Interesting Video on Used Car Market Bubble

2,763 Views | 15 Replies | Last: 2 yr ago by Silvy
crowman2010
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1:44p, 2/3/22
AG
Pay attention here, especially to what he's saying about repo rates. Sounds like all those stimmy dollars have finally run out.
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Sea Speed
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2:14p, 2/3/22
AG
Very interesting. Looks like I got rid of the atlas just in time.
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Picard
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In reply to Sea Speed • 2:36p, 2/3/22
AG
Sea Speed said:
Very interesting. Looks like I got rid of the atlas just in time.


Glad to hear you got rid of the Atlas. Those things are a time bomb with a short fuse.
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Sea Speed
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In reply to Picard • 2:42p, 2/3/22
AG
Yea, ours went off. Had the head gasket replaced at 30k miles. Sold it 2 days after getting it back.
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Sea Speed
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2:43p, 2/3/22
AG
Also, I dont think time bombs have fuses.
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javajaws
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2:43p, 2/3/22
AG
Here's what I don't get: While cars have been in short supply lenders should have been more restrictive about their LTV ratios they would allow instead of allowing those to climb to over 100% (in addition to raising credit requirements, etc). There were MORE buyers than cars available - they could have been cherry picking the better buyers but instead got greedy and went after raw short term profit (via higher raw loan amounts). They decided to ride the bubble and now it looks like they'll finally have to pay the consequences as that bubble bursts.
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Sea Speed
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In reply to javajaws • 2:44p, 2/3/22
AG
Greed is a tale as old as time.
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ChoppinDs40
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In reply to javajaws • 2:50p, 2/3/22
AG
watched the video... crazy and may be true.

I think the texas market will be somewhat insulated with the job market and demand vs. supply here
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Rustys-Beef-o-Reeno
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2:50p, 2/3/22
AG
I think 2023 is going to be a great time to buy a new car, only thing I'm unsure of is the rise in interest rates affecting your buying power.
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bam02
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4:08p, 2/3/22
AG
Question: this guy seems to know these sub-prime customers pretty well. When talking about income tax refunds he says people expecting to get 5, 10, 15 thousand $ refunds are in for a shock.

Do a lot of people actually get this kind of refund every year???
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FightinTAC08
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In reply to bam02 • 4:26p, 2/3/22
AG
No anecdotal experience but I absolutely believe it.

A lot of people want over withholding for the refund rather than higher paychecks, refundable and other tax credit handouts From the government all add up.

I truly believe everyone would be better off if withholding was not allowed and everyone had a net refund or payment to uncle sam once a year. The true tax liability is masked because of the ignorant or uneducated public which is a sad place to be in.
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lockett93
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In reply to bam02 • 8:04p, 2/3/22
AG
bam02 said:
Question: this guy seems to know these sub-prime customers pretty well. When talking about income tax refunds he says people expecting to get 5, 10, 15 thousand $ refunds are in for a shock.

Do a lot of people actually get this kind of refund every year???


Low income (below $30k) refunds are huge this year. The typical filer is getting similar child tax credits, and now has a refundable dependent care credit. They are also allowing them to use their 2019 income to calculate EITC which helps with those making under 15k. Anyone who has a child born in 2021 gets $5,000. ($1400 stimmy and 3600 Child tax credit)
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slimjimsims
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7:35p, 3/16/22
AG
He mentions that most people have 650 and under credit score. I think he said 60% or more.

Is that real?
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Silvy
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In reply to FightinTAC08 • 8:43p, 3/16/22
AG
Yep, just last week I heard a guy bragging about getting a fat refund because he over withholds. Being that he was a grunt on the docks, I figured I'd save my breath and time and not start a discussion.
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Dr. Nefario
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In reply to Silvy • 9:02a, 3/18/22
Over withholding is probably more beneficial than not for that guy. He's probably not that good with money so by over withholding he's basically established a de facto savings account. If that money wasn't going into his "savings account" it would most likely just get "invested" in lottery tickets and cigarettes.
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Silvy
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9:33a, 3/18/22
AG
Nah, Black & Milds are the choice product at the Port of Houston
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