IS THE CAR MARKET FINALLY CRASHING? USED CAR PRICES SUFFER THE LARGEST DROP SINCE THE PANDEMIC!

Рет қаралды 5,585

Күн бұрын

I breakdown the latest data that show wholesale used car prices fell 4.2% in June from the previous month and 10.3% on an annual basis, according to the data, from the Manheim Used Vehicle Value Index - the largest monthly drop since the pandemic hit. I discuss this data and what it could potentially mean for both the prices of the used and new car market. Has sanity finally entered our reality once again?
www.axios.com/2023/07/10/used...
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Пікірлер: 45

@pilotgirl5953 10 ай бұрын

I’ve been watching the Corvette market for a couple years now. I’ve been advising everybody paying over MSRP you are crazy these are depreciating assets and when they start to depreciate they are going to depreciate from MSRP not from what you paid for it so it looks like maybe next year I’ll be buying a Corvette at a much better price. love your vid great info

@carswithsonduren 10 ай бұрын

Yep completely agree. I think the last couple years really screwed peoples perceptions but the reality is soon going to hit. Definitely wait till next year. Glad you enjoyed the video and welcome to the channel!

@carswithsonduren 10 ай бұрын

Just some anecdotal data on me following prices for my Gen 1 R8, prices are down a modest 13% from the peak thus far.

@denvernn 10 ай бұрын

Yup prices are coming down! Thank goodness. I have been eyeing an M3 as well. I watched the car sit for almost 1 year at a BMW dealership. It was originally listed for 44k for quite some time. Then it dropped to 41, then 39, then 37, then 34. Last week it was 32. Its likely sold now as the listing is gone.

@carswithsonduren 10 ай бұрын

Wow that is nuts lmfaoooo. Still too high IMHO

@shaba.4114 10 ай бұрын

Prices for Lexus are coming down too

@Slickpete83 10 ай бұрын

*car prices dropping is music to my hears. what I'm wondering is when ordering a Toyota Hybrid will go back to normal pre 2019 wait times*

@carswithsonduren 10 ай бұрын

Good question. They seem to be the most sought after new vehicles. They still may suffer supply chain shortage’s for the next 12 months who knows 😢

@kuruption1983 10 ай бұрын

Awesome video! I’m involved in vehicle wholesale and this is definitely happening.

@carswithsonduren 10 ай бұрын

Any other insight you can share?! Really curious

@kuruption1983 10 ай бұрын

@@carswithsonduren currently there’s a massive slowness of sales of used vehicles above $30,000 due to interest rates. If you check inventory, many have been sitting since earlier this spring with no action and dealers are not willing to drop prices; but soon they’ll have to cave in and take a massive loss on inventory. Dealerships with high end cars are going to take the highest hit unless they’re smart and move inventory now.

@sukhidhillon8576 10 ай бұрын

@@kuruption1983 I am thinking to start used car business next year in march. Thank you for this information. I will start with 10k to 20k prices cars.

@thatsreallyamoon 5 ай бұрын

@@kuruption1983 Do you have any further insights/updates on this now that it's been a few months? Do you hold the same opinions

@HeadlessChickenTO 10 ай бұрын

Good timing too, we need to pick up a 3rd vehicle sometime this or next year. But man, the interest rate at 10% fir a used car and 6% on new.

@carswithsonduren 10 ай бұрын

Yea that’s insane. The amount of interest you are paying each month is ridiculous. Wait it out if you can, the market is going to look very different in 2024.

@HeadlessChickenTO 10 ай бұрын

@@carswithsonduren I was looking at a 2016 Jeep Cherokee Trailhawk, a little under 100k km, $28k out the door. 6 year finance was $450/month with $10k down!!! That's equal to what my wife is paying for her 2022 Mazda CX5 GT new with about $6k down.

@carswithsonduren 10 ай бұрын

Wow lol. That’s actually insane man. Sanity will come back to the market.

@taysan98 10 ай бұрын

It’s really hard for me as a new grad to get enough money for a used car, esp when I want a is250 lol

@carswithsonduren 10 ай бұрын

Prices are coming down, fingers crossed for the market to correct by the end of the year.

@dappawap 10 ай бұрын

according to report 3 days ago. In Canada New Cars average price up 20 percent past year. Still left over supply issues, etc.

@anthonymartinez4307 10 ай бұрын

I refuse to pay 65, thousand on something that was sold for 40, thousand dollars. There’s also a tax and if you finance it then your liability paying double. The bright idea caused insurance to jump like if everyone has money to burn. My advice is don’t buy just keep your vehicle and fix it there’s no need to be enslaved for a new car or new used for them to come take it if you hit a bump on the road.

@carswithsonduren 10 ай бұрын

This is the truth ^

@18_rabbit 9 ай бұрын

@@anthonymartinez4307yep, tax is high in many US states, and super high interest rates vs 2-3 yrs ago, makes it a no go for most households, at least ppl who are part of the formal economy!

@billybongon5535 10 ай бұрын

Hopefully going down crazy prices recently

@carswithsonduren 10 ай бұрын

Yep the cracks are finally starting to emerge. It will take some time until it goes through the entire market.

@anikdasdigital 10 ай бұрын

Your videos are amazing. I really like it. I am a new subscriber to your channel. Can I talk with you Souduren?

@carswithsonduren 10 ай бұрын

Thanks man! What’s up?

@anikdasdigital 10 ай бұрын

@@carswithsonduren Good and u? Did you read my email?

@CONQUISTADOR79 10 ай бұрын

Man I and I sold my 2010 Lexus is250 with 60 some thousand miles for a 2016 Nissan Murano same mileage ….. the Lexus I was paying monthly for it well the lender screwed me over bad 😡 anyhow I wanted to buy a roadster I was looking at the Audi or even Chrysler crossfire converter or even coupe anyhow what kind of car would you recommend as a fun car that’s reliable ? Love your channel brother by the way I’ve messaged you before about a question on my Lexus have a blessed day brother

@carswithsonduren 10 ай бұрын

How did the lender screw you over? It really depends on what your budget is really, how about an older generation S5? Not really sure without knowing the budget 😅

@CONQUISTADOR79 10 ай бұрын

@@carswithsonduren they sold me a car for 14 thousand and out the door 17 I understand I had it for 2 years Payment high due to bankruptcy I did first and last I hope 🤞 anyhow when I called them telling them that I couldn’t keep the car any longer I’m retired and we’ll they took it back and I got a notice that I owe them 15 thousand cause they sold it for cheap at an auction does that sounds right??? And budget under 15k pls

@carswithsonduren 10 ай бұрын

That seems wrong in every way man! Did you talk to a lawyer about this at all by chance? Something doesn’t feel right.

@CONQUISTADOR79 10 ай бұрын

@@carswithsonduren no I did not I felt it was wrong but now I am going to since still fresh

@CONQUISTADOR79 10 ай бұрын

@@carswithsonduren thank you my brethren you rock man

@anthonymartinez4307 10 ай бұрын

It’s outrageous that people are willing to pay for vehicles fully knowing it’s not worth it? The people who buy contribute to these dealers charging outrageous prices. It’s absurd that they want to give less car for your hard earned money. I’m personally going to not buy anything it infuriates me that not only did these morons raised prices to unrealistic levels but pushed insurance into charging people more as if we agree with getting stiffed.

@carswithsonduren 10 ай бұрын

Completely agree with you Anthony. It feels like a scam to a degree. Wait it out if possible. What happened in the last 3 years over COVID will be a future university study.