Trucks as a “working man’s vehicle” is about 30 years out of date. It’s like anything else, it crosses all demographics, no different than sedans or minivans or cross overs. I’ve owned 2 trucks and I don’t know one end of a hammer from another and hate getting my dainty hands dirty. But, one day I was like, you know what, I kinda want a truck. And went and got one. Go to a suburban office parking lot and at least 1/3 of the vehicles are trucks.
Registration punched June 3rd…that’s 4 months of trips to the Hamptons, the marina where the Azimut is docked, maybe a trip or two to up north to check on the ski cottage, and don’t forget all those parking lot miles from the tarmac workers when you unload at the FBO.
Cars have been on the ground since about May. I got offer one of the 1st ones back then at about 50K over so ~5 months at ~1k a month isn’t exactly a lot.
people were trading monkey JPGs (NFT’s) for 7 figures. There was too much excess capital. Folks haven’t registered the financial damage thats about to happen to them.
lets say you bought a house for 800k, and are in the class of people who are rate sensitive. your mortgage of 3400 at 3%… but for a similiar person like you to buy a house with same 3400 payment, with current rates you are looking at 506k selling price.
you might say why sell? Divorces, job changes, etc… people will sell and you’ll be hammered on paper until you need to move.
Same story with cars. i got a 15% discount on my car when i bought it in march, some people bought 10k over sticker. when i sell next year for 10% less than i bought next year, i’ll have reset the market so people lose 30k on a similar suv.
Turns this into a shot and pump it straight into my vains.
This economic crash needs to come faster so it can go faster.
Top end just released Monitor prices dropping like crazy, hopfully nvidia can choke on some big walnut and cut prices. Then comes auto industry, need them to start giving better incentive while needing to see lots with actual new cars on them and not the used kind, housing market a reset, thank fully feds are taking care of that with all the rate hikes.
10% 30year mortages here we go soon.
Carter economic adviser pumped the interstet rate to 18%+ then slowly brought it down, this made people mad and he got voted out. Carter is Bidens sensei. This time though they raising the rate slow to 10%+ so people notice it less then to shock economy into productivity they will drop it fast to make people go out and spend like crazy.
I dont expect the rate drop happen till winter 2023. From now till spring 2023 rates going up 50 pounts to 75 points per month.
I’m finally starting to see some new car discounts, even if it was just a one off end of month thing. More and more cars are at msrp now that were marked up before. Hybrids still remain scarce and marked up though.
Nothing will crash before the elections unless there’s some sort of event. I don’t see them jacking rates up more then 1% more.
Crazy shit is going down in Western Europe and it has the USA/cia fingerprints all over it (nordstream pipelines). So an event is certainly possible which would also likely ensure dems win the election again in that scenario as well. Should be an interesting winter.
They do not allow this to happen. Instead of quick down then quick up they drag it out out for years. FDR started the madness. Politicians have to “do something” because the rubes expect checks, checks and more checks in the mail. God forbid they go 6 months without some sweet uncle same money.
Only way you see a suspension of midterms is if the two V’s refusal to talk peace drags us in past proxy war status and into kinetic conflict with a major nuclear power.
You saw what they told Elon despite his aid and providing starlink. Ungrateful and shameless warmongering egged on by our corrupt and unscrupulous MIC.
totally agree. get back the 54+40billion in weapons we gave them. If their citizens were dumb enough to disarm, then let natural selection take its place.
My 2020 Volvo XC90 T6R with 29k miles sold to dealer on 4/20 for 46k
Listed at 54,999 April 2022
Dropped to 52,999 June 2022
Dropped to 50,999 July 2022
Dropped to 49,999 Aug 2022
Dropped to 48,999 Sept 2022
Now at 47,795 with a call for best price
Almost 6 month anniversary!