Thinking About Buying a Car During High Inflation? (What You Need to Know)
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LEARN ABOUT: Investing During Inflation
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There will not be a glut for a while and used car prices will remain high. Cash for clunkers created a wave/ripple of high prices by removing used car inventory. This is much much larger and the effect will be felt for a decade after normal production returns.
Unfortunately my 2004 used car just bit the dust so I need to buy during this high demand market. Luckily I'm able to use a financial mutant brain to save money long term. Rather than financing through the dealer or my bank for a ~5% interest rate, I'm going to pay it off in full with my Visa (for the points because we love points) and then just stick all that debt on my line of credit with a 3.7% interest rate and force myself to pay it off at that 8% payment over 3 years.
After a catalytic converter theft on my prius during 2020, my hybrid battery died while waiting for a converter replacement for months. I no longer have the car because I couldn't afford the hybrid battery, on an already 18 year old prius. Are these types of thefts and the national backorder of catalytic converters affecting the car market?
My wife and I have TWO very unreliable vehicles and we have a child. I would love to keep driving them but we need a decent, reliable vehicle we can count on. These price inflations on these used cars are unbelievable.
On March 27, 2020 Trump signed the $3.1 Trillion Coronavirus Aid and Relief Economic Security (Act). The C.A.R.E.S. Act. All of it was printed paper or fiat money. President Biden signed the $1.9 Trillion Economic Stimulus Act in 2021. Again, all was printed paper fiat money. A total of $5 Trillion of fiat money, in a year, pumped into the economy to get the US trough the worst of the pandemic. So… Trump is responsible for approximately 62% of our current inflation, and Biden approximately 38%. All the non fiat money price increase occurring since then are the result of supply and demand issues mostly, but not entirely brought on by the pandemic. The lack of a smooth predictable distribution of goods due to the truck driver shortage (long in the making before the pandemic) are supply and demand related, NOT inflation related. Separate Inflation (the devaluation of the dollar by printing money) from price increases due to supply and demand issues. Also, the current threat of invasion of Ukraine by Russia (Russia being the second largest producer of oil in the world) and related possible sanctions of Russia, are responsible for the some of the increase in gas pump prices. If Russia invades Ukraine expect $5+ gasoline.
As we speak over 4000 new Volkswagen Porsches and other exotic cars are burning up in the Atlantic ocean on a carrier ship Also used minivans are up69%
Car was totaled (another person’s fault) and bought a new Lexus ES300h 2022 – hybrid sedan. Wanted something very reliable, comfortable, quiet, a bit of luxury. Paid cash. Of course, I wasn’t in market to buy, but I knew not to buy a used car the way everything is nowadays. Not the best place to strike a deal, but bought in the bay area close to San Francisco.
I just sold my car for more than what I bought it 3 years ago. Crazy market. Not a buyers market for sure
My 14year old truck that I paid $12,600 new off the lot is showing it’s age; but after looking at what new trucks are selling for it looks like I’m keeping my truck for many more years to come.
No way am I going to pay sticker price let alone over sticker markup’s they are asking for now.
Don’t buy unless you have to
Take it from someone that totaled their car a few months ago, DO NOT GO ON A USED CAR LOT RIGHT NOW. It's insane, had to pay out the nose for a trashy hunk of metal as work from home was not an option
I totalled my car. Worse time to do that. Probably going to get a new car. Wish me luck.
the lighting looks much better than it did, good adjustment
guess if you really need a car you have to buy something saw a 2018 corolla se $25k buy a new one for that if you can get it for msrp
I find it weird that Americans like Trucks
Now the inverse of all of this. I'm actually selling my truck, (my weekend vehicle)
to cash in on these insane times.
Taking money from a depreciating asset, and putting it into the stock market. WINNING!
The only vehicle that you should buy in this inflationary environment is a cargo van/sprinter van it has more utility than most cars and trucks because if things really go south you can convert it into a home and start doing a van living
Perfect timing for this video. I’m currently in the process of buying a new vehicle.