IT'S FINISHED! Don't even bother TRADING IN your car this year

Video Description

The car market is extremely volatile right now. Trade In values are looking very bleak. With new vehicle inventory being through the roof, used vehicle prices have come crumbling down. Used vehicles are not desirable right now because New vehicles are coming with substantial discounts and incentivized interest rates. Trading in a car, truck or SUV right now doesn't make a whole lot of sense. The savings on buying Used need to be tremendous in order for it to be a consideration. Topics discussed in this video include: - Used car values have dropped between 25-30% in value the last 2 years. - For context: Buying a 2 year old truck, car or suv back in 2023 for $50K… same vehicle also 2 years old today would cost $35K- $42,500. - That’s not even taking into account inflation which really brings it to a 35-40% drop. - 1/5 people owe $10K more than the car is worth - 40% of people with auto loans out have an average negative equity of $7200. Up $650 over the. Last 6 months - The Trade In factor is no longer helpful… - If brand new 2024 and 2025 Ford F150s, Chevy Silverados, Toyota Tundras, Ram 1500s are coming with 10-12K discounts.. what does that mean for your 2022 or 2023 used model? - With interest rates and MSRPs so high, it no longer makes sense. - 42% hike in MSRPs - National average new vehicle sales price is $48,405… $760 monthly. $525 used. - Interest rates average 7% New 11% Used - Much of the pain comes from hugely inflated sale prices during the pandemic… - Most people interested in trading in right now overpaid for their already expensive vehicles… ADMs… protection plans - The 0% interest deals are often in vehicles nobody wants… EVs, common run of the mill vehicles that won’t hold value. - Rule of thumb: the easier it is to land a great deal up front generally equates to rapid depreciation. Because others are getting the same deal. Kills the trade in and residuals. - National average for insurance is $2650. Full coverage, annual premium. $770 for minimum/liability coverage. - New market is over saturated… making Used values less desirable. - Over 3M new vehicles…. 2.25M Used available. - 18% drop in wholesale market - 1 in 7 car buyers can’t afford two auto loans over $500 per month at the same time. Which is why people feel stuck… they NEED to trade in their vehicle to get another. - They don’t get the luxury of just keeping the one they’re upside down in and buying a new one separately. - Partly why we see banks decline 1/5 auto loan applications last quarter. - What has been your worst car or truck buying experience? - Conversely, what has been your best experience? Let me know. Always interested in hearing your testimonials. - I don’t think the Trade In market will get any better in 2025. It’ll get worse before it gets better imo. - Everything ebs and flows though… if you are in a position to hold out and continue paying for your existing vehicle, do that. Don’t try to correct your debt with more debt, only in very rare occasions will that work. Thank you for taking the time to watch, I sincerely appreciate your support! If you found ANY value in this type of content, please consider Liking and Subscribing for more. As mentioned in the video, let me know your BEST and/or WORST experience in working with a dealer. How's that transaction go? Thanks!! -Stay Untamed... #carmarket #vehicles #marketcrash ENGAGE WITH ME ON INSTAGRAM: @untamed_motors