Love your sardonic sense of humor. It is a gift that keeps on giving especially pointing out the bizzaro-like world that we are operating and have been operating in for quite some time especially all things economic, financial, social, cultural, etc.
I've been doing some work on CarMax this week so I checked their inventory, which is all online. Of their national inventory of 57,483 cars, there are just FOUR priced under $11,000, all sub-compacts, two of which have over 100,000 miles on the odometer. If you bump the limit up to $15,000 max, you get 766 vehicles, or 1.3% of their inventory. You have to bump up all the way to $29-30,000 before you hit the median and see half of their inventory. These are all USED cars!
In other auto news, the "Inflation Reduction Act" includes new money for $7500 subsidies for new electric vehicles and $4000 subsidies for used electric vehicles, with qualification subject to income limits. Looking forward to seeing how subsidizing something will lower inflation.
Jul 28, 2022·edited Jul 28, 2022Liked by Rudy Havenstein
Got a 2014 Chevy Volt in 2014. Leased it what with Moore's law and all. In 2017 Ally wanted $21k as residual, so we walked. Bought another 2014 from a private seller for $14k. When wrapping up lease with Ally I asked what happened to the car? Went to auction and they got <$12k for it. The one we bought now has 50k miles and runs like a champ. Saw an ad for local Chevy dealer yesterday, 2014 Volt $17,900. Really?
SORRY! The lifestyle you ordered is currently out of stock. Banksy was prescient.
Love your sardonic sense of humor. It is a gift that keeps on giving especially pointing out the bizzaro-like world that we are operating and have been operating in for quite some time especially all things economic, financial, social, cultural, etc.
I've been doing some work on CarMax this week so I checked their inventory, which is all online. Of their national inventory of 57,483 cars, there are just FOUR priced under $11,000, all sub-compacts, two of which have over 100,000 miles on the odometer. If you bump the limit up to $15,000 max, you get 766 vehicles, or 1.3% of their inventory. You have to bump up all the way to $29-30,000 before you hit the median and see half of their inventory. These are all USED cars!
In other auto news, the "Inflation Reduction Act" includes new money for $7500 subsidies for new electric vehicles and $4000 subsidies for used electric vehicles, with qualification subject to income limits. Looking forward to seeing how subsidizing something will lower inflation.
Next time my doctor tells me to lose weight, I'm going to show him that my BMI is at the ideal value using hedonic regression.
LOL! I absolutely love these posts!
Got a 2014 Chevy Volt in 2014. Leased it what with Moore's law and all. In 2017 Ally wanted $21k as residual, so we walked. Bought another 2014 from a private seller for $14k. When wrapping up lease with Ally I asked what happened to the car? Went to auction and they got <$12k for it. The one we bought now has 50k miles and runs like a champ. Saw an ad for local Chevy dealer yesterday, 2014 Volt $17,900. Really?
But what about living in a used car, skipping meals, paying no utilities? Or even changing wagons/buses of public transportation!
I wonder when the tolerance threshold will be reached and what would follow.
The house offer letter consulting business appeared solid.
https://www.trulia.com/guides/offer-letter-templates/
good stuff, note this YT channel. Nick's been on fire with his RE insights, cheers. https://youtu.be/PkGrOqL_yHQ
Excellent piece. Thanks.
The used car market will be the most painful to watch with respect to the middle-class to poor. When they can’t even make it to work? JFC.
A new round of "cash for clunkers" coming soon