Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Haha. So those with money and the means to wait it out take advantage of buying cars off people who needed to get a payment because they needed a car and then lost their job?
I could see them leveling off and starting to correct. But a crash? There's just been a supply problem for too long for that. Production has to catch up and it's still not even meeting demand.
Im doing the rebuild of the attached, rather than just punt cuz of insane prices. so while they helped me (got $600 less than that I paid for my CTS, almost twice what my motorhome booked for etc etc) they prevent me from looking for the proverbial '$1000 car' - its about 5000 now...
But a friend who owns an RV dealership has been echoing for the last 9 months this is about to implode badly. He thinks about half the current rv loans are at risk....
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,696 posts, read 81,510,683 times
Reputation: 57963
We have two car payments at over $450 each. The 2017 is paid off in a couple of months, and has only 40,000 miles. The 2020 has another 3 years to go, but with only12,000 miles and my wife retired now we won't be needing another, new or used any time soon. RV loans are for much longer terms, most 10 years. Many of those that bought a Class A, B or C at over 90,000 could barely afford it, and now can't afford the gas to go anywhere. The lots are full, after the Covid Lockdown shortage ended, and no one is buying, so that industry is due for a very tough time.
My wife was talking about a rise in repossessions among the exuberant exotic luxury class obtained by leverage/stimulus/fraud/misunderstanding. We were in a credit bubble just like in 2004-2007, and now that some asset classes have come down with rising interest rates we're seeing the absurd coming off the road. In southern California between 2002-2008 was the era of the raised pickup truck and luxury RWD coupe leveraged by credit through the real estate bubble. The repo man came after the credit crash and the population of lifted trucks was obliterated.
About a year ago it was not uncommon to see those exotic SUVs by Lamborghini and Bentley all over Newport Beach/West LA, but apparently those are disappearing as cryptocurrency has experienced a "winter" in which some decentralized systems were shown to be frauds. I suspect the repo man is back at it. Rather than tank the local market, I would think these vehicles would be shipped off to the middle east where luxury and exuberance shall reign for as long as there's a demand for oil.
To solve our domestic car problem, we need more affordable cars that are reliable and can last at least 8 years in cold climates. No more financial engineering to fool people into thinking they can afford a $30K car when they'll never be able to own it outright. It is painful to see people being suckered left and right when they're constantly upside-down with zero equity in the vehicles they are driving.
Haha. So those with money and the means to wait it out take advantage of buying cars off people who needed to get a payment because they needed a car and then lost their job?
Awesome, lol.
Hahahaha lololol profit should be illegal!!!!! People who can’t repay their loan should get free cars!!
We have two car payments at over $450 each. The 2017 is paid off in a couple of months, and has only 40,000 miles. The 2020 has another 3 years to go, but with only12,000 miles and my wife retired now we won't be needing another, new or used any time soon. RV loans are for much longer terms, most 10 years. Many of those that bought a Class A, B or C at over 90,000 could barely afford it, and now can't afford the gas to go anywhere. The lots are full, after the Covid Lockdown shortage ended, and no one is buying, so that industry is due for a very tough time.
in 2008, i was living in elkhart, IN, the self-billed RV capital of the world. they started getting crunched by about april of that year, when gas prices were going up steeply. i remember then reading so many stories about people selling their gas guzzlers for something more efficient, yet i don't think i've read a single article like that this time around.
in 2008, i was living in elkhart, IN, the self-billed RV capital of the world. they started getting crunched by about april of that year, when gas prices were going up steeply. i remember then reading so many stories about people selling their gas guzzlers for something more efficient, yet i don't think i've read a single article like that this time around.
Nope, not gunna happen this time. No short-sighted "cash for clunkers" incentive and the fact that van-life, RVs, and overlanding are inspired lifestyles while working from anywhere is more popular than ever. Don't like guzzling gas? Then park the vehicle at an overlook and drive the RAV4 or quad that you towed.
I say short-sighted in regards to the cash for clunkers program because it was it was aimed at stimulating the Big 3 auto manufacturers and to get cleaner air through vehicles with more modern emissions equipment, but they failed to restrict to domestically built vehicles, negated the fact the people drive like maniacs and get no where near the EPA estimated range, was wasteful to junk a perfectly good vehicle (environmental mess), and screwed both the secondary used car market and the consumer that recognizes a bargain in buying a >3 year old vehicle.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
