The price of used cars are coming down so fast that it’s actually bringing down the CPI headline inflation numbers, which is actually good news until you realize that a lot of people are actually losing their cars right now and this is contributing to how much inventory is hitting the used car market.
*Nissan Motor saw its operating profit plummet 99% on the year in April-June as its lack of hybrid offerings in the critical U.S. market took a toll on sales.
Ouch
Car demand is fading & China now forcing exports everywhere, limiting profits
Less demand + excess supply pic.twitter.com/siZuKx1QMV
— Adem Tumerkan (@RadicalAdem) July 27, 2024
- New Car Prices: New car prices have been falling, with the average price dropping by 1.4% since last year. This trend is expected to continue into 2024, especially with an oversupply of new cars.
- Used Car Market: The used car market is also seeing changes. Some experts predict that strong deals and incentives for new vehicles will entice prospective used vehicle shoppers to consider new cars, potentially affecting used car prices.
- Discounts and Deals: Dealerships are offering steeper discounts and lower interest rates than usual due to a surplus of 2023 models. This means you might find some great deals if you’re in the market for a new car.
This is insane:
Ford, $F, is expecting to lose $5 BILLION on its electric vehicle business this year ALONE.
In other words, Ford loses ~$44,000 on every EV they produce.
Ford’s EV sales were down a whopping 37% last quarter.
Disaster is an understatement. pic.twitter.com/W0WIKfhDCd
— The Kobeissi Letter (@KobeissiLetter) July 25, 2024