CARMAX Sends HUGE WARNING About US Economy! PEOPLE ARE BROKE!

[@edg8535]

It is not that all people are broke, you have many like me that refuse to pay these enormous prices they want for vehicles.

[@brettloo7588]

same

[@niurkaguzman48]

And they break down before the warranty is up so they get traded in for another lose

[@billwilson3665]

count me in that boat. Financing only makes sense when it has tax advantages.

[@weswest8666]

@@billwilson3665what possible tax advantage would there be to financing a car?

[@jhonsonmojica9061]

Monthly Insurance rates are as much as the car note. My next car is going to be a cheapy cash car no full coverage

[@bradbowles1153]

The way to survive in this economy is not to buy overpriced cars or houses and take care of what you have.

[@juliuscaver]

👍

[@javaskull88]

I wanted to be a newer used SUV until I saw the insane prices. I’ll keep my ten-year-old Toyota going a few more years. No payments, no problem.

[@shawnmorrow8350]

yep

[@Noticing-Enjoyer]

At least a house appreciates in value, buying a car for almost 1k a month is insane….

[@07wrxtr1]

Same - my girl and I both have paid off vehicles but they’re not exactly great on 4+ hour long road trips… But - we just rent if we need something to travel several states after looking at a used lexus rx350 = tue dealerships are still playing the same games as if it’s a sellers market… So we decided to simply wait on buying anything and let the post election market actually shake out… The overall sentiment is that rates should continue to drop slowly as the federal reserve tries to buy time until the inevitable insolvency crisis hits… that’s probably when they’ll move us to a digital currency and controlled economy 🤮

[@tolar9]

Carmax isn't selling cars, it's selling debt.

[@jeffreybrown4751]

Well said.

[@Abbittibbi]

same as all major car brand...

[@icosthop9998]

True

[@domini384]

@@Abbittibbi True, but carmax even more so with the inflated used prices and thier loan to anyone policy with a huge interest rate.

[@ro6742]

Exactly! Finally someone gets it.

[@mortallobster897]

I’m not broke. I’m just not going to pay those ridiculous prices.

[@Nismo1983]

Same thing for housing market lol

[@sherryamanfor]

I feel the same it's crazy

[@titolovely8237]

today i offered $19k on a 2018 honda civic with 55k miles and they turned me down. i offered cash. these car sellers are fishing for whales who need to finance, not regular people with actual money. they dont want to sell vehicles, they want to rent them out at exorbitant interest rates.

[@robynetaylor6605]

Keep your prices high, keep your cars.

[@rachelgreen1368]

For $20k you can get one owner 2018 BMW 750 with big V8, Italian leather and $6000 High end stereo system.

[@titolovely8237]

@@rachelgreen1368 ikr

[@tHebUm18]

Should negotiate the price without telling them you're paying cash and only reveal that afterwards. Of course if they know up front they won't make $1000's on the loan, they will not want to cut you a deal.

[@charlesjackson1700]

​@@rachelgreen1368That may be true. but people don't want those big BMWs as their reliability is terrible.. They are one of the cheapest used cars you can buy as they age.. FACTS..

[@stevemcjob]

Carmax is like the pawn shop of car dealers. If anyone should be experiencing losses, it is CarMax

[@unfairsanic5089]

Funny because thats what i think about car dealerships selling their used cars 😂

[@mryoung0412]

Exactly. Cars are way too individualized to be sold like a bulk commodity. Once wall street gets another bear market these types of companies will be gone and vehicle prices will return to normal. Sadly we have no way of knowing when that will happen.

[@YAWSSSSSS]

Because they overcharge for their vehicles.

[@edwardbrock3807]

Its the Gamestop

[@hochhaul]

Same with Toyota. They deserve a black eye for all the unreliable trash and predatory prices they've been pushing.

[@jeremymcauliff8485]

I cant imagine paying 24% interest on a loan. This is why poor people stay poor.

[@vampirejesus8170]

But they have to have the hellcat srt h00drat super duper fast car.

[@wolfgangpreier9160]

24%? Are you living in Venezuela? I pay 1.99% here in the middle of Europe.

[@southernbreeze3278]

only losers take out loans

[@vampirejesus8170]

@@wolfgangpreier9160 carmax is almost as bad as buying a car on a credit card. That is how they stay in business. They are a subprime lender. That is the rate they charge people with bad credit.

[@godtfotplk7895]

​@@vampirejesus8170😂😂 burh

[@Doublebarreledsimian]

Hmm, suddenly those 25 year old low mileage cars from Japan don't look too bad.

[@TimRogers-ir6ss]

Their Better than anything on the Road New Turbos on 4 cylinders? No more V6 from Toyota plus the Technology factor don’t get in fender bender Your insurance will Skyrocket special Alignments Now. Ridiculousness on Massive Scale.Not to mention how much EV batteries Cost.😂

[@dcb1138]

I just bought 2x Honda Del Sols from 1993 for $6000k each. They had 50k and 80k respectively. They’ll run forever and look brand new

[@robertward8035]

I drive one. 2000 Toyota sienna. And still going strong.

[@hochhaul]

25 years ago was about the time Toyota peaked in reliability. By 2010 they were saying it's "normal" for their vehicles to drink 4 to 5 quarts of oil between oil changes (1 qt per 1200 miles) and were being fined a billion dollars for all the wrongful deaths due to their attempts to cover up vehicle defects that caused unintended acceleration. By 2016 they lost a lawsuit over covering up frame rust rot and denying owners replacement frames.

[@cormaro13]

@@TimRogers-ir6ssyou forgot about Lexus , plenty of them still with the v6

[@stevenbesson8988]

Not all people are broke, some are just being smart and not overpaying for these vehicles. Some people agreed to over pay for vehicles, but the reality is corporate greed is coming back to bite them. Who would’ve thought over charging a customer would have bad consequences.

[@peter-pg5yc]

Me I put another 70k into a cd, its great interest. Safe and helps pay my nut.

[@Energyfl00d]

That’s why they’re not broke.

[@justsayin3600]

On the flip side, I can't believe with certainty big box companies like CM will sink because of the market. There has to be a contingency on their part to stay afloat, by any means necessary. 2,200.00 per car, plus high interest would still be profitable if they are buying vehicles from desperate people could mean have a lot more profit than 2.2k. These big box companies are in business to steal every cent.

[@fortheloveofnoise]

i work full time, drive a 25+ year old car, and am still broke 😂

[@hochhaul]

Some people are smart enough to pay down a vehicle and ride that equity, always owning a vehicle that's covered under warranty and avoiding trash like the Tundra.

[@stevew1851]

1400 for a car payment? That's STUPID, that's more than my Mortgage payment.

[@shady473gamingcm3]

Lucky. Average mortgage for houses the past year or two is $2k+

[@MusclesAVS]

@@shady473gamingcm3 6-8k in calif.

[@TopNotch50]

I would say it's more than my mortgage payment, but since I drive junk I no longer have a mortgage payment!

[@norm2264]

That's double one my mortgage used to be I paid it off now but

[@michalp2362]

My mortgage was 800 bucks on a 210k house I bought in 2016. It’s almost paid off. Can’t wait

[@jaylenpressley917]

At 20 years old during Covid , I bought an 8 year old Cadillac ATS with 132k miles from an authorized Cadillac dealer for 15k. I put $2000 down and my payments were $450/60 months. Once I gained some common sense and realized my mistake, I worked 80 hour weeks between 2 jobs to pay it off in 11 months. Never again!!!!!

[@domini384]

I mean you're also young with not much credit history so im not surprised you didnt get great interest

[@christopherhamilton5557]

Well done… that was the right way to fix your mistake. Proud of you! Next time, you’ll get it right. The important thing is that you owned it, and handled it. And you have a car that’s paid for.

[@Jay-ko7fk]

That’s awesome! You learned from your mistake early and fixed it before it really cost you too much. I’m impressed by your work ethic to get it done. Too many people never learn and remain in an endless cycle of payments.

[@Grimaldus1701]

good work!

[@fabolousjada5070]

At least you learned your lesson bro 😅 like me with my Nissan rogue

[@johnliberty3647]

We just need more 100k trucks with tiny beds to save the economy.

[@TimRogers-ir6ss]

Elon needs to Fill that Gap

[@johnliberty3647]

He sells computers on wheels. I just saw a cyber truck at Lowe’s. I wanted to give the driver a box of Tampons.

[@ronaldmcdonald9322]

They should make trucks with a 3 foot bed

[@johnliberty3647]

3 inch beds but it seats 60 people comfortably with a stage for a live band to play a brothel and craft beers on tap. Maybe some pyrotechnics and a wrestling ring for high flying underwear models to do acrobatics. Maybe even a football field for 2 hand touch NFL style games. So glad our 21st century turned out to be as great as the Jetsons I watched as a child.

[@ADBLOCKER4YOUTUBE]

@@TimRogers-ir6ss 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

[@michaelsmith5463]

Let's see a "Market Adjustment" for the people. We saw dealers screw people over and NOT care about their situation. Now let's watch those same dealers fail.

[@chuckgladfelter]

It's coming. Everyone who saves instead of spending everything they have and then some will find decent deals sooner than later.

[@kevinkelley3657]

Bidenomics is working.....

[@ReluctantLuddite]

Too big to fail! Translation: Too many democrats employed in the auto unions.

[@fillup40]

Yes.

[@josephsmith7148]

@@kevinkelley3657 Yes indeed, I love paying more for everything. LOL 🤣😂

[@travisadams4470]

People are better off buying older cars and fixing them up. Cheaper to buy rebuilt engine and transmission for an older car than buy new

[@TimRogers-ir6ss]

Yes Grasshopper. We have 2 Toyotas 2013 2015 not Trading IN. Rebuilt Suspension on Truck.Regular maintenance both Vehicles Good for another 100,000 miles Easily. Happy Happy Joy Joy 😝

[@johnnytactical3054]

I just had my 2017 Chevy Colorado transmission rebuilt a month ago. I’m driving it till it dies

[@evers6214]

My old car sux. Really want it to replace it with something more reliable but nothing that ive found makes any kind of financial sense. Hopefully prices continue to drop.

[@hammatoure4229]

We are smart just bought a car last month for $400 2002lexus es300 with 120k just need tune up and brake rotors dealers want $4k to fix and the guy bought another lexus $900 a month car payment.😂​@TimRogers-ir6ss

[@janetyeoman1544]

@@johnnytactical3054it’s really sad that a truck that new needed a new transmission. It’s like they hired Nissan engineers.

[@michaellalanae7228]

I hope this destroys the stupid banks that allowed 137k to be borrowed on a truck worth 12k,

[@Mattius08]

Me too. Banks just need to cap auto loans in my opinion. $20k cap. That will force prices to correct

[@BruceWayne-m6g]

Bad news- The banks sold those loans a long time ago. Probably to part of your retirement fund.

[@michaellalanae7228]

@@BruceWayne-m6g I funded my own retirement account through annuities from insurance companies and retired when I was fourty . By converting realestate gains into cash ,

[@vlad1889]

What truck is 12k? If civic/corolla is like 25-30 base 😅

[@michaellalanae7228]

@@vlad1889 all trucks

[@mryoung0412]

When i started driving, exotic cars cost $100K. I will never accept paying that much for a daily

[@TrevorOuellette]

Yeah my SUV costs as much as my dream car did in my 20’s! 😂

[@RichardAdkins-w2n]

Can I afford to pay these ridiculous prices, yes. Will I, not just NO but H**l NO!

[@JamesBrown-dv4ve]

Me too, I can afford too but will hang onto my 2016 pick up till it won't run anymore!!! Put money CD with today's interest!!!

[@donsmnc5319]

Until these prices drop 25-50 thousand these dealers and sellers can all just choke on these hyper inflated vehicles, stupid is as stupid does

[@rotart12arx3]

Not going to happen.

[@domini384]

@@rotart12arx3 Of course it will but no one knows when. The market cant just stagnate...

[@hochhaul]

HAHAHAHAHA prices are never going down. Take it easy on that crack pipe Hunter.

[@hochhaul]

@@domini384 The market is NEVER going to drop by 25 to 50k. Joe and Kamala devalued the currency significantly and there's no fixing that without removing tens of trillions of US dollars from the global economy.

[@lczspeed]

I went to a Chrysler Dodge Jeep Ram dealership today. Their whole lot was full of trucks. The customer parking and side service used car area was occupied by new vehicles. I only went in to schedule an oil change for my mom's suv but decided to do a quick looky loo.

[@tradermunky1998]

Credit card interest rates for expensive cars, what could go wrong?

[@Thfcpwinner]

Success ❤ is not built on success.. It's built on failure, It's built on fraustration. it's built on fear that you have to overcome. I pray that anyone who reads this will be successful in life...❤ 🇺🇸

[@DanielEdward550]

This year I made $300,000 in bitcoin ETFs, S&P500 and other dividend funds and I still get up at 5 in the morning to continue growing." Those words and that discipline are what motivate me to move forward, thanks for the continuous updates on the financial markets.

[@BNCacademy553]

How did you do this please? I am new to cryptocurrency investing, can you guide me on how to do this?

[@JibrinJamcham]

What is the best strategy to make profits from cryptocurrency investment?

[@serahlamogofelix6408]

I have been looking for an expert trader to help me manage my investment. Can anyone recommend a good operator?

[@BahiyaSani]

Christina Joneseth is a very competent woman, her method works like magic, i continue to win with her strategies.

[@Mr-Clark]

I wouldn't mind getting a new car. Not at 7% interest. Bring it down to 3% or less then we'll talk. Oh, zero markup and -20% msrp.

[@pointnemo369]

Still driving my 1999 Tacoma. I am broke... Even if I wasn't broke... I'd STILL be driving my 1999 Tacoma.

[@ADBLOCKER4YOUTUBE]

1998 Tacoma here.

[@karter9908]

1994 Toyota Hilux extcab with 331,000 miles...!!! The difference between a good and a bad car is: "THE OWNER".... TOYOTA uses a ton of Japan gaskets,seals, bearings,ETC. AND very hi quality rubber body seals etc. ​@@ADBLOCKER4KZbin

[@virgilgarner2681]

2006 Tacoma 😁

[@kennyobrien]

Had to give away my rusty old ‘99 RAV4 this year, and I miss it terribly. I may have to buy another one. Great car.

[@masterjackson2]

I just bought me a 2012 Ford Taurus with 186,000 miles from auction for $1700. I pay cash and I don’t want a car note anymore.

[@riveneva1519]

That’s kind of where I’m at. The last two cars I bought, with cash, are both 1999 Jeep Cherokees - the first one had 147,000 miles on it when I bought it and the second one had 192,000 miles with a blown head gasket. The first Jeep now has 312,000 miles on it and is still going. I fixed the second one and it’s running and driving. There is no way I’d pay today’s prices on a new car when I can buy something used and fix it up and have reliable transportation. I’ve got the tools and the know-how to be able to do that as long as I can still get parts. The dealers can sit on their inventory as far as I’m concerned.

[@ReluctantLuddite]

⁠@@riveneva1519My dad taught us kids to do all our own maintenance as well. Now I drive a 18 year old BMW. Cheaper to insure, easy to fix and with regular fluid changes, it should go another 100k-200k miles. I’m thinking of buying another of the same vintage to replace this one when I finally wear it out in 10 years. There’s a 20 year old 760li with 40k on it that can be had cheap. A naturally aspirated v12 limo to drive my parents to the doctor’s office or relatives houses. For under $10k. They totally deserve it!

[@TheGodofSEO]

Same.

[@jaylenpressley917]

Coming from a ford guy, I’d definitely stash about $3-4,000 off to the side for when the water pump fails if you have the 3.5 Taurus. They usually fail between 170-200k miles and it’s a huge engine out job. Other than that those cars are bulletproof. Good buy👍🏾

[@masterjackson2]

@@jaylenpressley917 I definitely agree with you on that one but luckily I do my own work on my cars so hopefully I catch everything before it happens. So far I had to buy a new battery, replace spark plugs and coils pack. It drives good so far.

[@RandysFiftySevenChevy]

My 08 Silverado with 300k miles is goanna have to do because my retail sales are down 90%

[@richdiana3663]

Prices have to fall much more before conditions can be called normal.

[@DzenanA-m6h]

Jeep Grand Wagoneer is considered status symbol??? WTH

[@GoonyMclinux]

Always broken status symbol. 😂

[@carlosponchio1869]

at the Bankruptcy court it is a star.

[@dontezcristol3017]

It’s not people that don’t like them, have no idea what these idiots are paying for them. No one cares.

[@fredk9999]

This guy is good. I love his rapid-fire delivery. good content

[@dave3657]

I was planning on buying a new vehicle, then there was a pandemic. I wait, so now I look into it again. Build quality is down, turbo’s in damn near everything, and prices are through the roof. Put new tires, struts and brakes on my current car. A new car can wait.

[@XquizitRush]

I will not buy a car or truck with a Turbo. They 100% fail over time and are very expensive to replace.

[@coconutcreampie3795]

Yes, stay away from the turbos.

[@BB-i3e]

As a former General Manager for Carmax I can tell you that Carmax Auto Finance does not do a majority of the sub prime financing. They utilize other financial institutions to finance those customers and as long as the 1st payment is made to that bank, Carmax is off the hook on that loan. So any losses they have in loans come from consumers with average to good credit scores.

[@maille5243]

People aren't broke...car companies are crazy with their prices..and People are saying screw you...keep your dam cars !!

[@fortheloveofnoise]

im broke

[@TDK2K]

car prices are still crazy.

[@ouethojlkjn]

This is because they are Declaring the vehicles as assets and they cannot reduce the value without impacting their loan book. manufacturers are doing the same thing when they Lease cars. The likes of Ford are telling the financial world.Everything is super because although they've borrowed tens of billions , they have unsold and leased vehicles worth supposedly tens of billons... The second they revalue their stock.Their interest on the loan book will skyrocket because their suddenly looking like a bad debt.

[@mateocafe45]

"You can't squeeze blood out of a turnip." That is still true. Folks can't afford to pay their bills, let alone buy cars. However, I am glad to see the prices on trucks going down. $44 K for a Ram truck seems more reasonable than 60-100 K.

[@Rhaspun]

It took a while for the dealers and car makers to finally realize they got too greedy. Pickups were backing up at most dealers. They still tried to keep the prices and the pickups sat on their lots. It was costing the dealerships a lot of money to have those vehicles sitting on their lots.

[@vahidvahidnia1643]

Love how you never fail to keep it real in all your content.

[@guidman68]

Yes, people are broke. It happens every time corporate greed is left unchecked. Paying 90k for a 60 k truck, is bs.

[@thelbtlover]

More like 90K for a 20K truck and that's being generous. People are so fricking stupid. All they look at is the monthly payment.

[@MrEhole]

All the big retailers are now doing this. From cars, to groceries, to electronics, to clothing. They would rather sell less for more money. Don't get me started on rentals. They're up 272% since covid. GREEDFLATION.

[@Vutsman1]

Corporate greed? Are you a brainwashed Democrat? It's gov't printing and creating inflation. Corporations compete with each other and try to lower their price to beat their competitors. However, costs of inflation forces them to increase prices SIMULTANEOUSLY. So best price still wins but it's at a higher price. Bad governance is the cause of our standard of living. Gold is over $2600 for a reason. Learn basic economics.

[@christianmillhollon4481]

Not even 60k

[@mcbenson4]

Worst argument ever. Here's an idea, don't buy the 90k truck. Personal accountability, where has it gone?

[@_morningglory196]

These trucks are not reliable and cost to much.!

[@Ironstarfish]

Status symbol is a good way to say it, that’s more than my mortgage. I drive a base model Jetta several years old

[@ChesterMan-qd3xj]

I’m not broke, debt-free at 39 this year, as a matter of fact. I’m just not stupid enough to sell my dependable 2006 Dodge Ram with a little over 100,000 miles for an $80,000 truck.

[@zackg5046]

I had an 06 Ram with the Hemi and it was the biggest POS I ever had the displeasure of owning. Good luck to you. Hopefully it’s a Cummins.

[@ChesterMan-qd3xj]

@@zackg5046 I guess it’s luck of the draw. Hemi here as well, and no issues to speak of.

[@NA-dh3dn]

You're not truly debt free. You don't own your house or the privilege to drive your car whenever you want without paying registration and insurance. Don't pay the property taxes, you lose your house. Don't pay your utilities, they get cut off. The correct wording is: I'm loan free.

[@ChesterMan-qd3xj]

@ thanks captain obvious. No one avoids that unless you go live off the grid in the woods.

[@jaylenpressley917]

Between my 05 sonata, 07 accord, 08 expedition, 08 G35, and 13 ATS, all paid for. I don’t think these dealerships will see me for many years. These prices are rediculous!!!

[@crispusattucks6094]

Why do you have so many depreciating ‘assets’? Do you know how much money you’re loosing not putting that money into retirement? Pick one, save some money for repairs. Sell the rest and invest in your future. You may literally be losing $100k+ . Having a ton of paid off cars is not something to be proud of. Not trying to be condescending but you are shorting yourself. That said I don’t know your age maybe you’re retired. You could still put it in the market and make a ton of money.

[@PLRAHAPL]

I am so happy that the greedy corporations losing money. Also sad for all these people who will be fired 😢

[@kevinkelley3657]

CarMax offers products that many consumers need. I drove junk when I was broke, and I payed my bills, and now I have a very high credit score, there is no way I would pay the interest rates that they ask, but not everbody has this luxury.

[@mr.Lumpy3803]

Don't worry, the government will give them another bailout.

[@Shrimpfish666]

The o it people that ever suffer is the working class and poor. They'll get bailed out

[@sdinim8695]

People that got $50 90k truck or suv were gonna stop making payments anyway.

[@michaelsmith5463]

You should repeat, and SHOUT on every video, and remind everyone how these same dealers just a few years ago, would artificially increase their prices through INSANE market adjustments, and SCREW over people that had to buy a car then. I hope all those corrupt, deceitful dealers all fail.

[@IIdankII]

Yup fuck them. Had to buy a vehicle 3 years ago and again now. All because my shit got totaled by an uninsured driver twice. This market blows and finding anything worth a shit has been a nightmare.

[@michaelsmith5463]

Yeah, Insurance wanted to total my brother's car instead of fixing it...perfect, well maintained, paid off, but dents and body damage...here's $2k, later! Insurance is a racket!

[@tonycarel1785]

I still holding out for even better prices!!

[@123waterjunkie123]

Just bought a car from them yesterday! Man what a pleasant experience! Answered every question! Told me to take it a certified Acura dealer, the brand I bought, have them inspect it lake a list and we'll make it right no cost to me the buyer! Oh those 2 doors dings go get those fix. Have body shop contact us and we got you covered! And they reimbursed me for the transfer fee!

[@firewoodwizard]

It is really difficult to find a regular cab 4x4 truck.

[@XquizitRush]

I'm thinking on buying an old Ford F250 Hiboy. They look great and their resale value goes up, not down.

[@user-iy9wn3wz8w]

I just wanted a regular cab short bed 4x4. They don't make trucks for regular people. I don't need a crew cab or leather and luxury car features. I want a basic truck.

[@brandonwright6659]

It's really difficult to find someone who wants one.

[@sherryamanfor]

I don't consider myself as broke. I refuse to pay those prices it's crazy!

[@tatestringer1344]

Can someone please let me know how in the world is Carvana killing it, when Carmax and Autonation are getting crushed? How is Carvan'a's gross profit per unit approaching $7K. when Carmax and Autonation are at less than half of that? Something is totally off. There has to be some financial shennanigans going on.

[@ethannguyen7562]

outrageous price, RAV4 XLE Hybrid brand new only cost 34k in my area 😮

[@ReluctantLuddite]

And those monthly payments don’t include the tax, registration and bs fees we can come up with…

[@medicisdad1]

I have pretty much given up on a Daytona, or any other Stellantis product. I'm a cash buyer in a horrible car market and I get treated like I have the plague. I have at least 10 unreturned calls to different dealerships. They also routinely jack up the price when they hear you're paying cash and refuse to negotiate. So my money rests in the bank and I watch them rot down and I just feel sad that there are so many stupid, greedy people in this world.

[@JuanPerez-ry2yn]

simple really. Get a loan at an extremely high interest rate, and negotiate a better deal on the actual car price. Then wait a month, make a payment, and then pay off the loan.

[@travisadams4470]

Never buy new. You'll be surprised the deals you can make taking over someone else car note.

[@markhaseley3304]

Get that money out of the bank. It's theirs unless they give you permission to take it. (Once you slide it over the counter, you become a creditor to the bank and it is no longer your money. Crypto/gold/silver/other assets: How you keep each of them is also important. I have very little, but my little will keep us from starving the next couple years. If your credit is bad enough that you have to pay $900/mo for that new Rav4, chances are very good that you will default on a $900 payment. wow.

[@travisadams4470]

@@markhaseley3304 crypto?! LOL! Worse than fiat money.

[@R68Ustolemyshiz]

Bro. Don't ever pay cash at a dealership. They make their money in the finance office. Pay in cash and they hate you.

[@alankooiker4653]

Imagine the car payment plus another 100 a month or more for insurance 😂😂😂

[@fabolousjada5070]

Insurance in nyc is 250 avg 😅 picture that

[@3for4PA]

In the DMV area Average Insurance is $175 a Month and that for a Hoopty😩

[@darkwolfe6986]

I've been needing to replace my aging vehicle, but I'm not going to fork over 30 40k for a used vehicle especially with these higher interest rates 😡

[@fialee8]

Just be aware that large corporations have all sorts of financing and accounting gymnastics. The larger loan-loss reserve is just a precaution for potential delinquencies... however, they can also increase that reserve to lower their income to reduce paying taxes, and also manage their earnings. For example, if those loan-losses never materialize, that's profits they are keeping on the books which they can release in the future. In addition, the Fed just lowered interest rates by 500 basis points (or 0.5%) to 4.83%. That means, CarMax can borrow money cheaper, and still charge lower credit customers 23%. While CarMax prob isn't paying 4.83%, but maybe 6%-7% for their money with inventory as collateral. So they borrow at 6%-7% from banks, and charge 23% to customers, and they make 16%-17% profit per year.

[@HunterTN]

They are writing down their receivables and taking a hit to book income. This is not something investors want to see. Any CEO would much rather pay taxes on income than write off future income and pay less taxes.

[@fialee8]

@@HunterTN I assume you are calling their "receivables" the the finance payments. I agree writing down receivables isn't ideal... but they are still charging up to 23% interest rates, with the car being collateral. Based on how car loans are amortized, it's essentially all interest (profit) up front. I also assume they are prob going to make some payments before they potentially go into default, which means all those payments is essentially all profit. If you assume $1K/mo loan, that's prob $11K of interest they paid on top of any profit in selling the car (prob another $5K-$10K). They aren't losing any money here, they are just making less profit.

[@amo757]

People need to check out Mazda. I just bought a brand new CX-50 for $28,000 at 1.9%.

[@EvySurvived]

Mazda no CVT LUXURY AT A GREAT PRICE

[@dodgedeath1635]

I wish they still made a truck

[@tomaxxxx536]

people aren't broke, they just aren't buying overpriced shit anymore. We can drive our old cars longer than dealers can go without sales.

[@retailmyride]

Super good video! Markets go up (Covid) and markets come down (2024). But these bigger than usual swings are extra bad for industry

[@fialee8]

I would guess that most of the money is made off the interest vs what they make on selling cars. As you point out, they are charging 23% interest... that's a lot of profit.

[@Anonymous..VQ3.5Lg35]

Im from Alberta Canada, i notice ram/ jeep/ dodge dealership lots are full of inventory!! The one in gasoline alley red deer is packed full! Its a big lot!

[@craigburns7618]

The manufacturers can discount their vehicles all they want, but when they build s*** nobody's going to buy them😮🙈🙊🙉

[@MrTommyboy68]

Stellantis is PRAYING for a strike. That will enable them to reduce inventory without paying unemployment to workers.

[@bbksvb]

People are not broke. That's what they want you to think. People are just not willing to overpay for cars. They're willing to get tattoos, though. Corporations are making record profits. 87% of inflation was due to corporations keeping prices high. That's proven with the record profits they were making. Now, even McDonalds is lowering prices and expanding their value menu.

[@Profabdesigns]

I just bought a ‘23 Durango R/T plus model, but I had to go out of state since Texas dealers flat refuse to deal. I saved almost $17k off MSRP and got the truck I wanted. It took me 11 months watching the market and I refused all dealer add ons.

[@1babygirlg]

What state did you go to?

[@gedeo]

We need to go back to the time when cash was king... Now days credit scores are king 😡☹️

[@NrthrnKnght]

gold and silver standard coming soon. stop banks from loaning out the same $1000 to 5 different people..

[@BrianMeegan-k3e]

Some of us only pay in cash.

[@LeannaBates]

I call it the I love debt score smh

[@Connor4x4]

​@NrthrnKnght unfortunately that won't ever happen.

[@ecooper2004]

Hi Brando, Thank you so much for saying hello (They guy you met in the parking lot at the mall).

[@patrickmichael8655]

50 grand for a truck that’s crazy

[@Nmdixon-cu7vm]

Shut up bot.

[@vlad1889]

They are basically a large luxury suvs at this point. Not for the common folks.

[@JamesBrown-dv4ve]

I buy used!

[@jimmyamico4713]

This channel is so helpful because I am an SUV and truck enthusiast… I want to thank you again and again for all your hard work that you do going to all these dealerships and spreading all this phenomenal information thank you brother thank you thank you thank you🇺🇸🙏⭐️👍😇

[@randallallen4296]

We are about to see another “market adjustment” due to the two hurricanes that have made it necessary for people to buy cars!

[@fortheloveofnoise]

ide be happy to get one of the hurricane dmaged cars godted to me....not gonna lie....would be nicer than my daily 😅

[@oldcynic6964]

7:10 23% interest rate..... One of the few useful things my parents drummed into my thick skull was :"If you can't pay for it in cash, then you CAN'T AFFORD IT !" I've made an exception for buying my house, but other than that I have followed that advice. I sleep well at night, (because my car is old, and I don't have a half-wall sized TV and a thousand dollar I-phone, and I have don't have any loans or credit car interest to pay)

[@shaggyofwv]

It isn’t necessarily “corporate greed”, it is just good business to get as much for your product as you can. Once they cross the price barrier that people are no longer willing to pay for the product, you either lower your prices or live with fewer items sold. People have the choice to not buy. No one is forcing you to pay these exorbitant prices for cars.

[@shaggyofwv]

Bad economic policies coming out of DC are also playing a huge part.

[@martinfromseacity2010]

Good one, you made it to Before its News, way to go

[@diymitchvlogs]

Carmax was conceived by the CEO of Circuit City and a few others, a used car salesman and a consultant. They figured out the average American was willing to pay less for electronics than a car.. This after Carmax and Circuit City split, Circuit City went down the tubes because profits on electronics were almost non-existant. The car market is way different and they knew it.. American consumers will give their car to carmax thinking they just sold it. Then Americans will overpay Carmax for a car someone just gave them. It's a brilliant business model. At the expense of idiots.

[@jacobhelms4421]

I used to work at Circuit City 😂

[@alberttang6955]

@@jacobhelms4421 Did they pressure you guys to sell extended warranties? I remember it was a always a big struggle to pay for my item and get out of the store with my purchase. The sales staff were relentless pushing extended warranties.

[@jacobhelms4421]

@@alberttang6955 Constantly. If you did’nt sell the warranty with the product, well you did not make much off the sale.

[@snowscout1018]

I'm seeing the used dealerships fill up with cars to the point the lots are totally filled up....but nothing is selling. The new and used market is so screwed. The only ones who will end up not shutting the doors are the ones who are making next to no profit and dealing by volume.

[@Denmark_77]

From my experience, CarMax is usually $2,000 to $3,000 more than a comparable vehicle at a traditional dealership...

[@rowdynoe9595]

Its hard to quantify if it is worth it, the detailing performed on the exterior and interior is typically superior to a traditional dealership, and they include a supposed "no questions asked" 90 day warranty IIRC plus no dealing with a sleazy pushy used car salesman

[@Denmark_77]

@@rowdynoe9595 From my understanding, CarMax recently changed their return policy to 10 days from 30 days; the 90 days you're referring to is their limited warranty I believe. I also dislike the fact that CarMax switched over to AutoCheck as it isn't as "thorough" as CarFax from what I've seen. Honestly, I'd rather put in some time negotiating with a traditional dealership and possibly save me thousands of dollars but to each their own.

[@randalreigel4089]

Thanks for staying on top of it for us.

[@JA-zh5xi]

Banks and loan companies deserve heavy loses. No way should anyone get a loan unless they can put enough down to cover half the cars value after fees and taxes. Actually - people should not be taking out loans for cars at all.

[@PYRO200055412]

So the 5 year old 2019 Accord base selling for $24k actually ends up costing you $31.5k, $37.5k or $45k in the end and has no warrenty? That's crazy.

[@drscopeify]

Can you make some videos on your car dealership? How do you deal with customers? Issues? Day to day operations? Would love to see the car dealership shenanigans and day to day.

[@wallye8713]

Agreed!!!

[@bartmormino907]

Cars go up 200% in 20 years so they need to go bankrupt.

[@victoryfirst2878]

Dude, what are the numbers of delinquencies for Carmax ???

[@CameronRoses]

After an accident, I was driving a Jeep Rubicon for free with my insurance. My car cost $19,000 new. The Jeep was brand new and retailed for $97,000. The hybrid system had a warning light (I googled it and it was basically a design flaw or a build flaw and it would have to be junked when it finally destroys the engine). But, honestly, it was not that comfortable, had the known Hybrid issue and burned a gallon of gas every 6 miles (that's my commute total to work and back). Yeah, it got 6mpg! I was floored. My car gets 40mpg, is more comfortable, easier to drive...and a $280 payment vs. a $2000 a month. My car ain't worth what I paid for it, but it is affordable. That Jeep ain't worth $50k let alone the $97,000 the rental agency paid for it. Cars and trucks today are JUNK!

[@LordAtrocities]

Repo folks are just looking for a car that fits a description and towing cars that they shouldn't be. We had a situation where one tried to tow my car when he was looking for one a mile away. Very frustrating. We have had to discourage a few repo folks from towing my car when they are looking for another. They are stupid and lazy. Police say there isn't much we can do. If they take my car by mistake it's a civil matter. WTF?

[@NrthrnKnght]

you go past my no tresspassing signs and its not gonna be a civil matter

[@RFToob]

Enjoyed this thx. Some of the truck and Jeeps shown here, -man, they really need to drop at least another $15-20k or more to move them [in my humble opinion]. Still way too high. Even if I had the money… wouldn’t do it…it’s a matter of principle. I recall that I bought a used Jeep back in 1995 it was only 3 years old…great shape, and it was only $13k. Better times then. Cheers.

[@jvolstad]

I'm not broke, I just don't care to buy right now.

[@NrthrnKnght]

I drive 2011 forester and a 1991 chevy k 1500 ...sunk $8000 into it and will drive for another 10 yrs or more...we go mining, hunting, fishing, camping in that truck its been a trooper!!

[@NrthrnKnght]

I wouldnt have a newer plastic truck if you gave me one

[@fortheloveofnoise]

i work full time and drive a car only 2 years younger than me and am still broke 😂

[@cyyber1]

Curious what the insurance premium is on a car lot with that many cars in one place.

[@jimmyhvy2277]

PEOPLE ARE BROKE ? with High Inflation still to come . Man , Sheeple are in for a Hard Time !

[@ronaldmcdonald9322]

We haven't seen anything yet

[@overlander6117]

I have no problem with buying a house with a reasonable price and paying a reasonable mortgage , but I can’t imagine how a lot of people would borrow loans with a high interest rate to buy an expensive thing working on gas and fire , that is why I bought what I’ve afforded it from a car owner in Craigslist .

[@ejkrakowiak6905]

2001 Ford Ranger 4.0l daily driver 118k miles. No payment, runs great, if it get hit, stolen or scratched no big deal.

[@simonwaters1965]

This is nothing new really. I’m in my 50’s I’ve seen recessions, house repossessions, car repossessions. The biggest problem is that to get loans is so easy. I’ve said this before. We had to show the bank a monthly budget wage slips to prove we could make the payments without struggling. Just to get a mobile phone you had to get credit checks just a pay as you go phone. I’m in the UK.

[@Shrimpfish666]

Getting loans is not fuckin easy, what kind of crack are you smoking pal?

[@jamslam5641]

I recently purchased a car from Carmax and the price was incredibly low (thousands less than new car dealers) and financing was very reasonable (not 25%... half that). But that's where the positives end. The car ended up being a 🍋🍋🍋🍋🍋 and I got a migraine trying to get Scamax to honor their warranty. The check engine light keeps flashing and it dies in the middle of the road. But when they had it for 2 weeks, they claimed they drove every day without a problem and there were no codes. They're lying since my own mechanic pulled the code and diagnosed the problem. In their final ditch effort to deny warranty, they forced me to go on a short ride with their mechanic to prove to them that the problem was real. Well, 2 minutes into the drive the car had a catastrophic breakdown and they had no choice but to admit it was a lemon. So it backfired on those scammers! 🤣🤣🤣🤣🤣

[@TonyHiimself]

I'VE SAID THIS when I sold cars during covid... the moment that bubble ended i left. people bought cars over asking price from 5-20k over MSRP. i said give it two years people wont pay their car loans. because it won't be worth the over asking price they spent. Plus, side is i sold cars only at msrp! But i knew car loans and the market would tank due to people being stupid on buying cars 5k over MSRP. USED CARS with 50k is going 20k plus. just buy a nice car from a 1 car owner that way you don't make payments be smart the vehicles are out there you don't need 2024 with all the parts costing more to fix because it's all computers.

[@eugenefirebird8938]

Carmax should go broke. We did plenty fine before they came along. They are the classic middleman. They are at least part of the cause of car price inflation.

[@blainemccants1390]

One of the best channels on KZbin SALUTE Sir

[@solvend]

Im not broke. Never earned more in my life. And ive lived under my means for decades. Im actually going to take advantage of this broken, F'd up market and purchase a NEW commuter to get me through my last 6 years before retirement. 😊

[@fortheloveofnoise]

im earning less now than i did before the demic.....life sucks

[@fortheloveofnoise]

get a base model versa with manual transmission for 17k...dont buy auto, be a real man, if i wasnt a poor POS and had to buy new commuter, that is what ide get

[@coffeejoe3494]

Chicago area, I went shopping at carmax. It was bumper to bumper. You could not walk around a car. They were all 21,22s too. It was odd

[@jeffnoob8448]

You will own nothing and be happy ~ World economic forum 2021

[@Richard-go7jr]

I think stellantis is going out of business what do you think partly because they discontinued the entry level pickup truck they think $80,000 or better is there a way to go

[@dancahill9585]

It's not that People are broke, it is just that Car Manufacturer and Car Dealers are run by some of the greediest people in the Universe, and they've tried to push through 40%, 50%, up to 100% price hikes on people who haven't received raises close to that much. The problem is your industry as a whole, and associated industries like Car Insurance, and car financing, and not the American People. Those in your industry should look at how much the people working for you are making before you try to pass on these completely absurd car prices. The industry would be fixed if they walked back prices to 2018 levels. Carmax tried to keep prices high, and we saw how that worked out for them. The people having problems, are the people who shopped payments and don't know what they are doing.

[@libra4446]

Let’s keep this simple all they have to do is go back to pre-pandemic pricing of cars new as well as used there you go I solved the problem

[@KenKayess]

Vehicles today are unappealing in appearance, low in quality and endurance. Grossly overpriced, far outpacing household incomes. Way too expensive to maintain. Auto workers have recently had strikes for higher wages and benefits in a sagging market. (Enjoy your unemployment when the plant shuts down.) Loan interest rates are not attractive, monthly payments unacceptable. It all combines into one giant NO SALE from we the public. Yet they push ahead as is, living in their world of delusion.

[@RosettaStoned462]

These big trucks are absolutely ridiculous. 90% of people who buy them are buying for status. They're so stupid.