Used Car Market Update: 60% CRASH
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- Äas pĆidĂĄn 27. 07. 2024
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Today on the Daily News You Can Use, Ray and Zach discuss the latest data on the used car market. Tune in to learn more! - ZĂĄbava
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CarEdge help with Leasing? I also have trade in.
The only thing crashing is my trade-in value. Used cars on the lot still cost a ton of money and they seem to hold their value pretty goodâŠâŠ.
Never 'trade in' your old ride. No dealer will give you a fair offer. Keep it if you need a spare or sell it to a private buyer.
Yep. Dealers are crooks. Just had an experience today. They only want to give me $30,000 for my truck with 26k miles. Guess they think Iâm dumb!
I agree with Ray. The title should be: used cars are still 50% too high
How about "Used Cars Are Now Only 50% Too High" ?
I agree with Ray. This is a correction. If the prices fall below pre-pandemic levels, then I'd call it a crash.
So, crash is a definition that requires a pandemic?
A correction DOWN is a Crash. The Problem in the Car Market is the fraudulent Green Agenda/NEW NORMAL they constantly talked about during the Pandemic.
I was at the local dealership, and nothing is crashing where I live.
It is the same where I am too
Yes looked at some F150's no crash.
Is the price crashing by 60% on there website..
Same in cali
Many used cars in my area are selling for above the MSRP for the new model⊠So much for a crash
I hope everyone holds onto their cars and trucks and supports their local repair shop or fixes them themselves instead of paying ridiculous prices on new or used vehicles.
@@Kawasaki750triple
Just has a truck worked on the local repair shop got $700 in labor WTF
@@tonyb.5768 I hear you but even if you pay $2000 dollars a year in repairs its cheaper than $500 or more a month(6,000 a year) in truck payments. Some people have $1000 truck payments or $12,000 a year. With used car ownership you usually have years with no repairs and years with repairs.
@@tonyb.5768 I agree with Kawasaki. My Fusion is 17 years old. It looks and runs like a new car. I have to replace parts that wear out over time, but the cost isn't anywhere near what a new car payment PLUS insurance would be. Also, it's a fact that all new vehicles automatically depreciate in value as soon as their tires touch the pavement. I would never buy new. It's a losing proposition!
Now that he's based in DC, Zach has learned to spin numbers like a politician. LOL
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This is like saying the doctor's finger is 60% out from the prostate exam. That 40% remaining still sucks.
You canât call it a crash when itâs still 40% higher than before, imagine your pay being reduced by 80% then years later getting a 40% pay raise and pretending that you are coming out on top because you got a âraiseâ. itâs the market readjusting itâs still 40% higher than before
Before? đ
@@ericmaclaurin8525 before the pandemic which caused inflation
@@ericmaclaurin8525 the pandemic in 2020 caused inflation thanks to shut downs, gov spending, oil reduction, and supply chain issues .
In the video they even mentioned that 5 million less cars were built in 2020 thanks to supply chain issues.
No shiznet, I just checked the same used cars on Car Edge and they are the same high price they were 6 months ago.
Prices are still too high!
Chinese tariffs.
I love your dad's honesty. I also love your service. I need your dad's realistic assessments of the true values of this car market. Not teaser intro lines to bait me to watch... Keep it real.
Seriously, Zach's strategy is fatiguing. We come here for the data and the wisdom, not the sensationalism. Zach thinks it brings us here, but the reality is that we just tolerate it in order to get updates. You can only make something out of nothing for so long and maintain interest, so I understand his predicament, but I think it's time to find a new strategy.
â@@BirdmacherThat's a lot of trauma from a title! Are you always triggered that easily? đ
Ray is very good!
@@ericmaclaurin8525lies should not be defended. In any form.
Good on ray for calling out Zachâs click bait video titles lol
I always downvote the clickbait titles.
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Trying to buy a used truck dealers say they cant come down anymore i cry BS. Still waiting
I feel you. Bought a RAM classic because I didn't want a 1300 a month payment. It's been nice!
Numbers don't lie, but can be twisted like a pretzel. What I hear Ray saying is, a 30000 car three years ago now costs 45000. The price went up 50%. 60% of the increase is 9000. That's only 20% reduction of the current selling price.
I'd like to see a video on negotiating a custom order car. Days on the lot? Doesn't help because it's ordered just for me. Days of supply? Can't negotiate that with a dealer because these cars are almost entirely ordered custom. Incentives? None that apply to this vehicle.
Kinda niche, but I want your feedback, gents! (Context: It's a new Mazda MX-5 [Miata]).
Still way to high in my state, I havenât noticed a 20% drop nor negotiate
Zach, you gotta lighten up, son!
đđđ
âI donât mean to school ya live⊠but⊠â lol!
Love it! Ray is great!
Crazy ol Ray / I watch you guys regularly- thanks
It would be great to be able to buy motorcycles, boats ATVâs and UTVâs through car edge
I've been checking KKB and Edmonds nd it doesn't seem like their values are crashing like you are saying ... have they just not caught up yet?
I agree with Ray! It looks like it took a viagra, itâs going up, buddy. đ 11:28
I think there is a lot of pent up demand hanging around as long as they can waiting on interest rates to come down (similar to the housing market). So if and when we get a reduction in rates, all of those buyers will come to the market and will keep pricing high.
Thank you, Ray!!! I agree, used prices for 3/4 & 1 tons in my area are still holding less than 20% less than MSRP of the time of its model year.
The oace of improvements and manufacturing capacity as well as production advancements has made EV prices drop hard.
Ray is correct in making the early adopter point. I would guess vehicles that hold their value are not ones that have made major advancements. This means buying a two year old or four year old model is not that different.
Most EVs are basically rolling computers and like computers, advancements make the value drop of older units.
I keep coming back for the double entendres⊠donât suppress them!
I love you two!! Iâm a Chicago, USA small biz owner and mom of 6 adult married children. In need of a ( new Car) ASAP stumbled upon your show a few months back so gratefulâ„ïž
You two are really funny guys, love seeing a farther and son working together, and loved the of subject comments GOD BLESS, lmao
The perfect duo! Unique perspectives both with great insight! Great info daily! Thank you from a month-long listener.
The boy doing his director routine is funny. Radio newscaster talk top.đ
always a great informative time thank you
Yes, you do have a FLOW!âŠ.love it!
17:40 as Ray gives voice in a logical and meaningful way. "Prices aren't down here!"
You guys a Hoot!
It's more likely that the price of new units will come down. Those lease turn ins will likely be bought out by the current driver.
Just a suggestion, if you are going to not have a show, stack up some long shelf life videos you can upload on those days. The live stream is great, but keeping content dropping each day for viewers/listeners helps most channels and is usually appreciated by the audience.
Suggestions for prerecorded show to upload would be Ray taking people through the car buying process in the 1970's and 1980's. The failure of Fisker is on a long list of failed companies and I am sure you can find a book author or magazine editor or maybe John over at Autoline Detroit, to talk about those failed companies and how people dealt with never getting their vehicle, as in was their money just lost and those who got the few vehicles that were made how did they keep them going. It was funny to watch Kyle Conner at Out Of Spec, get a Coda EV for basically free that had sat on a dealer lot for over a decade, never sold, was still legally new I believe.
I think you get the point, you can do none educational videos like you have on your website, while still doing automotive sales and buying related content.
Build up five or six of those to test the theory and see if helps the channel to keep and build up the audience.
What a great idea. I love it and I think that it makes a lot of sense for when we can't do the live show. Thanks for the suggestion. All the best, Ray
Prices are definitely crashing on certain vehicles like full size used trucks. I would definitely say that's a crash
This isn't a crash, it's a correction that hasn't finished yet.
Auto manufacturers need to go make to making affordable automobiles, and walk back trying to make electronic connectivity devices that happen to have wheels and a powerplant.
Ray in rare form today ! FUNNY !
Love it
Itâs funny how they say that in the next three years lease vehicles will be less coming back on the market, but why do you need to worry about that so much when you have an excess amount of repos for those same 1 to 3 year old cars so it was just the balancer
Good for Ray for calling out Zach lol. There cannot be a crash with so many people priced out the market.
It would be more honest to say that used car prices are still 40% above what the average consumer would anticipate
But then again, the auto industry is not widely known for honesty at any level
Wheres the giggle ... yours, music ..love the enthusiasm like the news done đđđđđđđ
my used 2021 Crosstrek ltd was expensive imho 27442 dollars and it had 14440 miles on it
Iâve been watching your show for quite some time now. Sorry Zach, Iâm with pops, prices still to damn high. I sold both of my cars when things were crazy and made some decent money and bought a POS civic for cash in the hopes of getting a truck again when prices come back to earth.
For 2 years now in the Chicago land market 2500âs have not moved an inch down in price and in fact have gone up slightly recently. When I see 60% down in wholesale and no movement in prices I canât help but think these dealers just canât let go of their greed.
P. S. Iâm still driving this damn civic đą
Ray. đ Thank goodness
Can you imagine a conversation between Ray and Scotty Kilmer.. đ
Z and R... dynamic modern-day Sanford and Son! Keep rockin' Car Edge, the Care Car Duo!
To keep the YT gods happy, I hope you have some content in the can that you can post in the next few days.
They went hard with the puns in this one đ
I agree with Ray
In my opinion, used cars will remain High because of the âaffordability issue â in this country, compounded by the lack of lease returns and inexpensive vehicles returning to the market for sale. With new car prices as high as they are, and interest rates, a quality used vehicle may be a better option in some cases. Dealer lots are filling with inventory, and dealers may be looking to make more deals, but most people canât afford a new car at the still inflated prices.
I think what we are seeing is a correction not a crash. Like Ray said , prices are still high, just not pandemic high.
Another topic to address is , as used car prices are falling people shouldnât EXPECT to get the inflated price for their trade. This unfortunately works both ways , new car prices are dropping AND youâre not getting Top dollar for your trade.
I PAY CASH
They give me their number
I give them my number.
No compromise.... I WALK
Just FYI, as of today NJ is chipping in 2K on an EV. Thatâs of course on top the 7.5K from the Feds.This fall itâll be 4K in Jersey BUT youâll pay 3.35% sales tax versus NO sales tax now. Fired off a text to my boy at Tesla. He called and said re-order with todayâs date and heâll cancel my old order AND credit me back the $250 deposit. THATâS a positive car buyer experienceâŠno?
To me its confusing because if the price increased 100% then a 50% reduction in the current price would mean it is back at the original price.
2019 price - $10,0000
2022 price up 100% = $20,000
2024 price down 50% = $10,000
Love Yosemite â€ïž Enjoy and be Safe â€
Love the Viagra joke Ray đ€đ€đđđ€Łđ€Łđ€Łđ€Łđ€Ł
We are getting there but prices still need to come down more to make national headline
The duo!!đȘđŸđŻđŻđȘđŸ
I leveraged all I've learned here to purchase a đ„$15,995đ„ 2015 Lincoln MKZ 2.0 Hybrid, 1 owner, No Crash, FWD for.....,..................đą$12,833.50.đą "You don't get what you dont ask for". Thanks forbthe negotiation tips.
This is the best video you have ever put out! đ
i see that igor would like to sub-in for zach . having igor on sounds like it'd be quite a coup -- with or without zach on the stream. . anyhow , hope you do invite igor to join you often in the future
I still say Ray needs a Dodge Hornet with racing stripes and the words Cool Ray edition since no one would know the Hornet existed without Ray!
It really depends what you're looking for Right most 2020 Year built Car's are not down on price the last time I checked especially certain 2 liter powered Civics.
Two minutes in and weâre at the crux of the issue. Used car prices are still 40% higher than they were before this all started. Ray has it right. End of story
Haha nice. Needed that laugh today
Enjoy your long weekend!
Doesnt matter. Insurance companies have boosted housing insurance to unbelievable rates. Those that have financed houses have no alternative but to pay the rediculus high rates. Some house insurance rates have jumped to 10X levels on their premiums. It might start the same direction in the auto-insurance area as well pretty soon. So, everyone is afraid to buy anything.
According to todayâs CPI report auto insurance is up (going from memory here) 19.5% year over year. Itâs crazy.
As inventory bills, car companies and dealers will have to adjust their sales expectations
You could always try âReally! Thatâs inconceivable!â ??
Whoa Whoa. A truck for $30k with 100k miles is Crazy 31:12 đđ
this is BS. 1. dealers are giving less for trade ins ( you guys included ) but sales prices have not dropped. 2. the value of cars in 2020 is still a lot less than now, even with these minor drops. Your graph was very clear. The sales price is what matters to us, not the dealer's buy price. They are not linked right now.
Gotta take into consideration the Government incentives on those trades on Es, Tesla
knew of the incentives early and marked up the cars accordingly.
What I thought was interesting is that used EV prices are still high. Money is tight so why would you buy an EV that is still WAY over priced? Maybe that is why the EV market is hurting.
Ok Iâm sorry but where is this happening??????
These two are so funny!!!
Bubble prices not only always revert to the mean they go below it. Looks like about 150 on your chart there. I'll be waitingđ
Looking at a 2021 Chevrolet trailblazer. Car dealer will not negotiate with me any suggestions?
Ive told several that wont negotiate, fine ill stay out of the market, you guys will rack up floor plan fees and keep lowering things.
Dealers are losing so much right now. Im seeing 5k off 38k on trucks are sitting
used cars are done around 10-20% where I'm from in canada
We want Ray in the flow,!!
But those people who arenât going to return leases also wonât be buying so less demand.
Correction yes, crash no. It COULD crash, but we're not there yet.
What percentage makes the difference?
Connected vehicles make more than we know if you include the data they sell to brokers.
You are missing a golden opportunity. Put a Dodge Hornet in Zacks chair. It is a great conversationalist and it needs the exposure.
you guys were wound up today.
zach not in NY respectfully its not true at all very very limited inventory...used car prices still high
probably gonna be another year for used car prices, 2 for used evs
Ray is right, also who cares that there will not be used car inventory. NO ONE WITH AN 8 YR CAR LOAN WILL BE A NEW OR USED CAR!!!!!! CAR DEALERS WILL NOT SELL ANYTHING!!!! NEW OR USED
Do you guys think that at this time next year will be the best time for buying a new or used car or truck because the economy will be worse by then because of the cost of everything going up and all of the lay offs and job cuts? Thank you for your time and knowledge.
Finally all used cars price crashing down
Depends on what vehicles you are talking about. Nissan 240SX, Toyota MR2, GMC S15, Chevy K series trucls, or any reliable mechanical vehicle are all still headed to the moon.
We bought a 2023 brand new Toyota 4RUNNER for around $48k and last night we saw a used 2023 4RUNNER for around $45k đź
You can catch a good deal...I look at used 4Run prices daily and they are rare but they do come up....plenty of used that are at new prices...I laugh and go buy it new.
Yeah, I donât get it. Iâve been looking around for a CX-5. A used car is mot mint, where are they getting their numbers and then that tag âfair valueâ. Whatever.
â@justahumbledude My husband had been looking for a while and said that was best he had seen and our Credit Union was giving a 3.89 apr so we took the plunge. Other car just turned 20 yrs old last month Honda pilot. Working hard to pay off the 4RUNNER cause my husband's commuter car got totaled when a young man with no license came out of a side street and forgot to heed the Stop sign. That Honda civic would had been 19yrs old đą
@@meleenabradley3017 Iâm very tempted not to trade in my 2013 Civic Coupe when I upgrade. I havenât had that car in the shop a single time. Itâs the best car Iâve ever had. Iâm a healthcare traveler now and really need a little more carrying capacity in my vehicle though. The car has 260,000 miles on it. And for the record, I suck at sticking to the maintenance schedule. I think someone mentioned thatâs one thing Japanese do different than others, they anticipate procrastination.
@sueinraleigh3091 Our civic was a 2006, and my husband did all the maintenance, so it was in great shape. I was sad to see it go cause my husband had ordered it for me. I wanted a stick shift, but my son's car seat didn't sit well đ my son grew up and learned to drive stick shift.
...re: Europe and insurance? The Kids used to labor for USAA. In Germany, Americans, especially G.I.s, have to carry $1,000,000 in auto liability insurance.
Gonna need to yonk out that connected feature on the next new car.
I wonder what will happen once everyone is jail breaking their modern connected subscription based cars.
re: projections that connected cars will generate incremental revenue...that argument makes sense until you consider two things: (1) every driver already has a connected device (their phone) and (2) auto manufacturers are the worst software creators on the planet. Nobody is paying them to make software. That's why Carplay and Android Auto are so popular!
What could really accelerate the return to normal prices would be a recession. I think chances are good we have one in the next 6-10 months.
I think higher end vehicles will crash big time. I think lower end cars will continue to rise because the buyer demand on those vehicles will rise due to the lack of affordability of those higher end vehicles and over production of them
Need advice please
My fiancĂ© and I have 2017 Mazda CX5 Sport with 86k miles, itâs our only car.
It needs multiple fixesâŠtires, brakes, rotors, control arms, a/c compressor. Also, for the past 2 years, weâve had an air intake/clogged vacuum type noise happening when going up hill. However, we have taken it to multiple techs and they canât find anything. The catalytic converter went out at 73k miles.
We canât afford these repairs..Iâm going through Cancer treatment so weâre not well off financially.
But, Iâm getting scared of driving it to my appointments every day. Again, our only car.
Should we somehow try to get it fixed little by little or, try to trade it in? We still owe $11,000 on it
31:52
I bet Brandon really appreciates your commentsâŠ.