IT'S HERE! The Car Market CRASH of 2024! Dealers OVERLOADED with Inventory

The New and Used vehicle market is crashing in 2024, there have been some pretty clear warning signed over the last 5-6 months, now it's safe to say the CRASH is HERE! To me, the writing is on the wall. Throughout 2024, we'll continue to see a decline in new and used vehicle prices. Inventory levels are through the roof across the nation, 2.61M new cars available right now to be exact. That's a 195% increase over the last couple of years.

In this video I highlight some new stats, facts and details that are quite alarming. The market is trending downward, and FAST.

Some of the points I highlight in this video include:

- Negative equity all-time high with $6,034 being the average per individual with an auto loan.
- MSRP hikes 36% since 2019.
- UAW strikes… paying employees much more over the next few years. What’s that mean? Prices will go up to compensate them. If they intend to drop prices, something has got to give… that may be the vehicle itself will lose quality.
- Vehicles have just gotten too expensive. 2024 Tacoma TRD Off Road is about the SAME price as a 2023 Tacoma TRD Pro (top trim).
- Record repo rates… repo shortages.
- Nearly 8% of subprime auto loans are severely delinquent…
- Credit card delinquencies rise …highest we’ve seen.
- Inventory levels are off the charts 2.61 across the nation
- New vehicle Inventory up 195%! Over last 2 and half years…
- All time low 885K… now 2.61m
- I bet the dealers who chose to markup vehicles WISH they hadn’t. That was a short-sighted business model to a quick cash grab.
- 3-7 day demand… now over 80 day average time on lot.
- Interest rates are ridiculously high! 7-10% average with excellent credit.
- Highest insurance premiums… increasing at alarming rates
- Cost of living is out of hand… housing, rent, groceries, etc…
- Ripple effects of inflation…
- Banks are halting loans now… no subprime credit loans.
- Lowering MSRPs now…
- Dealers are being forced to drop prices, but they’re not doing enough. (Ads)
- Vehicles aren’t even selling at auction
- Monthly the payments record high…
- Payments over $1000 up 18% over last year
- New cars over 50K will be slashed…
- Negotiate a deal. Ask them what invoice is for the vehicle, have them show you. They should sell you their vehicle close to that right now… they still get a holdback amount and finance kickbacks.
- Cheaper new cars will remain…
- Used vehicles under $25K will remain high

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-Stay Untamed...

#carmarket #marketcrash #newvehicles #usedvehicles #dealership

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