The Car Market is Collapsing
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- čas přidán 6. 05. 2024
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I’m driving my car until the wheels fall off! No car payment, and don’t care if my kids are embarrassed because I’m paying for their college! Live below your means you won’t regret it.
America has been living beyond it's means for decades.
More like a century plus, ever since the automobile became popular.
Well. Finely someone is telling what this is all about!!!
you misphrased "Capitalism"....... we are bombarded with pressure to BUY. Are you blaming the person, or the system? Oh, and who leads the system?
My 20 year old well-maintained Mercedes SUV only cost me $6000 and performs flawlessly. Why would I want to buy a new one?
My car is 24 years old. It runs just fine.
Im glad I bought new Toyota in April 2006. Over 18 years on the road, it still drives like new 👌🏽
My 2009 CRV shows no sign of slowing down and I’ve done less than $5k in maintenance.
That's how smart people work. Life is not just about material things. In a slower speed, life is more beautiful and you see a lot more.
Got ya beat! I bought a '98 used Isuzu Rodeo, 2W and 4WD, with 47,000 miles on it, for $13,000 back in 2001. Had it now for going on 24 years, it has 'only' 170,000 miles on it, and it purrs like a kitten! I'm 61 now, still live only 4 miles from work, and I pray to God it lasts me til the day I die. (I've seen Rodeos with over 400,000 miles on them.) I still see Rodeos like mine on the roads, here and there. Toyota's are great cars, and great value, so, hats off to you!
I have an 18 year old Honda that runs fine right now.
$118,000k for a truck !!! WTF !!!
Ross Perot saw this eventuality clear back in '91. When NAFTA was getting passed and the 'global economy' was getting birthed. Now we're reaping what has been sown for the last few decades. Our economy depends on consumerism, but most of our middle class jobs were shipped overseas to cheap slave labor markets. So now lots of people are poor and have much smaller incomes. So people have to be frugal which means we arent buying things. I knew globalization was gonna be trouble back in the 90s but no one cared. FF to today, and the reality is finally hitting home.
Borrowing money to buy an expensive car is stupidity by stupid people.
I've never done that in my life yet in the past 30 years, there are people who have always bought cars on credit
A 100k truck... now that's just absurd. Absolutely absurd.
Welcome to Canada. Prices were crazy from 2006-08. At the time top trim trucks were pushing 90k here. Post crash same truck was mid 60s. Currently the lot prices can had for about 10-15 less than sticker here, but still way overpriced. USA prices are about 20% less than shown in the video largely due to poor performance of the Canadian dollar.
Now, that's Inflation 😱
U can buy a condo for that price😢
Car Insurance increased so much so fast that I can't even afford car insurance for my parked car.
Mine jumped from $1200 to $1900 in two years. No accidents, perfect record, long time driver. No changes on my end, yet I have the pleasure of paying for all the cars getting stolen in my province.
My car is paid off. How is this fair?
Anything over 30K for a vehicle is insane when my groceries, gas, and hosting costs are insane. The American dream has become the American nightmare.
I have never spent 30k on any vehicle, my Harley was the most expensive without any dealer markups, at 23500, the last car I bought was a 2002 Jeep Liberty with bad engine for 600 dollars, I am into it less than 4k and love it, car insurance on my commuter at almost 2k per year sucks, all vehicles I am close to 5k year on insurance.
Not every one wants to drive trash kia.
Yeah but they are stupid enough to pay that amount.
Anything over 3k is insane, my car was 2500
Young people are buying vehicles for $50,000 to $100,000?
Roman empire took 300 years to wind down.
American Empire has only needed 50 years.
We are down to one car in my family; i won't buy one until the prices come down. F them!!!!
I own a few cars. Old clunkers. When 1 is being fixed drive another. Insurance is cheap as shit on older cars.
Prices will never come down, cheap cars will be discontinued
They'll leave the cars on a lot in the middle of nowhere to rot away before they push too many cars on the market and crash the prices. Wall Street would lose too much money and lose too many future car loans profits by letting prices come down.
The prices won't be came down...how?? Trillions on dept? I can tell you where all this money is!!!
Five to eight thousand $$$ can get you a
dependable vehicle. Do some strong "shopping" and making bold "counter offers".
Prices for food, clothing, and fuel have sky rocketed. I took my daughter shopping this past weekend and was blown away at the high cost of clothing. A pair of Carhartt work pants is now $50 at the Boot Barn. I simply could not bring myself to pay that much for work pants. I drive on older and well maintained truck that I own outright. The price of new trucks is outrageous. No way I would ever finance an $80,000 truck with all the problems and headaches that I hear people are having with them. The US economy is in deep trouble. We have got to get back to basics!
Can you Imagine the of a semi truck diesel, $250,000 and the other option here in California is the electric semitruck will be $400,000 ..... just crazy times
I agree 💯 save your money if possible 🙏
So you're telling me, the stock market is going up even more?
They’ll have to create bigger denominations soon like a $1,000 and $10,000 note. Think how 100 years ago renting an apartment was like 10 bucks a month in a city like New York but they had $100 bills. That would represent 10 months of rent. Now a $100 bill isn't even one week of rent and thats the highest denomination…. Thats Jokes.
They could sell those trucks but they gotta come back to reality and cut those prices in half.
50,000 for junk better to buy 10000 car and spend 5 thousand on it and drive it for 10 years
The US has always been a consumer economy and if the consumer is suffering, they stop spending and the whole market suffers. That is exactly what is happening right now and into the immediate future.
Frogs in the boiling pot of water
Frogs actually get out before it gets too hot. Strange but True.
And getting hotter everyday. Nice analogy.
Wealth creation over, it's all about wealth protection
Correct, time to scalp
*My wife is a recruiter for a top NYC recruiting company, and has been working for them for the last 15 years. There's a freeze because it's all going AI, and to cover they are putting out "fake placements" until the transition is complete. My wife is actually helping the new programming bots on how, what, and where to do the jobs of hundreds including her own job as I blog. Your daughter is SPOT ON!*
Yes the unspoken truth about AI. So many lawyers, doctors, other pros can be eliminated. People just won't need to use them. It will be all online, free.
Really?
Oh my.
Thank you for sharing info.
many blessings
Fake job postings benefit the incumbent in an election year. This is, among other justifications, in service to the Democrat party and Joe Biden.
Get ready for the collapse of the middle class
In regards to the car market, I’ve noticed a shift in attitude among myself and my friends. Years ago we competed to see who had the newest car/truck. Now the high mileage on our now-older vehicles is almost a badge of honor. We routinely talk about how many miles we have on our vehicles (I have 250K) and what we had replaced during our last service appointment.
People have no idea...the avalanche thats coming
There is an insane delusion of what the sellers think the average person has in their wallet vs the reality of what the average person has in their wallet. The exponential downturn in the economy this year will be the result of how hard businesses hold onto their delusion until their business collapses.
You are right. My dad is asking at least 10K for his old 1999 4Runner, but most people only want to pay $800-2000. Because he isn't being realistic about how many miles are on it and he wants to dump it as is, on people with a finicky engine/dead battery.
That’s exactly what Biden thinks.
The elephant in the room,insurance companies in EU are currently working on refusing to cover older vehicles that are not connected to the grid so no matter how much you love your old beater(I know I love mine)there will be no way to plate them without insurance,the only way I currently see around this hurdle is become an illegal alien
This wont be a problem in Sweden...there is a huge classic car culture there, bigger than anywhere in the world besides America. I will be moving there in a few years myself from Alabama.
What does that mean, connected to the grid? They only cover electric vehicles?
Car prices have been rising insanely for decades - and especially the past 5 years. What you are describing is demand destruction related to overpricing of cars. It has to end somewhere and that somewhere is where consumers reject high-priced cars. People still need and will buy cars. But, they are now starting to demand more car for their hard-earned dollar. It’s high time the car industry had a reckoning after decades of price increases and no innovation. Frankly, they deserve it.
As CFO of our small business, (about 50 people), I am seeing a slow fade here. Ben is right on point. things are most certainly slowing.
As you say, no one knows the future but we will have a day of reckoning. Great video Ben.
Slow fade here too, revenues in my biz of 15 people, down month after month for about 9-12 months now
No one can predict the future, but you don’t need to be Nastradamus to see the writing on the wall
What tell a clever man in you country-----the $ is our currency but your problem that means your goverment go shopping on credit all over the world and this since decades, is this ok?? They print money thats all, this causes more and more problems in the world, at some point the game is over, and we are on the home straight. Best wishes from gog old germany!! And we will be >third time< asshole!!!
The slow fade was the only viable option to get inflation under control. No matter how bad you may think inflation is or has been, it would have otherwise been far worse. Venezuela is currently suffering from 275% annual inflation. Would that be better? Once the rate of inflation slows, interest rates will decrease, consumer goods will become more affordable, and interest rates will drop. And the economy will rebound.
It's not inflation, it's price gouging, Corporations used the pandemic fueled "supply chain" shortages to raise prices on everything from eggs to lumber, and enjoyed record profits once restrictions eased. Let's call a spade a spade. We are in an era of unprecedented corporate greed and are saddled with a political establishment that is wholly complicit.
Absolutely incorrect. Inflation is ALWAYS caused by government. Which then tries to blame business. And you bought it.
You sound like Joe Biden
I agree. Monetary policy is only part of the problem. Profiteering a big part of the problem.
It's inflation. The money printers are in overdrive and have been since Biden stole the election.
That’s what the politicians want you to believe. Price gouging doesn’t work in a free market economy. Inflation was never entirely transitory. The supply chain issues during Covid was used as a scapegoat for the failure of central bank policies.
The problem, in a nutshell, is there are to many in the cart and not enough pushing it!
The corporate greed in America is staggering
I can remember buying used cars and trucks for $50 to $500. Cash for clunkers ruined that.
I totally agree, your son is right, people don't have money. I am in the home remodeling business in the Bay Area for 27 years and a trend we are seeing that is unprecedented for as far as I remember, is that people hiring contractors for work they must have done, like roofs or plumbing and electrical issues, and then simply don't pay, and its not just happening to us, but few of my friends who are also in this business are seeing the same thing, and in large numbers.
Put on lein on their house, when it sells you'll get your pay then I think. Sorry you guys are going through that.
It's not a solution to people not having money, but a strategy is to ask for a 50% deposit on commencement of the work, 25% halfway through and 25% on completion.
Put a lien on a house that the bank owns and the person so far in debt you will never see a dime. Sure sucks when people run up so much debt and its the little businesses that get screwed. I did it, made huge money at young age. Bought a house and felt rich. Bought brand new car. Finananced furniture. Ran up credit cards. Got repairs done to be luxery. Then oh shit the bills piled up fast. I am now helping my daughter buy a home but use my experience. Drive old car and fix yourself. No payments and cheaper insurance. Pay morgage but instead of house paid to 0 have its value in assets and morgaged. Morgage payment never changes as assets gain value. If needed assets could pay house to 0.
My mantra for the past 5 years was "stay out of debt". My car was 14 y.o. when the dashboard lit up. Timing issue. Quoted roughly 8K to fix. Off to the car lot I went. Ugh. High prices, high payment. I put down 6K and a 5-year loan later I'm hoping I stay healthy (62) and don't lose my job before retirement. Ugh.
I am 29, my car is 27. 5 speed manual Nissan Sentra...has been reliable even though it leaks oil, it has been in a few accidents in the past, no A/C either but you dont need it, I live in the south too...windows down is good enough...the paint rusted off but i repainted it myself with some oil based single stage orange tractor paint for about 100 bucks total supplies
We use to say in my country that only reasonnable debts are for your car and your home. But in France prices, taxes have hugely raised while salary haven't.
You have a healthy point of view, I'm 54 and I finished by anticipating my car credit and it remains only a small one on my house with 1,5% rate ... But that one, I will keep it to the end ! Stay liquid and buy gold ;)
I now have 330,000 miles on my F350 diesel pick up truck. And for what it’s worth I anticipate getting another 330,000 miles on that truck. I may need to have the engine rebuilt, but I am not buying a replacement truck for $100,000!
As one who recently needed a truck, I refused to spend 80k for a truck. I instead went with a used truck even at 34K, but it was much cheaper than a new one (law of contrast). 34K should be the top end of a new truck. They're just not built well enough to ask anything more.
It's no longer about providing good value; it's about "what can we soak people for" and keep them perpetually in debt to the banks, and rake in high profit margins for the manufacturers.
It's all the result of greed and crony capitalism.
in all my years the only loan i took out was to buy a house. pay cash for stuff. if you cant afford a new car buy what you can afford. new cars are way overpriced
I am used to my old SUV and won’t buy any new cars as long as it runs. By the way, ever since I started to maintain my vehicle at 90,000 miles, it’s run better. Now it recorded 202,690 miles.
We have moved from being a producing economy to a consuming economy. This will not end well.
Money is in manufacturing.
I disagree. We did shift from a consumption- to a production-driven economy manay decades ago. But over the last half of the 1990s and the 2000s, we shifted from a production- to debt-driven economy.
I am a faculty member in engineering with 17 years of professional experience plus many years of teaching. I have been looking for a new permanent position for years. Despite the years of experience, I can only attain temporary assignments, with no benefits.
It's brutal. I'm highly qualified in law and because of extended break outside of my control, now can't get hired. I'm going to have to drop this career and pivot to something else. But what? Everything is under pressure. Perhaps accounting specialising in insolvency?
Terrible, but here in Europe the situation is not better!!
This has been happening for 25 years in the USA...
even PhDs in engineering have had this problem!!
"What you say... is what you get... be careful what you say!"
Welcome to Bangalore. Take 2 weeks and bring the fam. Email ahead and you’ll get interviews lined up. Glad you’re on the team 🛫 🇮🇳
The car market is dying because our government won't allow anyone to make a no frills basic vehicle for an affordable price. Where are the starter cars without all the computers and special features? I need a pick-up truck with an engine , wheels, and good breaks for $15,000 off the lot. Seriously.
I totally agree except I'd rather have brakes.
Buy a used classic car... they're cheap
Amen brother.
While the government insists on safety and efficiency regulations, those in total only add about 5-10% of the price to a car. The problem is the mega dealers that only bulk order the mid an upper trims and then convince most purchases to lease. Therefore the manufacturers barely make any entry level cars, because they don't see many orders for them. It's supply/demand but metered through dealers that focus on max profit through max volume, vs customer satisfaction and value.
Agreed. A stripped down pickup for under $30k would have buyers.
I was told by a friend that applied for a manager position for one of the dollar store franchises, that they were being given some sort of incentive from the federal government to post help wanted ads. Even though they don't have any need to hire someone they are either getting tax breaks or some other incentive to post help wanted ads
My great grandfather worked for Henry Ford in 1912.. he was hired as an electrician from Glasgow Scotland
I just hired a highly qualified and motivated former Bay Area medical services employee for my firm. He moved 2300 miles at his expense for the position. He tells me he looked for work for 5 months before deciding to leave California.
Thank you 🙏
Mad, I literally watched a video of a woman going to Dallas to pick up her repoed car.
When she got to the business, my god, there were cars, bikes, jet skis, boats, motor homes as far as the eye could see.
The kicker was she had gone to the wrong business, she had to drive another 30 minutes to the other business where the view was the same, repossessions as far as the eye could see.
The woman didn’t bat an eyelid, only interested in getting her car, me on the other hand was like OH….MY…..GOD wtf is happening to the U.S economy.
I’m from the U.K. so this blew my mind.
There is nothing wrong with the US economy. The US consumer went on a massive spending spree buying tons of junk they didn't need and could never afford....
A neighbour of mine just moved to the US, the spouse is elderly trying to find jobs. She was saying how bad the economy is at the moment .
I agree with the analists: the economy is doing great. Granted, I'll never be able to afford a home or a new car, I can barely afford to eat and have come close to homelessness a few times, but yeah, things are great.
Look at a private sale to buy your next car. Do your homework, and then help a distressed seller that needs cash now.
The issue is the ridiculous cost of buying not just a new car but used cars. Yet GM, Ford, Toyota, etc. are multi-billion $ Co's with CEO's making $30M annually+. So people are keeping their vehicles. A new vehicle every couple of years has become a luxury so we keep them.
Try 6 months, the train is coming down the tracks at 120 mph. Thank you so much for the video.
I've personally been identified as the "top candidate" for two different roles that were canceled due to a hiring freeze. I've also seen jobs at the VP or Director level paying $150k for a job that should be $200-250k.
I've also seen many phantom jobs posted for over a year. Clearly they aren't hiring.
If by collapsing, you mean getting to normal prices, I am ok with that.
Not me. Let’s make that money printer go brrr…. I want to speculate on crypto again.
Ways in which the consumer is being squeezed out and reducing both their spending and purchasing power:
1) Increased rent
2) Increased insurance and medical premiums
3) Stagnating wages
4) For those in ride share, increased take rate by Lyft and Uber coupled with increased fuel and maintenance costs.
One thing that is overlooked about the car market is that full-time rideshare drivers are not buying new cars anymore. Most of these drivers used to buy a new car once every 18 or 24 months. The business is paying less and there's an even bigger risk of being deactivated on flimsy, ridiculous and unfounded grounds.
At some point the elite will have to wake to the reality they can't grow or survive in an environment where those at the bottom and middle class don't thrive.
Those jobs exist but it is a dummy job posting to hire someone from other country with less salary. this is going on for a while
"Great Reset"=All of the people who got the "Magic Juice" checking off the planet :)
They are posting non existing jobs. Juat to get that one off candidate. Either lower paid, better qualified or something. But the intention is not to hire but fish for top or cheap talent
Consumer debt, interest rates, and national debt can only add up to one thing: disaster.
Our car payment is about $280 per month. We owe less than $8,000 on it. We also have about $160,000 not locked up in retirement accounts. We invested in things that did not depreciate in value like expensive automobiles. Cars and trucks are necessary but they are money pits. They are not assets. A house is not an asset either until you sell it.
It's unrealistic for investors to expect double digit returns. There is a greed mentality where everyone only wants to be rich. The American dream used to be family based. Its now a fantasy of being rich and material and luxury based.
Its all about the rates staying comparatively high. With inflation and the COVID spending spree, we, the people, are now paying for the greed of the ruling class.
What your daughter said about companies posting jobs that don't exist is not completely unimaginable.
In 2005 - 2007 when I was unemployed and looking for work, another person looking for work told me that she had found out that some employers were not taking job postings down after they had filled the position in case the person they hired did not work out.
Not only does this practice make it appear that there are a lot of jobs available, it makes it harder for the unemployed to find jobs. So there are a lot of job postings, but those jobs do not exist.
This is why minimum wages are pressured to rise. Costs are rising out of control.
Visit few dealers lately and sales people acting like business is usual . But I can tell it’s Not the realty
Beast system is moving forward
You will not be able to buy or sell
Without the mark rich or poor
Slaved and unslaved
I remember when a new truck cost $5000
I love the so-called investor class! You hear that companies are overpriced, stocks are overpriced, the market is overpriced, however It's inflation driven by profit-seeking by companies driven to provide dividends, not driven by any global crisis, that is slowing consumer spending. It's the latter that will drive the next depression. Since they sort it out the subprime mortgage scam, the next thing to fall will be overpriced cars and their associated leases.
They are doing the same in UK lying that theres loads of jobs when clearing there isnt and also with minimum wage going up people have lost their jobs or their hours have been cut. Great video sir thank you
About the car dealerships,, i dont buy it. If they are really hurting then their inventory would be highly marked down right now and it is NOT. Therefore they are not really hurting.
They are faking it as long as they can. IMO
Agree. But dealers selling golf carts are slashing prices because they are overstocked.Carts 12,495 are now 8495.Do this at car dealerships
IDK about that it may be that these dealers are hurting but they are loathe to lower the prices because they think they can't afford to or the manufacturers and the repossessing banks forbid it.
My sons and I watch the car and boat market via our national trading platform on the internet.
In our case its called trademe in New Zealand.
Its clear that the consumer has either no spare money or is very fearful of what may be in store for their income.
Personally, I suspect the former.
Having said this, it shouldnt come as a surprize.
Those who survive this pending financial meltdown will have on average, seen it coming 3 years ago.
What about the insurance! It's more than the payment in many cases- especially in the Northeast and major cities nationwide. This is a major crisis.
Car manufacturers have been selling vehicles based on add on features which make their vehicles less and less reliable, while making them more and more expensive. I own a 1994 F150 Ford Pickup Truck, and a 2004 F150 Pickup Truck. Both run like a swiss watch, but the 2004 has taken way more preventative maintenance than the 1994. The 1994 is a straight 6, 4.9 liter, 5 speed manual 2wd. Bullet Proof. The 2004 is a 5.4 V8 automatic. I did all the upgrades myself. Timing job etc etc etc. the 94 was paid off in 1998, the 2004 in 2009. I will not buy a new truck, even though I can afford one, they are ridiculously priced, and not as reliable as my 20, and 30 year old ones. Auto manufacturers have been going backwards for years, more expensive, and less reliable.
High costs, high wages, expensive houses and cars and expensive everyday items, it's just not sustainable and will end in a big fall !!
A house payment for a cheap car for 6-8 Years is a no brainer. Keep your 90s early 2000s vehicle forever, cheaper in long end with basic maintenance and light/heavy repairs.
Car manufacturers are adamant about producing unaffordable vehicles with premium options. People need affordable cars, not these extremely expensive ones.
I was at a dealer recently and every single salesperson was busy helping customers. Lots of activity.
Helping them trade in their newer cars for older cars. Plenty of that activity, yes.
The sky is not falling. The comment about Berkshire piling up more and more cash is because they can't find a big company to buy. And yes, Ben's other indicators do point to a weakening economy. And indeed a major stock market downturn will occur - eventually. It's inevitable, yes. But that could be many years from now. Housing is still very strong. Unless housing collapses, which is not in the cards, the economy is going to roll right along and the market will be making record highs. Also, this is election year. The financial news media will paint a rosy picture for sure - right up to election day. The Biden admin and media allies will claim all is well with the economy. Unless Trump wins, in which case they'll change their tune and claim the economy is in shambles. It's all spin.
According to Reventure and some others that I listen to, real estate is not doing well.
Employment numbers seem to be good however Tom on PBD podcast says when you look at the govt report, there’s an asterisk in the jobs numbers, and that is that many are part-time jobs. Another crack in the foundation.
We NEED Trump now!!
The Real Estate market has been in trouble all year , it’s getting worse. Yes $1,000,000 homes are doing fine . It’s the real homes , homes for families that are dropping fast . Down by at least 10% right now . Don’t believe it list your home.
I am a contract worker accountant - job boards are full of jobs that have been filled and recruiters keep them on to look busy or for clickbait.Electric cars values are suffering enormous fall off in value - leasing companies are going to take a huge hit sooner or later.
New subscriber. I’m in India. Expat from USA left when I saw Hillary vs Donald, just cashed out. Any questions I can answer? There is zero inflation here. Not a chemtrail in the sky either.
I’ve been hearing about this for 40 years and nothing happens. Bring back cars without power windows and see who buys them. We the people are our own worst enemy. When is the last time you heard of a new home built that is 1200 sq feet? We are a spoiled society.
I agree with your assessment of the economy in the US. But the piece for China is old news, at least one year old. In fact, China is bottoming out and begins recovery. If you look at the Hongkong and Shanghai stock market, smart money is getting in right now.
There's a difference between the stock market and the broader economy. Look at the situation in the US.
While departing the Detroit airport, I passed a huge, fenced off parking lot with thousands of brand new jeep brand vehicles in it. Picture five Walmart parking lots packed full.
Happening right now on eBay as prices for Tesla battery electrics continue to go off a cliff whilst volume availability soars both new and used. Definitely has the *"feel"* of a deflation but haven't had a deflation in the USA since 1929 so don't really know what to make of the current situation "that feeling that where we are is some place we have never been before" George Carlin.
105k miles 2006 GMC Envoy original engine. Daily Miami I 95 driver. Driven smokey mountains twice in 20 degree weather. No codes. All emmision sensors replaced. Happy life.
Edit: I'm the second owner and I bought it last year for 3500 bucks cash from a buddy who works at a dealer i wont name and sold it to me behind their backs ;)
I’ve been thinking this for years but any and all kinds of internal combustion vehicles ( non imported, and with no tweaks and tuning on engines and exhaust) need to only cost roughly $2000 max. This is 150 year old technology with no R&D needed moving forward. There is nothing “novel” to the automobile. Even with the reliance on more technology needed like “computers” and touch screen displays, this is all mass produced tech anyways- again, little or no research and development needed. Cars should be cheap - plain and simple
In UK new vans that used to cost around 25k still too much, now 60k and 8months waiting.
Used market is gone insane 20k for 100000miles used banged up work van.
Squeeze became a strangulation, tyranny and open season to kill of real tax payers small and medium business.
My 2009 Toyota Yaris hatchback is easy to fix, it gives 34 mpg and is paid off, what else do I need?
I have a little 2003 Daihatsu ,and spend $40 a week on fuel ,no repayments ,is easy to park ,easy to drive and does not breakdown because the updates weren't installed . It has none of that stuff ! Just simple and easy mechanics .
I used to spend 200$ at Walmart, and $100 at Lowe's or home Depot every month and be good, with food, and fixing things around the house. Now it's crazy how much stuff has gone up, and that's got to be government policies towards other suppliers... Because some things really haven't gone up much, others Three times what they cost two years ago
That unemployment included under age of 18. Honestly these age don’t have to work.
Not always true. I started working at 16 to help the family during low times. Worked in the family transmission shop at 10 years old cleaning transmission housings and learning how to fix cars. That was 40 years ago.
Let alone, no real job-skills
That was in regards to China's economy. They put their population to work right out of the womb.
The covid cash has run out.
It’s even worse. I think the Covid money ran a little while ago. Then, people used their credit cards. Now, those are maxed out. The lifelines are dwindling.
10yrs ago, I was needed to replace my vehicle, and I was not happy with modern vehicles, too many electronics and o/priced. I was due to retire, so worked out my needs, I wanted to be able to travel, enjoy riding my motorcycles, and generally exploring. I purchased a small Japanese box truck, for $6000, it had only done 50,000 MLS. Its my dump truck, mobile workshop, and camping truck, which also carries my toys, my bikes.
Since I am single I went and purchased a TJ wrangler, known for their reliability and looking cool, also their looks don't age, once again cheap and low milage. I do 75% of my own maintenance to keep running costs down. I expect these vehicles to do me until I pass from this planet
Happened upon your channel tonight. Many associates have told me this downturn is a slow crush in lieu of a crash. You have good info on serious subjects. I'm now subscribed!
Oct 87 can happen again, in a flash.
We saw the same thing during the GWBush years. That fool pushed consumers to shop till they dropped. Adding to this, surplus wall street investment money and banks flooded the banks with excess liquidity and bubbkes developed. 2008 occurred and we learned nothing.
Today, things are much worse and a major correction is coming.
I think the data point on jobs is a MISS. Government hiring leads the jobs numbers, more part time jobs than ever before, more people have multiple jobs and due to layoffs and severance packages thousands of jobs losses are not being reported yet. 2023 total revisions down from headline jobs numbers was over 1 Million.
High inflation, high unemployment. It's just like the 1980s 😮
More like the 30s.
That,s called "stagflation". An economic nightmare scenario.
If companies are posting phony jobs, jobs that don't exist just to paint a pretty picture, what is the stock market also doing to make us feel the economy is doing great?
Thank you for sharing your knowledge, sir.
It’s 50/50
But the top fifty percent is in very reasonable shape.
Well seems even that segment is becoming more conservative . The guys at the top feast on the bottom , when the bottom gets skinny the top half gets hungry.
THANK YOU!! just came in from our community get together and I was explaining these exact same points!! Great Video!
Glad I found your channel. Thank you for this video. My neighbor owned a repo business and was super busy since 2020. He was repossessing so many vehicles he needed to hire additional people. The demands of his increased work load affected his health. He neglected his health because he was working so much and had a stroke at the age of 52. He passed away a month later and left behind a wife and 4 daughters.
100% correct Sir. Thank you.
Thank you
We do NOT love cars. We are FORCED to own them in order to function in society by oil conglomerates (who dictate urban planning).
I love freedom. Car = freedom
4:54 That Avg. Car payment is roughly double what our mortgage payment was starting in 1992 (and the subsequent 25 odd years). We didn't drive our 920 s.f. home around, but we sure have spent time in it.
3 years ago I hit a deer and totaled my first car. Ended up buying a 2005 Corolla for $400 in a "get my kid's first car out of my freaking driveway" sale. She runs beautifully and gets me anywhere I need to go.