Car Market Crash. Interest Rates. Car Prices. Recession.
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The car market has a major problem. People are saying it could completely collapse. Taking down the rest of the economy with it. The Great Depression for Cars. I needed to find out for myself what in the world is happening here
I quickly realized the auto market was rapidly heading towards a brick wall at full speed… something’s not right. Straight away prices are high, like way more than I had expected… I own 1 old beat up car, and a fleet of box trucks, but I haven’t really been paying close attention to prices.
And this isn’t just new cars. Used cars with tons of miles are also selling at a premium. So I started looking back over the past few months to discover that prices were even higher just a few months ago. So is this the start of a major recession and decline in car prices…?
Car Prices Right Now
Car Market Crash
Recession
Interest Rates
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Every day with this guy, the sky is falling…
68% of consumers with an auto loan are current on payment. That’s almost 1/3 of auto loans in delinquency.
Im going to throw 2 more things at you…
Lets also add in China's collapse AND a food shortage in many regions. Not to mention China possibly invading Taiwan this year. Shit is going to get really bad.
The collapse of the Roman empire came amidst unfathomable greed, corruption, and distractions provided to the masses. Look around and see where you find yourself.
He’s not lying my uncle sakes for Nissan he told me ltv on cars went back up to 130 percent
Oh no. My truck is sad? :[
Prices are starting to crash already, no sale lots are filling up at auctions because the banks can’t recoup the original loan price. The market crash has already begun, I’ve been patiently waiting for it to happen. When it does I’m coming in with my stack of cash and excellent credit score. The Big Short of the auto industry is starting to play out right before our eyes.
Very interesting
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A very complicated problem with a simple solution. Get rid of credit and car loans.
You quickly realized? WOW. Other people making videos about this for months and YOU REALIZED IT! Bwahahahahahahahahah
The manipulation of this global economy is absolutely criminal.
“All the world’s a stage”
Hey Max 👋! My friend told me about your crypto channel so this is my first time to visit. I checked out this video because my lease is coming due in October. Typically I would lease again but need to decide my next move given the current lending environment. I know they will extend my lease for 6 months but I highly doubt those payments will go toward the residual.
I was in the mortgage industry in 2008 and had no idea they are playing the same game with Auto ABSes. Thanks for the great video!
If you go to auto auction you will see the banks are only selling a small portion of these repossessed cars at a time to keep demand high.
This prevents what you are predicting.
Pay isn't going up, so as prices rise, demand will fall off a cliff.
Guy looks like the lead singer for Warrant or Skid Row…..
There was never a chip shortage it was a bogus narrative for dealers to take advantage of the high demand
I really enjoyed watching your videos
Smart man!
Good video, bad hair.
I like your hair and…I like your video. Thank you.
Anybody buying a 2006 jaguar deserves what they get
Hey now, there IS a bondage market too
The equivalent of house poor is car poor. People in most places simply need them, period, no matter what they cost and regardless of whether they can sensibly afford the interest rate. People we live in a car culture, and a bling culture, so people often over-buy on cars. I've known many who buy cars far above what their salary would justify,. And many who trick out even cheap cars with fancy rims, effects, and stereos, etc. So they have an outsize payment due and often little cash saved to pay it with in even marginally harder times. Plus, new cars depreciate so quickly that you can actually owe more than the car is worth. The bank getting the car back doesn't come close to covering the thousands in depreciation that happened as soon as you drove the car off the lot. This means that the end of rent moratoriums and subsidy checks, and the continuation if not worsening of a recession, is going to cast many out on the streets, and simply destroy the net worth of many more. Plus … leave them without a way to get to work, so picking themselves back up again will be very difficult indeed. It's a cascading series of negative events that was entirely foreseeable, even regardless of questionable financial derivatives entering the fray.
I agree with much of what you said, but the truth is the demand for new family vehicles that get good MPG (such as a RAV4, CRV, Forester, Civic, etc, etc) is still so high there is not enough supply. Most people wanting one of these vehicles is waiting anywhere on average 3-9 months (for example hybrids have a really long wait). That means even if there are a lot of repos there is a big market of people who still need a car and cannot get one. Americans need vehicles this is not Europe or Asia with good mass transit. So in the end it is still a supply and demand question. Most dealers used to have 200-500 used and new cars on their lots and still only have a fraction.
Now I do think if you have a gas hog SUV, truck, etc right now and it gets repossessed that market will see some tanking prices. Especially if the housing market continues to cool and people who bought expensive pickups start defaulting. With high gas prices nobody wants these vehicles.
You can't fix stupid but you sure can prey on it 🙁
Well luckily I got a 2007 Honda Accord that will never die
When I was a finance manager at a Honda Dealership, we got car loans of 130% +++. That's 130% of the Invoice price. The plus, plus, plus equals T.T+L, Warranties, and add-ons. So we could get a $60,000 loan on a $50,000 car. With no money down. Horrible idea. But we did it.
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Yes crash please so I can snap up my last petrol car before EV is only way to go
The same thing that happened with mortgages in 2008 is now happening again in 2022, this time with car loans.