US used auto sales crash - more confirmation
Yesterday I put up an article titled "Vehicle sales as a bellwether for the economy".
Reader Andrew Smith added a comment linking to the video below, for which I'm grateful. The speaker calls himself the "Economic Ninja", and certainly seems to have inside knowledge of the US auto market. He reinforces what I said yesterday, and makes some new points. I thought it was worth sharing the video with all my readers.
Food for thought. I think many people are hanging on to their older vehicles, rather than sell them, because they know they can't afford to replace them at current prices. Will that continue if used vehicle prices drop significantly? I don't know . . . certainly, if the price of used vehicles on the dealer lot drops, so will the prices offered for future trade-ins. It's a two-edged sword.
Also, in answer to a question from another reader, Will recommended " a used commercial box truck or flatbed type" as a towing vehicle. He said they should be a lot cheaper than a used heavy-duty pickup in today's market. That sounds interesting: but where would one look for such vehicles for sale? You don't see them on "normal" vendor lots, so I presume there are specialist dealers to handle them. Can readers provide more information? If one wants a used towing/hauling vehicle like that, in decent condition, where would one look? What are the pitfalls and problems for which one should be on the watch?
Thanks in advance for the information.
EDITED TO ADD: Used vehicle retailer Carmax, one of the largest in the business, has just reported "horrendous" financial results. The report notes that "the results will exacerbate concern about the automotive industry. Indeed, the entire US automotive industry is being hammered by soaring interest rates and a stretched consumer."