had a drastic one in 2007 thru 2011.
covid caused another.
thinking back to the SL thing in the 80's.
thinking further back to the hi interest rates in the end frames of the Carter and beginning of Reagan years..
Used Car Market In Turmoil As Prices Collapse And Demand Wanes
- Thread starter GON
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covid caused another.
thinking back to the SL thing in the 80's.
thinking further back to the hi interest rates in the end frames of the Carter and beginning of Reagan years..
I guess I'm missing the context of your statement, because 20% down is the equivalent of 72 monthly payments if broken down to 360 payments.
One of the constants in economics is the predictions of doom and gloom and economic ruin again and again and again.
I think that may be location dependent? I barely watch the news but most any report I've seen about rentals in NH bemoans tight supply.
NH Housing releases 2023 Annual Rent Survey
Housing findings show renters would have to earn 137% of median income to afford a 2-bedroom unit
www.nhbr.com
Article indicates median rental for a 2 bedroom is just under $1,800/month. Pretty insane, while I pay more per month all in, my mortgage is less than that (and I did not have a large down payment).
Yep.Those waiting for used car bargains are going to be waiting a long time.
I suspect the high end of the market will get the adjustment--but not on the lower end. Might get worse: how many small & cheap cars were made over the last few years? If people stop being able to "afford" the expensive vehicles but "need" to buy something, they will go after the low end. Increase demand w/o increase in supply...
What exactly did you want for your used up econobox?
It's happening. I bought a used 2 year old Gladiator, loaded, that had depreciated 25% and they had been at or near the top of the heap with resale value not that long ago. The dealer had it on his lot for about 8 months and had knocked the price down nearly $8,000.
I could've and probably should've waited to buy it but I wanted one now.
Now I'm selling my 2008 and I don't think I'm going to get much for it.
Cash on hand time!
Clickbait!
You can't site a Gladiator as an example. It has been a sales flop and sales volume is very low. As you said-there was initial excitement and then sales plummeted. Sales volume through October is 27,000 units. Pretty pitiful.
2024 Jeep Gladiator Sales Figures
Jeep Gladiator monthly, quarterly, and yearly sales and statistics in the United States. Including data and interactive charts for the latest model year 2024 and compact pickup trucks segment.
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The prices are far from “collapsing”.
We were renting, didn't have the 20% to buy a house, but found out about 0% down payment with a USDA loan. Still took 10k out of pocket with all related expenses/fees/inspections/etc. Worked out for now, hoping to not be too much upside down later.
Then comes the maintenance, taxes, insurance pile on.
Not exactly. Last one didn't fall much in 08 in rent but the collapse are mainly due to people buying what they can't afford in ninja loans then got laid off.
Well, I can. They've never been a huge seller but their resale value was high. Not anymore. Part of the reason for the sales slump for new ones is the price drop on the used ones. I was originally intending to buy new until I saw the used prices dropping.You can't site a Gladiator as an example. It has been a sales flop and sales volume is very low. As you said-there was initial excitement and then sales plummeted. Sales volume through October is 27,000 units. Pretty pitiful.
2024 Jeep Gladiator Sales Figures
Jeep Gladiator monthly, quarterly, and yearly sales and statistics in the United States. Including data and interactive charts for the latest model year 2024 and compact pickup trucks segment.carfigures.com
But there's also competition. Ford Ranger, new Tundra, and refreshed Colorado/Canyon. Plus Maverick and now other small light pickups are coming to market. It's getting crowded. I'd expect another round of rebates/incentives soon, and they'll be aggressive.
They still sold 14k in Q3. I'm sure they'd like to sell more, but they've got LOTS of room in that sticker price to pull back and still make money.
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You forget to mention generally poor reviews on the Gladiator as well.
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