They want electric vehicles to take over. Driver-less ones. Most folks, the lower to mid level classes will be required to use them for transportation.
I was talking 5-10 yrs, not next week. And as several have noted, we might be stuck with it permanently as things are usually measured.If you haven’t seen the impact you must not be looking very hard. Our used car prices are up over 45%. Imagine if someone hits your car, they have no insurance and you have nothing but liability because you paid the car off. To replace that 2017 smallish car will cost you $4000 more than it would have last year.
The number of new vehicles on the lots in 2019 was 3.9 million units the number of new cars sitting on the lots this August is 900,000.
Enterprise is the largest buyer of new cars in the US. Last Labor Day (2020) they sold down their fleet as they always do. When they went to add back in March there were no new units, so they had to fill from the auctions. The price for a midsize sedan rental, ranged from $45-58 per day in OkC last year. This year the rate is $90 without taxes.
I have hundreds of personal examples of people selling one and two year old cars back to dealers and making thousands of dollars over the original purchase price
Repair parts in the powertrain arena have no ETA on delivery
A large salvage yard in our region, annually spends $3million on inventory has spent $1 million a month for the last 6 months getting it while he can
How many plants are shut down with employees fired? Thousands!
To give you and idea about the situation. Car dealerships will put new cars in malls for advertising sales. The other day I went to the mall and they had used cars displayed.
Italian circus, huh? Must've been a Fiat dealer?Oh, I know. Drove past some kind of Italian circus setting up in the parking lot at the mall nearest me the other day.
Italian circus, huh? Must've been a Fiat dealer?
I have read (don't have the article handy) that dealers and manufacturers are making plans for when the chip shortage abates to not go back to the old way of doing business - ie. less/no dealer incentives, a lot less inventory on the dealer lots and more focus on restricting pricing to MSRP. In other words, there's no going back.I was talking 5-10 yrs, not next week. And as several have noted, we might be stuck with it permanently as things are usually measured.
Exactly! All them little cars, spewin' all them little guys named Tony in clown suits an' wavin' wrenches around... as long as the circus lighting wasn't Lucas-wired...No, an actual Italian circus. Though for all I know there might have been used cars in one of those tents.
If you haven’t seen the impact you must not be looking very hard. Our used car prices are up over 45%. Imagine if someone hits your car, they have no insurance and you have nothing but liability because you paid the car off. To replace that 2017 smallish car will cost you $4000 more than it would have last year.
The number of new vehicles on the lots in 2019 was 3.9 million units the number of new cars sitting on the lots this August is 900,000.
Enterprise is the largest buyer of new cars in the US. Last Labor Day (2020) they sold down their fleet as they always do. When they went to add back in March there were no new units, so they had to fill from the auctions. The price for a midsize sedan rental, ranged from $45-58 per day in OkC last year. This year the rate is $90 without taxes.
I have hundreds of personal examples of people selling one and two year old cars back to dealers and making thousands of dollars over the original purchase price
Repair parts in the powertrain arena have no ETA on delivery
A large salvage yard in our region, annually spends $3million on inventory has spent $1 million a month for the last 6 months getting it while he can
How many plants are shut down with employees fired? Thousands!
We survived those times ('70s) but we only recovered and grew because we had Reagan in the '80s. Without his push for deregulation and fighting inflation we would have continued on that downward spiral. Now that Xiden is undoing everything good Trump did, times are looking more and more like the late '70s again.Permanent? I well remember the slump during the Ford/Carter years. That's when a lot of us were getting our start in adult life. This recent "thing" is reminding me more and more of those times. We survived. Just fine, actually. This worldwide "Covid Economy" bullcrap is self-imposed. I do feel for the Brits, Irish and Scots, because they have a double-dose of disruption with the Brexit timing, but they too will adapt and overcome.
If you are frugal, skilled and not afraid of work, you'll probably come out on top. There's no guarantees in life - but living in fear of doom and the worst case scenario will get you nothing but a spot on a shrink's couch, or a rope from the barn rafters.
Bear in mind that the economic tone of the 1970s was first struck in 1971, when Nixon took the U.S. dollar off of a gold-backed standard.We survived those times ('70s) but we only recovered and grew because we had Reagan in the '80s. Without his push for deregulation and fighting inflation we would have continued on that downward spiral. Now that Xiden is undoing everything good Trump did, times are looking more and more like the late '70s again.
They don't want you to drive but want everyone to take mass transit.I’m betting used cars are going to skyrocket higher than they did with that cash for clunkers debacle. Shoot, there will be a large segment of the population that will no longer be able to afford a car
I keep reading that maybe millions less autos produced this year. I as yet have seen nothing as to the impact 'downstream' from the lower number produced. It seems it would have a significant impact but I have seen nothing on it.
If you haven’t seen the impact you must not be looking very hard. Our used car prices are up over 45%. Imagine if someone hits your car, they have no insurance and you have nothing but liability because you paid the car off. To replace that 2017 smallish car will cost you $4000 more than it would have last year.
The number of new vehicles on the lots in 2019 was 3.9 million units the number of new cars sitting on the lots this August is 900,000.
Enterprise is the largest buyer of new cars in the US. Last Labor Day (2020) they sold down their fleet as they always do. When they went to add back in March there were no new units, so they had to fill from the auctions. The price for a midsize sedan rental, ranged from $45-58 per day in OkC last year. This year the rate is $90 without taxes.
I have hundreds of personal examples of people selling one and two year old cars back to dealers and making thousands of dollars over the original purchase price
Repair parts in the powertrain arena have no ETA on delivery
A large salvage yard in our region, annually spends $3million on inventory has spent $1 million a month for the last 6 months getting it while he can
How many plants are shut down with employees fired? Thousands!
Oldest daughter bought her first new car back in April. A Honda. It's been in the shop five times, but the lemon law doesn't help because there are no cars to replace it with. Hers is a sport model and those have been sold out for a while, and there are none in the pipeline to be made. This last time it was towed in for service, they told her they were fighting with another dealership for a part that a different dealership had. If they could get it, they'd have her car for her in a week, if not, they said it could be months before they could get the part to fix it. Thankfully, they got it, and she has her car back. Don't know how long she'll have it back this time.
My heart breaks for her.
TL : DR -- don't buy a Honda.