Car Dealers & Banks SCREWED Buyers, Now They're Paying The Price
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Published 2024-03-27
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Watch out for the tsunami! Ray and Zach dive into some disturbing news from Edmunds: the amount of trade-ins with negative equity is increasing, and the average amount of money owed on these vehicles is also on the rise. Dealers are taking advantage with predatory "Upside-Down Payoff Sales Events." What a me
All Comments (21)
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I tried to get a car today, the dealer said, 'these prices are non negotiable.' I got up and walked away. That was even before a test drive. They don't seem to be feeling it yet.
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The banks never should have been approving loans beyond the value of the vehicles. Greed that is going to come back to bite them.
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Play stupid games win stupid prizes. We need to take personal responsibility and not buy a product we can't afford. If we all did that then dealers would be forced to lower prices.
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Imagine having a significant amount of negative equity in your current car only to get another vehicle and sign up for even more negative equity because you want a shiny new car.
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im keeping my car till it blows up. with me in it 😂
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Why would you already want a new car? I would have never thought of buying a new car till the old one was paid for and I had 20% cash down. What the hell is wrong with everyone. Go wash that car and fall in love with it again.
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I haven’t had a car payment in 20 years. I put $500 a month in a car account and use it to fix my vehicles or buy something when I need to replace. I’m the bank!
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Local Nissan dealer has a used 2022 Nissan Frontier advertised for $27K which gives it a "great deal" rating by CarGurus. The out the door price after all the BS fees is $36K. A sample of some of the fees. $1000 more if I don't have a trade-in. Another $1000 if I pay cash or arrange my own financing. But the one that really got me, $2900 reconditioning fee (they washed it). Doc Fee $999. and other fees. It's no wonder this dealership has a F rating by the BBB.
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i went to a local dealer in Albuquerque New Mexico during covid19 they try to sell me a Silverado pick up for 15000.00 above MSRP I said I'll be back when you can sell it to me for or under MSRP at that point the sales person said you going to be waiting a long time I said I got time I'm still waiting .
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NOBODY screwed the buyers. The buyers willingly bought these vehicles that were grossly over priced. Nobody held a gun to their head. Dealers have always been dishonest. Face it...some people are just freaking stupid and no amount of education or advice will stop it..
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ATTENTION Car Edge. You need to showcase all the places dealerships are stacking inventory… vacant office buildings, horse track parking lots and shopping malls as they have many hundreds if not thousands hoarded in New Jersey!!!
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I'm actually surprised its so low at negative equity trade-ins. I figured it would be around 75%. I just saw a Ford Ranger selling for $52K new. No way it's worth 25K as soon as you drive it off the lot.
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Keep your car for at least 10 years and don’t worry about being upside down
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So the chickens of $75k Tellurides and $50k Rogues are coming home to roost.
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The way to fix it is keep and repair it as needed till paid off
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You mean, nobody said "You're paying $15k over MSRP, you know you'll take that hit on trade-in, right?" A crisis of their own creation.
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Power to this channel.. shine light on the things the common person doesnt understand.
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Anyone who bought a grossly overpriced vehicle the last couple years with any intention of selling it within a decade are fools.
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I’ve got a 2015 ram and I’m gonna ride this thing for as long as I can. At this point, I would rather just keep paying for the necessary repairs than add a car payment to my life. Thankfully, I’ve got an uncle who is great with cars and we’re replacing the oil cooler next week. All it cost me is just a parts because he does it for free. Going on three years now with no car payment and loving every bit of it!
