Car market is scary

[Anonymous]

In 2019 my brother and I bought our parents a VW . Now the car is worth 2k more than we paid for it . It’s not like VW is known for resale value

[Anonymous]

I’m not sure why that makes it scary?

What is scary is if your car dies to the point where it makes financial sense (under the old presumptions) to buy rather than repair. Previously some would buy a new car rather than put thousands into a 10+ year old car. Now it’s a tougher decision as it’s unlikely the car you want is available.

[Anonymous]

Suggest selling overpriced used cars you may have and swapping for a new car that is available for MSRP or near it.

We did that last couple weeks, sold 11 year old car at 50% depreciation. Ordered a new car at MSRP.

Now no need to worry about old car issues

[Anonymous]

Some may not be prepared to assume a $500+ monthly payment when their 10 year old car is still running well. $6000 a year covers alot of maintenance.

[Anonymous]

Every car is like that. My Range Rover was with $20k more, but if I sold it, I’d still need to buy a new car, so it really doesn’t matter. Just funny money.

[Anonymous]

I bought a used Acura in 2019 and it's now worth about what I paid, if not more. Needless to say my car tax went up from last year. Sigh.

[Anonymous]

It is scary. I was going to buy a new or new-used car last year, for my 50th-but I put it off and continue driving my trusty but 240k 2011 Chevy HHR.

Runs good thankfully, not the greatest mileage and I do commute. Was going to get a hybrid/plug in hybrid. Now I just fear that someone will hit me and total it and then what??? I need this car to not be wrecked-I'll pay to repair whatever but I can't unwreck it!

I hope this market cools down.

[Anonymous]

Anonymous wrote: It is scary. I was going to buy a new or new-used car last year, for my 50th-but I put it off and continue driving my trusty but 240k 2011 Chevy HHR.

Runs good thankfully, not the greatest mileage and I do commute. Was going to get a hybrid/plug in hybrid. Now I just fear that someone will hit me and total it and then what??? I need this car to not be wrecked-I'll pay to repair whatever but I can't unwreck it!

I hope this market cools down.

I'm sure it will cool down. Everything fluctuates and eventually dealerships will have a glut of cars sitting on their lots and they will have to compete against each other again meaning deals for us.

[Anonymous]

Yep my 3 year old Honda is worth more than I paid. It still looks pristine though and has no issues

My friend just came back from being stationed overseas and is struggling with finding a car. And how much rent and cars have gone up in price compared to 3 years ago.

[Anonymous]

Sky not falling....relax

[Anonymous]

We bought a new Toyota and used Jeep in 2021. Both companies have offered to buy back the cars. Toyota even offered to give us a 2022 model of our car for the same price! It's crazy,

[Anonymous]

PP ^^ here: I should add that we are not taking either up on the offers. I have heard that some of the new cars don't come with certain features because of the chip shortage. So, you could end up with everything but blindside protection or rear camera or something of the sort.

[Anonymous]

Anonymous wrote: It is scary. I was going to buy a new or new-used car last year, for my 50th-but I put it off and continue driving my trusty but 240k 2011 Chevy HHR.

Runs good thankfully, not the greatest mileage and I do commute. Was going to get a hybrid/plug in hybrid. Now I just fear that someone will hit me and total it and then what??? I need this car to not be wrecked-I'll pay to repair whatever but I can't unwreck it!

I hope this market cools down.[/quote]

It won’t cool down soon. Here is why.
Car manufacturers and dealerships have realized that they can make the same profit and even more by selling fewer vehicles with higher margins. It used to be that they needed sell high volumes to turn a decent profit. They aren’t in the rush to increase volume right now. They will continue to control the supply and keep it low.

[Anonymous]

Anonymous wrote:Some may not be prepared to assume a $500+ monthly payment when their 10 year old car is still running well. $6000 a year covers alot of maintenance.

My car payment was less than $300. Sure it was small for my family of four (including two boys). But it's what I could afford and it was fine. And my car gets excellent gas mileage.

[Anonymous]

Get used to higher car prices. This is the new norm. Electric cars are coming and they aren’t cheaper.
The average car price is only going to increase.