What's Causing The CAR REPO Surge In 2024?

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Today, we're talking about something I'm starting to see more and more, repo cars! The stats say it's up and there's no wonder! Let me know your thought in the comments!
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[@crzldesign231]

When i was 18 i worked and saved up £600 for an old banger. I felt like a winner. I guess that winning feeling only comes from a brand new 40 grand Audi on PCP these days!

[@MarkyBoy-z5w]

Only mugs are impressed by the shiny shiny never never trinkets

[@aran7teen]

It’s not a repo crisis, it’s a materialism crisis. Sooooo many people trying to drive cars they can’t afford. I’ve always paid cash for my vehicles. I don’t think many people do that any more. It’s all about figuring out the most a person can pay each month for the car, then figuring the nicest car they can get.

[@ashleesales9318]

Bloody right. Materialistic pricks and everyone is going to pay

[@hartpa]

Absolutely this.

[@BarryRudge]

I'm the same have paid cash for mine the last 30 odd years, however if you do need finance the best place to go is the Bank and not finance companies

[@davidwainwright2816]

Too true 🎉

[@MrCoxerbg]

Spot on, and it doesn't stop with the cars though. Consumer and peer pressure, people wanting the latest tech gadgets and designer clothing, wanting to go out all the time pubs clubs and dining. cut your cloth accordingly seems to be non existent these days from a lot of peoples thoughts.

[@johnbrown3471]

People haven't got 3 or 4 grand in the bank to buy a decent used car but can easily and will gladly borrow 10 grand + to finance one. This is the trend that has immigrated from the US.

[@d.b.cooper1]

Yep, classic modern materilism to post on instagram/show off at school gates. At same time there's been huge growth in junk financiers who lend to anyone, which they target via social media ads. The yanks consumer model/love of debt has always been one to avoid....they recently legalised online gambling & as expected they took it to the extreme in a way even us brits never did....let's hope we don't copy that trend either.

[@chrisblay]

A lot of people leveraged themselves to the limit, in order to get expensive motors when borrowing was cheap. This is the fallout from an overheated market.

[@richrender-xy9em]

Agree, that and just general living costs going through the roof.

[@poppylane1]

For a few decades, people have slotted into what I call a throw away society, new phone, cars because their mate have them, clothes, houses and everything in them, I'm a cash buyer because it's mine, and then I'll only buy what I can afford, instead of this I want it now at any cost. nobody saves up anymore, I got nothing off my parents, so I'm proud to own everything by working hard and saving. I think today people need to grow up and live in the real world.

[@jayp5169]

Joe you need to move the plant from behind you or take the video from a different angle as you look like Julian Clary sorry I meant to say Julius Caesar 🤷🏻‍♂️🤦🏻‍♂️🤣

[@MaxMax-th7uz]

Think the camera man put the plant there on purpose !

[@Graham-rc1cp]

I look at all these 21 year old kids running around in £30k MINIs and the likes, and remember back to the old bangers that were the norm when I was that age, and I come from a comfortable middle class area, and wonder how these people are doing it. If you can’t afford to pay cash, you can’t afford to own it. And I don’t care whether that hurts. Cut your coat according to your cloth.

[@MarkyBoy-z5w]

I can buy a great modern classic ICE for under 3k. Paid for and mine. People are stupid wasting their money 😂

[@tayoanchor]

Well said sir

[@danl5592]

Pay cash and find cars for half price.😂 I bought a nice 1994 Mercedes s class for £500 drove it for 10 years. Sold it for £500 and put the number plate worth £1000 on a retention certificate. 😂

[@BarryRudge]

They have them on a lease, all they end up paying for his the depreciation then hand the car back. Plus a monetary ppenalty if they exceed the contracted mileage

[@sg-tp7sc]

Very true I passed my test in the 80s.we all had old rubbish cars and were pleased with them

[@Nicknofish]

I reckon the October budget will be the big indicator! Great video, as always, Joe.

[@aerial558]

Yep the shit will hit the fan.

[@Evergreensands]

First car 17 was £500 banger, cheap insurance and breakers yard for replacement parts. In 2024, 17 year olds are driving brand new Audis, Mercedes and minis...good luck to them

[@MarkyBoy-z5w]

But we all know they don't even own them. 😂

[@andrewwaller5913]

All owned by the finance company.

[@thatpeskyswan]

Another problem is the price of car parts, especially for euro 5 and 6 vehicles, DPFs/Adblue systems/Nox/ +other useless sensors for rubbish like ADAS etc. etc. are very very expensive. People A. can't afford the repairs on their cars; it may have cost them 2-3k to buy it and now its 2-3k to fix it, then they think "why spend this when its uneconomical when I can finance a car or find another one for 2-3k" (THOSE CARS REALLY DON'T EVEN EXIST AT THAT PRICE POINT ANYMORE) so, they end up in a cylce of financing a car or PCP which they couldn't afford in the first place, only to miss payments due to massively high intertest, high finance, poor credit scores, over priced cars etc. and that's when they default and end up getting repossessed. We've seen 15 plate, 16 plate cars that were once 30k,40k,50k+ getting scrapped because they're simply too expensive to repair. a 2016 Jaguar XE got totalled w/us last month as it was going to be nearly 10k to replace the engine/turbo/dpf etc. It's a really bad problem. This doesn't help that dealers have been giving people with awful credit scores/history massive car loans on not just cheaper end but also very high end cars like expensive Mercs, Rangerovers, BMWs etc. They're also to blame! this fake materialistic world doesn't do people any favours, wanting a new car every 1-3 years is mental.

[@TrumanShow-im2ve]

All designed to fail on the trojan horse of climate scams and Marxist net zero.

[@petegreenfield8366]

Unfortunately, when central bank interest rates went to 1%, people borrowed as much as they could to buy houses, cars etc etc. We were knee deep in cheap money and people seemed to think the rates would never go up. Young people have some kind of excuse, but not those old enough to remember 17% under Norman Lamont.

[@MARTINA-gc3tq]

The only surprise is that some are surprised. The high bank rate (by recent history) was bound to cause difficulties both for individuals and corporations. This was the BOE's intention when it realised inflation was out of control. What a great time to buy.

[@davidshanahan5134]

Because almost everyone borrows for cars there is no need for cars to be cheap, or at least less expensive. The whole vehicle ecosystem factors in that repayments over up to 7 years are somewhat affordable per month, though financially very unwise. If vehicle finance was unavailable, manufacturers would be forced to offer cheaper cars. A consumer boycott would force prices much lower across the board. I save up and pay cash myself, but I tend to keep my cars for 10 years or so and get my money’s worth.

[@richrender-xy9em]

Living within your means has never been more apt… I think it’s more systematic of a “want it now “generation.

[@williamfence566]

Always paid cash outright so they can't take mine. Did look to change recently but a 40% increase in insurance on the car I was looking at meant I'll stay with what I've got. Owning a car is going back to the automotive start when it was a privilege not an expectation.

[@simonthegreat543]

We looked around at replacing are 9 year old focus. We always bought nearly new. Prices are crazy. We are sticking with the focus! Dealers were desperate to sign us up to crazy pcp deals. No thanks.

[@chrisreadman4282]

Need to get lizard lick towing back on.

[@paulmorden3130]

Glad I’ve found this channel. Great content. Scary seeing what is happening in the world of credit. Times are getting increasingly difficult.

[@muddertruker]

VERY GOOD video Joe!! You come across really well in this one!

[@grahameelton1899]

Well. We’ve been through a boom which leads to euphoria and people leasing cars to the limit of their ability. Three years after the peak prices for cars and with all the money pressures, buyers from 3 years ago are underwater with negative equity etc. Especially private EV buyers. It’s little wonder we’ll now face 18 months or more of this Repossession upsurge.

[@Kingdonnerkebab]

Showing off! Its the way of most of the world these days. Out in Portugal when I lived there it wasnt much of a thing and all the better for it.

[@TheRastler]

I think it will get worse as many buyers are looking for high end marques , it is amazing how many Range Rover, BMW, Audi and Mercedes are being driven by under 40’s also the amount of Chelsea tractors doing the school run, I would hazard a guess they are either on finance or on leasing agreements. Either way they still have to be paid.

[@bobmartin5101]

Al the wannabe's on PCP, who fake buy things they cant afford has caused this issue. The prices are not reflective at the dealer forecourts though. A 24 plate car is is under a thousand pound difference to a 21 plate same model? DEalers and finance companies are once again taking the piss with rates and prices.

[@d.b.cooper1]

A lot of people simply had cars they could never afford in the first place anyway. This 'financing' culture in recent years has gotten out of hand. Welcome to the Instagram era of showing off & keeping up with the mums at the school gates. The rise in junk credit financers who mass advertise to the working class doesn't help either.

[@islasandjessicas]

I had a car on finance over 20 years ago now, and got into difficulty, a representative from the finance company, ( a colour and an animal, part of a high street bank ), came out while I was at work and told my other half that I could hand the car back with nothing to pay. I did this and they sold it at auction for a third of it's value, and then came after me for the remaining money, totally different to what their rep had said! I'm fortunate that I was able to buy my current car outright in 2016, and so don't owe anyone a penny.

[@garyputtock4159]

Problem is low interest rates meant a lot spare income for nice cars. I know of people in 4 figures for their cars. Then interest rates went up and up. There’s the bite. Look at housing market a lot of houses being sold as they can’t be paid for.

[@composedlight6850]

But 2nd hand cars are still very high even for rubbish .

[@DJ-SPARKY-REACH-ON-AIR]

I am a full-time and I know the financial world is very very unstable right now in the UK and the cars i had that I've had got repossessed no fault of mine but because I become to ill and the company behind all when bust and I am still today paying off a little bits and pieces because of their fault. But I don't even have a pot to piss in the time when you are very illen disabled and companies trying to take advantage. The way things are looking at the moment the society we're living in it's gonna be a lot more problems very shortly because o a p and the disabled and the infirm will have nothing when the government's finished i'm wearing money are we going is trying to keep warm this winter and trying to keep food in the cupboards

[@bruceshaw2402]

The cars being repossessed are down to people spending money they haven’t got , in other words living beyond their means , I was bought up with a simple rule " if you cant afford it you cant have it " its stood me in good stead all my life .

[@MarkyBoy-z5w]

Maybe cost of living price gouging is a factor.

[@stivowen5710]

PCP, they can’t make the payments with other prices going up so much

[@djohn1671]

i was '''''told'''' that lots of new 'arrivals' who have come to the country are being pushed through for loans/finance and then simply don't pay.

[@10mbc]

Have I've been facing difficulties from increased insurance premiums? No, my insurance premium has not increased. How about from the interest rate? No because I have not financed my car, I bought it outright. I just know I can't afford an Audi or a Tesla or maybe an Ioniq 5 and I just bought the car I can afford, a Hyundai i30. It really is not that difficult. If you can't buy it outright, you can't really afford it. If you can only "afford" your payment for 5 years or more, you can't really afford it.

[@RichieRouge206]

This holds zero surprise to me at all. The number of people driving cars that are way and above their means for decades is going to fail. Yet another reason why I love my 20yo V70 which owes me nothing and is worth every penny maintaining it. In fact, it's an appreciating asset as they're in big demand. As they say, things that go up, must go down.

[@ComeJesusChrist]

It’s not just that people get themselves into high-interest and high-cost debt for grossly overpriced cars, but there is irony in the reality of these cars being awful. Car manufacturing passed its peak over ten or fifteen years ago. Nothing since served anything other than chasing false and delusional emission targets and to undermine private motoring. Twenty year old cars are more reliable than recent ones with plastic and low quality rubber in the engine bay, even in the engine. Emission control devices like EGR, DPF and even the turbos they fit on small engines do nothing useful other than destroy the engines sooner. When you can’t pay cash for a car on your own, that’s a sign that you cannot afford it.

[@acelectricalsecurity]

A lot of people in the UK are and have been living beyond their means for a long time. We seem to have a lot of German cars on our roads these days previously we would have seen more fords and Vauxhall's because they were cheaper but those people want to drive a Merc or Audi so they stretch themselves.

[@Mariazellerbahn]

Ten bob millionaires trying to look flash on credit. I always buy my cars cash but the price of driving these days and the small amount of mileage that I do these days (less than 2k miles per year / 38 miles per week), it is cheaper for me to call for a taxi.

[@alistairjenkins7973]

Very good point. People are hurting 🙏

[@TryDiy]

It's got to end somewhere, Mortgages, car finance, car insurance (which has doubled in 18 months) Utility bills, enough is enough.

[@GeekOfShaves]

100% their is a recession and depression on its way. Its taken longer than i predicted. Great to see you getting the low down from the US and seeing what the market over there is doing. Top results. Your a clever guy with the finger on the pulse, so you know how to react best. Little tip, its always the middle market in any market that hurts first. The low level people down grade into like you said, but those in the upper levels have so much disposable cash they always have the money. They do as report3d by Astom Martin and Bently sometimes not upgrade in sympathy though 👌

[@raybeer5213]

*there, not "their". Basic grammar.

[@aerial558]

I look for a car I can afford to buy without financing or leasing. I don't want a monthly ball and chain and a decreasing liability.

[@MarkyBoy-z5w]

3k will get you a cracking E46 or even 645 bimmer.

[@aerial558]

@@MarkyBoy-z5w Not my style or interest, but maintenance is a major consideration when purchasing a car as well.

[@dan44zzt231]

That was a really interesting video Joe, like the short punchy editing style. I know another issue is the huge repair bills on modern cars, sometimes people stop paying and get it repossed rather than put more money into a major repair. Always makes me suspicious of repo cars at auctions.

[@toms4097]

Nice compact video. Personally I’m always a cash buyer & try to only buy cars that will appreciate, definitely not depreciate. I do the same with everything because I want it to be mine & as cheaply as possible.

[@davidfisher2359]

Hope so, lots of cheap cars suddenly available !!

[@stevetodd7030]

I dare to think what liebour will do to the motorist in October. It seems governments want car owners to bear the brunt of filling the coffers. I expect petrol, insurance and road tax to go up in the budget, and whatever else reeves can put up too.

[@lythalls]

Liebour said like a true Tory “fluffer”.

[@stevetodd7030]

@@lythalls Not a Tory lefty loser.

[@GoalSquad666]

And here I am Just paid off my Lexus and bought a 2nd car for under £800 as a practical beater. Have 2 cars what are mine. Don’t need the newest and shiniest.

[@MarkyBoy-z5w]

As and not boring EV or SUV either 👍

[@monkynuts1261]

Thanks for that information.Good video 🎉

[@999hireactionvehicles9]

So many people loosing their jobs and income

[@V.Ranger]

My friends emigrated to Canada 10yrs ago. Every time they come back to visit they are gobsmacked at how new all the cars are compared to Canada. A "Keeping up with the Joneses" dose of envy cured by assumed cheap finance beyond their means are the first ones to crumble. I will buy a prestige ride for cheap in 2025.

[@MarkyBoy-z5w]

Rather have my lovely 22 year old E46 330 than a boring EV or SUV 😂

[@davidfox8078]

It must be a materialistic thing . I got to late 50s before I bought a brand new car. But see 20 years old driving 23 and 24 plate audi or BMW. How can they afford it im thinking ...

[@MarkyBoy-z5w]

They never own them. All leased.

[@dave-huston-dublin]

The problem now is people are so hard pressed they wont be able to afford these repo's, This will make 2010 on stuff more valuable. Remember this is all been done on purpose by governments across the globe. All the Best.

[@MarkyBoy-z5w]

Spot on. The economy is being changed from a share holder to stake holder one.

[@eastlondona.m.w2886]

I've bought salvage cars for the last 30 years its the perfect way too get a decent car for a lot less money.

[@MarkyBoy-z5w]

Fun as well as you can work on them. And you can get so much for a few grand or even less. 👍

[@ribticklers]

I bought my first car in 1988 I saved up as much as I could the 12 months before and then spent days looking for a nice motor in the classifieds.... Bought a MKI Escort, four door XL converted by its previous owner with a new engine which was a Mexico from his rally car (he also welded the rear diff which made handbrake parking fun... but hey I was 18 lol) The car cost me £395... that’s what I could afford cash up front. No getting finance and a younger car, most people were wanting what we would call bangers now. Even a local car hire firm was called "rent-a-wreck". The problem now is that every other person wants a vanity drive... something that makes them look good or gives them perceived status rather than being practical, affordable, and reliable enough to get them from A-B. This crisis isn’t down to the cost of living its down to the credit companies making debt easy especially for younger motorists.

[@MrRedfreds]

I smell a recession..

[@therealunclevanya]

04:18 Admiral have just written to Mrs Vanya saying they will not renew her insurance, 10+ years NCB, Toyota Hybrid. She looked online and those that will quote want minimum £200 more (on top of the £200 rise last year.

[@ksturmer5388]

You have to factor in these days extra costs in motoring for toll roads, stupid and not even scientifically proven LOW Emission Zomes and now ULEZ too. Then there's the horrendous charge for insurance due to ELECTRIC VHICLES and lack of parts for them and also now, ICE. It's all gonna go tits up. People financed vehicles a couple of years ago during lockdown for inflated prices, now the cars are not worth as much cos the market has dropped so they get repossessed by the banks who try to sell these cars at inflated prices and no one wants them at inflated prices. A bit like EV's!!........ 17 percent only now in new sales and declining rapidly.

[@BRFC23]

Great infomercial for VehicleScore....great monetisation of subscribers!

[@davidmccready6471]

Own my 2016 Suzuki Swift outright had it for 4 years and paid cash for it and my insurance renewal 2 weeks ago was £192 fully comp and £35 road tax. I look at youngsters driving about in cars that they would never be able to buy outright and think yes you might impress your mates but you are throwing money away.

[@DF12]

I bought a wee 208 GTI in 2022, hit 100k miles and VT'd it back to the finance company, such a great thing so I don't get hit with the shortfall between PX and settlement figure since vehicle prices have dipped in 2024.

[@malcolmwhyte5856]

There are many reasons why someone might hand back a financed car. While some blame consumers for over-leveraging with unaffordable vehicles, others point to skyrocketing repair costs and insurance premiums. But let’s not overlook the finance companies' role in this crisis. They frequently offer subprime loans to people with poor credit, missed payments, defaults, or even a history of repossessions, locking borrowers into long-term, high-interest contracts. When things go south, they hide behind laws that force consumers to either pay off 50% of the contract or return the car, often still owing thousands. Take, for example, one case where a man owes over £16,000 on his vehicle. The finance company wrote to say they’d auction it for around £4,000. When he offered to pay £4,000 to keep the car, they refused, insisting on the 50% rule. Now, he’s stopped his payments, bought a second-hand vehicle, and is waiting for the finance company to collect theirs. This situation shows how the system is stacked in favor of lenders, leaving consumers with limited and often unfair options.

[@Thatguysbackagain]

I had a seat leon fr e hybrid cost me 300£ a month, so i saved up got an audi A3 8P1 2.0tfsi quattro for 6k, ive since spent that on it fixing problems

[@HA05GER]

Crazy people buying stuff they cant afford and loads of negative equity. Mate of mine was selling an smax for £4500 someone had financed it last November for 11k its insane.

[@martynsal5633]

So many people made the mistake of pcp, then kept upgrading their cars after 2 or 3 years with negative equity. You want a new car? Just lease it, low down payment, hand it back in 2 or 3 years. Or, buy a used one. PCP is a scam.

[@semiretired86]

Copart even has a repo lot just watch Auto Aution Rebuild's walkarround videos from Copart in Oklahoma City there's 30 and 40 minute Copart videos only with repos on his channel

[@DrBarkles]

Hi Joe, very interesting video. I work for a very large car finance company where I’m fairly senior. I think it’s interesting to hear about the rise in arrears and Hostile Terminations, as I haven’t noticed the same trend in our business, which leads me to think this is much more of a sub-prime problem, and makes me fear we’ll get to a similar position of the mortgage crashes of 2008/9 I think honestly a lot of these sub prime lenders are running the risk of being Icarus, the FCA with their New Consumer Duty has cracked down hard on how finance companies treat vulnerable customers, and indeed ensuring that customers who shouldn’t be financed aren’t.

[@JonahX-ui9tf]

When I was 18 (I’m 47) I bought a Renault 5 gt turbo and some tools as I was an apprentice engineer, which was the norm - minis, mark 1 fiestas, ford turbos, Astra gte etc, own it, learn it fix it, but by the time I was 20 the people who were 18 were getting brand new 1 litre Clio’s etc because insurance for them suddenly became extortionate, that was the start of the lease everything bubble. When I bought my first house when I was 20 I had a plate some knives and forks, my dad gave me a sofa and a washer and I bought a bed, that’s it I then built from there, I didn’t borrow money, I didn’t lease anything I didn’t rent anything, it’s how you start out, since 2008 that changed, interest was low and debt has ballooned, assets have increased because of that debt devaluation of our currency. That’s due to the business models to get growth from debt and make profit, it always in history ends, debt has to be repaid and to do it currency is further devalued to prevent default, that’s all that is happening, people have to prioritise which debt to pay, which is always going to be the home, everything else suddenly becomes a luxury so returning the asset clears the debt, that simple. The smartest will adapt and flourish, the majority will suffer. It’s up to the individual to work out which direction they are heading, they need to plan and work hard, that’s the big old cycle of life.

[@grahameelton1899]

Joe, or anyone at Shufting Metal/Barrow Motors, there’s about to be a much better way of trading cars and managing a dealership. I’m in touch with James at Car dealer magazine and more than happy to discuss with you, with a view to joining a mentor podcast..

[@MrJerry1902]

It's almost impossible to sell a car privately above £5000 anymore as they now buy on the never never with an average of 30%added on for interest.Think car "dealers "are more like credit brokers and I c alot of inflated prices on cars on average £2000 more on a £18to £20 thousand vehicle so they offer a dilissional interest rate to rope a dope.

[@nekite1]

Got a small loan from my bank to buy my car - much lower interest rates. Purposely bought a small, cheap and reliable car which only costs me £25 a year VED, is capable of 55+ mpg on a motorway and the insurance is cheap. Buy the car you can afford to run, not the car that you think makes you the look like mutt's nuts.

[@ColinRALPH-i5g]

Used car prices rocketed due to severe shortages in the aftermath of covid. Therefore very unusually astronomical borrowing followed by recent and severe depreciation has resulted in huge volumes of negative equity. What goes up has come down with a big bang this time. Sad but inevitable!!!

[@alexselby349]

People living Champagne lifestyle on Lemonade Money. A lot of VTs coming via Santander, it can be the excessive interest in PCP deals. VT can have a sting in the tail though 😮

[@judelinton]

I blame the main dealers with there is only £……… per month sucking folk in without telling them the true cost of finance, I am 60 and owned around 8 cars since I was 17 all bought and paid for by saving up, not what Hoe wants to hear hahaha

[@lancedwyer3742]

I held off buying a car for 3 years while prices were overly inflated. Recently purchased a vehicle at $10k less than it was a year ago. Put a decent deposit. So negative equity for me. Financiers who loan money on overly inflated priced cars the last couple of years. Need to have a good hard look at themselves. Was it ethical to put people in that position giving out easy finance.

[@tomoreilly9932]

People buy a lovely shiny new car,take out finance to pay for the bulk of it,then three or four years down the line when the car isn't so shiny and new and the buyer becomes bored with it, they're either reluctant to pay off the finance,or just can't pay.also people are buying way beyond their means,buying 30 to 40 thousand pound cars when they can only really afford up to 20 grand.

[@hojo9115]

I just replaced my very old car with a much nicer newer one. I bought it from the suzuki dealer and paid in full. I wouldnt want finance on any car. If I couldn't afford it I wouldn't have bought it. I do sympathise with people who need to finance a car though, it doesn't take much to derail someone

[@jonnymallaney5051]

Why are we surprised when we are giving 20 yr olds brand new Audi’s it was only a matter of time 🤷🏻‍♂️

[@1701_FyldeFlyer]

my sonhas a company van but he and his wife want to keep up with their mates and have the new, shiney car every 3 years. I said to them maybe your friends are trying to keep up with you with a new car every 3 years and you follow them. It's a vicious circle and they're paying 500 quid a month lease costs. I never paid that on my mortgage!

[@glynluff2595]

So with all these cars they cannot afford why do they drive them into substantial floods to the detriment of all? The real trouble is people are too bloody Greedy! Years ago - many years ago we saved and bought a banger then traded up. Now they are invading the classic car market where they take advantage of MoT and taxation advantages which will be rolled over very shortly. They are not repairing or keeping their cars safe so expect to see MoT make its return shortly and taxation for Historic vehicles.

[@zzhughesd]

Americocentric Joe ?????? We’re still in UK. It’s getting hard shift metal tho. Up here. Cheshire

[@Mach_One_Photos]

The American car finance market is mental and people buy cars on monthly payments, so you can buy a 10 year old 100k mile car and they will offer 72 months finance to keep payments down. And that is only going to end badly because there is a good chance the car will die before the loan is paid off

[@safc2951]

Check out lucky Lopez he is over the pond, it’s hitting the fan in the USA.

[@joelbrown2782]

This is a crisis which paints a bigger picture. If these cars are getting Repossessed at a much higher rate, it shows that there is an issue with consumer debt. People who struggle with the bills, tend to default on Credit Card payments & Car Finance as well.

[@roystonvehicles9129]

A lot that seem like repos are hand backs due to nasty faults, unfortunately it's hard to tell when buying.

[@jonathanpork-sausage617]

Good video. This is all a sign of wider and deeper probs in the economies of the developed world. PS Mr G4 looked like a pokemon in a suit.

[@williamprobert5124]

It’s simple if you can’t afford to buy it don’t finance it . The only thing you should pay monthly on is your mortgage

[@John-t2v]

I think the killer will be the October budget . They are going to crucify drivers

[@newbeginnings8566]

Car insurance is far too high made too high by taxes on an obligatory product..

[@MrWebbo390]

does that mean cash will become king again and i might get a cheap little run about? and what have you got Joe?

[@ringstinga]

Cash has to become king again or face these phsyco’s that are pushing for card only payments !!!

[@therealunclevanya]

second hand reliable and efficient petrol cars are very rare and will get a lot more expensive

[@CharlieHarper-d4x]

People bought over priced cars a few years ago, now with money tight they are an anchor which can be easily be cut free .

[@markwilliams7034]

Here's why I am waiting for my raffle win 🙂keep up the good work Joe.

[@ckm-mkc]

Borrowing money and paying interest on a depreciating asset is the definition of stupid. I only did it once and that was to get my credit score high enough to get a cheap mortgage. Never again.

[@MarkyBoy-z5w]

Price gouging. Cost of living. Simple as.

[@SuperBigt999]

Thanks Joe worrying trend let's hope we can all weather the storm

[@ggj666]

If you have to think a couple of times about can you afford a car on finance. Don't do it.

[@cabottaxi]

An ideal time when buying a car to do a check on to see if its still on finance.

[@thomasbell6655]

Unfortunately with the Iranian missile attack on Israel were looking at a massive war spilling out of yhe Middle East, with possibly the closure of the Straights of Hormuz and a massive world wide recession, I think a lot more pain is on the way.....

[@aerial558]

Self-inflicted and indulgence.

[@thatdaftscottishcarguy]

can someone please tell me the name of the tune at the end of every video?

[@cliveroulstone9366]

BIG BIG PROBLEM IN THE USA FIELDS FULL

[@Isszarya]

I think we all need to downsize to lower engines for now

[@antoniopalmero4063]

People not paying for what they have .

[@jonnymallaney5051]

Is this guys nickname sonic 😂

[@paulmoore6345]

Very interesting video. 👍👍