Buying a car in this economy (6 Viewers)

[efil4stnias]

I will say though, gap insurance has saved my arse twice already, once from being rear ended on the interstate and once when a tree fell on the car that replaced the one that was rear ended.

I have it thru my auto insurer lol

its peanuts compared to paying additional $800 over 60 months at 4% interest .

 

[Mr. Blue Sky]

Recent car buying experience- this new car market ( and used ) is pretty nuts.

I am laughing out loud (literally) at everyone in this thread who claims that this is ‘unsustainable’.. people right here in this very thread have been saying this for over 2 years now, actually 2.5 yrs .. i was one of them, i was fairly optimistic, in 2021, that we’d seen the worst and that the market would cool significantly.. well here we are, cruising into mid-2023, and it hasn’t .. i think it’s time we all just admit that this IS the market.. it just is.. could we see a correction ? Of course.. but if people are willing to pay $1k plus per month for 84 months for an SUV then i dont see how logic really applies to this market, at all.. and so i dont see things changing .

It MIGHT be better for some in a larger metro area ( like Dallas/Houston/Atlanta ) since the buyer has options

If i were unfortunate enough to be in the market now - thank Jehovah or Mohammed or whoever im not- and i lived in Louisiana , i would hightail it to one of the cities you mentioned for a few days and buy there.. or, at least Carmax works this way with used vehicles, you can search their entire national inventory online, then pay them a few hundred dollars extra to ship it to you , or do like i did the last time i bought an SUV, and buy a one way plane ticket to the dealership then drive it home .

 

[efil4stnias]

I am laughing out loud (literally) at everyone in this thread who claims that this is ‘unsustainable’.. people right here in this very thread have been saying this for over 2 years now, actually 2.5 yrs .. i was one of them, i was fairly optimistic, in 2021, that we’d seen the worst and that the market would cool significantly.. well here we are, cruising into mid-2023, and it hasn’t .. i think it’s time we all just admit that this IS the market.. it just is.. could we see a correction ? Of course.. but if people are willing to pay $1k plus per month for 84 months for an SUV then i dont see how logic really applies to this market, at all.. and so i dont see things changing .









If i were unfortunate enough to be in the market now - thank Jehovah or Mohammed or whoever im not- and i lived in Louisiana , i would hightail it to one of the cities you mentioned for a few days and buy there.. or, at least Carmax works this way with used vehicles, you can search their entire national inventory online, then pay them a few hundred dollars extra to ship it to you , or do like i did the last time i bought an SUV, and buy a one way plane ticket to the dealership then drive it home .

I DID. LOL

go to CarMax now and look for 2022/23 qx 60.

Then do same at Carvana lol

im not kidding. i spent over a week, every other day CHECKING both - nothing at all nationwide.

the sales manager at Ray Brandt flat out told me they may get 10-15 per month and 75% of those are sold soon as they hit the lot. He wasnt lying. Our car came in Sat w/ 3 others and in the 3 hrs we were there, all other 3 sold.

People are on waiting lists.

FOR $60,000 + automobiles.


And yes, so long as folks are willing to take on 7 years of a car note for a car, it wont stop. I agree. After this experience, yes, i have come to the realization that this IS the market. Nothing short of a cratering will change it.

The fact that mfgs are no longer producing "entry level " vehicles is telling.

 

[jrdbrn]

Bought a $56k Silverado Trail Boss in 2021 with a decent trade. Note is $580.
Was looking at a 2022 F150 thinking they would be dealing to get rid of them 4 months into the year. $62k MSRP. Lowest they'd go? $54k. Note with a $14k positive trade? $720. Also, this was a 5k mile "service demo".

Not a horrible deal for 2023, but I'll stick with the cheaply painted Silverado.

Asked the salesman to meet me at $600 a month out the door and he told me it was not attainable.

 

[efil4stnias]

Bought a $56k Silverado Trail Boss in 2021 with a decent trade. Note is $580.
Was looking at a 2022 F150 thinking they would be dealing to get rid of them 4 months into the year. $62k MSRP. Lowest they'd go? $54k. Note with a $14k positive trade? $720. Also, this was a 5k mile "service demo".

Not a horrible deal for 2023, but I'll stick with the cheaply painted Silverado.

Asked the salesman to meet me at $600 a month out the door and he told me it was unobtainable.

Its attainable...the problem is there is a guy behind you willing to pay $720.

So its just not "forcing" their hand yet. And until their hand is forced, they aint budging.

 

[DaveXA]

I am laughing out loud (literally) at everyone in this thread who claims that this is ‘unsustainable’.. people right here in this very thread have been saying this for over 2 years now, actually 2.5 yrs .. i was one of them, i was fairly optimistic, in 2021, that we’d seen the worst and that the market would cool significantly.. well here we are, cruising into mid-2023, and it hasn’t .. i think it’s time we all just admit that this IS the market.. it just is.. could we see a correction ? Of course.. but if people are willing to pay $1k plus per month for 84 months for an SUV then i dont see how logic really applies to this market, at all.. and so i dont see things changing .









If i were unfortunate enough to be in the market now - thank Jehovah or Mohammed or whoever im not- and i lived in Louisiana , i would hightail it to one of the cities you mentioned for a few days and buy there.. or, at least Carmax works this way with used vehicles, you can search their entire national inventory online, then pay them a few hundred dollars extra to ship it to you , or do like i did the last time i bought an SUV, and buy a one way plane ticket to the dealership then drive it home .

Depending on the metro area, it’s actually worse there. Here in NOVA, best bet is to go to a smaller dealer further away. They’ll usually not have the markups that the ones in the city do. It varies though, so do your homework before going so you don’t waste a trip.

 

[0rion]

I hate car shopping. We just bought my wife a CRV. Car shopping is a nightmare. I knew going in they're holding most of the cards. The card they don't have is my trade in so that's where I drew the line in the sand. She had a 17 sonata with 149k on it. I knew they'd try to steal it but it had a warrantied motor 58k ago. It was also in immaculate shape and had every option offered so I had a leg to stand on. Checked with carvana....their online quote was $6000. Went to first dealership and they offered $3500. No thanks. Bickered for awhile and they finally got to $6k....but I wanted more. Finally had to get insulting enough with them to where they let us leave.
Next day we're at another dealership. They offered $4k. No thanks. Finally got them to $6k. While I'm sitting at the desk arguing with the salesman the first dealership text me and offered $8k. We got up and left to go to first dealership. They came running out into the parking lot as we were getting in the car and offered to match at $8k.
It's a dealership so we still got ripped off somehow but I did get out of my trade what I wanted.

 

[ANKOMA33]

$1,000+ car payments are slowly becoming the norm.

Interest rates are all above 6%, but I have seen a couple of "special rates" at 3.99%.


I am not buying a new car anytime soon at ALL!

This is unsustainable.

1k car payments? A month? OMG!

It's a good thing my 23-year-old Bimmer (528i) is still chugging along.

 

[efil4stnias]

1k car payments? A month? OMG!

It's a good thing my 23-year-old Bimmer (528i) is still chugging along.

So at Carmax, 2022 Chevy Tahoe Premier with 8k miles going for $72,998.

with 15k DOWN, and 72 months, note is $1045. ( at 4.45% rate )

FIFTEEN K DOWN and your note STILL $1000~ /month.

Any less down ( via trade or cash ) and you now over 1100/mo.

FOR an SUV.

for some perspective, We bought a new Tahoe in 2007 when the first body style change happened. Banner Chevrolet. The LT model.

I paid $36,000 for that vehicle. New.

in just 15 years that same vehicle LT model, is now $66,000~ new.

Insanity.

 

[jrdbrn]

So at Carmax, 2022 Chevy Tahoe Premier with 8k miles going for $72,998.

with 15k DOWN, and 72 months, note is $1045. ( at 4.45% rate )

FIFTEEN K DOWN and your note STILL $1000~ /month.

Any less down ( via trade or cash ) and you now over 1100/mo.

FOR an SUV.

for some perspective, We bought a new Tahoe in 2007 when the first body style change happened. Banner Chevrolet. The LT model.

I paid $36,000 for that vehicle. New.

in just 15 years that same vehicle LT model, is now $66,000~ new.

Insanity.

And to think, a $36k SUV 15 years ago was high end. LOL.

I paid $11k for my first truck out of high school. A S10. Was working at a grocery store and wonder how I was going to be able to pay for it. I often wonder how I will be able to afford vehicles for my kids.

 

[efil4stnias]

And to think, a $36k SUV 15 years ago was high end. LOL.

I paid $11k for my first truck out of high school. A S10. Was working at a grocery store and wonder how I was going to be able to pay for it. I often wonder how I will be able to afford vehicles for my kids.

ill tell you how, give them your car.

I got really lucky w/ oldest...bought her car months before covid hit. 2018 Tuscon for $15,900. That car still worth $18k TODAY. Crazy.

bout to do same for 14 yr old...im going to get honda civic, drive it for 3 years then turn over to her and hopefully by that time things will have settled to the point that i can finally see "DAD" getting the car he wants LOLOL.

 

[DaveXA]

And to think, a $36k SUV 15 years ago was high end. LOL.

I paid $11k for my first truck out of high school. A S10. Was working at a grocery store and wonder how I was going to be able to pay for it. I often wonder how I will be able to afford vehicles for my kids.

I can't. We have 4 cars, 3 10+ years old. 1 car, the 2019 Hyundai my daughter bought with her own money, under $15k. Same car almost 3 years later is worth more now. Crazy. The other 3 cars, each of my kids paid for with their own money. My wife and I actually don't own a car, lol. We just borrow one of my kids' cars. I pay for the house, which in NOVA is $$$. Unless I get a much better paying job, I'm not buying a new car anytime soon.

 

[Mr. Blue Sky]

1k car payments? A month? OMG!

I wouldnt even see a problem with that, if the average person making those $1k plus per month car notes was making like $250-$300k per year.. but, and i didnt see the numbers on this- but if i had to guess, the average person paying that $1k plus per note car note *might* be making $100k per year.. or maybe theyre not even making six figures at all.. and as people start to lose jobs with the economic ‘correction’ we’re about to see, with big companies already making layoffs- people who are spending a percentage of their income equal to what people used to spend on a house note.. those folks are gonna feel like they got kicked in the ‘nads .

 

[bigdaddysaints]

I wouldnt even see a problem with that, if the average person making those $1k plus per month car notes was making like $250-$300k per year.. but, and i didnt see the numbers on this- but if i had to guess, the average person paying that $1k plus per note car note *might* be making $100k per year.. or maybe theyre not even making six figures at all.. and as people start to lose jobs with the economic ‘correction’ we’re about to see, with big companies already making layoffs- people who are spending a percentage of their income equal to what people used to spend on a house note.. those folks are gonna feel like they got kicked in the ‘nads .

i cringed when i got a $650 note.. but together we make $135k.
a woman that works for me just bought a new truck, $1150 a month. she makes $24/hr. Now, she just got married and her husband probably makes $150-200k a year. I know they are in love and all, but if it goes sideways, she is screwed. there is no way she would be able to keep that truck on her salary, especially if she had to start paying rent and utilites..

Now, i have seen people who have mediocre houses, small note and have a couple new vehicles probably worth more than their house. A fiend made a comment about that one day. "they should have get a better house instead of getting new cars". I was like as long as they are happy with that, who cares. Just because they live in a trailer they are like pesants or somethng?

 

[0rion]

I have no desire for a new truck and it's almost exclusively because of the prices. I tow so I have to have a diesel. Price out a new diesel. Insane money and they're not even built that well. They all have known common issues and it doesn't matter the make. Can almost say that for any car. I'll just keep throwing money at mine to fix/upgrade whatever needs fixed and still come out way ahead money wise.