New Car Prices are Coming Down

Diamond Joe does it again

 

Tomorrow, I will be buying new for the first time ever. The math on lightly used just isn't there.

 

totally anecdotal but I took my wife's car in to the local Hyundai dealer for service and the place was a zoo. I know one of the finance managers, so when I saw him I asked him what was going on and he said it had been like this since the election. Before the election they were selling 15-18 cars a day and now they are averaging 35-40

he never said anything about prices coming down

 

Did he say if they are trying to clear 2024 inventory at end of year (Nov - Dec)?

 

So, in other words Mr. Moderator, you are implying that, if the foregoing is true, the sick moron that we just elected president deserves the credit for the increased sales and, possibly, the price drop.

 

So people are trying to get cars while they can before Trump trashes the economy or prices get jacked due to tariffs? Better stock up on TP, too.

 

This is tangential to my job so I follow it a bit.
Too many expensive trucks and SUVs made because that’s where the automaker profits are, high interest rates, people who overpaid in the pandemic not able to put money down because they are underwater on their 6 year loans, the average car payment at $750 which prices out a good chunk of the country, changed behaviors after Covid price spikes with many realizing they didn't need a new car, lack of incentives right now from automakers trying to keep profits up, car loan delinquencies up to their highest level in over a decade which essentially knocks them out of the ability to get a new loan, and now many middle class families squeezed from inflation with no disposable money for a new car.

So the leveling process might have a ways to go still.

this was a letter from Stellantis dealers to management that eventually forced the resignation of the CEO.
https://s3-prod.autonews.com/2024-09/Dealer letter to Stellantis CEO.pdf

 

Damn, seeing those numbers and average new car price makes me feel good about my '23 $28k chevy Bolt with a $7500 tax credit and close to $100/month in fuel savings. I'm not young or broke, but cars are just not what I want to spend on.

 

I like my Rivian and can’t take a Bolt up to the ski area. Getting my replacement Rivian any day now once a shipper with availability can be found.

 

A problem I wish I had.

 

Reasonable video hitting on those points.

 

I'm seeing it in the commercial truck world. People that way overpaid for used trucks over the last 2 years are trying to sell them off way above what the current market stays they are worth. But they don't want to be the ones to eat it on them. Good luck.

 

Yeah, I really hope Trump doesn't mess up the great Biden economy.

 

When I take my 2015 Rogue in for service a salesperson tries to put me in a new SUV for what they consider a low payment. lol

Not one of them can give me a legit reason why as I have low miles and zero payment. Fortunately I married a woman who doesn’t get into the mood for a new vehicle every few years. On top of it she likes our vehicle more than I do and I like it enough to drive it till the wheels fall off. Win, win for both of us.

 

In most instances I drive my vehicles until they are no longer drivable. I average about 15000 miles a year and 3500 is from 2 trips the the NC mountains every year. My wife's car is a 2019 and just hit 42K and she only drives it back and forth to work and some short errands. When we go together I always drive my F150

 

Either way, you've got 20 days to milk this, then the focus (and blame/credit) is all on your boy.

That said, my guess is he could blow up the world and you simps would find some way to rationalize it as a good thing. Go Team!!! Wave those pom poms!!!

 

That video brought up one point I forgot to mention, which is that increased insurance premiums are further eroding buying power. And it becomes even worse when car prices go up from your last car because premiums go up concurrently, so they get hit twice.

 

We all do, but Trump's track record isn't good. He inherited an strong economy from Obama and managed to royally screw it up.

 

If it's not under the extended powertrain warranty, cut that Hyundai's oil change intervals in half. Hyundai and Kia maintain warehouses of replacement engines in major cities and not for a good reason. If it's still under that warranty, scrupulously have all maintenance required by the book performed. Pay particular attention to how they define "normal" driving. Most people's driving actually falls under the "severe" driving definition the various manufacturer's use and that affects many service intervals.