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A Flood Of Repossessed Vehicles Poised To Hit The Used-Car Market (www.zerohedge.com)                I  DID  THAT  
posted ago by Restore_Sanity_alt ago by Restore_Sanity_alt +2099 / -1
Comments (276)
sorted by:
194
turdinthepunch 194 points ago +195 / -1

excellent

110
IncredibleMrE1 110 points ago +110 / -0

Whoever issued the loans will take a big hit. Hello bailouts.

27
CensorshipDestroyer 27 points ago +27 / -0

Bail in's. Look at Dodd Frank Act for legal backing to change bank deposits from liabilities to equities in times of bank stress.

21
Quixotic 21 points ago +22 / -1

*Dodd

21
QuickHands 21 points ago +21 / -0

I think he meant Glass Seagull, not Dodge Frank

16
CoherentLight 16 points ago +16 / -0

*Nipples Frank

14
deleted 14 points ago +14 / -0
8
RedTX 8 points ago +8 / -0

*disrespectful

11
deleted 11 points ago +11 / -0
10
Tcrlaf1 10 points ago +10 / -0

One-hit Wonder with “Oh I Think I can Fly”?

7
SuccessLoveJoy2U 7 points ago +7 / -0

Two songs on the album.

Second song titled “shattered dreams”.

4
Judgejude 4 points ago +4 / -0

😆😂😆😂😆

8
dr_gonzo 8 points ago +9 / -1

I hear Dodd trucks are ram tough

4
Oldjeansandbelt 4 points ago +4 / -0

Maybe Da Barnes Oxen

3
Standingoak 3 points ago +3 / -0

Only someone from Hollywood "wood RAM " it to someone that hard !

4
CensorshipDestroyer 4 points ago +4 / -0

Thanks for the typo fix & corrected.

18
Ocineaa 18 points ago +18 / -0

They just did that in China to avoid a bank run. Citizens were not happy but then the government brought in tanks to quell the uprisings.

7
SecedeNOW 7 points ago +7 / -0

Best illegal accounting fraud waiver money can buy.

5
TyrantsAreCucks 5 points ago +5 / -0

One of the many reasons why I don't ever let my funds ever sit in a savings account. Not your bank, not your money after you hand it over to them. You're at their whim and the whim of anyone who holds regulatory power over them. That's why I was laughing when Peter Schiff was shilling his "goldmoney" so hard a few years ago. You buy "gold' from them and they give you a debit card to spend your 'gold' that they will 'keep safe' for you in some vault somewhere. And you're allowed to withdraw your gold at any time, assuming it's still there when you want to do that or that it ever existed. If you think you have gold but someone else has your gold, you don't have any gold, someone else has gold.

4
peterstrzoked 4 points ago +4 / -0

I laugh when I hear the ads on the radio doom and glooming the economy (which is reasonable) that then say “which is why you need to move away from paper assets and talk to my friends at [hucksters] about a gold backed IRA”

Lol. Okay, so you want me to move away from a piece of paper that says I own a fraction of some random company to a piece of paper that says I own some gold held by some other random company.

No thanks.

18
War_Hamster 18 points ago +18 / -0

A lot of those loans are securitized and sold off the private investors, so the loan originators don't really have an incentive to see them made good. Without skin in the game, the quality of lending deteriorates.

This is pretty similar to what happened with CMO's, but most of the investors are not institutions, but rather the suckers some b-level wannabe asset managers have convinced that excessive returns don't entail added risk.

15
WokeYoke 15 points ago +15 / -0

Yea as long as people make the first payment they are good. Those lenders aren't holding those loans more than 30-60 days generally. They dump those bags on other folks. Maybe a select few lending arms like GMAC or Ford financial will feel the pain.

Wait until you see how much negative equity from their last vehicle some people rolled into those loans.

I worked in finance department of a dealership for a handful of months pre covid in a wealthy zip code so we did half cash deals but a LOT of the other stuff i saw was nasty. Real nasty. I always wondered how so many people could afford nice cars. Now i know. They can't.

11
War_Hamster 11 points ago +11 / -0

Here in San Diego, it is very common to see hispanic women, some of whom can't speak English, driving around in brand new $50k SUV's. Pretty sure nobody ran a credit check on them.

When my maid has a nicer car than I do, there's something amiss.

6
Standingoak 6 points ago +6 / -0

Hard discovering the WHOLE Ponzi Scheme is corrupt.

And needs new borrowers to create money ,because all money is debt , no matter how poor the debt quality is. The entire world is already ALL IN . Now it's just about demonstrating the losers and exposing the WINNERS.

5
HillarysBeaverMunch 5 points ago +5 / -0

That's why we "need more mexicans". To keep the scheme constantly infused with more debt and debtors.

5
Standingoak 5 points ago +5 / -0

Careful now, replacing dead borrowers with unvaxed borrowers sounds awfully Brown Supremacy to me.

Magicians be bringing Chyneee and Nike crowd too.

7
Geralt_of_Rivia1 7 points ago +7 / -0

No they wont, the cars will sell good enough

10
keepwinning 10 points ago +10 / -0

Exactly. Factored into the 14.99%+ auto loan rates for garbage borrowers.. they'll get their money.

6
Roleplaypete 6 points ago +6 / -0

They are too proud of the renters market.

Here is the jig. I bought a new car last summer for 28. The same car used was 22k. It just doesn't make any feasible sense to buy used at such a markup, especially in hard times, when you are going to be paying back for it on the increased maintenance cost of a used car anyway.

If I am buying a used car, its at half its retail value, minus a further 10% for each year old it is, not for 80-90% of its new value. As the economy continues to crush people, more and more people are going to feel this way.

11
doodaddy 11 points ago +12 / -1

yeah it used to work that way 20 years ago. you just showed your age, old man!

1
Roleplaypete 1 point ago +1 / -0

Thats my point, the economy is receeding, high on the hog can't last forever and people aren't going to take it, or aren't going to be able to even if they want to, the profit margin has to shrink or become zero.

1
doodaddy 1 point ago +1 / -0

true. but 6 years ago when I bought a used SUV, I read a bit and the issues included that cars just weren't as lemony as they used to be. 100,000 miles is nothing. and also there are so many leases that it somehow messed it all up. I guess a lot of 2-year old returns.

14
Standingoak 14 points ago +14 / -0

If you can't pay for the car are you going to pay for the maintenance ?

9
CuckS1ayer 9 points ago +9 / -0

Nobody ever thinks about the maintenance costs!

I have heard some nicer cars are better to lease because of the long term maintenance costs. You can drive them for 2-3 years then let somebody else deal with it.

5
Standingoak 5 points ago +5 / -0

Second owners do/find out.

5
deleted 5 points ago +6 / -1
5
honolulu_blue 5 points ago +7 / -2

..on the importance of effective user names... his is Incredible, while yours sounds like weak

:D

1
deleted 1 point ago +1 / -0
4
Markstrosity 4 points ago +4 / -0

Cars now, Homes next

71
k-doe1 71 points ago +72 / -1

I was offered 30K for a 2010 Harley Davidson f150

62
Farage_massage 62 points ago +62 / -0

My F150 I bought in 2017 is worth more today to the dealer than I bought it for. Crazy times. If you time it right, you can come out laughing here.

49
BumpForTrump 49 points ago +49 / -0

Same here. My mustang is worth 4-5k over what I paid for it 4 years ago.

That's with 24k miles added on to it.

It's not like the value went up, it's inflation. A dollar doesn't buy what it used to.

43
MR_ROBOT1776 43 points ago +43 / -0

True, the best vehicle to have is the one that's paid off. This may sound great to some but don't go buying new cars thinking it's a steal, folks.

The dealers know what they're doing and if they're offering more than what you paid for your vehicle, it's not because they're actually giving you more than the value you paid for it at the time. This has all already been calculated. If you have a vehicle under 80k miles that's running fine and is paid off, keep it as long as you can!

Vehicles are the worst major purchases you can make. They're always a loss, unless you're Jay Leno buying and storing half million dollar collector vehicles.

33
Shellingas 33 points ago +33 / -0

This right here. My newest car is 20 years old.

13
Sansa_Belt 13 points ago +13 / -0

I have never made a car payment. The only bank loan payment that I ever made was for a H-D years ago, and that was short and aggressive.

I do not carry debt. I buy outright what I can afford to at that time. I abhor payment plans (like loans) as a policy.

5
Block_Helen 5 points ago +5 / -0

I've got other debt, but at least I've never had a car loan. And my mortgage is paid off too.

p.s. great username! :)

8
Sansa_Belt 8 points ago +8 / -0

Thanks. Same here, no mortgage, though monthy electric/phone is practically unavoidable at this time. I use wood from my property as my main source of year-round heat.

3
MauserShooter 3 points ago +3 / -0

I bought my last vehicle that was a 2015 pathfinder for cash.

Now I am going to pay off my other by November.

2 payed off vehicle, and I drive a company vehicle for work anyways.

I will be so far away from consumer debt really soon.

1
RadioOperator 1 point ago +1 / -0

This right here, fuck those killswitches.

1
honkdeezee 1 point ago +1 / -0

So was mine.

24
Aoikaze2000 24 points ago +24 / -0

Other thing to keep in mind: You don't actually own your vehicle if you're still paying it off, the bank does.

13
Brobold 13 points ago +14 / -1

And the government owns it if you stop paying property tax on it.

7
The_Emperor 7 points ago +7 / -0

Who pays property taxes on their car?

13
Brobold 13 points ago +13 / -0

Virginians do at least, twice a year :)

9
pingpongdingdong 9 points ago +9 / -0

reg fees.

7
SeamusOtardy 7 points ago +7 / -0

Excise tax in MA. Essentially a property tax.

6
GorillaTactics 6 points ago +6 / -0

I’m some states it’s factored into the registration. In others it’s separately billed along with your house and any trailers/boats/RVs you have. Truly criminal.

1
Junionthepipeline 1 point ago +1 / -0

Montanans

1
dukeofdoorcounty 1 point ago +1 / -0

Leases in some states

13
ineX0r2 13 points ago +15 / -2

Here's why I don't buy into the "a car is the worst investment you will ever make" mentality. With used cars, at least from what I can tell, the value goes down in line with age and mileage.

With new cars, you do pay a premium. However, if you intend to keep that car for as long as possible, you're not much behind in terms of losing value. And you get more use out of a new car than a used car, because all the miles you put on it are yours. You also know exactly how the car has been maintained, whereas you might not get that peace of mind with a used car.

Cars aren't investments. They're either person and cargo moving tools, or fun hobby vehicles. In the latter case, price isn't as big a factor in the purchasing decision, it's more about getting what you want because you want it.

3
CuckS1ayer 3 points ago +3 / -0

It is a bad investment for people who trade in with negative equity and sign a new loan every couple years.

1
ineX0r2 1 point ago +1 / -0

Well that's certainly true. I never take out loans for literally anything.

0
Goathead 0 points ago +1 / -1

Exactly. Driving a 15 year old car with old technology might be what’s in your budget but if you can be responsible and afford a newer car. It’s more reliable and capable for doing the things you enjoy

7
deleted 7 points ago +7 / -0
4
Truglow 4 points ago +4 / -0

I have a 1998 isuzu pu 4x4 v6 with 25000 on it and its the hunting truck. Hasnt had a tag on it for15 years. Cant believe these sold new for around $8500 new.

7
Cyer6 7 points ago +7 / -0

And if it's a real high quality car, when it breaks, fix it. Tranny goes out, spend $1500+ to put in a new or rebuilt one and keep driving it. If the engine is shot, just keep driving until it's done but everything else, fix it.

9
WhiskeyDreams 9 points ago +9 / -0

It’s not inflation. Rates were crazy low for loans and manufacturers couldn’t keep up with demand because of the chip bullshit.

Now rates are higher so all car demand will be lower.

5
Snowmexican 5 points ago +5 / -0

Drove past a dealership this morning and saw a sign stating "rates starting at 5.9 percent" for a new vehicle lol, 5.9/6 percent was the going rate for used a year ago unless you're a private in the military then it's alot more

4
rezimx 4 points ago +4 / -0

I bought my Vette in february and its work 5k more now. Weird right?

2
MustangManny 2 points ago +2 / -0

True about inflation, however the upvote is for owning a mustang!

1
FelixtheMan 1 point ago +1 / -0

It's not all inflation, with cars it's mostly the nc supply side pushing up used car values. It's just the opposite of the downward pressure the over supply of new cars and incentives put on the values of used cars in a typical market.

6
Bax101 6 points ago +6 / -0

My Toyota Corolla is worth more than what I bought it bought it for used with 40k on it.

2
TX4TW 2 points ago +2 / -0

I would sell it and buy a beater.. wait for housing and vehicle market to tank, then dump those funds in property and continue driving the beater.

2
Taco_of_Kiev 2 points ago +2 / -0

I sold a 2007 Silverado 2500 crew and a 2017 Prius for enough to buy a brand new vehicle for $55k with no loan and a couple hundred bucks out of pocket. Granted I had the luxury of buying the car outright and then selling, so there was no time pressure to haggle.

2
ATK69 2 points ago +2 / -0

Which is why I sold mine (which was already having transmission issues) and outright bought a 12 year old manual civic with plenty of life still in it.

12
Libertas_Vel_Mors 12 points ago +13 / -1

HD (Heavy Duty) refers to 3/4-ton or larger trucks. An F-150 is a half-ton.

What am I missing?

23
MiltonSnowflakes2020 23 points ago +23 / -0

Harley Davidson edition maybe

5
Libertas_Vel_Mors 5 points ago +5 / -0

Ah - never thought of that one.

Thanks, fren.

17
zooty 17 points ago +17 / -0

High-definition. It has more pixels.

5
Libertas_Vel_Mors 5 points ago +5 / -0

Kek

14
Ruck__Feddit 14 points ago +14 / -0

Harley Davidson model probably.

1
BigDickTurner 1 point ago +1 / -0

This is the correct answer. Its limited edition, which drives up the price.

13
Shayhawk 13 points ago +13 / -0

Hardly Dented?

4
NateBedfordForrest 4 points ago +5 / -1

Nah. Huge douche.

Its a Ford.

3
bluedevilga 3 points ago +3 / -0

Heavy D.

https://en.m.wikipedia.org/wiki/Heavy_D

So fat they named a Chevy after him.

Sorry, I have no idea how to archive.

3
erocks 3 points ago +3 / -0

bought my truck in early 2019, probably could have sold it for $15k more than i owed about 6 months ago. but everything else i would have wanted to buy was about 30k over what it was worth so yeah. just more honking to add to the clown world chaos.

2
deleted 2 points ago +2 / -0
2
Icekickass 2 points ago +2 / -0

Got offered same for 2010 64k Tacoma on brand new frame. My other Tacoma was bought new in 2019 for $32k. This is wild. Holding both because I love them both

64
Hanging_Chad 64 points ago +65 / -1

The vehicles haven't been maintained well

47
Imransgarage 47 points ago +47 / -0

That’s an issue for sure. Also, people have variable rate car loans? I didn’t know that even happened. Wtf does that.

47
Parhelion12 47 points ago +47 / -0

Morons. America is financially illiterate, and a $30k car with AC and driving assists are a human right now.

8
orange_popcicle 8 points ago +8 / -0

I wish my car still had a/c...but I haven't had a car payment in 10+ years, and only "need" a/c for maybe 3 months out of the year.

2
peterstrzoked 2 points ago +2 / -0

I went a full summer without AC before sucking it up and replacing the compressor on mine.

It wasn’t that bad; took me about half a day and ~$300 for the compressor kit and ac manifold gauges to refill it. Well worth the investment.

1
FuckBrandon 1 point ago +1 / -0

Air conditioning is extremely simple, only so many things that it could possibly be.

I’d suggest fixing it now, before parts/supply logistics make that difficult. I went without AC for a year before I finally found the right one for my car in a junkyard. It was trash, too, but finally found a guy who merged the two into a rebuilt one just a few months ago 🥵🥵🥵

Ps: if you’re in good health now, wonderful— may you stay that way. When I was at my peak illness (god willing that’s the “peak”,) I had a few days i felt like I barely survived WITH the AC, all but panting like a dog. it’s on average 20-25F hotter than the rest of the country, where I was at that time. I never needed AC in my entire life when I lived in the Midwest YMMV.

1
KRosen333 1 point ago +1 / -0

why not fix it? where you from?

1
VA-Pede 1 point ago +2 / -1

Is it just low on freon? That's a 10 minute fix for just a few bucks.

1
Lordkek 1 point ago +1 / -0

Cant be fixed?

18
bidensmissingbrain 18 points ago +18 / -0

The car market right now is basically in the exact same position the housing market was in 07/08. Fuck tons of people have variable-rate loans on cars that they're underwater in and the market is going to come crashing down just like the housing market did.

11
DestroyerofCobwebs 11 points ago +11 / -0

I've been doing some reading on this, and I think it might be even worse than 07/08. That crisis was almost entirely driven by sub-prime lending.

This time around prime borrowers are getting in on the action. That's a much bigger problem for two big reasons:

  • Car loans are securitized and tranched just like mortgage backed instruments, and just like them the prime tranches are more leveraged, and more susceptible to disruption

  • Prime buyers typically have loans 2/3x as large as sub-prime. They're taking out 60-120k loans, and if the market takes a dump, these cars could lose tens of thousands of value in a month, because essentially they're luxury goods. Lot of people start to weigh their options if they're sitting on an 80k note for a car that's only worth 40k.

15
T_DforTrump2020 15 points ago +15 / -0

Wait...what? People can't be that dumb, but I imagine the one's willingly signing that contract are credit criminals.

42
IncredibleMrE1 42 points ago +42 / -0

People can't be that dumb

As evidence that you are wrong, I present the past ~2.5 years.

26
DontArkancideMeBro 26 points ago +26 / -0

As evidence that you are wrong, I present the past ~2.5 years

Your Honor, the prosecution rests.

8
Geralt_of_Rivia1 8 points ago +8 / -0

Do you understand that ~70% of people find this concept of writing your thoughts online as being intolerable, because they cannot think? They literally only have ideas pop into their head and they voice them, they fundamentally cannot critique their own thoughts in their head.

4
BeefyBelisarius 4 points ago +4 / -0

And then those 70% go vote. Unfortunately.

1
telan 1 point ago +1 / -0

For real? How did these people ever do any schooling?

3
Geralt_of_Rivia1 3 points ago +3 / -0

Memorization. Ever hear about how people couldnt learn to do word problems in school? They could not critique their own thoughts in their head to learn what the word problem meant, but could memorize the steps for the math.

7
Justhalftheshaft 7 points ago +7 / -0

People will sign whatever loan they can get approved for

13
ThirteenPercenter 13 points ago +13 / -0

I worked with a girl who came in one day with a new car. Someone asked what the interest rate was, she only knew the amount of the monthly payment.

8
HeavyVetting 8 points ago +8 / -0

Was it a 7 year or 10 year loan lol

3
orange_popcicle 3 points ago +3 / -0

Asking the real questions.

0
Geralt_of_Rivia1 0 points ago +1 / -1

Payment amount, number of payments, and the timeframe is all that matters unless you plan on paying off the loan early.

6
NateBedfordForrest 6 points ago +6 / -0

And illegals come over here with a clean slate. Get the loan. Get the badass truck, along with their subsidized insurance and put a huge insert third world shit Mexican state, that they just ran from on the back of their cab. God bless America.

10
BobSux 10 points ago +10 / -0

I would never advise anybody to ever get a variable rate loan for anything.

4
Snowmexican 4 points ago +4 / -0

I just found out about variable rate car loans, flabbergasted I tell ya. But the last 2 years really have explained everything

1
AutisticShoeshineBoy 1 point ago +1 / -0

Fake and gay

6
Libertas_Vel_Mors 6 points ago +6 / -0

That's some serious sub-prime desperation if you're taking out an adjustable-rate car loan, because most car loans are fixed (because collateral.)

6
Libertas_Vel_Mors 6 points ago +6 / -0

Depends - you'll have to do due diligence before bidding/buying, and used car lots won't make that easier (see also Motor Honey, Bondo, Stop-Leak, etc.)

Def. want to find a trusted professional mechanic to eyeball it before signing any paperwork on it.

2
MasterOfIllusions 2 points ago +2 / -0

> muh Honda Civic will run forever and is literally unkillable.

> never even changes the oil in 209k miles.

36
deleted 36 points ago +36 / -0
14
DanIsSwell 14 points ago +14 / -0

Yeah, he said “avoid buying a car for the next little while” I’m wondering how long “little while” is expected to be. My son is currently saving up for a car.

7
HeavyVetting 7 points ago +7 / -0

Until either the liberal world order is defeated or gas cars are outlawed.

2
LawlAndDisorder 2 points ago +2 / -0

It’s peak right now. In six months or a year.

I’m going to sit on mine for a while. It’s maintained and has no outstanding issues. I would just like something quieter. It’s also a performance engine and drinks expensive gas faster then I consume bourbon.

2
Talledega 2 points ago +2 / -0

There's very little markup that can be done on the sub $5,000 car market to be honest, I would have your son looking there for something around 20 years old. My first car was a 91 Jetta that we bought in 2008-ish for $500.

5
TehAgent 5 points ago +5 / -0

Yeeeeah during the 2008 recession I made like 10.50/11$ an hour and drove a 96 Suburban with a 42 gallon tank. And I had a job that had me driving all over the place too.

I actually kept it though and made it work. Was too good of a truck to let go over fuel prices.

2
Geralt_of_Rivia1 2 points ago +3 / -1

Trucks, we are in a construction boom.

SUVs dont make sense but trucks do.

2
ChickenInspector 2 points ago +2 / -0

I think he's right but missing the picture. The new car scarcity is likely due to the chip shortage. I have heard (online) that they have mostly-completed new cars sitting around just waiting for the microchips to become back in stock.

3
deleted 3 points ago +3 / -0
34
yurimodin 34 points ago +34 / -0

don't get excited, the banks will hang on to the price like grim death just like all the foreclosed real estate during the last Demcession.

15
deleted 15 points ago +15 / -0
10
IncredibleMrE1 10 points ago +10 / -0

They won't sue the foreclosed for losses, they'll just run to daddy government for another bailout. And the government will be more than happy to acquiesce.

4
Anti-Uniparty 4 points ago +4 / -0

RepublicunTs have probably already drafted the bailout

1
Tcrlaf1 1 point ago +1 / -0

Know an attorney that makes serious bank going after borrowers ten or more years after the repo.

1
deleted 1 point ago +1 / -0
1
Froynlavenfroynlaven 1 point ago +1 / -0

A bank's rights to damages from foreclosure varies by state

3
HouseMouse 3 points ago +3 / -0

Car dealers and Wholesalers will be snatching these up for a while as well.

1
trump4045 1 point ago +1 / -0

Demcession? You think this was caused by democrats? lol

28
Wolverines556 28 points ago +28 / -0

Don't buy a used car with a hip hop station in the presets. Little chance of regular oil changes in that one.

8
NateBedfordForrest 8 points ago +9 / -1

If you got past the funk from their gland sheens the radio presets are definitely the next clue.

2
deleted 2 points ago +2 / -0
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deleted 25 points ago +25 / -0
13
DontArkancideMeBro 13 points ago +13 / -0

I feel like I’m taking crazy pills! 100k miles and 34k!

3
CoupeFL 3 points ago +4 / -1

Supply and demand. The market sets the prices in the used car market.

3
Snowmexican 3 points ago +3 / -0

Looked at a used GMC 3500hd for work a few weeks ago, 100k km/62k miles, the cunts wouldn't budge from 67k usd for it.

1
Tbonius45maximus 1 point ago +1 / -0

Ill sell you a 6.7 powerstroke with 175k miles for 20k lol has a steel flatbed with racks and boxes, crew cab.

5
Itscrazytime 5 points ago +5 / -0

Tacomas hold their value better then any vehicle on the market. Still an insane price for one with 100k miles. We have a few on our lot right now though and the used ones are selling for more than the original MSRP.

1
deleted 1 point ago +1 / -0
4
jeffj95 4 points ago +4 / -0

Toyota Tax

2
Cyer6 2 points ago +2 / -0

Get one of the new Nissan Frontiers.

1
True_Curmudgeon 1 point ago +1 / -0

No those will probably still be way over priced 😆

24
MythArcana 24 points ago +24 / -0

I see For Sale signs in cars parked up and down the streets, supermarkets, businesses, everywhere right now. It's almost like government positions or something.

15
DAR1783 15 points ago +15 / -0

Next will be houses going into foreclosure.

14
cbonez416 14 points ago +14 / -0

This is why I own everything. I own both my cars and my phones everything. Yes I have a mortgage and I'm working on that and if everything goes my way that won't be here neither. If you want to live free you need to own. That means the only thing that makes you free in this country is green dollars. Not the color of your skin or your social credit score that these people are making up. If you want to be free you need to be green!!

14
True_Curmudgeon 14 points ago +14 / -0

Now we just need to get rid of the damn real estate taxes

11
TehAgent 11 points ago +11 / -0

Yeah we shouldnt be taxed for property we bought with money that was already taxed.

4
Apexturtle 4 points ago +4 / -0

Or if that’s impossible don’t you it with the new estimation of the home. I have been obsessed with being debt free my whole life and owning a home and land. When I found out about property taxes I haven’t stopped being pissed off since.

12
catsfive 12 points ago +12 / -0

And sell to whom

18
deleted 18 points ago +18 / -0
13
Beccabee88 13 points ago +13 / -0

They also require their drivers have a vehicle that's less than 5 years old.

11
Libertas_Vel_Mors 11 points ago +11 / -0

Anyone who was smart enough to not take on a shitload of debt (or $1200/mo truck payments) during the First Trump Administration.

Right now, I have exactly one monthly debt payment - a mortgage that is way less than rent. Credit card balances are zero but I have an aggregate $40k in credit limits. FICO is north of 820. I was real vicious about shaping up my finances and stamping out debt when GEOTUS was President.

This puts me in a position to buy a decent used HD (250/2500-series) truck for a steal (and with cash!) once the repos really get rolling.

3
RonDon2028 3 points ago +3 / -0

You're me?

12
thefurthestgalaxy 12 points ago +12 / -0

I bought a '19 Honda Passport for $42 and currently with 3 years wear and 52, 000 miles it's still worth $35 according to dealers selling them used. I drove a brand new suv for 3 years and over 50k miles for 7 grand. So glad I'm not in the late model used car market right now.

4
TehAgent 4 points ago +4 / -0

I bought a 2020 Ranger in Oct 2020 for 28k. Same Ranger is now sitting on lots for 40-45k. Had I not traded my old truck in and sold the other I would have considered selling it and pocketing 15 grand. Id have then taken that plus my savings and paid off the house, waited for the market to cool off, and bought another truck with the now freed up mortgage payment money.

As it stands Ill still pay the truck off in Oct 2022 unless something expensive happens before then. Then Ill just turn around and start dumping that truck payment into the house payment, which I refinanced last year and cut down to 15 years from ~20 left. Since the truck and the mortgage are about the same Ill have it paid off in 7 years as Im already paying extra on principal.

10
based_trekkie 10 points ago +10 / -0

Only problem most of the cars becoming available will have all sorts of electric nonsense that can be used to track you and other crap...

But on the plus side it should lower the price of pre-2000 cars.

22
MLGS 22 points ago +22 / -0

It's a shame we let Obama destroy so many old cars.

7
based_trekkie 7 points ago +7 / -0

It really fucked up the used part market...

4
deleted 4 points ago +4 / -0
3
Crappydatum 3 points ago +3 / -0

Ghost cars

6
Pepper2 6 points ago +6 / -0

I've thought about that. It's fine for a daily driver but everyone should be picking up an older, self serviceable car to keep around as an ..... alternative

9
based_trekkie 9 points ago +9 / -0

Just remember this rule...

"Just enough electronics that have matured enough to efficiently run a fuel injection system, but not enough to track or shut down on you on someone else's behest "

4
Pepper2 4 points ago +4 / -0

I'm good with a carburetor because you can teach a kid to fix it. In an afternoon, you can have the whole thing pulled apart, cleaned, adjusted, and put back together. I'll take the loss of 20% efficiency

1
based_trekkie 1 point ago +1 / -0

Well and you can convert such a car to run on wood gas too.

2
HillarysBeaverMunch 2 points ago +2 / -0

Your words will increase in relevance with the passage of time.

This is about to be a big deal - the remote shutting off of cars.

2
20KAG20 2 points ago +2 / -0

My 98 Grand Cherokee. Love it

4
elc0 4 points ago +4 / -0

Better those, at a discount, than the current crop of lemons being produced.

10
LTC_Henry_Blake 10 points ago +10 / -0

Houses are next.

1
deleted 1 point ago +1 / -0
1
deleted 1 point ago +1 / -0
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Maga_hawkeye 10 points ago +10 / -0

I’m sitting at my dealership getting work done, they’ve offered me cash twice to sell my 2016 ford

8
TehAgent 8 points ago +8 / -0

I saw an article saying the average car payment right now is ~700$/mo.

Call me a bOoMeR but thats INSANE. I feel like the [roughly] 400/mo I pay is high. Probably because my Mortgage is only 430/mo though. Plus its the first brand new truck Ive ever bought - I did buy it before prices went crazy though. Like 2 months before.

I did comment on the article that what they were really saying is that it would be a wise investment to get into the repo business immediately 🤣

3
JustHereForTheSalmon 3 points ago +3 / -0

Can't let the neighbors see that I drive a car that weighs less than 3 tons.

8
CMDRConanAAnderson 8 points ago +8 / -0

I mean, at some point it becomes a buyer's market right?

7
ghost_of_aswartz 7 points ago +7 / -0

Cash for clunkers resold back to people, 10-12 yrs later?

Gee I bet they work very well

Especially the electronics

7
Pelosi_Halitosis 7 points ago +7 / -0

Nobody wants banged up Challengers/Chargers/Nissans that smell like weed.

7
Ocineaa 7 points ago +7 / -0

Yay. Glad I've waited a few years to upgrade I should be able to get something nicer.

6
ThirteenPercenter 6 points ago +6 / -0

Joggers getting two years of free rent will do this. COVID relief package prohibited evictions and also payed back owed rent for two years for millions of renters.

6
DonLemonParty 6 points ago +6 / -0

We rented out my grandmother-in-law's house and planned to buy it. She died while the ball was rolling on buying the house. Bank acted like we didn't have proof that we were in the process of buying the house from her

Guess what? Lived in the house for six months rent free. When we left, took all the appliances and the light bulbs. Fuck Wells Fargo.

2
ThirteenPercenter 2 points ago +2 / -0

I’m not sure I understand your anecdote here

1
Crappydatum 1 point ago +1 / -0

Don Lemon is username so…

6
Judiwont 6 points ago +7 / -1

I’m waiting for the MB I want to come up.

8
yurimodin 8 points ago +8 / -0

MB?

5
GuruNemesis 5 points ago +5 / -0

Mercedes Benz?

3
dutycalls1776 3 points ago +3 / -0

Mercedes-Benz

4
friedchicken 4 points ago +4 / -0

Which one are you hoping for?

3
Judiwont 3 points ago +4 / -1

The GLB I really love that car. I have a GLA 250 4matic. My first run with MB. I had 5 Subaru’s before this. Even the base entry MB is a much better smoother ride than the Subaru. But my car is a 2016 with only 20k on it so makes it hard to pick up a car payment.

3
ThirteenPercenter 3 points ago +3 / -0

If you like smooth ride check out Lexus

1
deleted 1 point ago +1 / -0
1
friedchicken 1 point ago +2 / -1

Mercedes is the greatest car maker of all time. Not to say every car is great, but overall as a company.... Mercedes numbah one!

5
Newuser99 5 points ago +5 / -0

Washington DC has the most car defaults due to the overwhelming number of blacks that live there living off the govt

4
Snoman 4 points ago +5 / -1

Valuetainment: the Real Estate bubble explained https://youtu.be/GccE2SuJvd0 watches, cars, houses, everything will be available at a discount soon enough.

4
LtPatterson 4 points ago +4 / -0

I bet they all smell like weed

4
Chitownpolak 4 points ago +4 / -0

Is that going to be at auctions or dealers?

3
CorpseLivesMatter 3 points ago +3 / -0

Nice I’ve been waiting for the prices to drop to pick up a used truck

2
KINGOJ007 2 points ago +2 / -0

I know retards who have car payments only slightly lower than my mortgage payment.

2
deleted 2 points ago +2 / -0
2
Hereforagoodtime 2 points ago +2 / -0

Yeah, I’ll believe it when I see it. I keep hearing this and I’ve bought 2 new cars recently. For comparison this is what I bought previously and what I just bought.

New 2014 Grand Cherokee Laredo AWD: $31,124

  • V6 AWD base model

New 2022 Grand Cherokee Limited AWD $50,355

  • V6 AWD with every option except vented seats

Also, bought a 2022 Ram diesel crew cab 4WD for $59,775 that has every option except adaptive cruise, sun roof and manual elevation adjustment

If the prices are through the roof right now then people aren’t shopping around. Took my time and did research for several months and got decent deals. The difference in price on my Grand Cherokee deals are reasonable given the additional options and 8 years in between deals. Used car market is strong and I’m not seeing the decline yet. Also, people taking on huge interest rates and sub prime deals have happened for decades now. I don’t see the market declining as far as they keep predicting.

Also, my father in law works at an auto auction and the prices cars are bringing is still strong. He’s said they’ve backed off a little but nothing to really account for a higher decline in prices or a flood of used cars heading to the market.

2
notCIA 2 points ago +2 / -0

They've been saying this for like 3 or 4 months.

2
RadioOperator 2 points ago +2 / -0

Was a girl at work, been there maybe a year, I think just under. Bought a $55,000 jeep. Making payments obviously. She got fired in the sweeping layoffs to brace for the recession.

2
OrangeCatBad 2 points ago +2 / -0

They are going to drip it out slowly so the banks can recoup as much money as possible, further when the banks to sell it they sell it to the dealers they don't sell it to the consumer.

2
MichelleObamasBalls 2 points ago +2 / -0

This is what I've been waiting for. Want a new truck lol

2
GreyGooseDown 2 points ago +2 / -0

About time. I need a new truck.

2
Somniac 2 points ago +2 / -0

We bought a car for my son as a graduation gift the year Covid dropped. Same dealership called us up this past spring offering $6000 more than we paid. smdh

2
AutisticShoeshineBoy 2 points ago +2 / -0

I am gonna scoop up a pimped out golf cart or two for a can of tuna

Soon

2
deleted 2 points ago +2 / -0
2
RobbyTheRedneck 2 points ago +2 / -0

I have been driving a Honda for decades. My local dealer has zero new Hondas in stock.

They were the largest dealer by volume in my stare

4
NvJohansson 4 points ago +4 / -0

In your stare? So you got a really good look at it? Kek.

3
RobbyTheRedneck 3 points ago +3 / -0

State stare. Fat finger typo. Lol

2
Bullet_Tooth_Tony 2 points ago +2 / -0

I have put 22k miles on my 18' WRX and the dealerhsip I bought it from is currently offering me 5k more than what I bought it for. If it wasn't so close to being paid off I would have traded it in already.

2
Veritas264 2 points ago +2 / -0

Hmmm... I need to replace our truck and car. Think I’ll just fix them for another year.

2
CoupeFL 2 points ago +3 / -1

I’ve made a lot of money in the car business and the last 2 years have been the best the industry has seen. I’m not looking forward to the immediate future. It’s gonna get tough. Our industry is one of the best leading economic indicators.

1
Dell_Fargus 1 point ago +1 / -0

2008 all over again. Except this time, it's the auto loan industry instead of housing that will kick off the recession/depression.

1
TexasBrowncoat 1 point ago +1 / -0

I remember paying 22% interest in the late 1970's for a new car at the end of Carter era. Smells like deja vu all over again. Waiting for the gas lines and rationing to hit.

1
kbb195 1 point ago +1 / -0

May compensate for the price of fuel.

1
deltch 1 point ago +1 / -0

Glad I bought my car before Pedo Pete took office. I just paid it off too.

1
cptKloss2 1 point ago +1 / -0

this is crazy.... $1.3T

1
FelixtheMan 1 point ago +1 / -0

That article is full of anecdotal "evidence " until we see the artificial supply side of new car co.e back, the market will not see a sharp decline on the used car side. You would have to see a glut of new car inventory come about and a complete lack of customer interest on used. If you look at historical used car sales volume it has been very steady yoy even in economic downturns.

1
Plsdontfireme 1 point ago +1 / -0

Does that mean all the tenants who swapped rent payments for lease payments are going back to paying rent now?! This could be great news!

1
SteelDriver 1 point ago +1 / -0

Hell yes! I'd really like a new (used) truck that doesn't cost 50% more than it would have before all the lockdown bullshit started.