Dealerships Can't Sell Cars

Dealerships Can't Sell Cars
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[@jeremycmoore2199]

I am a 46 year old guy with a $100k+ salary, 750ish FICO score, and a DTI ratio below 15%. Point is that I'm the type of buyer dealers want to see but forget about it. I'm positive that there are thousands of people in a similar situation where we have the ability to buy but simply refuse to. It would be great if there was some way that dealers and manufacturers could see how much business they are losing out on from people like us. In my opinion the pandemic era price gouging by dealers has ruined the auto market. It led to manufacturers increasing MSRPs to absurd levels. And when manufacturers price their products sky high they are reducing their potential customer pool. More people can afford $30k trucks than $60k so it should be no surprise that sales decrease. Throw in the EV money pit debacle and manufacturers are going to suffer. I have no sympathy either. It will be interesting to see how many brands are shut down over the next 24 months.

[@osvalditochirino3428]

Dodge could be one going electric lol

[@j.l.salayao8055]

I an a 42 years young guy with a $1million monthly salary, 100,000ish FICO score, and a DTI ratio below 0%. Point is that I can buy any car, plane, helicopter, and water gun I like because life is too short to hoard my money that I can't bring with me when I go capot. Live, love, laugh, save some for rainy days and old age then enjoy life, people! God bless America!

[@kwhopper1100]

Yep I have two paid for cars and 5 bicycles unless it’s a deal on a Camry or Siena I’m not buying .

[@willmart2476]

Hopefully the government does not get involved and bail them out

[@johnpad4778]

Auto manufacturers are counting on the government EV subsidies to keep afloat. Then, when they receive our tax dollar's, they will buy back stock to please investors. To much government involvement is creating more monopolies.

[@carquestionsanswered]

You're right bro... People don't have money

[@LuckyLopez777]

Crazy times. you should come on and talk about how people can buy 5k cars

[@carquestionsanswered]

@@LuckyLopez777 definitely... We can do that soon

[@Palerider2023]

Lost my job a few months ago, found out pay has definitely fallen in the job market. Doing a voluntary repossession on my car and buying an old truck. This whole thing is self induced by corporate America.

[@john.johnb_online1438]

@@carquestionsansweredlove this dudes channel. Valuable content

[@mpiny]

so then 🤣🤣🤣🤣 hhah never buy from snake oil man with rOLEX hhhahja buy from @carquestionsanswered

[@devonp5079]

Dodge Ram Jeep Dealers are in big trouble. They screwed their customers for the last few years and now it’s coming back to bite them in the ass.

[@stepheno.2730]

Good! Screw those euro trash cars.

[@lucysmith4242]

Ii still see a bunch of new jeeps and dodge vehicles. All this talk and people still buy them

[@j.l.salayao8055]

Just switched from ford diesel to Ram cummins. Luvin' my Ram as daily drive and occasional rv towing.

[@tenhundredkills]

It doesn't help that they can't make an economy car that's even remotely comparable to the Japanese options.

[@ItsAlive111]

As if the Asian brand dealers were better😅

[@underachievingwatchcollect1878]

Dealers and consumers are in a Mexican standoff-customers want lower prices and dealers aren’t willing so I hope dealers love their vehicles because they’re stuck with them 😎!

[@LuckyLopez777]

facts

[@Solar2go]

True, the dealers don't seem to understand that the consumers can outwait them. They're not in charge any longer.

[@j.l.salayao8055]

@@Solar2go a sucker is born in every second as dealership is in every corner.

[@kwhopper1100]

I can go most places I need without my cars . I can go completely car free if they want to continue asking stupid prices for cars .

[@warren3665]

Exactly! I have $40k saved for a newer, used pickup and no one I talk to will budge off their $50k price.

[@Dfgbuiiyyyybb]

It’s pretty simple. Car prices are too high and interest rates are too high…

[@emanal8283]

Throw in expensive rent/mortgage, groceries, gas, insurance, etc… saying that people need to live below their means shows how disconnected some people are from average citizens. Also if the people with money are so financially literate how could they not see this coming and be better prepared for the irresponsible behavior

[@giojohn9807]

And dealers are a-holls

[@zimzum7937]

I've been to four different dealerships looking for a vehicle. I tell them all I don't need a car I want a car. I'm only willing to pay (x) amount of dollars after all my employee Discount. Sell me one. None. None of them will do it. The amount we cant seem to get past is $500. They won't come down 500 and I will not go up 500. Every dealership is beyond overstocked with new inventory. If the sales people don't want to eat that's not my problem. They can sit there and starve. I can promise you in my area of Michigan nothing is moving.

[@kennethwolkens6251]

Same here. Wifey wants a RAM 1500 Black Widow and we'll buy any white one from 2022-2024 with less than 20K miles new or used. No Trade, $20K to put down and credit is top tier. We've traveled up to 160 miles and have physically been to 4 dealers in Florida. We've called on 4 other trucks in NC, GA, AL, and SC. Every RAM franchise dealer is on crack. The common example is one used truck (2022 with 54 miles) is advertised for $57,998 and yet the buyer agreement top line starts at $64K. Nobody not even an owner/partner will answer where the extra $6K comes from because taxes, dealer fee and tags are their own line items. This specific truck's carfax says its an unsold NEW 2022 that has been sitting on their lot since 5/22. It's about to have it's 3rd birthday.

[@kennethwolkens6251]

Just yesterday we called on one in NC and all I want is to pay the nationally advertised price. This Buyer's Agreement came back with a magic upcharge of $2000. The salesman explained that because I'm not trading in a vehicle they want to charge more for the truck. Basically they want a Win-Win but balanced to their side only because they want to get my trade for $6K below book and then give me $2K so I feel good. I ask, is the rest of the buying public that stupid that they fall for these tricks?

[@zimzum7937]

​@@kennethwolkens6251I think that more are becoming aware of the BS these dealers are trying to pull. That's just based on the excessive inventory on the lots around me. Well, I at least hope that's the case anyhow. I wish you all the luck getting what you want.

[@MX-CO]

Your first mistake is going to dealers, Buy private party, from a long time owner with maintenance records

[@fortheloveofnoise]

I got 5k knocmed off a 20k car...but thay was pre pandemic

[@Uncle.Papi.1129]

Used car dealerships have been scamming people for decades; it's gratifying to see them finally facing some well deserved turmoil.

[@j.l.salayao8055]

And people are handing themselves over to the dealership just to have a shinny clunker. A sucker is born in every second as a dealer is in every corner. People, choose wisely so you won't have to put blame on anyone including yourself.

[@raymondreiff8170]

​@@j.l.salayao8055Could've said it better myself, Sure we own two 2020 Honda's and no 1.5 L turbo charged unit, But I didn't buy them from a Dealer, And I still Daily two 2005 Civics 😅.

[@evoman44]

I agree. Every car I have ever bought has been from a private owner. When you buy from a private owner you can look to see in what condition the car was kept in not what the dealership cleaned it up. And you can see what type of person the previous owner was.

[@svenmorgenstern9506]

​@evoman44 the last point arguably the most important. What sold the car I bought last year more than anything was my impression of the sellers. Young couple with kids, pretty obviously shopping a lot at WallyWorld (tires were Goodyear Viva 3's, no weird wear patterns but due for replacement) but responsible people. Handed 'em the money without hesitation. Did it need repairs? Yup - cat's on its last legs, but the engine's in good shape as well as the tranny, so I'm fine with dropping some beans on a replacement cat. Being a SoCal car rust isn't an issue. Mechanics have given it a clean bill of health (timing chain tensioner has an oil leak; that's it) so it's not a "throwing good money after bad" situation.

[@EndOfThings77]

They are a bunch of arrogant, greedy people who've made the sin of scamming others an art and their way of life. I have no sympathy for any of them.

[@sprague49]

I'd love to see Brandon from Car Questions Answered as a channel guest. His dealership in North Carolina specializes in cars $5000 or less, no financing offered, and apparently he's selling cars hand over fist.

[@LuckyLopez777]

Hes been on my channel

[@leos3003]

No he's not. He just said he's buying much more expensive cars and adding more dealer who will get paid commission on those cars.

[@fishman6364]

Adding more dealar! Lol

[@andredaedone7732]

Dealers have lost customers trust.

[@LuckyLopez777]

100%

[@LordMcKrakenVonLittleBits]

4 years ago the parking lot at our complex (215 space lot) was plush with newer cars. Fast forward to now and quite a few got repoed/surrendered/traded in for cheaper and there are more 10 year old or greater vehicles than I've seen in a long time. I use our complex as a test for what the economy is like due to the diversity of financial status of our residents. The fast food worker and the white collar professional are driving the same vehicles. No one has money.

[@southpoleelvs]

I’m in the Phoenix valley. Dealer lots are bursting at the seams with cars. Tons of 23’ and 24’s still on lots and not selling. But prices are not falling

[@Stockpickervalueoriented]

We’re in a major economic collapse just no one is aware yet. Be careful out there

[@leos3003]

No we're not. We're about to hit the grandmother of all depressions on earth. I don't understand the people fighting for the WH job. It will be the most stressful job on earth.

[@floridaman7]

The media machine is trying to tell the normies everything is fine

[@DH-oi4kr]

Danelle Dmartino booth says we are in recession that started Oct 2023

[@snowrocket]

It's (so far) a slow collapse that will likely continue for about two years. We have NOT seen the bottom yet. I think it will be ugly when we do, but everything should be affordable by then...if you have any money at all to buy any of it.

[@evoman44]

It hasn't happened yet. But from what I have been hearing from prophetic sources is that when it does it will be suddenly. And that things will be really bad.

[@DH-oi4kr]

Ross Perot said in the early nineties “ people with no money can’t buy anything” lol

[@anthonydavis6027]

Recently looked at a brand new 2023 vehicle and the dealership wouldn't budge on their price. Might as well get a 2025 model for the same.

[@NightTrainIndustries]

I was trying to buy a 2019 Mercedes C300 convertible. And the dealer acted like he wasn't interested in selling. Car has been there for 90 days. Went from 34k to 30k. Tried to tell me the price was 32k when I arrived. He offered me 14k trade in on a 22 Corolla SE one owner since new perfect shape. He said go sell it to someone else and then come back with a cashiers check and we can talk. I ended up Selling it to Auto Nation for 16k. And Auto Nation found me the same car for 30. I don't understand some car salesmen. Like I get you have McLaren and a few Porsches on the lot but I if I'm not a good enough customer I'll take my money elsewhere.

[@hungtrinh83]

Never had a pleasant experience with a dealer ever for me

[@leos3003]

You're just looking at it all wrong. Dealers are my entertainment for the day. I go in with my breakfast, lunch and dinner. I settle in and think of every single dollar I save as if paying for my lunch, may be for the next moth. 12 hours later I walk out with a car a full belly, well entertained and with an extra couple grand in my pocket.

[@SomeUserNameBlahBlah]

Here's how you have a pleasant experience (requires you to have cash): Talk the dealer down to the lowest possible monthly payment and say you don't have a lot of money, act dumb. They'll nail you with a mega high interest rate, but cut plenty of off the price of the vehicle. Get your paperwork signed, go home, then pay off the loan in full online that night (assuming the loan doesn't penalize you for doing so). Added bonus - you walk into the dealership the next day and thank them for the low principle price and tell them it's all paid off.

[@leos3003]

@@SomeUserNameBlahBlah : Solid plan, but won't work for any of the Gen Z who want ant $80K car on a $2K salary.

[@ksegg_ffs]

Recession started happening in 2022. Completely agree with Lucky that people are in serious denial. We're knee deep in shit and people think everything is fine.

[@SomeUserNameBlahBlah]

Will still be a few more years before all of this catches up.

[@1russianspy]

Does anyone feel sorry for car dealers? Yep, that’s what I thought…

[@johnsmith1953x]

LOL! So true, eff them and their hell spawn kids !!!!!

[@user-zs4um9lw3n]

Payments for a $1500 car? Sure, half now as a non-refundable deposit, and half when they pick it up…

[@LuckyLopez777]

crazy stuff

[@Trek2539]

I see some crazy lying people on marketplace asking for that shit

[@j.l.salayao8055]

Yup, just two payments required and car is yours.

[@Chinese080808]

They weren't lying when poll after poll has shown literally half of the US adult population doesn't have $500 saved for an emergency. So 3X that makes sense unfortunately.

[@MasterHomeowner]

Be hesitant to invest much in someone else's property. The deals are coming, our estimate for the real estate bottom is 2028-ish. Back in the day, 80% LTV was normal - even manufacturers financing. Prices for a vehicle that needs work, or just don't look perfect, have seen the greatest downward pressure. PS: Whenever the banks get F'd, somehow all of the rest of us write the check.

[@MrD.J.]

The factory keeps stuffing cars down our throats

[@LuckyLopez777]

$$$$$

[@MrD.J.]

We have cars stacked up all over the place, and more coming

[@Imafed42069]

I work at a Cadillac GMC dealership in southern california and also spoke with people from 2 other dealers I worked at. Sales is no Bueno. No front gross, rates terrible, and volume down bad. Even with incentives people are hesitant. Sales floors are getting grindy. I may pivot careers temporarily well see but making even 10k a month is a grind its not a cake walk by any means this year

[@LuckyLopez777]

thanks for sharing

[@marcotrujillo5628]

I run a life and health insurance agency. The amount of car sales people and realtors getting into insurance right now is crazy. Americans are broke. Demand is just not there due to affordability

[@ronaldblackburn2483]

Ok but I work for a company that produces’s axle’s fir GMC and we can’t make them fast enough . Someone is buying those trucks. If not general public then who . Used car lots are not coming down on prices at all in Michigan or Ohio but credit to Ohio the cost is Cheeper . Michigan you get what you voted for 😂

[@stepheno.2730]

@darkrulierhe lives in commiefonia. After taxes,10k/month is pocket change.

[@lucysmith4242]

Making 10,000$ a month showing a car and doing paperwork is the problem. That adds 0 value to society

[@mojoman327]

250k household income, my wife and I bought a 35k suburu crosstrek. One car household too. Work from home played a role in this issue.

[@emanal8283]

Great point! Some middle to high income earners have WFH jobs and that further exacerbates car dealers problems. The people who can afford it simply don’t need to purchase a new vehicle as in older times

[@RootBeerGMT]

Suburu prices seem downright cheap compared to many other manufacturers.

[@derekholland5543]

Why do we need to know your income?

[@mojoman327]

@derekholland5543 who hurt you?

[@iwonasmolenska1010]

Some people live in the basement with no money,but they’re driving nice car with $1000-$1500 monthly payment😂

[@vinniecorleone62]

"Put down the Crack-pipe!" I almost spit out my drink onto my coffee table, I love it!

[@LuckyLopez777]

thanks 😁👍

[@B1970TBronze]

😂😂😂😂

[@rerektified]

Lucky called it! 😂

[@vinniecorleone62]

@@rerektified F 'n A!

[@KenYnc]

Lucky... Love watching you my friend. Look nobody needed any money the past few years. Banks were doing 150% LTV with zero down. This is what happens... I'm surprised folks can even get loans in the first place after all the crazy market adjustment deals. Who pays 20k over MSRP for a Kia? 🤯 Putting down the crack pipe won't help. We are past that now. Auto market is crashing. With values in free fall banks are tucking tail.

[@LuckyLopez777]

lots of people smoking crack 2yrs ago lol

[@toddprater14]

Who buys a Kia period, yuk

[@mricardo86]

So I work with big property management companies and I have my own company and I do rehab and turnovers on homes and the amount of evictions that I’m seeing on this market is something that I haven’t seen since 2008 I can only imagine how the car business is only going to get worse. These dealers are out their mind people do not have money right now

[@j.l.salayao8055]

SSShhhhhh! the cars will be their new house sooner or later. I have been a full-time rv dweller for 6 plus years and nothing is new under the sun.

[@rustybumperclassics6342]

Dealers are acting like people are still getting stimulus checks.😂

[@mdw0ng]

they can sell them... they're just not willing to

[@LuckyLopez777]

greddy dealers yes. but some dealers even if you lower the prices they still cant qualify

[@justacinnamonbun8658]

I'm almost a year into a two year lease. Not only am I not buying the car when it's done but I'm replacing it with a used Honda Civic or Fit, with a manual transmission and like 100k miles. This last experience with a new car was a let down. It's not worth it. These dealers are selling cars they can't fix, I mean not only do they not fix the cars when you bring them in under warranty but they scratch and bang the shit out of them and pretend it never happened. Nope and nope. They don't want to hire ASE to save money well there ya go. Hopefully in another year the used car market straightens out and I can get a good used manual transmission car and drive it for another 100k miles, if it breaks I'll fix it myself since the design will be simple.

[@lucysmith4242]

You will love the civic or fit Wish the best for you

[@DudeSweet072]

I have a civic, it's awesome. You will regret getting a manual though, can't use the phone when driving.

[@tenhundredkills]

@@DudeSweet072 You shouldn't be using the phone when driving anyway. The manual option is still a win, especially for something like a Fit or Civic.

[@DudeSweet072]

@tenhundredkills I one hundred percent agree. Then how do you navigate with out using your phone? I'm telling you, try it these days, it's a hassle. Last time I drove a stick, it felt like I was burning calories using it.

[@evoman44]

​@@DudeSweet072When I drive my manual cars I am too focused driving to be distracted by messing with my phone. But I can say with a high level of confidence that you will regret buying an automatic when it stats slipping and eventually dies if it was not properly maintained.

[@johnhinant970]

The economy is in shambles.

[@yoanmorales5556]

I think the best part of the video was when you said keep drinking some of that Kool-Aid 😂😂😂😂😂

[@johnmollet2637]

Put down the crack pipe, the rent is too damn high!

[@LuckyLopez777]

facts

[@michaelmarcell4734]

COVID suspended mortgage and rent pays for 24 months, also student loan payments were suspended for 36 months. The Great 🇺🇸 Gorge is over, everyone got full buying shit the did not need and the shit 💩 they really could not afford. Idiots exhausted supply drove up demand, Feds raised interests rate to STOP inflation, so here we are. The Housing Market resemble to car market, plenty of supply nobody buying. The fact is a lot of folks don’t really need or have to a new vehicle. Credit is 🇺🇸 welfare and debt program. A bunch of programmed consumers eating fast food and buying car they can’t afford because everyone around them is buying a new car. I know people who having them stolen and totaling them out on purposely now to get OUT of DEBT. Does not sound like ASSET

[@Xavier60Ha]

Our lease is up in two months Im fearful rent will increase again

[@johnmollet2637]

@@Xavier60Ha Sorry to hear that,hope things work out for you.

[@luissolano101]

I just sold my 2016 Tacoma it has been great and sold it for a little above Kelley blue book and i was going to buy a Ford Raptor for my next truck but was shocked at rates even with a great credit score i will still be looking at 7-8% i think people have the money to buy but either they are holding back due to interest being so dam high So i just went ahead and stuffed my money in a high interest yield account I don’t mind waiting 😅

[@frankvanfossan]

I have a 2019 Raptor that is now paid off with 51K miles and am currently looking to upgrade to a 2023 37 Pkg and my credit union quoted me 5.4% for 36 months and I am still hesitant to upgrade...don't blame you at all but the Raptor is an amazing truck! Take Care

[@luissolano101]

@@frankvanfossan thanks for the info man Might have to check out my credit union pretty soon

[@markthees5650]

@@frankvanfossanI bought a new 23 Raptor last December. It’s very nice but the price is steep. Lots of gadgets on it so I paid for an extended warranty on it

[@frankvanfossan]

@@markthees5650 I have a premium care warranty still in effect on my 2019 until 10/2025...the one I am looking at is Ford Gold Certified so would probably just roll with that for a couple years, if I buy it.

[@MX-CO]

What are you driving now?

[@gregcromer8406]

There hasn't been this much pent up demand since the war years of WW2. People are driving the oldest vehicles on average ever (12.6 years). Once the economy improves, there will be a tsunami of new car buyers, and used vehicles flooding the sales market. I'm surprised that nobody has vigorously concentrated on refurbishing older vehicles (9-12 years old) on a grand scale. There must be a shortage of mechanics to pull it off. I have seen so many solid cars, trucks, and SUVs at the salvage yard that should still be on the road. Pop in a rebuilt engine or transmission, detail them, and put them on the lot. They would sell fast to willing buyers.

[@zacklewis342]

The economy may not improve for a decade, but the coming recession will improve the car market (for buyers).

[@clintonlunn4357]

...been driving my 2012 fiat since 2012. Last year i paid cash for a motorcycle for something fun to drive and continue contributing to my retirement. Its not a matter of if i can afford it or not-its a matter of not being someone's sucker.

[@joeldoxtator9804]

I bought a brand new F150 in 2015 and I am glad I did! Over the years, I have bought tools to service it myself instead of paying dealers stupid amounts of money for repairs or driving it into the ground and buying new again. I have saved so much in comparison to the cost of a new vehicle these days. I could NEVER afford a new F150 now. The only way I will have a new F150 is if I keep mine brand news with next level service intervals done out of my garage. The f150 really hasn't changed since 2015 anyways. I have watched peoples behaviors with cars and it seems most just run a new car until the warrantee is up, then trade in for a new car. This is so wasteful it makes my brain bleed! Just maintain what you have people! It is 1000% cheaper and you will gain new skills in the process!

[@phaseboundary5323]

Build your savings in a high interest savings account, don't squander your income on a high-interest loan, then you're working for the bank instead of yourself.

[@tonystark19631]

Dealers still hodl'ing their own problem. It's not just the banks - it's that dealers are still asking covid prices. LTV is a percentage and if price is too high, LTV is too low.

[@bernie6355]

In Canada dealers refuse to sell below MRSP. I have cash and dealers will actually charge you more if you pay cash. So not going to buy until there will be some sanity in their world.

[@zacklewis342]

How can they charge you more? Settle on a price, and only then discuss payment.

[@grouchynorwegian8690]

Payments on $1500? Really? 50 years ago making minimum wage, I could own a car and pay rent and groceries. It’s so different today.

[@ryen49]

rich got richer everyone else got poorer blame the wealthy they did it to you

[@zacklewis342]

50 years ago people had basic math skills and some financial literacy and a sense of responsibility. We've created our own monster by allowing them to get away with predatory practices and appealing to our inflated egos.

[@A-BombEnergy]

I would love to interview you for a documentary I am working on. Wow, I have been watching you for years and you have really taught me a lot. You are a true inspiration Lucky and I plan on referencing you in a documentary on dealerships because you are one of the few who doesn’t roll loans on your inventory. Keep up the great work my friend. -Brandon

[@j.l.salayao8055]

Let's GO Brandon!

[@1991windsor]

The only car dealership I've ever had a positive experience with is Roush Honda in Westerville, Ohio. I believe this dealership is employee-owned. I have gone there looking for a car and I can assure you no one jumps all over you when you get there. I've had to literally ask for help before. I was at this dealership about a month ago looking at Hondas on a Saturday, and the place was packed. There are definitely still people buying cars.

[@overlordisgoogle8431]

Dealership and manufacturers deserve to fail. 50K plus for a thing that rarely lasts 15 years and depreciates like a brick thrown in the ocean is an absolute absurdity.

[@patricpolac50]

I read the title... and 1st word that came to my mind- GOOD.

[@ToeKneeT]

It’s wild to see that two dealerships were not aggressive at all to try to move a 2022 Infiniti QX80. Both aged units over 200+ days. In Vegas and in Cali.

[@j.l.salayao8055]

It will be a collector vehicle for display only and collecting dust as well.

[@shekool18]

Buying a vehicle needs to more difficult. I just plead an 18-year old who literally just barely graduated high school from buying a $70,000 vehicle with a $1,200 per month payment. I ask “what was the interest rate?” There was no response. They instead asked me what an interest rate was. Shady dealers and financially cavalier along with inexperienced consumers need to be rained in. There’s going to be a crash unless it becomes harder for careless people and dealers to buy and sell vehicles.

[@j.l.salayao8055]

This will be his Life-Professor-Tuition Fee. Better than some $700,000 student debt of someone that they'll never put to use. Sad but true.

[@thunderbird3694]

Donated my last car more than 20 years ago and it was one of the best moves I ever made!

[@j.l.salayao8055]

Yup, walking and riding your bicycles are good for ya!

[@breakmywalletmotorsport]

Traffic in Houston is not bad at all nowadays…because no one has money. We’re in a recession.

[@stevenj421]

I can tell you one reason there not selling, there way over priced ! And the banks and credit unions are putting a stop to this over pricing and loans over the LTV by leaps and bounds. It may not have caught up with car dealers yet but it will, and very soon. I have in my hands right now a Navy Federal bank draft for a truck-car dealer. You car dealers know what they are. On the front is says " Can Only Be Used for payment of 100% of NADA Valve of the Vehicle Purchase" That means just what it says. NF does allow a small amount over for TTL and the state admin dealer fee that's it. "Other additions must be approved". I was told the other day that TTL will no longer be include in the loans either , and that will be coming soon if not by next week. USAA and many other banks and CU's are doing the same thing. Also some are going strictly checks for payments to Car Dealers as well. I'm sure there is reason for it. So it Looks like this C@@p of over pricing is coming to an end soon, hopefully. Car dealers should've have known this was going to happen sooner or later. And now they are stuck with way over priced inventory on their lots. I suspect that this is going to have a detrimental effect on back end sales of warranties and other add ons. There was something about customer trade in's with a loan balance . There going to help you car dealers out there , but new rules will apply. These are two of the nations largest credit unions I think Navy Fed is the worlds largest by assets into the Billions $$$$.

[@jasonweishaupt1828]

Looking at a 2023 Ford Powerstroke, crew cab, long bed at Ted Britt Ford in Fairfax, VA. The vehicle is being stored in a shopping center parking lot. The vehicle has a manufacture date of May 2023. It was made in Kentucky. The sticker price is 65k. The vehicle needs a wash job. There are a bunch of new Fords stored here.

[@BurkyGolf]

"They don't make 'em like they used to". More true than ever before. Is it fair to argue that the amount of electronics, parts, and types of materials is driving up costs so much? Give me a vehicle that gets me where I need to go, not a mortgage on wheels.

[@tomw6308]

How are the dealers still paying their bills at this point? Where is the money coming from? I can't imagine banks are lending them money anymore when they can't move inventory.

[@zacklewis342]

Oh, they're taking losses, but that hasn't cut into the massive revenue they stockpiled during the great covid fleecing... yet.

[@justinjex1]

So, I get that meeting people out of context might make you think they are good people. That is fine. As you grow your brand, two things to consider. 1) A kids focused channel to help them understand finances and dispel the myths about buying cars. 2) maybe looking to have a Lucky’s certification for used car dealerships. Meaning, they observe your benchmarks of creating a positive buying experience. Its a win win IMO.

[@sabastian4858]

Hyundai Palisade high end $68,000. Absurd! Insurance companies won't insure them because they can be stolen using a Gameboy.

[@sokratzmmf]

I'm looking for a car and some dealers in the Southeast are still starting with bs fees/add-ons. Finding some decent dealers willing to negotiate.

[@LuckyLopez777]

Call your local tow yards. and look for charities the sell alot of cars too

[@oldfordman68]

Its a ticking time bomb and nobody can see the count down clock, what I see in my area the cars are still overpriced $125,000 for a New Ford truck is ridiculous

[@kevinjardine9528]

As always a great show. Can’t wait to you start doing the cars again. I remember them from before. You marking all the cost that you have in a car and how much you could make.

[@timothythompson4036]

Chrysler, Jeep dealers are in serious trouble. Stellantis is mismanaging them into the ground.

[@adalmallc1988]

Everything is too high. Not cars only. Houses Cars. Insurance. Dining out. etc etc

[@Jay7682]

Hey Lucky I wanted to thank you for all your videos the last few years. I just recently financed a used Toyota Corolla S and all the information you had in many of your videos really helped me make an informed decision. I followed much of what you had said, example, I went to the dealer pre-approved by my bank as far as financing, put a nice chunk if money for the down payment. Also, got the interest rate that i expected. I financed it for 5 years but ill most likely pay it off in 2 as I can double up my payments (i payed off my home and other debt before I bought this car. So my income to debt ratio is really good). Your videos really helped me before I started car shopping. Thank you!

[@minifunkable]

Economy is fantastic atm. Lotta jobs everywhere. Most ppl broke bc of their spending problems. Blame yourself not others.

[@jamesbell739]

Sounds a lot like the SubPrime loan market bubble. Only difference, the banks are losing money this time.... Sounds like a personal problem.

[@wespotter6985]

Dealers way overpayed for inventory and now they are stuck, now, low trade in values are the rule, and those cars can sell for less than the old inventory

[@LuckyLopez777]

$$$$

[@BryceLovesTech]

So since people can’t control themselves, we would assume the banks would be the adults in the room and tell people they don’t have good credit and they can’t afford a car so instead the banks loaned out loans with 200% of the value of the vehicle. Crazy.

[@user-df2ml7yd5r]

Hope your air condition gets fixed soon Shame on the landlord I live in vegas I can only imagine how U feel Lucky your content very refreshing and informative I agree💯 The banks are NOT lending Period! Thankfully I bought my last final car in 2020 Paid off! I'm done! Glad I dont have to deal with the nightmare Very happy with my 2020 Honda Fit I see car lots packed Nothing moving Pandemic days U could get 0 down Those days long gone Lucky thank U for your service👍

[@Yourmission9]

Dealers quite literally got themselves into this mess out of pure greed, and are reaping what they’ve sown currently. They were ecstatic to sell a new car for 10-50k above sticker but didn’t account for repeat business, now in spite of this Americans are keeping their cars for up to 12.6 years vs. typical 5-8 years they used to

[@RandysFiftySevenChevy]

It did not help having an administration in DC pushing electric vehicles that the infrastructure is not there for them yet

[@rhondashuman7730]

I still have my 2006 Honda Ridgeline. Have taken hood care of my truck. Raised my two kids who are in there late 20's we as a family only buy cash.

[@viniciusvitaliano354]

Scored 5k off MSRP on a new CAMRY. Never thought I would get money off MSRP on a Toyota

[@zacklewis342]

But MSRP was always aspirational, and only fools paid it. Then dealers/manufacturers inflated it. Your Camry will be worth half of that in a year; never buy at the top of a bubble. This is a common psychological trick. People will be happy to pay 35k if you tell them it was worth 40k, and pissed to pay 35k if you told them it was worth 30k, all for the same product. Assign your own value to things and don't overpay, regardless of the current "deal".

[@garnetheron4885]

I have one back my expensive I haven’t bought a new car in over 20 years. I still have the same Volkswagen Jetta TDI. I bought in 2003 brand new. I maintain it myself. I do everything myself and for my daughters I do the same thing on their carsdon’t let too much electronics

[@TheAndrew1025]

I wanted to buy a car but don’t need to right now, my DTI is less than 10%. My credit score is around 750, I went to a dealership and told them if they get me a OTD price on a vehicle that I wanted. They said no and now they called me and said they’ll do it but not interested anymore. I’ll wait til the end of the year not in a rush

[@ironvoice5079]

You can always refinance as long as you are not upside down or have extra money to pay the difference in value.

[@randomuserame]

I used to sell, the guy who trained me gave me this nugget: If you can't close, Its one of the 3 Ms Me, the Money or the Metal I guess with some dealers its all 3.

[@jimwilkey7294]

The same thing has been happening here in Idaho for a while now. The car industry is right behind the RV industry, going off the same cliff!

[@user-ir4we1nb8f]

This is the perfect time to buy. You set your (fair) price and wait to see what dealer is willing to take the loss. Try different ones. One will bite the bait lol

[@zacklewis342]

Right before the big crash is never the perfect time to buy. Even if you get a good deal, you'll be upside down a year from now.

[@DarkClosetOfTheMind]

My credit union in Western NY is 6.49%, if it is an older car then 7.24%.

[@LuckyLopez777]

nice. thanks for sharing

[@toddprater14]

Mines 6.75% new up to 84 months..7.75% used up to 60… that’s a tier credit

[@DarkClosetOfTheMind]

@@toddprater14 Would you agree that it would be a cool video for Lucky to gather all the interest rates from around the US and compare them?

[@toddprater14]

@@DarkClosetOfTheMind yes that’s a good idea… a video on that , explaining why cars sales. Have dropped… 4300 in interest at 1.9% for 60k@60 months is how people were flocking to dealers for the trucks s and the higher tier ones… now that same 60k @60 months is 13,000 in interest at a rate of 8.5… this is the reason why people have cut back on buying and car insurance going up for everyone…

[@donaldhays2552]

Are banks still loaning loaning too people who can’t afford the loan? Someone who should only be paying 600 per month are paying 1600

[@brucerosner3547]

It will interesting to see the real monthly car sales for July when they come out in a few weeks.

[@Joshtheweatherman]

Greedy corporations wanting more money, while more people are loosing jobs due to businesses falling under (or cutting back employees). Therefore, the average person cannot afford any car right now. Even used vehicles are almost the same price, if not, more than a brand new car. But it’s not just cars. It’s also groceries, power & water bills, absurd taxes, high interest rates on loans, credit cards, mortgages, etc.

[@Korruptionen]

What sucks is the smaller dealers are probably the better ones... but the big ones have access to more lending and therefore can wait out a recession and watch their smaller competition die. We paid 0% financing in 2020... and I think they are going to have to go back to something like that again to move these cars. I am in Texas and take a little delight in watching those lots fill up.

[@Papolucho702]

I talked to someone from Used Car Outlet in Vegas about a 4Runner. Buy here pay here, nothing down, 35% for 30 months So it would cost 12k for, so an 8k 17 year old car, no prepayment penalty, so about $400 a month Yikes

[@LuckyLopez777]

I hate to say this but never buy a car from Vegas. I always buy out of state much better deal and cars are in better condition

[@frankvanfossan]

For F##k sake tell me you walked away from that!

[@j.l.salayao8055]

@@LuckyLopez777 I drove to Oklahoma back in forth from Boulder City, NV to purchase my new Ram because the pricing is way more here in Vegas! What a blessed trip and lots of savings $$$.

[@NashvillePastaman]

Hey Lucky- lots of EV companys like Tesla reporting units delivered on their Quarterly Reports…… not units sold- maybe you can do a episode on that - deliveries v sales

[@richieduck67]

After being burnt in negative equity before now I just pay cash will keep my 10 year old car going until it dies

[@dannysdailys]

Tough cookies, as my Mom used to say. I tried to buy a 6 year old Challenger and the guy wound up getting more for it than it cost new. A 6 year old Dodge, really. Today, the guy who bought it is 15,000 dollars underwater on it. A 6 Year old Dodge? That's all it was worth at all and what I thought was a high offer to begin with! Tough, I don't feel sorry for him or his bank. I sold a nice little ranch house and was asking 169,900 for it, and I was prepared to go down to 160. The first bid was 210,000 dollars and of course I took it. I knew full well I was playing the market but I didn't expect that. I thought I might be able to get away with the full 169,900. Today, the buyers are 40,000 dollars underwater on their mortgage because the house is worth the 169,900 I was asking for it. Should I care? No, I don't. A fool and his money are soon departed. I did so well on it several of the neighbors put their own houses up for sale. What's amazing to me is people are totally oblivious to all this. Worse, we are about an inch away from nuclear war and no one even seems to be aware of it.

[@jaymoney2112]

I love how you put this vid and would like to add my daily is a 06 corolla iron clad maxed out odometer newer cars I pray they will last awhile but I’ve seen a few broken down etc qaulity isn’t there and most importantly the money isn’t there it’s not the car economy it’s everywhere that’s why there people steeling instead of buying food etc just gotta survive these days

[@richardlaing8536]

I am a customer that can afford a 60-75 k vehicle. But refuse to pay those prices. My vehicles are 2015-2016 yrs old and will keep them as long as vehicles are being sold at these prices and higher.

[@ryanmaris1917]

I think part of it is the additional months people added to get that monthly payment lower. Instead of turning around in maybe 3-5 years people will have the car for 6-8 years before doing a trade in. You multiply that by hundreds of thousands of auto loans it starts adding up quick.

[@XoppaiX]

A Corolla shoudnt cost $55,000

[@DavidBeckerSr]

Nobody is charging that!

[@LouisWritingSomethingCrazy]

We sometimes forget the fault that manufacturers have in this. Cause the dealers know we want $25k cars, but the manufacturers keep making $35k cars and sending them to the dealers. I'm not mad at a dealer, who I know would rather have the base model Prius on the lot, but ends up with the fully loaded sports package one because Toyota sends what they send, for example.

[@josephweiss2271]

So I guess the silver lining is that it's a good time for cash buyers?

[@LuckyLopez777]

yes sir

[@Plumber1111]

I have a friend that i served with in the military. i was an E5 when i left, and he was an E1 who had been in for a few mouths at that point. He had 36K cash from bonuses and money he saved. He wanted to buy a low miles Toyota camry for 22K. He don't tell the dealer he was a cash buyer until the paperwork was ready for signing as i told him to do. (I learned that lesson the hard way) They immediately jached the price up to 26K. He walked out the door and went to a mom and pop independent dealer down the road from him and got a similar car with a few more miles then the big Toyota dealership. Got it a cash buyer discount of 700$ and way better service. And was 2500$ cheaper than the big dealership.

[@Anamericanhomestead]

But Joey B. Says the economy is fine. I'm not sure I can hear you out when Auntie Kamala is saying the exact opposite.

[@zacklewis342]

Why are you listening to politicians in the first place?

[@pewpewtactical5288]

💯% correct about people living above their means. I work in a steel factory where we all make a pretty decent wage, at least in fabrication. So many guys in fab bitch about being broke and the economy blah blah yet they drive to work in 70k lifted trucks. I don’t want to hear that shit so I tell them to quit their bitching and sell their truck. They look at me like I’m crazy as I still drive to work in my ‘10 ford escape with 180k miles and no payments. Would a new truck be nice? Of course. Just waiting for the bubble to completely pop. It won’t be long.

[@snowrocket]

It's the same where I work. Three of us are very astute financially and drive paid off used vehicles. Three others are way in debt yet insist on newer/expensive vehicles. Then they complain about how expensive everything is. Three others seem to live within their means, pay their debt, and aren't complaining too much.

[@wespotter6985]

Can't believe you can walk away from an overpriced loan, and borrow again for another car.

[@LuckyLopez777]

crazy times

[@indycharlie]

He said they were getting a 2nd loan for another car , then after they bought that car . They then let the one way under water go back.

[@floridaman7]

It allows them to pay the second car and use it while their credit is bad for seven years

[@Lwnmwrboy5]

What Lucky was trying to say was the market needs to find equilibrium again. The only way that happens is with liquidity (churn). There is something definitely wrong with the market when dealers are asking the same price for a 2 year old vehicle as the current model year.

[@Txcowboy80]

Social media has helped a lot of people that would otherwise get bent-over by stealerships.

[@n0xxm3rcyxx]

people dont have money... yet prices are still climbing... especially for housing... its crazy and something i dont understand.

[@DarkClosetOfTheMind]

They do make portable (rolling) AC units, it might make sense to invest in one of those. ;) Hope your cheap landlord gets their act together. I've been teaching my kids to save up and buy cars with cash vs. financing.

[@LuckyLopez777]

house is 16k sqft. they wont work lol

[@thetrain1919]

We just gave my wife's new SUV to carmax, paid the diff on the lease and went all cash on a 10 year old LR4. Best thing is to get out of financed cars now if possible.

[@living-wellon-less5669]

It's going to get much worse before it starts turning around, I am seeing pawn shops that have so much stuff they are putting it in their parking lot and chaining down!