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Car Market Collapse What That Means for Americans
When supplies rose and demand fell, used automobile prices dropped the most in history. Some major carmakers are cutting prices by almost $10,000 as sales plummet! Millions of car buyers are underwater, panicking lenders. The situation is dire.
The average used car in America costs $29,533, down from the record high of $31,095 in April 2022 but still 45% higher than in 2019. Used car prices rose roughly 70% between 2020 and 2022, and despite strong falls since December, there's more negative ahead.
Although used automobile costs have skyrocketed, Americans should expect a 50% to 60% reduction. Experts think the price crash will hurt some motorists, but we may never return to "normal" levels.
They estimated that the car market meltdown might wipe out $1 trillion in new and used cars. Financial bubbles burst. Millions of car owners owing more than their cars are worth when the used car pricing bubble broke. So, those overpaying for old cars may soon default on their auto loans.
In the 26-year history of the Manheim Used Vehicle Value Index, wholesale auto prices declined 15% month-over-month. Supply-side balance may take years. Jerry's automobile insurance comparison site revealed that the U.S. vehicle market won't return soon.
Car sales fell 8% in 2023, the worst start since 2011, when the economy was trying to recover from the Great Recession. Compared to a historic average of 17 million, automakers sold 13.9 million cars, trucks, SUVs, and vans. We're already seeing the market's painful consequences of falling demand as analysts estimate sales to drop by 1 million in the coming months.
Everywhere are red flags. Wells Fargo's vehicle loan losses were larger than projected amid the bank collapse. Fifth Third Bank (FITB) is cutting loan originations, perhaps anticipating threats. This may cause the “biggest financial crisis in history,” according to Elon Musk. The liabilities are much higher than lenders like to accept. As banks collapsed, the automobile price bubble created a lot of system risk. Automaker bankruptcies and numerous bank failures are initiating a 2008-style crisis that will be terrible.
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