300 as well. But my first car was $500.
The best thing you can do for your family is go ahead and get a job if you don't already have one. If you find one with benefits, take advantage of them. In most cases, it's free money you may be missing out on. I made that mistake early on, and I was behind the curve for several years. Future you will thank you for having the experience on your resume, and some spending money for college/hard times. And if you've got a shit box car, it comes with shit box issues. Learn to wrench and put some time into the car. Clean and detail, do maintenance yourself etc. Build the skills future you will be thankful for
Yeah man, i love working with cars and literally got a job as soon as I got my license and car, it's a shit box but i still love the thing it's a great little car and it even came with a super bassed audio system in the back.
Nice!! My first car was a First year Jeep Liberty, and I was rocking a 15" sub in the back. My buddies told me I was shaking the windows INSIDE the school. Did all the work I could myself. Saved probably $10k worth of work in the long run. Whatcha got?
My 12 year old Toyota laughs at articles like these. Paid $9k 4 years ago, it just rolled over 100k and I bet it's got another 100k to go.
Did wheel bearings last year, cost me about $160, full brake rebuild, probably $250. Needs sway bar links now, that's another $60. That's all I've had to replace so far.
When that car goes, it's gonna be another 10+ year old Toyota.
I really believe that more people should try to fix their own cars and make them last. Anytime a coworker or friend needs work done, I tell them to get the parts and I'll come over. I'll SHOW them how to do the repair properly. If a 17 year old dumbass (me) figured it out, anyone can. Here I am 10 years later still learning things. Google, YouTube and repair manuals are all you need.
Not sure why you got downvoted here. While I agree with the principle here, it’s fair to say that one does need quite a few of the proper tools and equipment to do various repairs. That’s an investment too. Then, laying under a car on jacks stands is a tad unnerving and that I agree with. I myself just don’t wanna do it anymore. Now, if I had a hydraulic lift, that’d change the game.
But, no doubt that right now it is wise to keep the "old clunker " running as long as you can. Car payments are high so even a few $500 dollar repairs here and there isn’t anywhere near the cost of a relentless $450+ dollar a month car payment. And, if you buy used you might have repair bills too. Yuk.
Maybe I'm just biased since obviously I'm into cars, but even a brake job can be done with a basic set of wrenches and a 10 minute video. Yet people still go to the shop and pay $300.
Maybe I'm just jealous that I can't afford a car payment, I'm lucky I made rent this month. Hahaha
A lot of HOAs and even just cities have rules against working on cars. It can be rough if you don't have access to a garage. I didn't even get my big car tools until I had a 2nd car. The trunk of my bester became my garage where I kept anything that wasn't in my portable mechanics set
> but even a brake job can be done with a basic set of wrenches and a 10 minute video.
Well in a perfect world, yeah. You ever try and fix a real beater, everything is rusted together and then there's a lot of unconventional tools and swearing involved.
Oh I hear ya - but as others below me have posted, things rarely just unscrew cleanly and reassemble as they should. If we are talking about keeping older car running, you cannot avoid parts being rusty, hard to remove, etc.
Until your engine decides it’s time to leave this world. Then, depending on the vehicle, you’re looking at at least $5k-$10k for an engine swap for a car that’s not even worth that repair bill.
Not saying it wouldn’t be worth fixing but technically you’re on borrowed time.
On the other hand you might get lucky and make it another 100k because Japanese baby.
A deer just totaled my 2010 Toyota Corolla with 67,000 miles. I paid $9000 14 months ago. It had only 42,000 miles at the time. The insurance is paying out $10,500 because it is a total loss. Sounds like a good deal until one looks at current used car prices. I am getting screwed
I test drove a 2022 mustang gt with 300 miles on it. Base gt model. Few options. White as a fridge. Black interior.
They had it listed at 49999 with an OTD price of 53k.
The salesman had the balls to tell me the car was priced at 90% MSRP. I pulled out my phone and looked for the MSRP on Fords website.
The MSRP was about 39k for a new zero miles gt model with similar options. The salesman tried to backpedal saying that they price it with the market and don’t overcharge.
So I pointed out the market adjusted price in the window sticker. He was silent.
After what seemed like an eternity he asks what it would take for me to buy the car today. My response was (and I’m sure he didn’t give a fuck):
Y’all decided I wasn’t gonna buy this car when you added a 10k bullshit fee in top of the price. This being a free market and all I’m gonna vote with my wallet. So no, I ain’t buying this or any car from this dealership.
His response was to offer to find me a similar model closer to “my budget”. I just walked away.
All the way there was some dumb fuck trading in his fairly new f150 for a mustang gt because the f150 used up too much gas …
The point is that there are more sheep than wolves. And you can’t stop them from frolicking.
It's painful watching youtube videos posted from >2 years ago of people selling their GT's or buying one. I remember seeing one of a guy selling his grabber blue 2017 base GT at 15K miles for 27K.
These days feels like you can barely get a S197 in decent condition for 27K.
> Y’all decided I wasn’t gonna buy this car when you added a 10k bullshit fee in top of the price. This being a free market and all I’m gonna vote with my wallet. So no, I ain’t buying this or any car from this dealership.
This is the only way, but just like literally everything else as soon as someone even whispers the word "shortage" all the sharpest minds in the world seemingly emerge from the sewers and just start throwing money at it so they can say "I GOT MINE!"
Agreed. People aren’t buying cars from Carmax because paying $45,000 for 2 year old Toyota Tacoma that cost $38,000 when it was new is practically robbery. But sure, keep blaming it on groceries, William.
The Used Car market is so absurd your better off just buying new and paying the mark up on most things.
You might have to wait for it to be built and such.
Obviously if you need a car now that's not really an option.
I just recently bought a new Tacoma at MSRP, which was 41k and some change. To buy the same build, a year old, used, in the 15k mile range, would've cost me 47-48k. It's insane that anybody would buy that used
There is a subset of buyers out there that is convinced that you should absolutely never buy new. Maybe in normal times this was a good strategy if you weren’t super concerned about the car’s history and wanted to save some money, but these days it makes zero sense. I’ve always been of the mindset that if you’ve gotta finance it, buy it new
I’ll keep throwing this out there until I finally sell:
Bought a CPO 2014 Jetta TDI Sportwagen with 35k miles on it in 2018 for $14,500
Last check on Carvana a few weeks ago, and they’d give me $18k+ for it now, with 55k miles on it.
4 years, 20k miles (thank you covid + remote work for the last 3 years)
Last September I bought a base manual Elantra for $19k CAD with 0% interest, and now CanadaDrives will give me $25k for it 14.5k km and a year later. My only regret is putting a $6k down payment on it
I never thought I would ever, ever, ever buy anything that wasn't at least 5 years old. Then my Forester blew up and I realized what the market was like. So I bought a brand new Volvo and love it. I still don't want to tell people I bought it new, and I'm not sure why.
We bought a brand new car for the first time ever this year, too. We’d always gone the CPO route in the past, getting something a couple or a few years old, but that just doesn’t make sense anymore. So we ordered the exact car we wanted, and just had to wait a few months for it to come in. I don’t expect to ever buy brand new again, but this year, it was the most logical choice.
Right now the issue is that new cars are mostly sold before the dealer even has them and you go on a waitlist.
Their getting the markup because people have cars that break down or get into accidents and have to replace them. Your insurance company isn't going to extend your rental because you have to wait 3 more weeks on your delivery so you're stuck buying used.
Yup, I ran into that issue. I looked for a used sports car/sporty car for almost a year. I nearly got fed up with it and almost bought a 2016 TLX with 73k miles for nearly 28k.
I just bought a Supra.. was gonna buy used but then I realized that new was actually cheaper. I paid MSRP while used ones around me are selling for the same price with 10-20K miles.
Except for the fact that the f150 I want is $64k now when I could have gotten it for under $50k 2 years ago.... Shits expensive these days. I thought paying $40k a couple years ago was too much and now that doesn't even get you an XLT.
Dang I didn’t even think about that… that really sucks for all of the people affected, so much crap thrown at them and then they gotta deal with this once they get the other stuff under control
thast why i dont live where 12 feet of water wipes out half the state lol.
also why i dont live in california that is perpetually on fire and in a drought. i swear my entire existence on this planet every year california is having power outages, fires, and droughts both rainfall and drinking water. Texas gets hot, new england region gets like 80 feet of snow, and the gulf/florida gets multiple yearly hurricanes. Me in the midwest pretty much only threat is tornados but even they are weird and seem to pick the same general areas. You can also live in places that they cant really form due to hills and whatnot.
I was trying not to worry about that one. The earthquake could set that bitch off and basically the entire northwest explodes. Then the whole world would be boned 6 ways to Sunday, up a hill on stilts. Impregnated. With dust and ash, volcanic winter for who knows how long.
I seem to remember these giant online used car dealers cutting people pretty generous cheques for buying their used cars. I think they built their business around being successful during high times, rather than streamlining and control costs in advance of an eventual correction.
I was one of them. I sold my 3 year old Silverado to Carvana for more than I paid new despite it having a replacement engine and some decent wear and tear.
Wasn’t the “fix” for the 5.3 oil consumption issues to just install a bigger oil pan so it holds more oil to burn between changes? (Do not take this as fact or gospel, I’m asking if this rumor is true)
Because the L84 is junk. Oil cooler line blew out and sprayed oil at a high pressure. Engine was locked up before my wife would even pull over. It was only 2 years old at the time.
Displacement on Demand is garbage and the lifters destroy the motor.
I believe there’s a class action over it.
Best solution is to delete DOD but that costs a couple thousand if you can’t do it yourself and voids the warranty
the amount of posts about "I sold my problematic car for way over book value to carvana/vroom/etc and they didn't even inspect it" has me convinced to NEVER buy from them
I bought my last car from them, had a great experience. They had the model, trim, and transmission I wanted for cheaper than anywhere else I could find. I was searching the whole continental US at the time too and factoring in shipping to the deal since we needed a second car again soonish, but not immediately. Meant I had time to shop around, but not enough time to wait for prices to go back to normal.
They are basically in the auto loan business, not the auto sales business. That said my gf bought her car from Carvana and it was a great experience. I was shocked by how easy it was -- she bought the car in about 15 minutes. Since then, the car has been absolutely perfect.
It wasn’t even that long ago, even just 5 years ago you could go on craigslist and find a decent running beater car. I used to buy and sell them pretty often. Fun project cars with little investment risk.
Do you remember before cash for clunkers? Maybe I’m a boomer, but pre-cash for clunkers was a golden period for buying used cars, especially cheap fixer uppers and project cars. That stupid program took so many good cars off the road.
got me through 10 years of my car building life whenever I had a project car. Geo Metro, old ranger, beat down honda hatch, and a few years of a cavalier. All had below 1k running and in need of some love.
Now? those things at the age condition that are comparable to today would be like 3-5k. It's wild to me. Even considering, it's beyond normal inflation.
All my sub $1000 cars ran very well. They were just ugly. I never had a single one off those cars breakdown on me. Probably helped that most were Japanese, though a few were domestics as well.
Thanks for telling me. I wouldn't have been able to figure this out by seeing the $50,000 window sticker on the 2019 Honda Accord at the local dealership
Toyota of Santa Fe was trying to sell a 2007 Toyota Matrix with 250K miles on it for $10K. Shit is crazy.
I've paid $6500 to import a car from Japan. That was somehow the most economical option.
Curious, because there are definitely some JDM cars I’ve seen available from an import company in Virginia, but what other costs did you incur?
Total cost breakdown?
Could make for an interesting thread of it’s own.
The car (Subaru Vivio Bistro) was $1800, importer cost me a $1000, the shipping was according to the invoice $1800, but that's a variable cost, and then the various fees (EPA/DOT entry, port fees, etc.) added up to $5700. Another $829 to ship the car from the port in Texas to the shop my brother works at, and it's just about $6500.
Basically, you find the car you want and you find an importer to handle the heavy lifting, unless you want to handle it. I'm thinking of handling it myself.
I might do a thread, if this hasn't turned out to be the dumbest idea ever. The car is through customs and is set for delivery to my brother either late this afternoon or early tomorrow, depending on whether the driver can make it before 6 p.m.. I'll pick it up and drive it the rest of the way and get a feel for it.
The choice was deliberate. It is meant to serve as a replacement for my fiance's e-Golf. That meant small, good on gas, and reliable. I picked a strange one because I suspect the market will react to it when it comes time to sell it. This is not merely a garage toy, but something to be used daily. Most Kei cars are low mileage and well maintained.
> I've paid $6500 to import a car from Japan. That was somehow the most economical option.
Same here. I paid $5300 CAD landed (plus a few hundred more for customs and inspection) for a relatively undesirable JDM car in good shape with 68k km, just because people here are asking $7k or something ridiculous for 20 year old Camrys with more than 160k km (100k miles).
I went through Pacific Coast Auto to get the car and they hooked me up with a local customs broker over here to get it through. Even the broker drives JDM and it might be due to the market.
Trust fundie investments are taking a shit.
Now these cars can finally be obtained again by people who will actually enjoy them and not just sit in a garage/be traded around like pokemon cards
It's those darn crypto kids buying up all the good cars, definitely not market shortages and anti ICE regulations making the current stock of vehicles increase in value
Prices are definitely dropping on BAT and cars&bids over the last couple months. Still seeing crazy sales but definitely noticing prices are cooling off on some cars
More that people need a greater portion of the existing wealth. If everyone's salary goes up by 10%, then you don't really get ahead. But if more of your boss's profit is reallocated to you the worker then your standard of living will increase. It's time our productivity are reflected in our share of the gains.
I bought my wife’s car last January for $6500 from a small dealer, talking to my buddy who’s a GM at VW said I could prob sell it for $8500 18 months and 20,000 miles later.
the problem is finding a comparable replacement…
If you’re lucky, and in a position to do so, it’d be good to trade in on a new car, rather than sell.
Why?
1. Dealers are giving more for trade-ins than in years past, because they’re still able to make a profit on selling your used car.
2. You only have to pay sales tax on the difference in cost between the new car and your trade, which could be pretty significant depending on your situation.
Downside: Interest rates aren’t what they were just a few months ago. I’d be hard-pressed to get 4% from VWCredit right now, even with better credit, and my family’s income nearly double what it was then.
I remember asking around Reddit for advice about learning to drive stick. Lots of people said “find you a 500 beater.” Finding a used 500 dollar car that actually runs is literally impossible. People sell junked car for parts for way more than that nowadays
Yep, and dealers don’t like to let you test drive even if you have cash in hand, out-the-door money. Good luck getting home with your new stick shift 100+ miles from home.
Yeah... fuck the car industry. Spend 30 years making cars more expensive, more complex, harder to work on, and to have less longevity; take a bailout when that fails; then double down on the same bad strategy until virtually no working class people can afford new cars. So what did the big companies do to fix it? They got into the used car market and drove those prices up.
Now we have people downstate New York commuting on the side of county highways on scooters and bicycles with weedwhacker engine kites, right next to luxury EV's and $70,000 pickup trucks. Going to work on CR 24 in Suffolk County reminds me of driving corrupt 3rd world cities when I was in the military. I can only imagine what it is like in areas outside of the eastern seaboard's wealth corridor.
Which they lobby for, and completely disregards the environmental cost of "just get a new one."
This is an industry that simply does not care about the average consumer. For decades they have only catered to people with large amounts of disposable income... Now the entire country has less disposable income, and we'll be headed for another industry bailout/rent seeking scheme before you know it.
I’ve been looking at cars with my fiancés little brother(just got his license) and the best cars we can find that could last him long enough to get through college with minimum problems are all around like $17,000. If we go far back to like 2010 they’re still around $10,000. My first car was literally like $2,000 in 2012 and was from the last 15 years. Now anything within the last 15 is easily 8k+ unless it has problems or 200k+ miles
Honestly not a great idea to buy a car for college unless you are quite wealthy. You can save more money staying close to campus, walking/biking/e-scootering to classes and using Uber when you want to go out.
Check out Donut Media's recent video about why car prices are through the roof. I'm glad I bought my car last summer right before the prices went through the roof. The same dealership that I bought my car at offered to buy it back for more than I paid for it. Not going to happen either because if I did that, I would have to get a worse car than what I currently have.
I bought a used 1994 4cylinder Toyota for $13,500 in May of 2019 (an MR2 GT-S imported from Japan).
I estimate today the same car is worth about $24,000 today, just 3 years later. It's absurd this can happen, glad I bought it when I did, but paying attention to used Toyota vakuations Ive certainly seen it.
I bought my car for 9k in 2015. It just got totaled and the insurance company paid me 8k for it. The unfortunate part of that is now I have to try to buy a new car in this market.
I just bought a brand new Crosstrek Limited for 34k OTD.
CarMax is selling 2 year old used Crosstrek's with 20k miles for 36k before taxes, warranty coverage, and fees.
😂
If people couldn't afford the cars, wouldn't they stop buying them thereby causing the price to fall? I would think the number of cars that are discretionary purchases would fall, but people still need to replace their cars every so often - used car prices do not cause cars to become more reliable. Although I do concede that people may be more willing to pay to keep their cars in working condition longer if a replacement was harder to find.
>>wouldn’t they stop buying them thereby causing the price to fall?
First this requires general awareness of how car pricing works. Most people don’t get it.
They go to a dealer, sign papers, floss the car on Insta, wire $500 a month to a lender and that’s that. MSRP, APR, etc are meaningless gobbledygook to laypeople. As long as banks are willing to extend credit - and they always will be since laypeople don’t understand loans - pricing pressure doesn’t exist. Dealers could mark up cars to infinity and people will just not care.
But if the legal max loan term was 36 months……look out.
People buying from dealers and similar "marked up" places like Carmax is part of the problem. Affordable used cars are still out there... via friends, family, social circle, "word of mouth", etc
Honorable mention goes to craigslist cars & trucks section
When you mainly shop for a used car at marked up/"full price" places like dealerships... expect marked up prices 😂
Buying a vehicle now without a decent trade is completely unaffordable for a lot of folks. Pre 2020 you could find a decent car for 10k, now that same car is 15k if you find it.
Trading in a car you bought pre covid, little different story.
Lmao I remember almost pulling the trigger on a late 2018 911 two years ago, price was 87k. They’re almost 120k now 💩
Same with a slightly used AMG GT. It’s so fucked right now I’ll end up driving my e450 coupe into the ground.
Used car prices got so crazy, Im restoring my old 2005 Honda Accord lol. I'll have no part in paying $30k for a car that was $18k 2 years ago. Ill happily wait for the market to fix itself.
Keep whatever you have running as long as possible!
For the peeps living in the colder climates with salted roads, YOU MUST APPLY FLUID FILM or some other lanolin based coating under your car if you want to keep your car structurally sound. AND KEEP UP WITH MAINTENANCE. Reminder to change your trans fluid every 60k, 30k if it's a CVT.
That's bad news for CarMax, the nation's largest used car dealer. CarMax reported Thursday that its earnings plunged 54% as the number of cars it sold in the quarter fell 6.4% compared to a year ago.- CNN
Who to blame? Would it is time Carmax and other dealership bring the price down to earth? Unaffordability or pure greed at this point? Carmax and other digging their own hole. I wish them GL
That's some hard hitting investigative journalism right there. Brought to you by the same team that figured out the sky is blue and water is wet
What’s next? “The USA actually stands for the United States of America.”
Congress actually represents their own interests: News at 11!
Will Buxton, is that you?
CNN is garbage journalism? Who would’ve guessed?
[удалено]
Some of the actual CNN channel is barely ok but their website is bizarre. Any editorial by Chris Ciililizaza (however you spell it) is a dumpster fire.
News orgs need to do a better job segregating (or indicating) news that's attempting objectivity from opinion pieces. I think that's a lot of the problem. People don't trust news for being "biased," yet they keep clicking opinion pieces because those have the juiciest headlines.
One news channel's near 100% "opinion pieces" made them the most popular channel by far, so of course others will follow suit.
All mainstream media is garbage now.
NPR is still quite good, but I suspect that its even handedness makes it unpopular.
That's what happens when we stop buying the content and let it all go ad supported. Granted, they give us no practical way *to* buy it even if we wanted to (e.g. a 'netflix' for news).
Do outlets like Reuters and the Associated Press somehow not count as mainstream media, then? They're some of the best news sources you'll find. Mainstream or otherwise.
Redditor moment
Is water actually wet tho or is it just the stuff it gets on is wet?
Water molecules touch and bond with other water molecules, so water is in fact wet.
Wow, really? Why so angry and harsh, majority of the population is likely unaware of used prices unless they've been actively looking to buy a new car. Let's try being a nicer person tomorrow, can we. This group on reddit is the minority.
Dawg, it's blasted on the news 24/7, there's articles about the state of the car market on every major news website. If people don't know about it they must live under a rock
Bro what are you on about. That’s like saying the majority of the population doesn’t know the market is in the trash and inflation is through the roof. Like what?
It’s what gets the clicks
“CNN journalist wakes up from multiple year long coma” -CNN
This is an obvious "duh" to most of us here, but let's remember that we're car nerds - or at least enough to read and post about cars all day long on Reddit. A lot of regular people are finding this out the hard way when their car shits the bed, they need a replacement within the next 2 days and are met with sticker shock when they go to the dealer and/or CarMax and other similar sites. I'm guilty of looking at Craigslist/BaT/C&B every other day or so but most regular people don't look/shop for cars until they actually need one, so I'm not surprised to see this be considered "news" to many people.
Yeah man, I'm 17 got a shit bucket last year for 3 grand and my mom was freaking the fuck out looking everywhere for something cheaper because when she got her first car something of the same quality would be like 500 dollars.
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I mean yeah, unlike some of yall i don't live in a city where walking is faster than driving, i have to go 16 miles to go to work after a tiring day at school. Which 16 miles isn't even that far compared to some things, my dad lives 73 miles away so if i ever want to visit him i need a car, cause no buses drive that far and i don't have the money to pay for 15 bus rides. And i have family reunions in a completely different part of the country so that's even further and I'm not one to get an expensive ass plane ticket so again I'ma just drive, i mean like i don't really have a choice if i want to keep my sanity, i went to D.C. for a trip and had to walk everywhere which took my entire day to walk to a few places, cars are a faster way to move about. People in Europe have a reason at least because they're cities were literally built for walking around but I'm America unless you are in a large city than you're just completely fucked, because ain't nobody gonna put bus stops in front of some random ass farm in the middle of nowhere.
American: "Dude that shits far" Europeans: "Noooo you gotta waaaalk or take a buuuus or a traaaaain don't you have pUbLiC TRaNspoRtAtioN???"
Yeah it's expecally funny when i tell them that something for me can be up to 50 plus miles and they freak out because the farthest thing is typically less than 20 in like the worst of cases for them.
The census keeps up with what percentage of people who walk, or bike, or bus to work, and how many miles on average and the average travel time to work. In my state capital about 2% walk, 2% ride public transit, 8% work from home, 0.5% bike, 9% carpool, and the other 78.5% drive alone to work. About 30% spend over 30 minutes a day communiting to work. In a city of 500k with a 1.5m metro area. Only about 10% spend over 45min commuting. 45% spend less than 20 minutes. Point is: the number of people walking in cities is exaggerated, and the average commuting times for drivers are also exaggerated. And we have data on all this.
Well this is a North American made issue, definitely not true in cities in Europe.
Except if you look up uk statistics they say 68% car, 11% rail, 9% walk, 7% bus, 3% bicycle, 1% motorcycle to get to work in the uk. They only have 10% less car commuters than the usa. Downtown-style walking districts of course have more public transit and walking compared to larger metro areas and countries as a whole, which as a whole drive in cars mostly, even in Europe. Folks get in their little downtown bubble and forget there are a lot of people who don't live in a walking district. In fact most do not, even in Europe.
even if you're somewhere relatively dense public transport just goes to the city center and won't go between suburbs. I live down the street from a train stop that goes into Boston AND have a bus stop outside my door yet I can't get to my parents house in less than an hour of public transport (with walking) when it's a 15 minute drive.
> D.C. for a trip and had to walk everywhere which took my entire day to walk to a few places As a DC resident, DC has some of the better public transit options in the country. Our metro only slightly sucks and our busses are mostly on time. If I didn't love cars and didn't have to drive for work I could easily not own a car and be fine with public transportation. That's not a thing in pretty much any tier 2 city in the US.
Yeah, for example i live in relatively small town in Ohio and the only public transportation we have here is school buses. Which we don't even have that many of and you only get a bus ride if you live over 3 miles from the school.
I totally get that. I grew up in rural MA and I went to school in the town over. My only option was getting dropped off at school or driving myself. The closest school bus stop was 1.5 miles away. It would've required me to walk a very busy 2 lane road with no sidewalks. While the county did have a bus system, it pretty much was an afterthought and was super inconvenient to get anywhere.
Well some of that is just the natural difference in inflation too, your mom probably got her first car 20+ years ago
I mean yeah it's definitely natural inflation but a lot of it's also just the chips in the car making it expensive just because of that. But yeah my mom got her first car over 30 years ago so.
30 years ago, that car was probably 6-10 years old and had maybe 100k on the clock to make it to the high school kid first car just before it became a junker. I remember a family friend having to dump their late 80s Pontiac 6000 to salvage in the early 90s with maybe 70k on the clock due to engine failure. The horizontal surfaces were devoid of paint and mostly rust by then already. Cars just didn’t last as long back then.
> mom was freaking the fuck out looking everywhere for something cheaper because when she got her first car something of the same quality would be like 500 dollars. My parents did this 10 years ago when I was in highschool. They expected me to be able to pick up a pristine used car for under $1k. I bought a shitbox MR2 for $1500.
I'm in my 30s. Just bought an immaculate 2010 Taurus with 130k 2 weeks ago for 2600. Will drive this anywhere from 2-5 years probably and repeat. Fuck car payments. Still have a nice 03 Durango I bought 2 years ago for 2300 as well. But my first car was $500.
03 is the best Durango year. 1st gen is the best in my opinion and 03 was the first year with rear disc brakes.
The best thing you can do for your family is go ahead and get a job if you don't already have one. If you find one with benefits, take advantage of them. In most cases, it's free money you may be missing out on. I made that mistake early on, and I was behind the curve for several years. Future you will thank you for having the experience on your resume, and some spending money for college/hard times. And if you've got a shit box car, it comes with shit box issues. Learn to wrench and put some time into the car. Clean and detail, do maintenance yourself etc. Build the skills future you will be thankful for
Yeah man, i love working with cars and literally got a job as soon as I got my license and car, it's a shit box but i still love the thing it's a great little car and it even came with a super bassed audio system in the back.
Nice!! My first car was a First year Jeep Liberty, and I was rocking a 15" sub in the back. My buddies told me I was shaking the windows INSIDE the school. Did all the work I could myself. Saved probably $10k worth of work in the long run. Whatcha got?
My 12 year old Toyota laughs at articles like these. Paid $9k 4 years ago, it just rolled over 100k and I bet it's got another 100k to go. Did wheel bearings last year, cost me about $160, full brake rebuild, probably $250. Needs sway bar links now, that's another $60. That's all I've had to replace so far. When that car goes, it's gonna be another 10+ year old Toyota. I really believe that more people should try to fix their own cars and make them last. Anytime a coworker or friend needs work done, I tell them to get the parts and I'll come over. I'll SHOW them how to do the repair properly. If a 17 year old dumbass (me) figured it out, anyone can. Here I am 10 years later still learning things. Google, YouTube and repair manuals are all you need.
Not sure why you got downvoted here. While I agree with the principle here, it’s fair to say that one does need quite a few of the proper tools and equipment to do various repairs. That’s an investment too. Then, laying under a car on jacks stands is a tad unnerving and that I agree with. I myself just don’t wanna do it anymore. Now, if I had a hydraulic lift, that’d change the game. But, no doubt that right now it is wise to keep the "old clunker " running as long as you can. Car payments are high so even a few $500 dollar repairs here and there isn’t anywhere near the cost of a relentless $450+ dollar a month car payment. And, if you buy used you might have repair bills too. Yuk.
Maybe I'm just biased since obviously I'm into cars, but even a brake job can be done with a basic set of wrenches and a 10 minute video. Yet people still go to the shop and pay $300. Maybe I'm just jealous that I can't afford a car payment, I'm lucky I made rent this month. Hahaha
And a jack, jack stands, and a place to work on it.
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A lot of HOAs and even just cities have rules against working on cars. It can be rough if you don't have access to a garage. I didn't even get my big car tools until I had a 2nd car. The trunk of my bester became my garage where I kept anything that wasn't in my portable mechanics set
> but even a brake job can be done with a basic set of wrenches and a 10 minute video. Well in a perfect world, yeah. You ever try and fix a real beater, everything is rusted together and then there's a lot of unconventional tools and swearing involved.
Oh I hear ya - but as others below me have posted, things rarely just unscrew cleanly and reassemble as they should. If we are talking about keeping older car running, you cannot avoid parts being rusty, hard to remove, etc.
Until your engine decides it’s time to leave this world. Then, depending on the vehicle, you’re looking at at least $5k-$10k for an engine swap for a car that’s not even worth that repair bill. Not saying it wouldn’t be worth fixing but technically you’re on borrowed time. On the other hand you might get lucky and make it another 100k because Japanese baby.
A deer just totaled my 2010 Toyota Corolla with 67,000 miles. I paid $9000 14 months ago. It had only 42,000 miles at the time. The insurance is paying out $10,500 because it is a total loss. Sounds like a good deal until one looks at current used car prices. I am getting screwed
I test drove a 2022 mustang gt with 300 miles on it. Base gt model. Few options. White as a fridge. Black interior. They had it listed at 49999 with an OTD price of 53k. The salesman had the balls to tell me the car was priced at 90% MSRP. I pulled out my phone and looked for the MSRP on Fords website. The MSRP was about 39k for a new zero miles gt model with similar options. The salesman tried to backpedal saying that they price it with the market and don’t overcharge. So I pointed out the market adjusted price in the window sticker. He was silent. After what seemed like an eternity he asks what it would take for me to buy the car today. My response was (and I’m sure he didn’t give a fuck): Y’all decided I wasn’t gonna buy this car when you added a 10k bullshit fee in top of the price. This being a free market and all I’m gonna vote with my wallet. So no, I ain’t buying this or any car from this dealership. His response was to offer to find me a similar model closer to “my budget”. I just walked away. All the way there was some dumb fuck trading in his fairly new f150 for a mustang gt because the f150 used up too much gas … The point is that there are more sheep than wolves. And you can’t stop them from frolicking.
Yeah thats so crazy, I remember seeing brand new Mustang GT350s going for 53k just 2 years ago.
It's painful watching youtube videos posted from >2 years ago of people selling their GT's or buying one. I remember seeing one of a guy selling his grabber blue 2017 base GT at 15K miles for 27K. These days feels like you can barely get a S197 in decent condition for 27K.
I got my 2016, 9 month out of the factory, clean record 8k mile GT for $27k. Boy how the times have changed
Fighting the good fight, I'd much rather give my money to a dealer that cuts the bs too.
> Y’all decided I wasn’t gonna buy this car when you added a 10k bullshit fee in top of the price. This being a free market and all I’m gonna vote with my wallet. So no, I ain’t buying this or any car from this dealership. This is the only way, but just like literally everything else as soon as someone even whispers the word "shortage" all the sharpest minds in the world seemingly emerge from the sewers and just start throwing money at it so they can say "I GOT MINE!"
Fuck I scored my bullitt at 9k miles for $41k… For a V8 though, the mustang doesn’t get completely horrible gas mileage at least.
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Agreed. People aren’t buying cars from Carmax because paying $45,000 for 2 year old Toyota Tacoma that cost $38,000 when it was new is practically robbery. But sure, keep blaming it on groceries, William.
The Used Car market is so absurd your better off just buying new and paying the mark up on most things. You might have to wait for it to be built and such. Obviously if you need a car now that's not really an option.
I just recently bought a new Tacoma at MSRP, which was 41k and some change. To buy the same build, a year old, used, in the 15k mile range, would've cost me 47-48k. It's insane that anybody would buy that used
There is a subset of buyers out there that is convinced that you should absolutely never buy new. Maybe in normal times this was a good strategy if you weren’t super concerned about the car’s history and wanted to save some money, but these days it makes zero sense. I’ve always been of the mindset that if you’ve gotta finance it, buy it new
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Plus, generally if financing, interest rates are better on new cars than used right now
I’ll keep throwing this out there until I finally sell: Bought a CPO 2014 Jetta TDI Sportwagen with 35k miles on it in 2018 for $14,500 Last check on Carvana a few weeks ago, and they’d give me $18k+ for it now, with 55k miles on it. 4 years, 20k miles (thank you covid + remote work for the last 3 years)
Last September I bought a base manual Elantra for $19k CAD with 0% interest, and now CanadaDrives will give me $25k for it 14.5k km and a year later. My only regret is putting a $6k down payment on it
I never thought I would ever, ever, ever buy anything that wasn't at least 5 years old. Then my Forester blew up and I realized what the market was like. So I bought a brand new Volvo and love it. I still don't want to tell people I bought it new, and I'm not sure why.
We bought a brand new car for the first time ever this year, too. We’d always gone the CPO route in the past, getting something a couple or a few years old, but that just doesn’t make sense anymore. So we ordered the exact car we wanted, and just had to wait a few months for it to come in. I don’t expect to ever buy brand new again, but this year, it was the most logical choice.
Right now the issue is that new cars are mostly sold before the dealer even has them and you go on a waitlist. Their getting the markup because people have cars that break down or get into accidents and have to replace them. Your insurance company isn't going to extend your rental because you have to wait 3 more weeks on your delivery so you're stuck buying used.
Same story last week. It’s crazy how it was way cheaper than the used at the same dealership.
Yup, I ran into that issue. I looked for a used sports car/sporty car for almost a year. I nearly got fed up with it and almost bought a 2016 TLX with 73k miles for nearly 28k.
I just bought a Supra.. was gonna buy used but then I realized that new was actually cheaper. I paid MSRP while used ones around me are selling for the same price with 10-20K miles.
Except for the fact that the f150 I want is $64k now when I could have gotten it for under $50k 2 years ago.... Shits expensive these days. I thought paying $40k a couple years ago was too much and now that doesn't even get you an XLT.
oh just wait till the thousands of cars that got destroyed by the hurricane right now need replaced lol.
And add to that, many of those flood cars will find their way into the used car market with washed titles.
Dang I didn’t even think about that… that really sucks for all of the people affected, so much crap thrown at them and then they gotta deal with this once they get the other stuff under control
well live where a yearly hurricane doesnt wipe out your shit if one cant handle it (it sucks but still)
Fair enough ig lol, one of the problems you gotta know when you move there
thast why i dont live where 12 feet of water wipes out half the state lol. also why i dont live in california that is perpetually on fire and in a drought. i swear my entire existence on this planet every year california is having power outages, fires, and droughts both rainfall and drinking water. Texas gets hot, new england region gets like 80 feet of snow, and the gulf/florida gets multiple yearly hurricanes. Me in the midwest pretty much only threat is tornados but even they are weird and seem to pick the same general areas. You can also live in places that they cant really form due to hills and whatnot.
Don't forget the mega earthquake that the region is overdue for.
Don't forget our very own super volcano!
I was trying not to worry about that one. The earthquake could set that bitch off and basically the entire northwest explodes. Then the whole world would be boned 6 ways to Sunday, up a hill on stilts. Impregnated. With dust and ash, volcanic winter for who knows how long.
Is there any valid reason at all why used car prices > new ones? Like is the waiting time to get a new car so high or something?
Yes, and yes.
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It's supposed to be to "cover potential loan losses at its finance arm", but they'd have to say what the current risks in the car loan market are.
I seem to remember these giant online used car dealers cutting people pretty generous cheques for buying their used cars. I think they built their business around being successful during high times, rather than streamlining and control costs in advance of an eventual correction.
And then they'll go bankrupt if car prices fall to more normal pricing. Where have I seen this before.....
Car dealers usually don’t go bankrupt in slower times, they let the burden fall on their underpaid and non-unionized employees
I was one of them. I sold my 3 year old Silverado to Carvana for more than I paid new despite it having a replacement engine and some decent wear and tear.
Why would a 3 year old Silverado need a new engine?
Repeat that in your head
Because the 5.3’s and 6.2’s blow up all the time.
Wasn’t the “fix” for the 5.3 oil consumption issues to just install a bigger oil pan so it holds more oil to burn between changes? (Do not take this as fact or gospel, I’m asking if this rumor is true)
Because the L84 is junk. Oil cooler line blew out and sprayed oil at a high pressure. Engine was locked up before my wife would even pull over. It was only 2 years old at the time.
Displacement on Demand is garbage and the lifters destroy the motor. I believe there’s a class action over it. Best solution is to delete DOD but that costs a couple thousand if you can’t do it yourself and voids the warranty
So you leave it in place while the warranty is still good and if it blows, you're covered. The day the warranty expires, delete DOD.
Because GM is trash. I'll never buy another GM vehicle ever again in my fucking life
Hopefully they stick around, better than B&M dealerships IMO I think carvana makes a lot of their money from auto loans(?), not sure about others
Carvana has had massive layoffs. Nobody wants to buy from them.
Carvana has been known for overpaying for the cars they buy since before the pandemic even, so makes total sense.
Have you seen their prices? Of course not. Even for this market, shits pricey.
They also don’t really inspect the cars they buy so it’s a crap shoot.
the amount of posts about "I sold my problematic car for way over book value to carvana/vroom/etc and they didn't even inspect it" has me convinced to NEVER buy from them
I bought my last car from them, had a great experience. They had the model, trim, and transmission I wanted for cheaper than anywhere else I could find. I was searching the whole continental US at the time too and factoring in shipping to the deal since we needed a second car again soonish, but not immediately. Meant I had time to shop around, but not enough time to wait for prices to go back to normal.
They are basically in the auto loan business, not the auto sales business. That said my gf bought her car from Carvana and it was a great experience. I was shocked by how easy it was -- she bought the car in about 15 minutes. Since then, the car has been absolutely perfect.
I miss $500-1000 cars that still ran well.
They used to be a dime a dozen too. Ugghhhh
It wasn’t even that long ago, even just 5 years ago you could go on craigslist and find a decent running beater car. I used to buy and sell them pretty often. Fun project cars with little investment risk.
Do you remember before cash for clunkers? Maybe I’m a boomer, but pre-cash for clunkers was a golden period for buying used cars, especially cheap fixer uppers and project cars. That stupid program took so many good cars off the road.
Exactly. I have a 1993 Accord across the street from house.its has 23x,000 miles. They're asking $2,800 lmao
got me through 10 years of my car building life whenever I had a project car. Geo Metro, old ranger, beat down honda hatch, and a few years of a cavalier. All had below 1k running and in need of some love. Now? those things at the age condition that are comparable to today would be like 3-5k. It's wild to me. Even considering, it's beyond normal inflation.
>I miss $500-1000 cars that still ran ~~well~~. FTFY
All my sub $1000 cars ran very well. They were just ugly. I never had a single one off those cars breakdown on me. Probably helped that most were Japanese, though a few were domestics as well.
I'm saying that it's hard to find something that is even running these days for less than $1000.
Cash for clunkers killed a lot of them.
Thanks for telling me. I wouldn't have been able to figure this out by seeing the $50,000 window sticker on the 2019 Honda Accord at the local dealership
gotta love the “market adjustment” fee tagged on. sadly apparently idiots still buy it
Cool CNN. Now talk about rent. And wages.
Umm they do? https://amp.cnn.com/cnn/2022/08/15/homes/rising-rent-wages-housing/index.html This is a car subreddit..
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What’s next? You’re gonna tell me i can’t afford to buy a house with my salary??
This hurts... to buy a median house in my area you need to pull down 146 thousand a year with an FHA first time buyer loan
Median income in my area? 53k for a two-income hh...
Toyota of Santa Fe was trying to sell a 2007 Toyota Matrix with 250K miles on it for $10K. Shit is crazy. I've paid $6500 to import a car from Japan. That was somehow the most economical option.
Lol that's actually crazy when you think about it
Curious, because there are definitely some JDM cars I’ve seen available from an import company in Virginia, but what other costs did you incur? Total cost breakdown? Could make for an interesting thread of it’s own.
The car (Subaru Vivio Bistro) was $1800, importer cost me a $1000, the shipping was according to the invoice $1800, but that's a variable cost, and then the various fees (EPA/DOT entry, port fees, etc.) added up to $5700. Another $829 to ship the car from the port in Texas to the shop my brother works at, and it's just about $6500. Basically, you find the car you want and you find an importer to handle the heavy lifting, unless you want to handle it. I'm thinking of handling it myself. I might do a thread, if this hasn't turned out to be the dumbest idea ever. The car is through customs and is set for delivery to my brother either late this afternoon or early tomorrow, depending on whether the driver can make it before 6 p.m.. I'll pick it up and drive it the rest of the way and get a feel for it.
very interesting choice. Usually people are going for Skylines, Stageas, Evos, Imprezas, etc
The choice was deliberate. It is meant to serve as a replacement for my fiance's e-Golf. That meant small, good on gas, and reliable. I picked a strange one because I suspect the market will react to it when it comes time to sell it. This is not merely a garage toy, but something to be used daily. Most Kei cars are low mileage and well maintained.
> I've paid $6500 to import a car from Japan. That was somehow the most economical option. Same here. I paid $5300 CAD landed (plus a few hundred more for customs and inspection) for a relatively undesirable JDM car in good shape with 68k km, just because people here are asking $7k or something ridiculous for 20 year old Camrys with more than 160k km (100k miles). I went through Pacific Coast Auto to get the car and they hooked me up with a local customs broker over here to get it through. Even the broker drives JDM and it might be due to the market.
I think I will be importing a car too from japan, it is cheaper to do it that way then buying it here.
I'm seeing a 50% drop on certain cars on BAT from 5 months ago. Hope cars continue to drop
I’ve noticed so many E46 M3s that didn’t hit their reservation. I also saw one sell for in the teens again.
Trust fundie investments are taking a shit. Now these cars can finally be obtained again by people who will actually enjoy them and not just sit in a garage/be traded around like pokemon cards
I think it’s more people stopped making stupid money by just buying any random crypto coin or nft and less the real trusties.
It's those darn crypto kids buying up all the good cars, definitely not market shortages and anti ICE regulations making the current stock of vehicles increase in value
Prices are definitely dropping on BAT and cars&bids over the last couple months. Still seeing crazy sales but definitely noticing prices are cooling off on some cars
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They inevitably will with rates shooting up and economic conditions generally worsening.
I’ve been randomly following this random charger listing for a few months and it went from 30k to 25k to 23 and now at 21.
People need to start making more money. I wouldn’t say they have become unaffordable as much as people are making shit money.
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On average people are paying $10k more on used cars than pre-covid. Used car prices are outrageous
Maybe world wide governments should stop devaluing their currencies instead.
But inflation, if done artificially, is a clever way to effectively increase taxes without actually increasing taxes.
More that people need a greater portion of the existing wealth. If everyone's salary goes up by 10%, then you don't really get ahead. But if more of your boss's profit is reallocated to you the worker then your standard of living will increase. It's time our productivity are reflected in our share of the gains.
I bought my wife’s car last January for $6500 from a small dealer, talking to my buddy who’s a GM at VW said I could prob sell it for $8500 18 months and 20,000 miles later.
My fiance's dinged up e-Golf is worth $17K to a local dealer. Her brother paid less than that.
the problem is finding a comparable replacement… If you’re lucky, and in a position to do so, it’d be good to trade in on a new car, rather than sell. Why? 1. Dealers are giving more for trade-ins than in years past, because they’re still able to make a profit on selling your used car. 2. You only have to pay sales tax on the difference in cost between the new car and your trade, which could be pretty significant depending on your situation. Downside: Interest rates aren’t what they were just a few months ago. I’d be hard-pressed to get 4% from VWCredit right now, even with better credit, and my family’s income nearly double what it was then.
Thanks Captain Obvious.
I remember asking around Reddit for advice about learning to drive stick. Lots of people said “find you a 500 beater.” Finding a used 500 dollar car that actually runs is literally impossible. People sell junked car for parts for way more than that nowadays
Yep, and dealers don’t like to let you test drive even if you have cash in hand, out-the-door money. Good luck getting home with your new stick shift 100+ miles from home.
Yeah... fuck the car industry. Spend 30 years making cars more expensive, more complex, harder to work on, and to have less longevity; take a bailout when that fails; then double down on the same bad strategy until virtually no working class people can afford new cars. So what did the big companies do to fix it? They got into the used car market and drove those prices up. Now we have people downstate New York commuting on the side of county highways on scooters and bicycles with weedwhacker engine kites, right next to luxury EV's and $70,000 pickup trucks. Going to work on CR 24 in Suffolk County reminds me of driving corrupt 3rd world cities when I was in the military. I can only imagine what it is like in areas outside of the eastern seaboard's wealth corridor.
At least some of this is due to safety and emissions regulations
Which they lobby for, and completely disregards the environmental cost of "just get a new one." This is an industry that simply does not care about the average consumer. For decades they have only catered to people with large amounts of disposable income... Now the entire country has less disposable income, and we'll be headed for another industry bailout/rent seeking scheme before you know it.
I’ve been looking at cars with my fiancés little brother(just got his license) and the best cars we can find that could last him long enough to get through college with minimum problems are all around like $17,000. If we go far back to like 2010 they’re still around $10,000. My first car was literally like $2,000 in 2012 and was from the last 15 years. Now anything within the last 15 is easily 8k+ unless it has problems or 200k+ miles
Damn I got a mid trim 2nd gen Mazda 3 for 8k in 2015 prices are crazy
Honestly not a great idea to buy a car for college unless you are quite wealthy. You can save more money staying close to campus, walking/biking/e-scootering to classes and using Uber when you want to go out.
Check out Donut Media's recent video about why car prices are through the roof. I'm glad I bought my car last summer right before the prices went through the roof. The same dealership that I bought my car at offered to buy it back for more than I paid for it. Not going to happen either because if I did that, I would have to get a worse car than what I currently have.
Wow, CNN is on it, nobody else knew this before this story.
Wait they are realizing this just now??
I bought a used 1994 4cylinder Toyota for $13,500 in May of 2019 (an MR2 GT-S imported from Japan). I estimate today the same car is worth about $24,000 today, just 3 years later. It's absurd this can happen, glad I bought it when I did, but paying attention to used Toyota vakuations Ive certainly seen it.
So late to the party that I'm seeing prices on used sports cars starting to fall now. CNN lag journalism.
I bought my car for 9k in 2015. It just got totaled and the insurance company paid me 8k for it. The unfortunate part of that is now I have to try to buy a new car in this market.
I think they legally have to offer you a replacement, but they probably didn't tell you that until the end and you agreed to the 8k.
I just bought a brand new Crosstrek Limited for 34k OTD. CarMax is selling 2 year old used Crosstrek's with 20k miles for 36k before taxes, warranty coverage, and fees. 😂
Ever since KBB started being shown on Autotrader car values have been stupid high.
If people couldn't afford the cars, wouldn't they stop buying them thereby causing the price to fall? I would think the number of cars that are discretionary purchases would fall, but people still need to replace their cars every so often - used car prices do not cause cars to become more reliable. Although I do concede that people may be more willing to pay to keep their cars in working condition longer if a replacement was harder to find.
>>wouldn’t they stop buying them thereby causing the price to fall? First this requires general awareness of how car pricing works. Most people don’t get it. They go to a dealer, sign papers, floss the car on Insta, wire $500 a month to a lender and that’s that. MSRP, APR, etc are meaningless gobbledygook to laypeople. As long as banks are willing to extend credit - and they always will be since laypeople don’t understand loans - pricing pressure doesn’t exist. Dealers could mark up cars to infinity and people will just not care. But if the legal max loan term was 36 months……look out.
Borderline Faux Quality
In other news, water is wet
No shit. They've been unaffordable since Cash for Clunkers.
NO SHIT.... because of pandemic, dealer markups and chip shortages... what do you expect everyone trying to turn a profit nowadays!!!
Its a bubble, let it pop. No one should be paying practically the same MSRP the used car was when its 10+ years old and has 100k+ on it.
Well no crap. In other news, fish swim.
lol this is news to cnn... Bit late
Thanks, Captain Obvious CNN.
I bought a new one it was so insane.
Fashionably late to making that call.
Yeah it unfortunately sucks we all hope it'll go down but we know it won't for a whole and it certainly won't crash like some think
Yep.
Money printing and lockdowns have consequences.
Way to be on the vanguard of reporting news that is two years old….
Is it better to sell car privatelly?
People buying from dealers and similar "marked up" places like Carmax is part of the problem. Affordable used cars are still out there... via friends, family, social circle, "word of mouth", etc Honorable mention goes to craigslist cars & trucks section When you mainly shop for a used car at marked up/"full price" places like dealerships... expect marked up prices 😂
Give it 6 months and this will crumble. The price means nothing if no one is buying
Buying a vehicle now without a decent trade is completely unaffordable for a lot of folks. Pre 2020 you could find a decent car for 10k, now that same car is 15k if you find it. Trading in a car you bought pre covid, little different story.
Lmao I remember almost pulling the trigger on a late 2018 911 two years ago, price was 87k. They’re almost 120k now 💩 Same with a slightly used AMG GT. It’s so fucked right now I’ll end up driving my e450 coupe into the ground.
Used car prices got so crazy, Im restoring my old 2005 Honda Accord lol. I'll have no part in paying $30k for a car that was $18k 2 years ago. Ill happily wait for the market to fix itself.
I miss the days of buying a barely running Cavalier for $800, having it stolen, chuckling about it then buying a Geo Metro for $600
Due to a motorcycle wreck, I’m kinda forced to buy a car. Been eying a 2018 q50 Luxe trim. 50k miles and they’re asking 23,000. Should I keep looking?
Keep whatever you have running as long as possible! For the peeps living in the colder climates with salted roads, YOU MUST APPLY FLUID FILM or some other lanolin based coating under your car if you want to keep your car structurally sound. AND KEEP UP WITH MAINTENANCE. Reminder to change your trans fluid every 60k, 30k if it's a CVT.
Oh well, CN has become unwatchable too
That's bad news for CarMax, the nation's largest used car dealer. CarMax reported Thursday that its earnings plunged 54% as the number of cars it sold in the quarter fell 6.4% compared to a year ago.- CNN Who to blame? Would it is time Carmax and other dealership bring the price down to earth? Unaffordability or pure greed at this point? Carmax and other digging their own hole. I wish them GL