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IT BEGINS! Inflation has DESTROYED the Car Market
Inflation has destroyed the car market . and it took out the Middle Class while it was at it. New and Used vehicles are stacking up on dealership lots right now. Inventory is through the roof, forcing dealers to slash prices substantially to actually sell vehicles. In this video I provide some staggering details, stats, and facts that are quite alarming. Something has got to give . and soon! The average American household cannot keep up. Some of the details I discuss include: - Average American pays over $1000 more a month to for regular necessities… rent, food, insurance, etc… due to inflation. - Cost of living comfortably in US has gone up by 80% since 2020 . while actual income has only increased by 23%. - Car market is similar to the housing market EXCEPT the housing market has supply constraints, people are holding onto their low interest homes. Not the case with vehicle inventories. - No surprise that we re seeing the highest level of repo rates. - Americans are having to pull back… - Middle class has been stretch too thin! - Owning something has become a luxury… No longer a realistic American Dream. - Cheap options are becoming much more prevalent… Chevy Trax outsold all of Cadillac Q1 2024. - Highest levels of negative equity… Average is -$6K per auto loan out. - Highest interest rates. Seeing 7-10% for Excellent Credit for New Vehicles, up to 15% for Used Vehicles. - MSRP hikes . gone up 36% across the board since 2019. - Full-size pickup average sale prices $65-67K. Remember when they were $40-45K? - Loan payments for new cars set new record at $712 per month, up from $576 in 2021. Used cars have an average monthly car payment of $515 per month versus the previous $413. - Prices paid are going down… $47,200 average transaction price, was just under $50K during pandemic. - Reputation matters now for dealerships. Which is good! The way it should be! - Remember who took advantage… don t pay them any business now. * Middle class: The inc . :::: Visit my YouTube channel @ Untamed Motors ( [ 🔗 Click ‼️ ]] )
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