I thought increasing interest rates was supposed to deter buyers?

[R3L3NTL3SS]

Retards are just doubling down lmfao.

Friend works at a local Toyota dealership and he says they're still having record months. They're moving 120-150 cars a month.
This is at a small town dealer. I can't imagine what dealerships in bigger towns and cities must still be moving.

At this point I guess rates will never go back to normal so people with functional brains can buy with sub 3% interest like we were 18 months ago.

[EDcellent]

I wanted to buy a new Toyota Camry hybrid from a local dealership, but they're selling them with 2K markups and they move quick.

It's unfortunate, but people still want to blow their money on chit. I'm probably just going to buy a used Audi A6 since those still go for good prices and can be found relatively easy near me.

[R3L3NTL3SS]

I wanted to buy a new Toyota Camry hybrid from a local dealership, but they're selling them with 2K markups and they move quick.

It's unfortunate, but people still want to blow their money on chit. I'm probably just going to buy a used Audi A6 since those still go for good prices and can be found relatively easy near me.

Wife is ready to move on from her 2020 Highlander.
But I'm thinking with these interest rates, we'll wait another year and see what things look like. My credit union that just financed my 2022 Tundra last year at 3% is now at over 7%...

[HairyWBush]

same thing with houses and they just keep selling with mortgages that can never be paid off. cool house over here that's the LOWEST priced house on the market and with the interest it's impossible. drove by it and of course there was someone parked there for a viewing. fukin bs

[gluon]

same thing with houses and they just keep selling with mortgages that can never be paid off. cool house over here that's the LOWEST priced house on the market and with the interest it's impossible. drove by it and of course there was someone parked there for a viewing. fukin bs

its insane, banks are going wild giving people making ~70k a 350k mortgage with 3% down left and right. Couldn't imagine paying 50% of my income for a mortgage, but that's normal, even good by todays standards.

[sickkentbrah]

Retards are just doubling down lmfao.

Friend works at a local Toyota dealership and he says they're still having record months. They're moving 120-150 cars a month.
This is at a small town dealer. I can't imagine what dealerships in bigger towns and cities must still be moving.

At this point I guess rates will never go back to normal so people with functional brains can buy with sub 3% interest like we were 18 months ago.

"retards"

bud, this is the new norm; theres no bubble to pop as much as they want you to think so. Rich people will continue to buy expensive cars, poor people will continue to live off credit. The American dream.

[HairyWBush]

"retards"

bud, this is the new norm; theres no bubble to pop as much as they want you to think so. Rich people will continue to buy expensive cars, poor people will continue to live off credit. The American dream.

thought you were going to pitch in "stop being poor" or "just make more money"

[Destor]

The higher interest rates need to increase unemployment and that is when people will actually stop spending. As long as people are employed and making $$$, especially with wages still increasing, things will sell.

And rates likely won't come down until unemployment increases, because a rate cut in the absence of higher unemployment will just result in another price spike. Imagine house prices and car prices if they cut rates right now.

[bsmit107]

#1. Interest rates aren't "high" yet.....they're higher than they've been in a while, but historically they are not.
#2. Chit's not going to get any cheaper, there is no bubble and your money in 2 weeks is and will be worth less than it is today....and according to the stats....this isn't going to change anytime soon.
#3. New car rates are considerably better than used car rates and the terms can be extended longer. Would you rather pay $1000/month for 48 months for a 2017 or $875/month for 72 for a nice new, moog your neighbors 2023/24. People see the $$ not the length of the loan.

[greenleaf]

Too many ballers LOL...



Fmr. Ford CEO Fields: ‘You have to make over $100k per year to afford a new car right now’

https://www.cnbc.com/video/2023/09/0...term=new%20car

[akmerle]

The higher interest rates need to increase unemployment and that is when people will actually stop spending. As long as people are employed and making $$$, especially with wages still increasing, things will sell.

And rates likely won't come down until unemployment increases, because a rate cut in the absence of higher unemployment will just result in another price spike. Imagine house prices and car prices if they cut rates right now.

#1. Interest rates aren't "high" yet.....they're higher than they've been in a while, but historically they are not.
#2. Chit's not going to get any cheaper, there is no bubble and your money in 2 weeks is and will be worth less than it is today....and according to the stats....this isn't going to change anytime soon.
#3. New car rates are considerably better than used car rates and the terms can be extended longer. Would you rather pay $1000/month for 48 months for a 2017 or $875/month for 72 for a nice new, moog your neighbors 2023/24. People see the $$ not the length of the loan.

Agreed, both points are right on. This "bubble" of which people speak is never going to happen, a new floor has been established. There may be small temporary corrections, but the general trend line aint changing.

[Holyfenix]

I still think it’s crazy people will buy a 45k car on a 90k income. OOTD price should never exceed 1/3 income. But yeah the bubble probably isn’t there. Construction is still still steady though I have seen some projects fall off because of interest rates but I also know a lot of big companies are self financing.

[5x10]

I’ve read new car dealers have tons of inventory not selling
Probably dealer/location/brand specific

[R3L3NTL3SS]

I’ve read new car dealers have tons of inventory not selling
Probably dealer/location/brand specific

Has to be location specific.

My friend who works at the local Toyota dealer is still telling me they're selling absolutely retarded amounts of vehicles. WAY more than 18 months ago when interest rates were still at 2-4%.

[rectifryer]

people are paniced that lending standards will change so they're taking anything they can

[rectifryer]

I still think it’s crazy people will buy a 45k car on a 90k income. OOTD price should never exceed 1/3 income. But yeah the bubble probably isn’t there. Construction is still still steady though I have seen some projects fall off because of interest rates but I also know a lot of big companies are self financing.

its ABSOLUTE FUKKING INSANITY....

People will do anything to compete with the jones

[greenleaf]

Is the UAW strike going to affect imports too?



Could the United Auto Workers strike affect car prices? ‘Inevitably yes,’ expert says

‘Dealers could see shortages within weeks’

In the longer term, “work stoppages ultimately lead to fewer vehicles built and lower inventory,” Cox Automotive Chief Economist Jonathan Smoke wrote in a blog post last week.

Discounts may decline as a result, depending on the model, Smoke noted.

“Ford only has 18 days’ supply of the popular Maverick pickup and 47 days of Broncos. Jeep only has 62 days of Grand Cherokees, and Chevy dealers are likely worried about their 28 days of Tahoes,” he wrote.

“If production of one of those products is disrupted, dealers could see shortages within weeks,” Smoke added.

With that in mind, consumers in the market for a car will likely find better deals now than later this fall.

“If you are thinking of making a purchase in October or November you might as well do it now,” Drury said. With the added pressure from the strike, dealers are likely to pull back on incentives, including discounts on financing, he also noted.

“You are not going to find better deals later,” Drury explained.

https://www.cnbc.com/2023/09/22/coul...pert-says.html

[greenleaf]

CarMax misses quarterly profit estimates on slow used-vehicle demand

Used-car retailer CarMax (KMX.N) on Thursday posted a lower-than-expected quarterly profit, hurt by weakening demand for preowned vehicles, sending its shares down over 9% in premarket trade.

Preowned vehicles' demand, which was strong during the pandemic, has now tapered off from those levels, as consumers opt for newer models with attractive financing deals and safety technology.

The cooling demand, coupled with inflationary headwinds, has caused car retailers such as CarMax and Carvana (CVNA.N) to take a dent to their profit by selling cars for lower prices than what they had acquired them for.

https://www.reuters.com/business/aut...nd-2023-09-28/

[Destor]

It's not only the UAW either, Tesla also shut down factories for "retooling" and "upgrades" aka bringing down production to balance with reduced demand -- they're just now reopening.

[JPG13]

Wife is ready to move on from her 2020 Highlander.
But I'm thinking with these interest rates, we'll wait another year and see what things look like. My credit union that just financed my 2022 Tundra last year at 3% is now at over 7%...

Move on from her 2020 Highlander? She's got at least ten mores years in that car!

[HairyWBush]

Move on from her 2020 Highlander? She's got at least ten mores years in that car!

maybe they like debt

[R3L3NTL3SS]

Move on from her 2020 Highlander? She's got at least ten mores years in that car!

Nah, not big enough for 3 growing kids any more.

[headturner1]

I still think it’s crazy people will buy a 45k car on a 90k income. OOTD price should never exceed 1/3 income. But yeah the bubble probably isn’t there. Construction is still still steady though I have seen some projects fall off because of interest rates but I also know a lot of big companies are self financing.

I bought my car back in 2016 for 33k and I was making 46k a year. Jfl @ me

[greenleaf]

Interest rates lagging effect kicked in yo...




Porsche joins Tesla in warning about high rates
High rates are also hitting the luxury sector, Porsche's CFO said.

https://finance.yahoo.com/news/porsc...181123085.html



Mercedes-Benz Q3 earnings take a hit on subdued sales, supply chain snags
The luxury car maker described the market environment as “subdued” and “marked by intense price competition, particularly in the electric vehicle segment”.

https://www.cnbc.com/2023/10/26/merc...ain-snags.html