Calling the peak on truck and car prices.

[Morgan3820]

I stopped by a local Ford dealer yesterday. Asked about a 2021 STX super crew long bed, 4x4 that they had on the lot. With 46k miles and the 3.5l ecoboost, they were asking $42.6k. Asked if they were firm on the price. He did a computer look and immediately dropped it $1k.
I submit that three months ago the same truck would have been priced at a firm $46k. I feel this is evidence that the truck market has softened and that further reductions may be coming.
I read that repossessions have exploded and Carvana is dumping inventory.

 

[mondtster]

I think interest rates plus inflation have slowed unnecessary spending on vehicles. Some areas might be seeing an uptick in repossessions but it's not a thing in my area.

One of the big things that I am seeing (I've bought two new cars in the last few months) is that there isn't much gap between the price of late model used cars with 60-80k miles and a new car in the same make/model. If you don't need a replacement vehicle immediately you're far better off buying or ordering a new vehicle right now and waiting for it to show up. The feedback I am getting from my friends at the dealership is that this is becoming common practice. Eventually the used car market will drop as inventories rise but they won't until then, and I think it is going to take a while yet for that to happen. If Carvana (or any other large used car dealer) starts dumping inventory on the auctions and they sell for reasonable prices the drop in used car prices may happen faster than I anticipate.

 

[charheep]

According to a Twitter guy, he said new car sales are up, but used cars and truck sales are softening. And 3/4 ton trucks are hard to find, but 1/2 tons are easy.

 

[mandm]

I’d say they are dropping, dealers have inventory and I’ve seen promotions online on many new models. Some dealers are having to take a loss so they may be slow to adopt but there’s deals out there to be had.

 

[Clip4]

There are going to be a lot of used car dealerships go out of business. They have inventories with vehicles they paid too much for and they keep rotating them through the auctions looking for suckers.