Has the Used Car Market Collapsed?
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- čas přidán 2. 06. 2024
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Today I am taking a deep dive into the status of the current used car market and answering the ever-concerning question, "has the used car market collapsed?"
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CHAPTERS:
0:00 THIS...
0:34 CARS & BIDS!!!
0:47 Is the Used Car Market Crashing?
1:13 My Car Isn't Worth This Much!?
1:56 THIS IS NORMAL
2:37 The Market Was Only Different for 3 Years
3:31 The Sign of a Healthy Car Market
4:30 This Upsets Some People
4:59 The Bubble has Deflated
5:53 Do You Have Short Term Memory Loss?
7:21 Some Cars Are Staying Flat
8:14 Conflicting Feelings
9:19 Final Thoughts
#dougdemuro #carsandbids #carmarket - Auta a dopravní prostředky
Fb marketplace sellers definitely don’t believe in this
Nah but they’ll trade you their ps4 and a snickers
Not having a Facebook is the best thing for you.
No lowballing, I know what I got!
oh god people want 5000 for their 250k miles e46 330i and wonder why they cant sell the car
Time will adjust their mind
As someone who depends on depreciated shitboxes for daily transport, it cannot collapse far enough fast enough.
Yup, I just want a depreciated F15 x5. Having a hard time telling buyers that their car is not worth 6k more than market value. I found one, but unlucky me, someone else already looked at it and was ready to pay the same what i offered for a car that was destroyed by kids, interior was horrible.
Same
As a person who bought a shitbox in January, 2020, I would like to be able to buy another shitbox for $2500. I'm not paying double for one.
^ this, same here.
@@abrahammc2125 n55 or n57?
*Hallelujah 🙌🏻!!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻. I was owing a loan of $49,000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $11,000 and got my payout of $290,500 every month…God bless Mrs Christy Fiore ❤️*
Hello!! how do you make such monthly, I’m a born Christian and sometimes I feel so down of myself 😭 because of low finance but I still believe God
Thanks to my co-worker (Alex) who suggested Ms Christy Fiore.
She's a licensed broker here in the states🇺🇸 and finance advisor.
After I raised up to 525k trading with her I bought a new House and a car here in the states🇺🇸🇺🇸 also paid for my son's surgery….Glory to God, shalom.
Can I also do it??? My life is facing lots of challenges lately
I get that prices aren’t ever gonna be as low as they used to be but the fact that a loaded cr-v and rav4 is pushing $40,000 is absolutely nuts to me
Inflation. Everything is expensive now and cars have more technology and engineering than ever.
The other side of that problem is $40,000 isn't a "lot of money" by today's cost of living standards, but it is still hard to attain $40,000
@@vincentpapaleo4803 truth ,my car was $30,000 and even making $75,000 a year that was a lot of money
@@vincentpapaleo4803 Everything that is a necessity has seen very high inflation and wages have not kept up. $40k for a RAV4 is insane. it is a little SUV dads buy their daughters to go to college.
I would add that the RAV4 and CRV are totals different cars than they were a decade or more ago. They are now an an entire class bigger and more luxurious. They are no longer small, simple cross overs. As such their price has gone up. It seems like car manufacturers love making their newer versions bigger and more luxurious and therefore more profitable.
If anything, prices are still elevated over normal. New car prices have increased so much since 2019, that it's still supporting higher used car prices
Sad thing is, car prices have barely kept up with inflation.
this is merely a pause, nothing stops this train
EV'S. They aren't producing as many vehicles people actually want. Just to chace the ev fantasy.
Also, it's not just inflation, but OEMs have stopped producing a lot of cheap cars. It's legitimately difficult to go out and buy a "cheap" economy car in the low-mid $20k range. Oh, but if you want a $50k SUV or a $70k pickup truck, the dealer lots are absolutely full of those.
@rw0037 the EPA and safety standards have also driven the price of even the cheapest cars up.
Sellers are always the last ones to learn about a market recession
Except when it comes to the labor market. Buyers (employers) think it’s still a cheap commodity.
What car brand & cars are immune by not having reliability issues? Plz reply@@wfyfwfyf
The fact that normal cars appreciated at ALL was ludicrious. Cars wear out. They are a depreciating asset, unless its a super special antique.
It wasn't ludicrous, just the basic market forces of supply and demand my dude.
Manufacturers couldn't produce enough new cars during lockdown and the chip shortage to meet demand, causing the supply of new cars to dry up, so people who ordinarily would buy those new vehicles entered the used market and ate up the supply there, which drove prices to the stratosphere. Add in that cash for clunkers basically took two entire generations of vehicles off the road a decade ago, and it's a recipe for stupid pricing.
They dont have to be antique, just special see Ford GT etc that never traded for less than MSRP
Its even more atrocious when the car is modded, kitted or tracked in anyway.
@@baronvonslambert
No, it was ludicrous.
Almost all cars are liabilities and not assets
“Will quirk 4 features” 😭😭😭
My favorite part is when Doug said "It's quirking time!" and then quirked all over the place.
@@97Crazystevewhat? 💀
@@2015BLOXXER ya brain is rotten
New car prices need to come down big time. These manufacturers are crazy thinking people think its ok to buy a truck for 100k being normal.
45K for top of the line Corolla...crazy
New car prices won't go down... it's called inflation.
Mrkt trends up...& down > ppl tend to cherry pick & then freak out > climate being a textbook example...but farbeit for me to digress > general trend however (over last 3 Decades) will likely continue trending on par or inline with historical averages > unless you buy a new EV 😳
If you are spending $80,000 or more for a pickup truck, you seriously need to examine your priorities
Yet people buy them
It’s called market correcting, not market collapsing. Simple.
Try and tell that to the moron who paid 100k over for a GT3.
In this case yes.
I just wish the rest of the market would correct. When your car is worth half what you paid 2 years ago, selling it makes no sense because the rest of the market hasn't corrected with it. Both your dollars and your car are worth less than they were 2 years ago, so if you sell, you're selling at a major loss. I'm fine with depreciation but this economy is unsustainable.
@@Samtallica
That's what happens when inflation runs rampant. Did all those people really need a new car back then? Does all these people need a new car after two years? The party is over, people made their bed, now they can lie in it.
@@SamtallicaFor a daily, the value in your car is its longevity. If you're someone who collects low mileage and/or classic cars I can understand why this would be infuriating, but for commuting, the value of your car IS your car. My car did exactly what you described. It lost HALF of its value (on paper). It's no less reliable/dependable than the day I drove it off the lot.
Doug: "This is how the car market has been for Hundreds of years"
- Didn't know the second-hand car market was poppin' in 1824.
Nah, the used autos market was in a depression from 1815-1837.
My Horse and buggy has depreciated
@BostonCycling_ you misspelled defecated 😂
Horses and oxen depreciate as they get older. 😂
Um, sorry but "hundreds of years?" No.
Bunch of AARP people got offended that their C8 Corvette is not an investment.
Yeah basically lmao
But MY Corvette is BEST Corvette
Right, Too funny. I was tired of the color of my 2023 Z-51. Just received my 2024 Z-51 in Cacti Green. Cash. It's good to be a Boomer.
I'm sick of seeing them there are 3 in my neighborhood!
@@Glideslopes what a terrible way to spend 60-90k. So many more unique, desirable and fast cars for less. I guess if you're a Chevy fan boy, it's right up your alley though
That thumbnail is golden
Reddit gold
Will quirk 4 features 😩
Haha, homeless people, am I right?
I laughed out loud
@@dasfabelwesen you must be fun at parties. Tell them to try “working 4 money”. That usually helps with homelessness.
Magnificent thumbnail
Yeah it actually is.
tremendous
He decidedly does *not* have the rap game in a chokehold
As an 18 year old.... thank God
facts, waiting for prices to go down so i can get a used car for a reasonable price
Lol facts 😎
Doug, we don't see enough of your Ford GT. You typically have the Countach and/or the Carrera GT in the background. Time to rotate the cars so the Ford GT gets in on some videos.
People are confused about the difference between USED and COLLECTABLE. They think their 3 yr old BMW X3 should be worth 95% what a new one is, which is more than they paid.
True, but as Doug made an example with a 997 911, collectible cars are dropping too. A heap of people borrowed money at a cheap rate at market peak and are now underwater on their collectible cars.
No not true collectable Cara like old GT500s old ZL1s old M3s etc are Def still going up sadly
@@54FLEX45 lol the 997 isn't a collectable.
I know all about this.
It’s amazing how many people believe their car is a collector item and attempt to get way more than it’s worth.
It’s all good and things are beginning to normalize. (:
@@blackeye3336 GT500's and ZL1's are collectible? Or overvalued trim models?
The video is one thing, but that thumbnail is a work of art
A couple I know were buying brand new high demand premium cars and selling them within a week. They made sure to buy them in South Carolina as apparently the taxes per vehicle bought were very low there. Then they would sell them to smaller private car dealerships specializing in slightly rarer offerings, as while it's not legal to sell more than X number of cars privately per year else you would need a dealer's license, it's totally ok to sell as many as you like to a dealer.
Our usually bland parking lot had some ridiculous high spec Euro vehicles rotating in and out for about three years.
I was like "Done right, this could be a movie!"
All those Hellcat owners are crying right now too. A lot of people that bought Hellcats are just letting them sit thinking they’re gonna get a huge payday. Nope! I forgot to mention they paid well over MSRP for their Hellcat as well so they’re really screwed lmao!
Dude, that firebird from 30 years ago is going to be worth as much as they paid for it any time now. As long as it has less than 1,000 miles on it.
Good for buyers though. I'm seeing manual Hellcats with 30-40k miles going for low 40s now
With 30% APR too lol
Same thing happened with Dodge Vipers. There’s a ton of them with sub 5,000 miles which took up garage space for 30 years.
@@user-vx7vi3vq1c Anybody that sits on a car for decades thinking they’re gonna get rich is an idiot. Drive your cars!
Fantastic thumbnail, really makes you FEEL like you're watching Doug Demuro
We got a fellow Dunkey fan over here
for many of them, i don't even think that it's a lack of memory - it's that they don't WANT to remember, because it gets in the way of their greed.
Doug the type of guy to say he “likes to buy depreciated cars” in front of his Countach and CGT.
Dead meme kept alive by morons in an attempt to feel like they are important and humorous. Fail. Grow up.
I'm glad Doug made this video. I have friends now that are trying to sell their used trucks for more than new trucks and they're not getting any bites and they are losing their mind.
Selling a truck for over MSRP. Must be a real bunch of clowns.
Or the people with 20yo ran down beater 250k mile diesels thinking they're worth $35k🤣
@@shanet7511
They saw "the same thing" on Barret-Jackson!
@@AB-80X It’s not that they trying to sell over MSRP, but that full size trucks are back to being discounted $10-20k. They paid MSRP in ‘22 ($50k) and today the same trim but brand new can be bought for $40k. People selling a ‘22 want $35-38k (what they owe), but the rest of us can buy a new one for a few grand more.
I love the thumbnail lmao
Reminds me of the old “more Doug demuro” channel thumbnails haha those were gold
You know the market has collapsed because Doug can no longer afford cookies. In the old days, the fender or window sills of his car always had a nice stack of cookies.
Probably his waistline started to appreciate, so he had to cut down on the cookies 🤣.
This needs to be a PSA broadcasted on every TV for the next month.
Nah he's extremely out of touch with prices.
This is such great news for those of us who love buying and building cars on a budget. Over the years I’ve bought and built 12 OBS Ford F Series trucks (92-97). The past few years I haven’t even been able to touch the clapped out ones because they got popular. Within two miles of my house there are two very nice crew cab powerstrokes, both started in the mid $30,000’s. Both are now priced in the mid teens and still not moving. I’m taking this as a move towards sanity, because paying anything above about $15,000 for a top of the line, clean OBS Ford is just insanity.
I think the problem isn’t that people are freaking out that they can’t sell their cars for greater or equal value. They are freaking out because their car has corrected value for the past 5 years in 3 months, as it would usually. For example, pre Covid you’d expect to lose 5k on a car a year (just throwing a number) this was usual. Well right now, that same car has lost 15k in 6 months because it’s catching up from the past 3 years.
As an employee of a dealer for over 14 years, I can confirm that Doug is correct about the current market correction on preowned cars. We are coming off the artificial highs of the Covid times, and things are normalizing back to the way things were before. It is a great time for deals to be had on collector cars right now. We will see prices rise on lower priced vehicles as the public won't be able to stomach new car prices much longer. Buy within your means and enjoy!
Agree 100%. I’m always happy to see prices come down even if it means mine are less valuable. This means cheaper parts for the cars I have, and cheaper prices for the cars I still haven’t had a chance to own.
It is normal… it amazed me that people were paying 5-25K over sticker for Kia Tellurides. Car companies are going to have to come up with crazy incentives because so many people are going to be underwater with their car loans/values.
Wait until the eventual recession comes and all those repos come flooding the market. I see more corporate bailouts on the horizon.
Yep. Porsche especially will have a really rough time in the next year or two.
@@AB-80X Maybe, Not so sure. I still see plenty of people more or less oblivious to inflation, their ends are meeting nicely and the end of the month. Those folks buy new loaded Cayennes and Taycans. I see lower more mainstream brands possibly more at risk. Genesis or Acura may have a harder time than Porsche.
@@sburns2421
They do. The problem is more in regards to the used Porsche market. Even people who can afford cars in the higher mid tier range such as Cayennes and Taycans are still somewhat reliant on a used market value. Many still buy and finance based on the idea that their purchase will retain a good value. In this regard the market still needs to catch up. Wait six months and see. There are people who bought cars six months ago who can’t believe how much they have depreciated. That does not mean they can’t no longer afford them, it won’t change much in relation to their income, but it means that they can’t afford to replace them either. This is where the dealers will get stuck. And VAG will push dealers hard to get new lot cars because of the severe financial issues of VAG.
Also while Porsche is not a budget car, it is by no means the highest end of luxury or exotic either. This is relevant because Porsche is actually one of the most financed car brands in the US. They are prestigious and desired enough so that many want them, but still so affordable that you don’t need an extremely high income to finance one. People don’t finance Ferraris and Porsche for the same reasons. Porsches are financed because it is a way into a car for those who can’t pay cash, where many opt to finance high end exotics because the money invested makes more of a profit than the interest rate of the finance. So now that the interest rates go up and finance becomes more difficult as there’s less security in the car, fewer people can buy them.
Add to this all the bridges Porsche burned with loyal clients over the past 24 months by demanding extreme ADM’s. Porsche has a very rough time coming.
@@sburns2421 That’s interesting. Acura tends to keep their resell values but not at what everyone has had the last couple years. I’d be curious to know how that’ll impact Kia, Acura, Honda, Toyota, and Nissan.
So happy my cars are paid off, I couldn’t always say that 10 or so years ago, but I’ve had mine paid off since 2020, and will never look back
as a milennial, i hope a market correction happens for single family home pricing too
That wont happen, cars depreciate, homes not
@@mauricio6216 market correction, not depreciation
I'm seeing 10 year old Cadillacs go for under $5,000 now. . . I can't wait for things to go back to normal. Cash for clunkers was another blow. The most I ever paid for a car was $2500. I need cheap cars, I can't afford car payments.
My current car cost $2500
@@fortheloveofnoise9298good $2500 cars no longer exist
Cash for clunkers really ruined the market, and it never recovered. Before C4C, you could get a reliable beater for a grand. Now that car is 5 grand.
So true. I was lucky to find mine. I got a 2000 panther body. That's what I paid $2500 for. I was able to get a good deal for it because mine is less desirable because it's before 2003 (pre rack-and-pinion steering) and it has a vinyl half-top (which looked like crap by the time I got it). @@jasonbrannen7598
@@MrJMS814nah, you just haven’t looked hard enough or don’t know how to do basic maintenance on your car
Can you tell the same thing to real estate sellers who have an old home they bought for 100 bucks, lived in, used and worn out and now want to become a millionaire from one sale
Im not a car enthusiast.. well maybe of large family van reviews haha ... but i know we had to purchase a car unexpectedly in 2020 due to ours being crushed by a tree.. and I remember telling my husband this is nuts! The prices were crazy. And we were looking at 2007-2010 and older minivans and larger passenger suvs... covid, the lockdowns, the chip issues all drove prices crazy. I FOR ONE am happy to see them coming back to more normal used car prices!
in 2021 my parents needed a new car for my mom. I recommended a CRV so my dad called the dealer. The dealer had a 2020 with 20k miles for $30k or ONE unsold new 2022 CRV being delivered in December of 2022. It was their last unsold CRV yet to be delivered. So they bought it sight unseen with no test drive and no idea what options it had... It was wild. The dealer was in Upstate NY and stopped selling to NYC with huge markups and would only sell to locals at MSRP with zero discounts or haggling.
Reminds me of when I worked for a paper shredding company in 2009 and we got a pallet of "how to get rich flipping houses" books printed in 2006 with a graph on the front with a chart arrow going up and up and up
‘Will quirk for features’ lol that’s pretty clever Doug, you got me
A used pickup truck for 30-35k with 100k miles is INSANE.
Prices are coming down but the market is normalizing, not collapsing
The one problem Doug forgot to mention was that people were overpaying for cars with ADM’s, putting no money down and financing the car for 7-8 years…. Those people are about to receive a rude awakening…..
They are, and frankly no one should care. They did it to themselves. A moron who paid 50k over for a measly C8 made his bed, and now he can lie in it.
My 2016 Toyota sienna XLE premium was 22k in 2019 with 60000 miles. Now dealers are selling used ones for 21k with 120000 miles from the same year
“Is your memory this short term…” 😂
When the new bronco first came out there was one on my local dealers lot that was marked up to $120,000 (with a sticker msrp of 60k) It sold in a matter of days to some total sucker that is probably whining about the trade in value right now being 20k
Not to be unkind, but when people do stuff like this, I think "you kind of deserve it"
When the first Raptor came out, they were going for 40-60K over sticker. I had a friend of my brother in law lay out 47K over sticker. he had no business buying a Raptor at his income level. Even at MSRP
Absolutely, i dont really feel sorry for them at all, they ran the prices up for all of us
I waited for an under MSRP new Bronco, got mine last August $2500 under! Now the Raptors are at MSRP……
Now the off-road cred suckers are drooling over the new Lexus GX550. The few used ones on the market right now are all going for over 100k. That's LX600 money.
$100k for a new half ton truck is my evidence that the car market is collapsing. I damn sure won’t be buying one. $800 a month payments… Never.
Love these garage talks please keep them coming.
When the price of any asset increases out of the norm, a bubble if you will, a correction will always occur afterwards. It’s a cyclical market.
A 996 owner here. When will the air cooled Porsche 911 prices are going to collapse? I've been waiting for 15 years but they just keep raising and selling for crazy money on BaT.
air cooled Porsche are collectables and pretty rare all in all so they probably wont ever go down (much)
When you talk 25 years out, collectibles won’t collapse…..
Itll have to be after the people who grew up liking them die off, or the whole driving thing changes due to legislation.
@@computercrack
They're definitely not that rare.
@@2Greenlid
They will collapse. They're just too many of them.
You're on point regarding people not remembering the more distant past, it even has a name, recency bias.
Thanks Doug. We needed this.
I remember at least one past Doug video claiming prices on some of these same cars mentioned here will never come down again. Doug should stick with market reports instead of predictions because he just follows the trends.
At least here in Sweden, there was a very few years some cars was worth more after 1 year then when new. The inflation was rampant, and it ended with a huge economic crash going thru our whole society was horrendous.
socialism - an equal level of misery for everyone, except the politicians and oligarchs
@@Tablerocked Sweden lets their large companies go Bankrupt, while in the US its only socialism for the rich who get bailouts.
Things aren't getting cheaper...everything is getting more expensive. The only thing suffering is the car market now.
Just as I was searching for an update online on the used car market you post a video, awesome!
Interestingly enough hybrids remain above the rest, especially Toyotas and Lexus.
Then, of course, there are are the rare collectors items (like an Coutach or a Carrera GT), where demand will always outstrip the limited supply and which will just continue to go up in price. Congrats to those who have made that kind of investment.
Wow that “T H I S” intro sounded god like with that echo
Um…he is!
No it sounded like someone in a concrete bunker who doesn't understand good audio.
@@Enchurito cry more hater ;)
lol. Doug has a bond villain garage. Or it looks that way from that camera angle. And he gets 60s Bond villain acoustics. That said, I would take that garage if offered
This thumbnail was absolutely perfect. I love the bids and the downward arrow!!
Thank you for this great news!
I have seen my first C8 corvette with an asking price in the $50k-$60k range. Clean title from a dealer with less than 20k miles.
I can't wait to get a c8 for 35k.
@BrianEugeneLee193settle down, Francis! :)
@BrianEugeneLee193 No one ever said it was an Audi. I'm just glad TJ Wrangler prices have stabilized, I'm looking at getting one to replace my P71 Crown Victoria.
There are now brand new C8's with discounts
@BrianEugeneLee193 I like the C8 Corvette. It’s neat
But Doug, my Porsche is the only one in my specific color made on a specific day with a full moon. A true one of one.
that is more Corvette guy
Your garage looks so cool amidst all of this.
Doug, I am literally so grateful for this video
I just want to get a 997….. I thought that day was slipping away now… maybe not??
I think those are the most bestest, I doubt theyll ever be cheap.
I have been watching 997s the past year and they haven’t really dropped, maybe $2-3k at most. I think the people who own 997s are not the type of people who are going to be affected by market headwinds. Also many people believe the 997 is the best generation so you are fighting against enthusiasts as well.
At this point Im considering 981s which are 90% of a 997 at half the price and are 4-5 years newer.
@@turbobrew
Yeah, you make very valid points.
Business like Cars & Bids are stable against market up and down since no inventory.
Less listings, less sales, less revenue for the company. If this keeps up, layoffs happen.
Finally! We sold our 2nd car a few years ago and haven't been able to replace it. It'll be good to see the market normalize.
I've brokered leases for 30 years. Before 2021-2022 lease equity only happened about 1 in 100 deals. In 2021-2023 70% of vehicles had lease equity
The corporations got greedy but caught in a situation where most people don’t have money anymore.
To quote P.T. Barnum "A sucker's born every minute."
MAGA
I’m liking the podcast and these videos as much as the reviews tbh
I appreciate your information thank you
Have price gone down? Yes. Like before pandemic ? Nop, and due to inflation I don’t think we will ever seen them
It will eventually, but the problem is that the price declines will follow a recession. So there is pain involved in order to properly reset prices.
It should go back if there is a serious recession.
@@tboneforrealevery recession the ruling class has gotten richer and richer. I don't know how many more we can take.
Doug: Is your memory that short term?
People are basically goldfish.
Economics 101 - free course right here, cheers Doug 👍👍
Just bought a used Nissan Frontier 2016, 72k miles for pretty cheap, to me seemed like they had no idea they could charge way more but I'll just hope the market is going down
Any collapse is a market adjustment at this point. We 100% deserve this.
I do not deserve this!
@@lindap.p.1337 sounds like you purchased at a high point and are selling in a dip? If not, don't worry about it. Just wait. If so, sucks.
I've been the car business for a very long time, and I can tell you that everything Doug said is absolutely correct.
Nah prices still suck
@@Lorentz_Driver You’re correct, new car prices are very high, especially leases. I think that auto manufactures are re-setting how they do business. For a long time, they produced as many vehicles as they could, then did whatever they had to, to sell them (deep discounts, rebates, lease and finance deals) but now they’re only producing as many as they know they can sell. Lots of people who had been able to lease a new car every three years, now can’t.
Thank you for being honest. My LP640 has doubled from 2019. Doesn't matter. I'll never sell it.
All of the young people think that that was the new Norm, no it was the unicorn years and it was the same thing with housing during the same time
If only housing was the same. Car production is back where it needs to be. Housing production has been massively below what's needed ever since the recession. The deficit of housing starts in the US is huge.
@@nicholaswhitfield9341
Here is the thing though. My dad bought a home right out of college as an engineer. Now that home is $800k, you would need 3-4 or maybe more new grads to afford that.
Sooner or later nobody will be able to afford the prices.
So Doug piled up a bunch of money from C & B while prices were going up, and he’s now preparing to go on a buying spree now prices are lower.
This youtuber just saying from "capitalism-speculation-self-interest" point of view.
Who care that current economy collapsing due to "overproduction".
Who care that consumer have no money to pay for new car $10k-$20k.
Who care that you can get 2-5yo car for $500-$1000.
"Reseller" just adapting to current market, and what market or economy doing, reasons of it happening - they dont care.
Love the rational and realistic POV ! TY
Thank you for this. People have a hard time remembering things that don't directly benefit them lol
Man I just want something that gets me to work. Hell if my job was on the bus line I would hardly ever drive. Cars are a fun hobby but mother of god everything is so overpriced (cars are improving but everything else is still getting worse), I will give up driving entirely if I'm able to just so I can keep a roof over my head. But all the better paying jobs are outside of town and nobody wants to pay a proper living wage, no matter how many degrees or certifications you have, no matter what experience you have, no matter what industry you work in. Everyone pays like crap and constantly overcharges in this "booming economy" because corporate overlords are greedy, and this stops us from buying fun cars and having a comfortable living. It isn't just a me problem, it's everywhere.
Wait until AI takes far more jobs. Like many of the high paying coding jobs, or finance and accounting jobs.. The McMansion market will collapse.
Importing the entire third world to Europe and America probably isn't helping either
USA= United States of Amnesia
Kudos on your clever thumbnail - huge success 🎉
Well said!!! 👏👏
“Hundreds of years” 😂
I'm dumbfounded. Sitting here in Canada (Québec) and not understanding what "crash" You're talking about. Sure, prices aren't as high as they were a year and a half ago, but they are not pre-pandemic whatsoever. Used cars are still very expensive, despite the added interest payments you're going to be making now If you finance.
That's his point. It's not crashing, but it is correcting. The crash will come when an eventual recession hits, the job lost that follows, and people have to give up the cars they can no longer afford.
If you’ve been paying close attention the prices of used cars has dropped dramatically in the past year. 30-40% in some cases.
Canada is an exception. We're currently seeing record immigration levels that are keeping demand up in every sector. I'm seeing 2004-2007 corollas with 250k km selling for 5-8k still.
REAL
I'm also from Québec, the car market is fucked here
The interesting thing is that the used car market was so bad last year that I gave up on cars and switched to being a motorcycle guy. Many other people were just turned off in general and stopped being car people.
I am vaguely reminded of the r/WSB saying “The market can stay irrational longer than you can stay solvent”
First the car market crashes then the housing market follows
So long as unemployment is low, and the vast majority of mortgage holders are sub 4%, there’s no housing crash coming.
Two totally different things. Supply of cars is back to normal. Housing supply is way down at a time when many people are hitting home buying years.
@@Harumph538
When people go underwater, they will walk away from homes.
@@mitchhedberg4415so long as they’re employed, and paying a mortgage that’s significantly lower than renting, they’ll stay.
Also anyone who bought in the last few years with low rates has paid down enough that they’ll remain above water indefinitely.
"will quirk for features" is perfection.
Doug is so on point with this. I had a 2013 BMW 3 Series that actually increased in value during those “odd” years. Well, it started to come down in valuation…rather quickly last year. So, I traded it for a 2020 BMW 3 Series while I still had some good equity in the 2013.
Not sure yet Doug, some guy is selling a 2005 Sprinter 2500 (Low roof) that has been converted into a "camper" for $65k, referring to it as "vintage"
Doug viewers are the type of guys to make unfunny “type of guy jokes” nonstop.
"The way it's been for hundreds of years". Looking to buy an 1835 Ford.
cars have always been a HUGE depreciation asset. Only a small percent of cars historically went up in value, and normally only when they were old, rare, and classic.
Maaaan.... The Chevy SS / Caprice PPV community definitely don't believe this
'this is how it has been for hundreds of years'....i sold my 1428 ford f250 for a profit, doug
That's only because Christopher Columbus used to own it.