Why you should be terrified of the 2024 used car market

a few years of not prior-full production/sales numbers is not 26M, it's about 2-4M less per year for the 2-3 yrs of this low production phase.

Maybe the big three ceo’s should watch some videos. Cuz in my area of canada, the prices are still going up.
Its impossible to trade. They tell me a week ago, oh your vehicle took a huge hit on price this last month. Quoted 5 k less than 3 months ago.
I said oh really, and what about your msrps when they coming down. Oh he says, I dont have a problem with customers I have a problem that I cant get enough new trucks.
I turned and walked out. Will never return

Love ur vids brotha. But with pricing, i disagree. Pricing will come back down once crash hits

I budget my money and pay cash for cars never had a new one don't want one

The problem is not buying an extended warranty, it’s that people don’t own tool
Boxes, and got soft, I would never let a dealer work on my cars….only thing I need from the dealer is the car and the service manual.

It's not the higher trim it's that they are hydrid

Buyer beware!! Car stealerships!!! 👹

Thats not true if they have the entry level car I always get it. Never had a hard time selling it because when it's old and want to get out of it someone that is low on money they can afford my car over the fully loaded one

My car has gone down $10,000 in less than 6 months.

I could see this coming, kept my paid off cars and now I’m going to buy what I want at a reasonable price!

This is a nonsense you talking my friend the people should just make payments on the car and keep a drive them and not pay 15,000 negative equity negative equity if it's a few year old car why change it and put 15,000 negative equity I don't even hear this nonsense

Amazing how fast Honda is going down in overall quality. Ford has certainly dropped off & they were never great to begin with. I was surprised by the Toyota transmission issue. I thought that the Toyota CVT were of better quality than Nissan, BTW- CR wasn't too keen on the new Trax. I have my doubts that those 3-cylinder engines will hold up. I have a feeling that any vehicle having one of them will not have the best resale value. I could be wrong only time will tell.

I drive chevys. They are all junk new or used....now...i dont know what to do...its not the cost it junk.

Negative equity is only bad if you want to sell the car. Just drive it until it is paid off and then keep driving it. Why want a new car?

Truck purchased in 2010. Paid off in 2011. Been driving it ever since!

Or you just buy the car with cash for a best deal and by the time you sell it you might can sell it for almost what you paid for or more if it's a classic or rare. Most dealerships aren't going to let $10,000 walk out 😂

I can find so many illegal selling cars … 😂😂😂 cash talk s the last 2 years 6 cars alll under 2k 😂(they still need to be fix even if I put 2k) but that’s better then a loan ! … I hope the young generation learns but if they did … they will be no dealership

dude you miss another giant issue, with people now missing payments on some of their bills, their credit ratings are going to tank, banks are ALL in trouble, and who is going to lend to people behind on their current bills?

And now the new dodge cummins diesel gate

What’s up Mike. Been seeing your videos for a while now and just subscribed. So me and my lady are looking to finance a used car in a few weeks being that it’s tax time. Unfortunately we both have challenged credit scores but have $4,000 to put down on something. Hopefully a reliable sedan that I can drive daily for a few years. I don’t really trust any dealers in my area. You think we’d have a shot if we came to you?

You are exactly right Mike. I work for GM Corvette and I see and hear about these issues with different models and manufacturers every day. When I'm in the market to buy a quality used car I will drive up and see you.

We should be terrified? Dealers should be terrified. People will make priorities and keep their old cars. Dealers be scared, mechanics, buckle up.

A 700 dollar car payment is absolutely ludicrous for the average person.

I REFUSE to be shackled with an eternal payment buying an overpriced vehicle that will be worthing when the final payment is made.

The economy is bad, the price of cars is ridiculous, and people are shackled with debt.

You're definitely miss leading with the key topic. I work at Mercedes in service, and you're buying a key from anyone other than Mercedes. The key won't work if it's not from Mercedes.

That Honda 1.5L "earth dreams" engine is killing their reputation for reliability. Scotty Kilmer called the problem out over 2 years ago. That turbo is pushing gas into the oil, that in turn causes dilution, which wears out the rings & pistons. I can not believe Honda would choose to go away from their ultra reliable K24 engines. That's why I chose Toyota this time instead of buying a new Honda.

My son's GMC was built about 4 months before Covid and is decent. But I would not buy anything made in the last few years from pretty much anyone.
The reason is because during Covid almost every industry got rid of about half of their workforce. Sometimes more. They then decided to not re-hire the older more experienced workers ( read: more salary ) to save money. Meaning that they went from a normal 75-80% experienced to a 50/50 mix or worse. So now half of the entire company's workers on the production lines have 2-3 years experience at most.
It will be until about 2030 for this to fix itself as it takes time to get an entire workforce trained to an expert level again. There is no magic fix - just hours on the job, and to be an expert in most fields, it takes 5-10 years of daily work.
So, trust us on this - get something used that was built pre-pandemic and hold onto it for another 5-6 years.

Car Prices wil go much lower!

American Consumerism no Thanks ill use an Ebike

Lucky Lopez, CarEdge and Car Questions Answered are all talking about being under water on car values

Re: what he says about individual cars: the Ford Focus is a perfect example of that. They had a massive recall over transmission issues, but a lot of those 2013 to 2018 Fords will make it to 165,000 miles after you get the "F" version of the transmission recall work done. They do a lot of weird and annoying things when they accelerate that takes some getting used to, but they will keep going.

Word of warning though, don't buy one of those with 155,000 miles expecting it to last to 200,000 miles. 165,000 miles appears to be the limit on those before they are ready for the junkyard. You might know one guy who has one with 220,000 on it but that doesn't mean it's a safe bet to assume the one you buy will last just as long.

Tundras have major issues

MON MANDING WAS STAGE ,

All i understood from this is to buy extended warranty

What to do with a long lease with a lemon? And it has negative equity? Any ideas?

Honda and Toyota super reliability ended in late 90s.

lol, used to sell cars. Dealers and banks want big down payments…. Which makes them instant money. So tired of dealers telling us what to do. Bro, I appreciate your videos, but dealers are a huge part of the problem, especially when trying to trade.

In 2019, I bought a 2015 vw Jetta 4 cyl / 5 spd manual / 40k miles for $10,000. paid it off within a year. I just turned 96k miles. No turbo and she’s slow. That car has taken me back n forth from my condo in az to my flying unit in Cali dozens of times. Driven Up and down the Cali coast and across the country. If I ever got rid of her I’d be heartbroken lol. Manual trans is bulletproof. No car payment is the way.

If you buy used, go with cash. Cash is a great bargaining tool.

this NOTHING NEW! new cars NEVER held value UNLESS you owned a Honda or a Toyota and even THEN it's not even a guaranteed. I'm a Turo Host in in NYC and my lease came up last month in December out of all my 8 cars had negative equity from 1k to 3k except my KIA Stinger GT and it was only positive 1k 🤣
Obviously this is on purpose in the overall industry because every single dealership was willing to "forget" negative equity and miles/damages as LONG you buy another.

Then you have the engine problems that many Chevy and Ford cars and trucks are experiencing

Negative equity 🤔 I'm didn't buy my car to resell it and make profit. I'm using it, so I don't care what's my car is worth now 🤷‍♂

i agree with you but the minute u buy a new car and drove it off the lot u lost 15-grand so you already start in the negative equity no matter what.

Buy extended waranty? Really?

Infamous and famous are not the same thing.

Buy a Porsche 911, problem solved. But yes, you're 100% correct on every other brand.

Great point on dealer service rates - took my Highlander in for inspection and fluid changes, and was told I needed brakes/rotors all the way around (72k miles). OEM parts costs for everything was around $600, but labor was almost $900 on top of that. I bought the parts myself, and did all four wheels (new brakes and rotors) for ~$300. I refuse to pay $250-275 per hour for dealership labor, but feel bad for people that can't do service themselves or who don't have a good 3d party mechanic.

negative equity insurance 🔥. 😂