Americans Can't Afford their Car Payments

[@Djsweh]

1000 for a car note is absolutely insane.

[@kdc6884]

Hello time traveler. Welcome to 2023 😅 that's car market now

[@angeladansie4378]

Only if you're stupid & prioritize a glitzy car over financial sustainability. I am constantly baffled by the brand new cars in front of the low income apartments in my town. Meanwhile I drive a nicely maintained 23 year old truck but own my house & the 160 acres it sits on.

[@velezf216o]

@@angeladansie4378 Agreed. In this current market it’s a bad idea to buy a car on debt. People must learn to delay gratification.

[@TheToxicP]

​@@kdc6884 : It isn't the car market, it's the "I want, I want, I want". People always want to act like cars have outpaced inflation - not true. It's the buying habits & willingness to purchase vehicles that're WELL BEYOND what someone whose poor or in the middle class should be purchasing. Plenty of $15,000 - $25,000 vehicles (brand new) that are the equivalent (probably still better) of cars built in the past. People just don't buy them because they're to good for them. They want that quad cab pick-up 4X4, they want that SUV, they want that fancy EV etc. Well - take it in the ass I guess and throw all of your disposable income at it. That's on the consumer. My advice, stop being a dumb ass.

[@theundone777]

​@Truly Miracle I just bought a small used motorhome, I have no payment on my 2018 car, and the payment on the motorhome is 650. I'm still not paying $1,000 month, even if I can live in it ( because I do have a mortgage on my townhouse that's about $1,300 including tax&ins). I make almost 130k year, I have no idea how people are paying a mortgage and a car payment like this guy was saying.

[@jasonracey9600]

I'm a cash buyer that's been saving and waiting patiently for new car prices to drop back down to reality. It's been a long wait but clearly worth it.

[@Itsdjsigi]

New car prices msrp won’t go down but the rates and incentives will improve

[@Chinese080808]

There is no reality anymore. Down is up, up is down, night is day... Do your research and just find the best deal you can.

[@TheDeezelsmoke]

@Jack they already are. There are now some pickups being sold under msrp

[@timothygibney159]

Car companies aren't stupid and purposely limiting supply to raise prices. They aren't coming back down buddy 😂

[@oldcrook510]

@@timothygibney159 Until they can't sell cars anymore then they're in trouble

[@sprague49]

It doesn't take long for the new smell of that $1000 car payment to wear off.

[@ibiro868]

It’s intoxicating enough to get people to sign

[@LuckyLopez777]

I’m sure it runs out pretty quick when their ass starts hurting from the bank raping them lol

[@jonathanchan5667]

@@LuckyLopez777 Damn Lucky

[@SmartPracticeSuccess]

I bought a brand new 2023 Honda Civic Touring in January. That new car smell is already almost gone. (And I hardly drive it!) Fortunately, I paid cash. 😉

[@kevinkidneyy]

I wouldn’t even sign

[@randomuserame]

If you get stuck paying $1000 a month, and your income isn't at least 120,000 you've played yourself.

[@jamesyun3669]

You’ve still played yourself. My idea of a car payment is probably different from other people but I don’t buy a car unless my income is 3x the out the door price. $1000/mo car is outrageous!!!

[@ericcarson342]

even that is crazy! I would hope 120k net.

[@Angeleno2064]

I only make $110,000 a year, I think a lot of Americans have their priorities in the wrong place. It’s all about how you look on Instagram and TikTok nowadays. I remember one of my coworkers who is only making about 50,000 a year and went to go buy an expensive Chanel bag for his girlfriend. But we caught him multiple times smoking weed at work and falling asleep. He was let go last month, but he kept bragging about all the money he is spending right now

[@randomuserame]

@@Angeleno2064 You "only" make 110k/yr... the average single income pre-pandemic was about 36k. In 2022 is dropped to about 28-32, and it will also likely drop in 2023 as well as the fed is hell bent on raising inflation (and also by extension, eliminating millions of jobs over time).... this is on top of inflation, which is closer to 15-20% in real-terms, and not the 6-8% "paper" inflation they keep telling us. MOST americans are barely making rent, WITHOUT a car payment. I think you are out of touch with the reality of most of the country. Oh.... and lets not even begin to talk about how the actual buying power of 2022 wages is near the lowest point it's ever been since we started recording wages & buying power. And the buying power, despire the # of dollars you get per check going up.... has been steadily declining for several decades... since around the 60s/70s.

[@ericcarson342]

@@Angeleno2064 110 is not bad. But then it depends where you live. In Los Angeles you are doing somewhat ok. A $1000 car note is bad all the way around.

[@izzy4575]

When I was on my snowball journey, one of the most annoying debts I had was car debt and that monthly car payment of $500+. And told myself never again, one of the best decisions I have ever made- I’d rather drive a Toyota Camry 1998 than have another car payment ever again!

[@colinchampollion4420]

Very well said!

[@666dynomax]

Good work. Never again for me either

[@coolrunning2006]

Car dealers near me are still asking for about 5k market adjustment.i told them to call me when you want to hear my market adjustment. It's insane how blinds these dealers are to the current environment of the economy

[@LuckyLopez777]

There’s still some dealers holding out for over MSRP, but most of the ones I’ve seen, and I am starting to offer things at MSRP even below MSRP in some cases

[@coolrunning2006]

@Lucky Lopez it's LA they think ppl are still flush with cash . I told dealer we are both making a bet. You bet there's still enough stupid ppl with cash to buy it, I bet not. The only difference is that my bet doesn't cost me anything

[@locophoto6881]

Wrong thing to tell them....tell them the market changed and there's no justification for the greedy price hike for no value given to the customer, so no matter where I buy my car or any future car, it will never be your dealership, and I'll be sharing your business practices with everyone I meet for every year forward, recommending them elsewhere. And then do that, and write a Google Review explaining their attitude and pricing abuse, and have your friends do the same, constantly.

[@cvillaviray]

Manhiem MMR for a Toyota is still high. Anything Hybrid, Capstone, GR or Pro. Every market is different, if it’s on the coast in a metropolitan market people can afford it. Bellevue and Issaquah is over 120k+ The correction for MMR (in my opinion) will need the unemployment rate to be in the 8-9% before anything happens. I work for a Toyota dealer and I’m close to a military base or three. We aren’t hit the same way as other dealers because of DOD incomes. Covid, 911, Toyota stop sale and housing recession were the only slow times for me personally.

[@granthill2980]

THESE GUYS WILL BE BEGGING YOU TO BUY THEM FOR 50 TO 75% LESS IN LESS THAN A YEAR FROM NOW!!! YOU WATCH!!!

[@BlessYourHeart254]

Hell, my house payment is less than most of these loans 😮 This bubble is gonna burst.

[@CharlieBam]

I swear people even started seeing cars as appreciating assets, "good debt". Insanity!

[@LuckyLopez777]

$$$$ it’s nuts

[@sxsunda4424]

They are going to be living in cars soon which will get repossessed eventually

[@Lukrafiveman]

When???

[@Eric721.]

The American economy has never been stronger.

[@ishdenzel]

My son's mother filed for bankruptcy. A week later she purchased a dodge charger. I couldn't figure out how she did it until we were in court, and we had to complete a financial affidavit. She was paying $850 a month note. That car was in an accident, so she ended up buying a Buick SUV. That note was $1400. I couldn't believe it!!! She is in financial ruin.

[@rbsmith3365]

She’s a financial abuse.

[@cancel.lgbtq.6892]

Good thing you are not with her any more. Otherwise you would be bankrupt too. $850 / a month for charger. That thing better be Hellcat lol.

[@timothygibney159]

Glad she is not my wife. I would divorce her in a heartbeat. Yikes

[@pkdude5334]

probably a Buick Encore 😂

[@freewifi7163]

This was after the bankruptcy?

[@Tvtubeseeker]

People forget about car insurance. That easily additional $300-$400 is adding on top of your monthly car payment.😢

[@LuckyLopez777]

So true. Now they have a Toyota for $2k a month lol

[@silverturd4421]

It has went up alot!

[@tsixclerk]

Some states, including Missouri where I am, also have personal property. Might as well add $75 plus a month to cover that end of year bill.

[@geton411]

300 -400 is for multiple vehicles unless u got a shit driving record

[@wiredwebmaster]

@@geton411 - Agree, anything over $200/mo is either a newly insured person, multiple car owner, or an absolute crappy driver.

[@imchronicallyme1339]

One of the best things I have done for the past 20 years, not having a car payment. I have only had a few cash cars and trucks and motorcycles over 20 years. I have only spent about 30 grand max over 20 years for all the different vehicles I have owned. I actually have savings and have had cash to invest in land.

[@tundealawal4398]

Prudence and wisdom. You have both.

[@jimlarkin7859]

You sir are well ahead of the power curve…. Nice

[@imchronicallyme1339]

@Robert James yeah I understand that in some way as well. I just want to be retired at 50, so I save and invest now. But you're right, life is short, and I do enjoy my money in other ways.

[@angeladansie4378]

@@robertjames786 Do what makes you happy. Personally, a new car would do ZERO for my quality of life. Living on 160 acres in Montana, mortgage free, and working when I feel like it, while driving a 23 year old well maintained truck makes me happy

[@peartfaldo]

my exact story. plus i drive for a living. average 50000 miles a year the last 22 years. ive only used 5 cars in that time(two were totaled--so probably only 4 cars). My entire life is $5100....$13000...$10000.....$8400...and $4200. The $13000 was totaled and the $8400 was totaled. So the $10000 and the $4200 shouldnt have even been bought. I own my place and no payments for anything.....The only bad things in my life are getting screwed out of my health insurance--thanks obama--and the biden crap going on now.

[@PassportBrosBusinessClass]

If you get stuck paying $1000 a month on ANY TOYOTA, you’ve played yourself! I just saw a new Toyota Crown on the road. Those cars can cost upwards of $55,000. That's CRAZY.

[@lboogie3171]

Toyota RAV4 the New Lexus RX350 😂 plus 200% interest

[@R0CKtheR3D]

I can understand $1000 a month on a brand new 3.0 supra MAYBE, but thats only if you put no money down

[@mikemayers8672]

I guess it’s ok if it’s a Mazarati or a Beemer

[@salimrandall]

A fully loaded Sequoia is 80K before taxes. It depends on the Toyota.

[@donalddube3359]

​@@darrinitoWhy can't you just buy a used one you can afford?

[@ejay30]

I went from no car payments for 10 years then had a car payment in 2020. Sold that car at the height of the used car bubble and profited 13K and bought a used Corolla. Never getting back into car payments again.

[@scalemodelmaker659]

My son-in-law is a finance manager for one of the popular car brands. They are not selling the number of new cars as compared to previous years. They are starting to offer incentives to try and get people to buy new. He has to sell more on the backend of the deal in order to make any money because there isn't much on the front end! They never really saw a bump up in sales from tax returns like they have in previous years. He is concerned about the state of the market and like Lucky he has been warning us that a change in the market is coming. His dealership has never charged dealer fees "just because" and up until now has sold every new car they could bring in. Not so many now!

[@LuckyLopez777]

Sales are down 38% for new cars

[@jessegarman7899]

Your daughter married one of those evil finance manages that push unwanted crap, deal deceptively and are just a general waste of breath? Is this who you daughter married? I would be a sad dad.

[@georgeseymour7116]

You already are a sad dad. Sorry.

[@adiaz1182]

@@LuckyLopez777 wow

[@waynes9275]

I see the build up on dealer lots and know that I will not buy new. Myself I will wait as long as I can and either buy a repo or wait till car industry pulls head out of ass and lowers price. It starts at the manufacturer.

[@rustyturner431]

Lucky... Retired small-volume franchise dealer here, and I spent 30+ years in the business before selling all my stuff and retiring in 1993. I still kept track of the industry, as editor-in-chief of Florida Auto News - kind of an Automotive News for anyone in the business in Florida (not just dealers, but repair shops, body shops, parts houses, rental and leasing companies, etc.). In all that time, I have NEVER seen anything like the last 3 years. Car prices (both new and used), dealers gouging each and every customer, finance arms suddenly realizing how much havoc they were about to reap from the chaos they had sown...it just goes on and on. A LOT of people are going to go bust over all this turmoil, and they have no one to blame but themselves. And even more consumers are going to get pasted when they have little choice but to walk away, defaulting on loans and skewering their credit for years, greatly increasing their future costs of borrowing for any reason. This cumulative chaos may well lead to another financial meltdown, as it is earily similar to the housing crash that led to the last one.

[@GigiEmbrechts]

Taking credit away is the solution, prices will have to drop because you will be paying cash. If the average is 54,000 income well you will not be driving fancy cars or living like a millionaire. America just went over the top on giving out easy credit. Now we pay the big price.

[@DavGreg]

The industry has changed so much. The days of stand alone independent dealers who you personally knew and saw at Church and the HS Football game are increasingly rare and massive group owners of dealerships headquartered in some place far away is the norm. It is a whole lot easier to take advantage of customers when you know you will never see them face to face. What so many consumers forget (or never considered) is that a car is in almost every instance a depreciating asset, so it is unwise to overpay for any car. It is also unwise to get attached to any car as some clown staring at a cell phone can plow into you at any moment.

[@jimlarkin7859]

Rusty great post!!! I tend to see dealer counts across the franchise world cut by 1/3rd to 1/2 …Dealers can very quickly survive and thrive in an easy money tight supply market ( that just ended as you pointed out) how many can even survive in the exact opposite will be interesting to watch.

[@bigbubba4314]

What a great time to get that used car I have been waiting for. My 04 Honda might get replaced.

[@wageslave387]

This is the exact same yarn spun by every person voicing their opinion on the economy for the last ten years straight. And I doubt any of it will.come to pass.

[@Jrbrass]

Worked for Arizona Bank, Security Pacific, then Bank of America for 18 years. Those years were in outside repossessions (4 states) and also conducted New & Used floor plan audits. Over the years, I have seen numerous dealers get into financial trouble. I have personally participated in shutting down several dealers due to financial problems & floor plan issues. Due to having monies problems, dealers were using the Sold Out Of Trust monies to pay operating expenses and pay the employees. I literally had to go to the dealer every week and open their mail. Take the monies from the financing institutions and deposit them in our bank . Then after about a month of this, BofA (myself included) would fly in late at night, put all used cars on transports, new cars in showroom and service bays, had locks changed, fenced in dealership. By next morning when employees started showing up (including management) Us, the bank representatives would have to deliver the bad news. Dealer was shut down, all the employees no longer had jobs. With everything that's happing now, I can foresee this happening again.

[@LuckyLopez777]

Thanks for sharing

[@coolrunning2006]

When you see a storm coming, you change course, and you may have a chance to survive. Some of these dealers refuse to pivot. All of the dealers near me still charge market adjustment. I told them here is my number, call me when you are ready to hear about my market adjustment.

[@kalef1234]

Epic. I think two years from now i won't have to chose between living in a van or a small apartment....i can have both.

[@louisstennes3]

This happened to me. I dropped my Mercury off for service (happened quite a few years ago) and caught the courtesy car to work. Friend drove me after work to pick up my car and the dealer was totally locked up and all the customers had to come back the next day for their cars. Went back the next day, the man got my registration from the glove box, he checked the VIN, showed him my ID and he released my car after I paid the repair bill. Now I know what happened, thanks.

[@rickjobs638]

Jrbrass I have a question for every dollar owed to the bank. How much after going threw the auction and all cost do they recover at the end of the day. Thanks for the video.

[@INikkySmith]

I work at a big auto group and lately we’ve been seeing plenty of people that are $15-35k or more negative in their car loans trying to trade them in to lower payments. Pretty wild.

[@MotorsportThrottle]

And I’m sure many of those salesman didn’t mind putting people Into those situations initially.

[@twelvepercentitalian2511]

How does that work out when the dealership tacks the negative equity on the new car loan?

[@INikkySmith]

@@twelvepercentitalian2511 some banks will allow some negative to carry over but not 15-30k negative, we had to turn them away and they were stuck in their situation. One guy wanted to roll $20k negative into a $23k car and no banks going to loan 200 plus % loan to value on a car.

[@INikkySmith]

@@MotorsportThrottle maybe a year or two ago it wasn’t necessarily a bad deal on the used car they bought and then prices dropped a lot on used cars. They also could’ve rolled negative equity into their current loan to begin with or bought back end products in finance etc. A lot of these scenarios it’s not solely $15-30k negative because they paid too much or got ripped off on the price of the car to begin with.

[@davehope9144]

A buddy of mine in the car business says most people coming in to buy now are “upside down” financially. Meaning they end up owing a lot more then the vehicle is worth

[@vintagehaynesflute]

My God! I thought my $450 a month car payment was insane. I can’t even imagine a $1000 a month car payment

[@songman68]

I have two cars that are paid off and will drive them until they can't be driven anymore. I see cars as a mode of transportation only and as long as they get me from point A to point B successfully they are perfect. I don't care how they look or what kind of car it is. I am not trying to impress anyone. As long as they are mechanically sound and get me where I am going that is all that matters.

[@eagle25311]

I'm a little picky. Some cars are too boring for me. I settled with a 2017 civic si 6 speed manual and it still gets 35 to 40 mpg and it was a reasonable price

[@McCartneyville]

I think the next shoe to drop is the credit crunch. Margin calls on floor plans, reduction of unused floor plan limit, personal credit card lines reduced/closed. It's 2008 all over again, but must worse because this time it is systemic inflation across all areas.

[@LuckyLopez777]

Very true I think this is going to squeeze a lot of dealerships into losing and regular people’s going to get their lines of credit cut in half, which is gonna put maybe some small businesses are the business

[@wageslave387]

Yawn. Same old doom projections. Heard it a million times.

[@mathgasm8484]

@@LuckyLopez777 just wait till student loan payments reactivate as well.

[@Jeff__M]

@@mathgasm8484never will happen. Everyone gets a trophy. There’s nothing more permanent than a temporary government program.

[@justing6594]

This will only happen if the fed stops pumping money into the banks and ecomony.

[@phathokum1855]

This was a missed opportunity for scientist to study the human brain. They should have performed MRI scans of these people when they were agreeing to pay thousands on top of MSRP to discover what the brain activity was, if any.

[@LuckyLopez777]

Facts !

[@coolrunning2006]

Those people were out of their mind. You are in lockdown why the hell would you need a new car that badly

[@quademasters249]

I wonder this too. Is it FOMO again?

[@donalddube3359]

​@@quademasters249 FOMO for what? What can happen? A car is not an asset, you also can live without it or buy a beater.

[@JasbirSingh-zj1fg]

A scientist I know paid 18000 over MSRP for a Subaru 😐

[@DarrellTurnerJr]

I don't concern myself with other folks finances but these damn high ass car payments gotta have a downstream effect in other parts of the economy and that concerns me.

[@LuckyLopez777]

Unfortunately, this all plays a part of the economy. Once these people start losing their cars it’s going to bring peoples car’s value

[@jeretso]

I doubt they do the math then can't afford the rent/mortgage so eviction rates go up.

[@mathgasm8484]

just wait till student loans come due again. My friend owes like 150k in student loans but bought that 1k a month truck.

[@deadcell1]

It had a effect on me. I brought a e-bike and when I need to go grocery shopping I use Uber. It's a hell of alot cheaper than having a $800+ a month car payment.

[@drillingig2368]

@@mathgasm8484 that’s insanity

[@carlosfrancisco6627]

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[@davidmoore2851]

You are spot on. And, when the unemployment rate spikes the end of the second quarter getting progressively higher, the auction yards will be tighter packed than a spam can.

[@AndyFL64]

Hi Lucky. Just got back from buying a vehicle for my Wife down in Orlando at Off Lease Only. The deal we got was average...not bad, not great. That's not the point. I talked with one of the guys working there and a customer had just signed a deal for a Yukon Z71 (didn't even know they made a Z71 model of the Yukon but we had actually looked at this particular vehicle ourselves), anyway, the person's monthly payment (they bought the extended warranty as well......almost $11k) was over $1,900/mon. Absolutely blew me away.

[@clayfarnet970]

If they are dumb enough to pay $30k over MSRP deserves the repercussions. I refused to pay those prices, I bought a 2000 Toyota Camry w/ 100k miles and laughing all the way to the bank. I’d rather look poor than be poor.

[@666dynomax]

You'd be surprised how many people with million net worth look poor. It's the people that look rich who are in debt up to their eyes sipping 8 dollar Starbucks and are one paycheck away from losing it all.

[@matthewm3912]

Our first house in Lehigh Acres, FL cost us 72K in 2012. Our mortgage payment was 500 bucks lmao! This is insane.

[@LuckyLopez777]

$$$$.

[@Dan16673]

Ew Lehigh? I don't cross 82 ;)

[@matthewm3912]

@@Dan16673 We live in middle TN now.

[@Dan16673]

@@matthewm3912 nice.

[@putiputain1230]

Bought my house in nashville, tn in 2017. Paying 1040 with insurance ^^

[@scottchamberlain5594]

Got a paid for 2015 BMW, and a similarly paid off 2019 Mazda. Looks like these will be the last cars we will buy. Seems like we timed it right to pay off the debt, Come to think of it, we bought them right, too. Sad to think that I'll likely never buy new again. Or is it?

[@autospecial1]

I knew the average income had dropped, just didn't know it was as bad. I agree with those who say it's going to get a lot worse before it gets better.

[@LuckyLopez777]

People in the comment section are saying, it’s less even more because of inflation the dollars worth less

[@Lolatyou332]

The 50kish is median individual income, versus the 68k being median household income.

[@TheSilvertrigger]

My pickup truck has been paid off for 8 years now.😊 but most people do not know if you don't have the money to buy it outright you probably can't afford it.

[@God__Emperor_]

I go by the 36 month loan. If you can't afford the monthly payment on 36 months. Then you can't afford the car.

[@kaylove4507]

I live in Ohio and car prices were very up marked up for our market as well. Not as much as 30 to $40,000 but for example on Turo there was a lady who was about 20 mi out from me and she had a brand new Hyundai Tucson hybrid fully loaded and the payment was 637 a month. I only knew this because she accidentally posted a picture of her payment calculation from the dealership I don't think she meant to post that on her tour listing but it was there for a while. And I thought that was pretty steep. Rewind right after the pandemic to 2021 I wanted to lease a Toyota RAV4 and The payment with prime credit and no down payment was around 700 and something dollars a month. It was a fully loaded XLE model. But I didn't realize at the time that Toyota's were highly sought after. Lol. That $700 still haunt me to this day 😂. I could never imagine paying that much money for a car like a Toyota every month. It just was ridiculous. Add insurance is another $100. Plus gas so we're quickly approaching that $1,000 mark smh.

[@kaylove4507]

@Slowmo I do! But I wanted to try at least because it is short-term.

[@LuisDiaz-gq2nf]

You have to spend to play

[@-Unguardian-]

People that pay over 1k for a vehicle is mostly for status reasons and not what's in their budget. My 2019 Mazda cx-5 was one to two months from the interest burst. I was able to get a great deal with very low mileage, premium tech Package, my loan is 72 months at $283 per month with 2.73% interest rate. I cannot complain one bit and love my suv, first time owner of a sports utility vehicle.

[@BucksMom218]

What financial institution would allow to finance that for a rav4? There are many guilty parties in this fiasco.

[@LuckyLopez777]

Mercedes-Benz financial sold a G wagon $120,000 over MSRP in financed 100% of it. 280k

[@BucksMom218]

I just got a condo for that 🤣 and not over list price either 🤣🤣 I have always had new cars- I love love cars..but there’s a point where even I, put the breaks on, and wait for a shit show to end. Crazy stuff

[@ebindy4951]

The Automakers are going to eat that loss when the buyer defaults.

[@coolrunning2006]

​@Lucky Lopez holy F! 120k over msrp. How did the buyer think it was a good idea?

[@justacinnamonbun8658]

​@@ebindy4951 The taxpayers are ultimately going to eat all the bank defaults as per usual, since we don't have free market capitalism anymore. You can't fail, they will pick taxpayers' pockets either with taxation or inflation of the money supply as the FRB balance sheet begins to balloon yet again. This 💩 has got to stop. The typical American consumer is like a brat kid with an enabling mother that never learns any lessons.

[@justrolledintotheshop]

Gloom is on the horizon, I have a small used car lot and take a lot of Lucky's advice... I stock up cheap cars in the winter for tax season, this year they were selling slowly so I wholesaled them and got nearly what I was listing them at retail for... Dealers are in a buying frenzy that doesn't make any sense... I'll sit back and watch now for most of the summer.... Keep up the great content Lucky!

[@warrenlewis3977]

Why would you label a car ur trying to sell "cheap"?

[@PassportBrosBusinessClass]

If you get stuck paying $1000 a month on ANY HONDA, you’ve played yourself!

[@mikemayers8672]

You can do worse with a luxury vehicle 😂

[@LuckyLopez777]

Facts!!!! Good thing they last a long time cause it’ll take you forever to pay it off lol

[@charlesismyfirstname73]

Good banks nerd to re-write the loans work with borrowers or they can eat crow.

[@darshitcumdeepgupta6998]

If you are a BM and need to go thailand to get cooxhie, you've played yourself!

[@kingtizzy007]

Paying $1000/month on anything with four wheels and a motor and you’ve played yourself.

[@jwholmes2]

This information was just astonishing. I have not had a car loan in 10 years. Good luck

[@Mark-fh5lp]

I'm so happy I bought my 2012 Civic Coupe in 2019 for $5000. No issues with the car, I do the oil changes myself.

[@rnt45t1]

I don't have a car payment, Lucky! I'm cash rich, car poor!

[@LuckyLopez777]

🚗💰😁👍

[@R0CKtheR3D]

Same! Id love to change that to be fair, but not at these prices...

[@ronb9901]

No car payment, no mortgage payment no CC payment, just sitting here smiling & waiting for car prices to fall through the floor.

[@CharlieBam]

​@@ronb9901same, dang media keeps gaslighting me driving me crazy 😆

[@kravenfoxbodies2479]

I still drive a 1984 Mustang

[@MJrocs1309]

Well looks like I'll be keeping my 30 year old truck another year.

[@8ofwands300]

Yep.

[@bigvalley4987]

💯🙌🏾

[@Thefunone88]

Americans and money dont mix...the average person does not think things through...and when asked a $1200 spending on insurance+monthly payment is ok but investing $1200 into stocks or roth is too much. Piss poor priorities if you ask me

[@LuckyLopez777]

So true lol

[@jaybanks7718]

This kind of hit me about 4 - 5 months ago while looking for a new used car. Even paying cash for half the price of a used Kia, my payments would have still been over 500.00 a month. That's kind of crazy. You also need to add in insurance. If you are making payments, you have to have full coverage. That can also get crazy, especially if you are young. Getting old kind of sucks, but I'm really glad that I could get a descent used car for 3 - 5 thousand through most of my younger years. I would drive them until the wheels fell off, then sell them for 500.00 and get a new one. Worked very well for me over the years.

[@DABUAS69]

Who in their right mind would pay 40K over MSRP for ANY vehicle yet alone a Toyota RAV4 or Hyundai Palisade????? What’s wrong with these people?

[@LuckyLopez777]

A few local dealerships are asking 50 K over on Palisades 40 K was the normal for RAV4 🤣🤣🤣

[@RoccoMax100]

A year or so ago I had read of a Rav4 Prime Hybrid selling new for $92k out the door. Also read of a 2019 Xle with 25k or so miles selling for $45k last year. For a Rav4! The XLE with an ice 4-banger sounds like the engine is going to explode when you merge onto a highway. A truly dreadful motor in an otherwise average vehicle. Sonetimes you just cannot stop stupid.

[@timothygibney159]

Everyone. They can't keep them in the lots in Houston as they are cheap and only cost $870 a month so kids out of school thing they are getting a deal earning 50k a year getting one. They have friends earning 17/HR buying Mercedes and Ford raptors paying 1100 a month over 96 months

[@BigKWS]

I still see plenty of good used cars on the market that are at or below $25 grand. There's no reason anyone should ever need to spend $50, $60, or $70K on a vehicle these days. Most people just want WAAAAAAAAAY more than they can afford!

[@bigcrowfly]

Before COVID there were many models that sold new (discounts were normal) between $10-15k. Now the lowest are $17-28. These cars all lost money but were needed for fleet fuel economy. When the gov encouraged EVs (by giving them extra credit for fleet mileage starting in the early 2010s), makers transferred small car loses to EVs, & phased out small cars(most took effect at time of COVID). But people who used to buy the $10-15k small cars were screwed and had nothing to buy. Fiesta, Focus, Fit, Sonic, Cruise, Yaris, Golf, Spark, 500, Dart, 2, Lancer, Accent

[@LuckyLopez777]

$$$

[@quademasters249]

I think the manufacturers are abandoning the entry level market because fewer and fewer people can afford it. They don't make much on cheap cars too.

[@airthrowDBT]

@@quademasters249 the margins on cheap cars are nonexistent

[@anthonyl1506]

This is spot on, it's not so much that cars are getting more expensive that's causing the average price to rise (although that is a good part of it) but manufacturers have wiped out almost all the entry level vehicles so now nothing is below 20k anymore and even manufacturers that still make entry cars hardly have any, there's like 20 Rogues for every sentra at a Nissan dealer. Honda even stopped making the base trim level on the civic for awhile.

[@investingVS]

Was at the local land rover dealer in Colorado, looking at some used velars, my sales guy goes to try to help another customer while I go for a test drive. Come back and the sales guy is disappointed I asked him what happened to that other customer seems like they were ready to pull the trigger. They had a 2019 land rover they bought in 2021 and are now trying to downgrade a model to save some cost. Turns out their range rover is worth 45k on trade but they owe 110k on the loan. Just pitiful what holes people dig to attempt to live beyond their means.

[@raythibs1870]

Love your site ,been following you for a while now love your honesty about car buying

[@LuckyLopez777]

Thanks 🙏

[@jbp1981]

Just wait until student loan payments resume!

[@MARedleg]

My wife and I make well over 100k a year and I adamantly refuse to spend a grand a month for one vehicle. I can afford the payment, I just refuse to pay it. My wife wants a new Tahoe, I promptly said NO! Our mortgage payment is 987.50. Buying one vehicle that matches or exceeds your mortgage payment is madness.

[@RoccoMax100]

Maybe I’m naive, simple minded or just cheap I don’t know but why in the heck do people put themselves in such a financial bind? I’ll admit it in public, I get jealous when I see my friends and coworkers rolling in a new SUV and I’m in a 2020 Passat. I feel like I’m in a roller skate compared to their new Highlanders, Armadas or even Pathfinders and Pilots. But then I think deeper and realize, I chose a responsible vehicle for my life which comes with a comfortable monthly payment. Yes I got this vehicle at the right time when cost and interest was reasonable but the majority of those around me did not need a new vehicle, they wanted a new vehicle. Nor do they need huge vehicles. I grew up in the 80’s, somehow my parents took us two lanky teens everywhere in a Maxima sedan or the Subaru wagon. And we had sports gear, friends, etc in the car. Why do people with one or two kids always insist they “need” a Suburban or Armada? Or even a Pathfinder? Now I’m not saying everybody has the same needs or situation but Americans have an obsession with status, keeping up with peers and everything being supersize. The people I honestly feel bad for are those who truly need a new vehicle due to mechanical or accident circumstances. Good luck to them in todays insane market.

[@LuckyLopez777]

It’s really sad I wish they would teach more about finances in high school. These people are just getting them selves in bone crushing debt and they don’t realize how it’s gonna set them up for failure for the next 3 to 5 years.

[@boldmit]

I would completely agree in general. What I foresee now though - we all responsible people will take the biggest hit, but all self-overindulging people you describe will keep rolling in their new suvs every year. The fed will print the money. Tbe banks won't do repocessions this time, they don't need them back as the bubble is too big and it will be easier for them just to write off that debt. It will eventially hurt only those, those who don't have a lot of unresponsible debt.

[@ride-it-outtimandtoni232]

Painful when your daughter pays off her loan in 2019 only to get hit by a drunk driver who is able to disappear from ER due to cops not doing there job. He got off scott free and she’s dumped into finding a car in a 2022 market. Luckily I was able to live on CL for months and scoop her up a one owner over priced but within her insurance payoff. I feel for anyone unlucky enough to loose their loan payment freedom in todays market.

[@RoccoMax100]

@@ride-it-outtimandtoni232 that’s awful, I’m so sorry and I hope she’s doing well! That is exactly the scenario where I feel real bad for folks who must find a new vehicle. I kept my 2008 Beetle to daily drive and the newer car as a once in a while vehicle so that it lasts longer. I really do not like my newer car but it serves the purpose, has all the newest gear and is affordable.

[@RamachandranKN_87]

Woah, 2020 Passat is still a nice car though. But I understand the sentiment, I wonder how on earth everyone else seems to be driving the latest fancy cars and stuff. However, when I see my sleek 2013 Red Hyundai Elantra gleaming in the sunlight, I think "Dang, this car still looks pretty good."

[@lindab2062]

I tell everybody I know to just wait like me for car prices to come down. Most people don't know about the tax season increase in prices. I watched a Hyundai Kona go from 15,995(2018) to 18,995. The dealer sent me this deal with a new picture and said look at this great deal. Shows how right you are and insults my intelligence. No matter the price I will not be buying from them. A slick willy move. I'm not stupid. Thank you, I really like this channel.

[@greggcal4583]

Not in the market for a car, but dang. It will be interesting to see what happens in the next 12 months in the car market.

[@LuckyLopez777]

It’s definitely gonna be interesting just to see what’s going on with the banks and all the Repo 🚗’s they have to deal with

[@airthrowDBT]

​@@LuckyLopez777 any update on those giant repo lots and the tow truck drivers from a few months ago?

[@Rickybobby1972]

WOW Lucky my (PITI) mortgage is $871..I’m so grateful both of my 2014 autos are paid off. I’ll never understand why people buy more automobile than they can afford. I learned the hard way so very valuable financial things in my life time that forced me to a better steward of my money.

[@louishendricks-tv1sx]

I have the cash, I keep all my equipment for at least ten years. With my own service intervals and high quality fluids and parts my truck and Lexus will continue to be bullet proof. My truck is now ten years old and I'm ready to buy a new truck. I'm concerned with the quality control and will wait for 2024.

[@PrimericanIdol]

The repo industry is about to blow up.

[@majorpayne5289]

My old good condition 2007 Chevy Trailblazer just keeps getting better and better.

[@foodmonsterweightloss5886]

I am so grateful for the work you do! I'll need to buy a couple cars next year when I return to the States and will look for the deals you talked about. Also, your insights in to how bad the car industy is, adds to the overall picture of housing economy etcetera. THANKS!

[@willemgrooters4958]

in the town I live in there were 2 car dealers who went out of business in the first months of this year. It was a combination of higher costs of living, rising interest rates (for both car buyers & the car dealers).

[@Xander1Sheridan]

i miss when Toyota Corolla's were $10k.

[@krane15]

Long gone. Closer to 30k now.

[@Martin-Young]

A car drives a lot better when it's paid off! ~ Dave Ramsey...

[@drewscruis]

my mortgage isn't 1k a month... id never pay that for a car.

[@LuckyLopez777]

🏠 $$$ 🚗

[@eemer2437]

Love your insights Lucky! I’ve had a hunch for years that this would come to light. The numbers just don’t add up on so many levels. The banks have built a giant house of cards.

[@brockjennings]

Given the current economic climate, I cannot fathom the allure of a new car purchase. People are letting their vanity get in the way of rational decision making.

[@LuckyLopez777]

I’m with you brother it’s beyond me

[@quademasters249]

At some level people fear cars. They're a big black box and they have no understanding of how they work or how to maintain them. While I agree some of the people buying in this environment are foolish, I'm convinced some feel like they have to buy in order to be able to get to work every day.

[@EMichaelBall]

@Quade Masters RELIABLY get to work every day.

[@theundone777]

Right? I just paid off my car this year, I bought it new in 2018 with the intent of keeping it for a very long time. Even if I had to pay $3,000 to get the transmission replaced or something crazy like that, it's still a much better deal than paying $1,000 a month for a car payment. Completely insane.

[@ztotheu2974]

I miss the days is leasing an Acura for $300/mo with zero down and no dealer bs.

[@Hogwild90]

My dealer group has canceled the opening of a store and shut down 3 stores in the last 2 weeks. They are being very hush hush but you can tell that it is major money issues. My guess is poor inventory management caught up with them due to the rising rates

[@joechan8549]

Camry xle marked up to 40,000.00 with limited selection, no price come down, nitrogen 500.00 mark up, cannot buy one.

[@daddy_saltoldchannel7672]

I've been saying the same thing as you Lucky. Folks are also living on credit cards due to higher prices so what happens when there is no more credit on the credit cards? There are many shoes that are starting to drop but everyone, especially in the media are saying " don't believe your lying eyes".

[@LuckyLopez777]

Some people are going to find out the hard way

[@boldmit]

​​@@LuckyLopez777 I doubt it. It seems the least responsible will win, and the most - will loose this time. I see banks extending credit on purpose, all of this defaulted debt will be covered by the fed, the banks will be bailed out. The responsible people will be the only ones to loose.

[@davidmoore2851]

That's the tip of the iceberg as Banks are tightening lending standards and drastically cutting back on issuing new loans. They will also be capping and shutting down HELOC's. Less $$$ liquidity in the system means much lower auto prices.

[@AlphaJ369]

Cant wait for the fallout from carmageddon. C7 Vette and a deisel pusher RV for pennies on the dollar!!

[@TheDUKEYBOY10]

I was taught if an asset depreciates LEASE if an asset appreciates BUY. Great video and spot on. Thank you.

[@freedomworks3976]

I’ve come to the realization that some people can not fathom life without payments. 😢 sad situation 😢

[@scruf153]

I use a mountain bike for commuting do not own a car

[@radiatelight4100]

I'm so grateful that Toyota had a promotion during the pandemic. 0 down and 0 interest rate. I went to multiple dealerships and they tried to do a switcharoo on me, but I did not budge until I got the promotional deal from the 6th dealership I visited.

[@kennethadkins953]

So if the banks won't loan the consumer's the money to purchase the new cars. The dealer prices should go down significantly, at least I hope they do. I sold my 2014 tundra with 70,000 miles to a local deal for 28,500.00. I want a new but I don't like the new prices or interest rates and I have a 800 credit score. I'll wait until the prices drop.

[@joshua6918]

I am also in the market for new tundra. I checked local Toyota dealers. The price range is between 58K to 79K. Who can afford such expensive regular truck. I am going to keep my 07 tundra for several years more. I don't think Toyota can charge more and more MSRP. Let's see.

[@bl1429]

Have a 2002 jeep grand Cherokee. When the engine went three years ago. I sat down with pen - paper, and did the math. Since the body was in perfect condition, it was cheaper to rebuild instead of buying new. The cost came to $17,500, including the wishbone, eghaust, tires, etc.... All new... Happy with my decision.😊😊😊

[@zitengwang136]

84 month loan, means someone still has to pay the loan even though the car itself cannot move

[@CharlieBam]

Just roll it into the new loan like my brilliant in laws, right? 😂

[@LuckyLopez777]

The highest I saw was at a Honda dealership 96 months for a Honda civics lol

[@zitengwang136]

@@CharlieBam doesn't need to pay insurance for the old car🤣

[@ericl452]

​@@LuckyLopez777 Wow. I financed all the new cars I bought over the years for 48 months, with the exception of our 2017 Mazda CX-3 since Mazda offered 60 months at zero percent. 60 months seemed like forever. Can't imagine 96.

[@zitengwang136]

@@LuckyLopez777 well, at least Honda can last 96 months

[@michaelwright1602]

I turned in my lease Silverado when there were no cars on the lots. The Silverado had a leak in the transmission and a rear end clunk, only 13,000 miles on the odometer. I don't drive much, so I went and found an older car with very good parts availability and went in that direction. I paid cash, did much of the work myself, say $3000 in general maintaence stuff, tires, brakes etc. Been a couple of years now. Just got my insurance to less than $200 a year. The folks at work snicker at my older vehicle, Park Avenue, and I LMAO all the way to the bank. And it is nice to see that savings account grow, and having extra income for some very nice 2 channel stereo gear. My new amplifier will be here Thursday.

[@terrydebord7878]

I am 3 months behind on my payments, parking it in brothers backyard at night.

[@2chuck]

At a time that even Brand Name U.S. Banks are in danger of failing they are not going to be interested in financing cars. The $70K to 120K market for regular cars and trucks is already tapped out. Why can't Automakers and Dealers see what's coming? We are on the cusp of a Recession worse than 2008 if you look at financial charts and data. I'm 75 and I've seen this Rodeo before, it's not going to end well for Automakers or Dealers. There will be a time very soon when it just stops, no Buyers, no Lookers, just crickets. It doesn't matter what the price of New Cars is, you won't be able to get financing. Dealers will have to slash prices in an attempt to stay solvent , but I think it's already too late. They may be able to squeak by with Factory Subsidized Leasing but I have my doubts about even that. I've seen conditions so bad in past downturns that even if prices are cut 50% almost no one will have the funds. IMO this is not the time to buy even a $50K car. It's not the end of the World, but it may be the end of most Dealers. I think there will be unbelieveable deals ahead if you have the cash. Sorry of the Downer but I've seen it before. We will survive but it will be unpleasant for a while.

[@joshdenham6511]

I am a FI mgr at a Chevy Dealership. It is absurd what people are doing to themselves. Obviously we cant tell people NOT to buy cars, but we all feel bad for the positions they are putting themselves in. thx

[@marilynruiz746]

I pay $580 for a 2020 Volk Atlas 30k miles. I love it, but it's a gas guzzler. Any advise on how to get a lower payment? Owe 28,000

[@joe718gt4]

​@@marilynruiz746besides refinancing (you still may pay more interest at the end of the loan) or getting a cheaper car?

[@marilynruiz746]

@joe718gt4 so I'm screwed either way right?

[@IMAPOTATOZ]

@@marilynruiz746 Are you underwater? If you bought new in 2020, interest rates now are much higher than they were 3 years ago, so thats probably out of the question

[@marilynruiz746]

@@IMAPOTATOZ yes submerged

[@redstateforever]

This baffles me, I’ve always been a used car buyer. Why buy something that will lose thousands in value the very day you buy it? That’s crazy. I’ve had great used cars, I’m still driving an ‘08 that I bought in ‘14, and it’s a nice vehicle, a Lincoln MKX. I’ve put some money into repairs and maintenance during that time, so I’ve got about 18k in a car, total, that I’ve driven for over 9 years. It still looks great, drives great, and is a very smooth ride. I’ve spent about 2k a YEAR for a beautiful, reliable vehicle. It’s not that hard, new cars are for suckers.

[@juancervera1126]

I believe that this is one of the reasons more people are opting into getting leased vehicles right now. The payments on a lease are much more reasonable than paying an absurd monthly payment and interest rate.

[@trenegade5441]

It's not a lease... it's a FLEECE. Dumbest way to drive a vehicle with the only exception of being done through a business and properly structured. For the average citizen, it's a loser.

[@QuinnanScott]

Leasing rates are much higher place at the end of the lease you are left with nothing.

[@scottr2706]

@@QuinnanScott Actually you do have something at the end of the lease. You have the choice of buying the leased vehicle for the residual value or returning the leased vehicle and moving on. You do not have that choice when you purchase a vehicle.

[@scottr2706]

Actually today's lease payments are too high due to high prices and a lack of manufacturer lease incentives such as high residual values and/or subvented money factors. These days less people are leasing than in prior years.

[@sxsunda4424]

Atlanta based Infiniti dealer offering 12% off of MSRP for 2023 new QX80 and 10% off of MSRP for QX60 Luxe trim only. This is valid until 3/31. This pattern will trickle down across dealers from different manufacturers soon

[@tomallan5000]

I have a hard time getting my head around someone stupid enough to pay 40000 over MSRP for a Toyota Rav 4. I have a problem paying MSRP for a car. Maybe that is why I don't have a car payment. If this info is anywhere near correct then there is going to be a massive reckoning in a few months.

[@LuckyLopez777]

It’s insane

[@SterlingJames]

Dude! Why are people still buying cars despite the inflated prices and interest rates? When I’m driving around I see ppl still purchasing new cars. Not just any car but trucks. $100K+ trucks. If ppl continue to buy at any costs, prices won’t go down. It’s baffling. If I saw ppl driving around in small compact brand new economical cars I’d think to myself, maybe they needed to buy a car and this was the best price/option but I’m seeing trucks, SUVs and luxury vehicles in most cases. Let’s not mention electric vehicles which can start at $65K+.

[@Radioghost717]

This is crazy..i was in the business for 10 years..switched careers and just got laid off was thinking of going back in to hold me over through the summer. Not sure if it’s such a good idea now after watching your last few videos lol

[@nothingtoseaheardammit]

Anyone paying $87k for a RAV4 has officially lost any ability to make decisions.

[@elmocotaco995]

Love your work Lucky. Thanks for keeping it simple 🙂

[@Valueshooter]

we live in a clown world where people paying $30k to 50k over MSRP to buy a new car during a pandemic lockdown when you can't go "anywhere" just to have that car sit in your driveway.

[@flipminerchino370]

Hey Lucky I do PDR here in the LA area and some of the dealers are not even doing the dents or touch ups right now I get that excuse from managers that the car will sell like that. Lol 2 weeks later I get a due bill job for a car they passed on so I charged them per panel instead of a flat rate whole car price

[@lynnjudd9036]

It does seem that dealerships aren't repairing dents and whatnot on used cars. Also where did you find a dealership that didn't require a down payment?

[@airthrowDBT]

I just sold my car, a low mile 2018 Nissan Rogue, for 19k. While I still could, because I believe the used market is about to NOSEDIVE. I HAD 2.99% interest and my payment was only $411. I walk to work now, I'm going to save all those expenses now.

[@LuckyLopez777]

Save that money. A good car deal will be coming soon

[@airthrowDBT]

@@LuckyLopez777 thanks Lucky!!

[@derekchappell8509]

Seems like every fundamental is supporting large price declines but they are STICKY on the way down.

[@LuckyLopez777]

$$$

[@airthrowDBT]

The dealerships are bagholders on all this overpriced crap

[@user-pn8dq6vt4s]

Anyone who pays $40,000 over msrp for a Toyota RAV4 needs to be placed under a court ordered conservatorship.

[@Valhalla_Heathen]

Anyone that pays $600 or more for an auto loan, they’re throwing money down the drain. Don’t ever spend money on liabilities!

[@samplautz5586]

My mom bought a 2015 ford focus in 2016 for 10500. It had 2500 miles on it. In 2023 it isn’t even over 70k miles yet, and I looked at what dealers are selling that same car and miles for, and it’s more than what she bought it for

[@keiths1]

Utah used prices are going back up and new cars are either a long wait to order one (6-12 months), or you pay a minimum of $5k over MSRP for anything sitting on a lot. Those of us looking to buy a car are stuck in between with no relief in site. I’ve been looking since August and I’m losing hope for finding anything reasonable priced. For example, you can buy a new Kia Sportage for $32k. Or you can buy a used 2-3 yrs old with 75k miles for $27k. For an extra $5k you can buy a new one with a full warranty, buuuut you’ll have to wait months to get one. Or you can look at a neighboring state that has them in the lot but they add $5000 market adjustments and $2000 carpet protection applications. This is pretty frustrating. 😖😖😖 The most frustrating thing in Utah is the dealerships listing cars for sale on their websites that don’t exist yet, or they’ve already been spoken for. They are intentionally leaving these cars on their websites to make it look like they have cars in the lot. They all say “Call For Available and Price”.

[@LuckyLopez777]

You’re going to see a temporary spike because of tax season don’t worry it’s already going down at the auction switch would trickle out to the retail market in the next 45 to 60 days

[@trenegade5441]

Keep your powder dry, and be patient. Keep saving money on the side towards whatever you're going to buy and the deals will be there. The industry sees what's on the horizon and they're going to try to make as much money the first half to three-quarters of this year before the other shoe drops. I had a Ram salesman on the phone last week still trying to tell me Ram pickups are getting 5K - 10K over MSRP; complete BS. If that were true, how did he have time to return my call? Patience my friend. Patience.

[@EMichaelBall]

@TRenegade54 That Ram salesman was probably right, just selling very few of dealer stock to a bunch of people who didn’t know what they were doing.

[@trenegade5441]

@Michael Ball If he had enough people willing to pay MSRP, let alone a markup, he wouldn't have had the time to cold call some random inquiry from a webform. They're still trying to sell 22's. No way are they getting over MSRP on 1500's. Guy was a toolbag, and they'll never get a dime of my money.

[@keiths1]

Thanks for the encouragement to stay on course. My current cars transmission is going out so we’re trying to get it to last a few more months. Can’t take it on the highway but it’s still a good local commuter.

[@sharonthetrucker2297]

My son has a car that is paid off and about 20 years old. it's still running pretty good. we've put some money into it but it's better than having a crazy car payment.

[@ibiro868]

I’m stuck with my car for now. If the market wasn’t crazy I would have upgraded but I don’t mind waiting another 3/4 years because I have a reliable Toyota.

[@LuckyLopez777]

$ smart play 👍

[@GigiEmbrechts]

I bought my 2014 Toyota 4 runner in 2017 for 20,000 at age 68 I believe it to be my last car. Retired and do not drive that much this car has very low maintenance and I just fired my snowplow guys because this vehicle can go through anything.

[@ibiro868]

@@GigiEmbrechts nice! congrats on retirement. I'll be buying another Toyota right before I retire as well.

[@roberteskut5195]

I totally hear what you’re saying. I know people that paid $50,000 for a used car with 50,000 miles on it. The one guy is paying almost $800 a month for that car. I had to buy one just a couple of months ago due to a accident caused by somebody who rear ended my Ford fusion, that was in excellent shape physically and mechanically, and there was enough damage done to the car. It got totaled out by my insurance company because the guy that hit me lied to the cop about his insurance. So I got top dollar for my car even with 145,000 miles on it. I use that $10,000 they gave me for totaling my car out and bought a 2017 Ford escape. When I went in to this purchase I did a lot of homework and knew what I wanted my payment to be. Which is $252 a month. Which I can very easily live with. I feel very bad for these people, on one hand, but on the other hand, they get what they bought with Covid money. Now that they don’t have the Covid money coming in they are going billy up.

[@aaronc5818]

The median American worker brings home an estimated $54,132 a year. Salary figures vary significantly depending on location, education and other factors. Income is a vital part of your overall financial health, alongside net worth and savings. This is not household, it is per worker. Political Calculations' initial estimate of median household income in October 2022 is $78,813, an increase of $218 (or 0.28%) from the initial estimate of $78,595 in September 2022.

[@seahawks1912]

Was talking to a local Honda dealer about getting a Ridgeling. OTD price would be 46K. Payments even with Honda financing 2.9% would be 750 a month. Been car payment free since 2010. Can't stomach 750+ a month going on a car. Plus, the insurance, and the local special transit tax on cars, based on value. Staying put for now.

[@Trailtotable]

Another thing to think about, the insurance, especially as the values are going down if they have a total loss. 80k loan on a year old vehicle now worth 38k, insurance isn't covering that difference so now they have a 42k shortfall aaand....need another vehicle on top of that

[@Trailtotable]

This is an actual example another agent shared with our office

[@Alrounderrrr]

As long as idiots only care abt monthly payments prices will go up as manufacturers get away with long term loans. People pay cash and buy a lesser car. Stupid people are paying 60k for minivans plus interest, your kids will be happy if you instead saved that money for their college

[@LuckyLopez777]

Sad but true

[@Medawgoner]

$1610x72= $115,920 Total paid, if you kept the car the full term.That is more than double the MSRP, to pay it off.

[@LuckyLopez777]

100 K Toyota lol

[@matthewm3912]

My local Kia dealer in Cookeville TN is STILL adding 6k to their carnivals and tellurides!

[@LuckyLopez777]

Wow. They are at MSRP here in Vegas. Thanks for sharing

[@johntalbert8227]

Hey Matthew, I'm here in Livingston. Was going to stop and look at the sticker prices in Cookeville tomorrow to see how things are here locally.

[@matthewm3912]

@@johntalbert8227 I would avoid Kia, they have very little inventory. Right now, the Ford dealership, and the Dogde/Chrysler/Jeep dealership is overflowing with inventory. I don't think they are offering any rebates yet, but i'm at Ford a lot for car washes and i see MSRP on most everything. Nissan DOES offer rebates, and they have a lot of inventory too!