[Luzifer]

Used Car Prices Are Crashing At A Near Record Pace | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

Im not sure when the party ends, but it will end……

Maybe for regular cars but not for Huracans, it's still climbing ridiculously. Even the ugly red car with the pudding interior is gone.
However there is one that just showed up yesterday for 220K because it was in an accident. With lack of details of the listing it's like putting a snake in your pants hoping it doesn't bite.

 

[Luzifer]

The most obvious thing to me is that even though the Technica has been revealed, getting one is like trying to find a unicorn. The other variants have stopped, it's back to the zero supply and a lot of demand. I now think until they come out with a new model and have lots of cars off the shelf prices are going to be very high. Some people are willing to over spend no problem, they have employees shoveling money with a snow plow into the bank account. And this is just the legit way of having money, I won't talk about the dark side.

In any case up here 2022 is a bust, summer has just started and the trend for car prices always goes up anyway to snatch those over paying buyers. We can only wait till September when car owners want to dump their cars. I think 4 months is too soon, there's too much politikill action going on, the ant's nest has been stepped on. No new cars on the horizon means guys are going to keep their car or sell it at a ridiculous price laughing at their profit. We need to wait till February to see if anything has changed but I doubt there will be any good news.

 

[Luzifer]

No, I think you're spot on. Both the car and housing market are due for a correction whether we like it or not.

In my area that's a negative, too many immigrants coming here throwing money to get a roof because it's cheaper than the other side and it's a bidding frenzy. Take a look here at these 2 cranes it's now going skyward.

 

[Luzifer]

Lol @ immigrants are going to prop up the most overvalued RE market in the world. How many immigrants are coming to Canada who have access to a million dollars to buy a property? Most if not all are low wage workers who can barely afford to pay the rent. It's just a BS narrative the RE industry wants people to believe.

Plain and simple Canadian's borrowed cheap money since the panadmic started, poured it into RE and now the bubble is about to the burst.

And here's a snippet from an article from BMO talking about this vary thing...

When I was saying immigrants I wasn't referring from overseas but from the other side of the city. They pay a whole lot more over there so they are flooding this part. But one high rise where I saw all the owners name of these condos I would say over 95% sounded very foreign.

There is one thing you may not know, overseas immigrants receive money, the government keeps the numbers secret but I suspect it may be a lot, I can tell you a lot of them have new houses, new cars, new furniture and when it comes time to pay my bill they argue the entire bill is free or tax free or whatever.

 

[Luzifer]

There's article after article that prices are falling in the GTA and beyond so you must live in the only part of Canada where demand is insane.

I don't live in GTA.

 

[Luzifer]

wow thats nuts your have such high taxes

You haven't seen my income tax rate, you would fall off your chair!

 

[Luzifer]

Tell me about it. It's Canada's government ADM lol



If you don't income sprinkle, you basically work from January to June with no pay haha.

Exactly, The biggest problem now is they want their cut even if you didn't make the money yet! I'm working for the CRA Cartel. I said a few times already with all the taxes I pay it buys the government 4 Honda cars every year! If I include sales taxes I collect, it buys the government a pre owed Gallardo every year.

Last but not least that doesn't include the biz overhead.

 

[Luzifer]

Canada should learn from the Japanese. They put a moderate tax, then charge everything else nonsense discreetly like disposal, recycling, recycling maintenance fee, recycling inspection fee, put double tax on gasoline, charge tax for the plastic bags and straws from the supermarkets, and charge a mandatory national broadcast fee for owning a single TV (yep you read that right).

I bet we already have these crazy taxes as well. Ok here's a good one, if you buy milk no tax but if you buy chocolate milk they consider it a luxury so it is taxed! 🤪

Here's another weird one, when I was an employee on my paycheck there was a fee for pregnant woman to take a year off after child birth!

We also get to pay school taxes and I don't have any children so this concept is pretty strange to me. One day I called the school board after receiving the yearly bill I told them for the money I pay out year after year I get nothing in return so how about Spanish, German lessons or whatever you teach. They surely thought I was nuts and they refused.

 

[Luzifer]

I’ve gone nearly a year without my own car and it’s been a great learning experience. The main lesson is I’ll never do that again!!!

There was a period where dealers would call around to see if you would sell you car. Last year a Chevy dealer called me they had a "VIP" day where they would appraise my C7 and buy it. I told the woman on the phone you can't afford my price, she seemed perplexed probably thinking why I wouldn't want a few extra dollars than the regular depreciation.

Now that I know I'm a die hard sports car enthusiast no way I could be carless. I would be totally depressed. To most people they wouldn't understand "the super sports car thing".

 

[Luzifer]

As of this morning the 3 cheapest cars in the country, first one has damaged history. Keeps going up...

 

[Luzifer]

driving the huracan whole summer vs. waiting and saving up 30k?

I'd take the car anytime. life is short.

30 K, where in the US? What are the taxes on that?

But here it's totally different the first car(2016 with the wing) from my post #117 (Not the damaged one) is about 45-60K over normal times, with taxes 52-69K over.
Second car (2016 Orange 580) the difference is even greater of +- 90K over, with taxes +-103K!
= FU money

 

[Luzifer]

First one has a $100k hit

I don't understand, 100K hit?

 

[Luzifer]

take usd cad or eur. also not related to msrp. if you're getting the car mid september for 30k less vs now with the current price, would you take the car now or just wait for the prices to drop?

The answer would be no. I'm still saving up, I'm getting closer but sticking with my amended budget of no more than 240K plus taxes. For some people money they earn isn't difficult, some make so much it becomes their pocket change.

Often times the money I make is a devil's paycheck, people insulting me, people throwing tantrums cursing like banshees, one job I completed a woman started to scream and turned her purse upside down spilling all the contents on the counter and bouncing on the floor NO MONEYY! Mam those are checks that fell out right there, more insanity ensued. Many try to cheat the bill even when I go out of my way on Saturday or Sunday night to help them out, some not paying the bill at all and filing complaints! On a few occasions I had to threaten to call the police, I've had to go knock on some doors at night to get paid. I could write a book...

I'm not about to take the money I've earned from hell and gift it to someone for easy profit. No.

Like my GF says I already have a nice car.

There will be another Italian festival and when the time is right I'll be there to grab it.

 

[Luzifer]

Talking about the production of Huracans, I saw another one last night and will post it in my thread later on, There's so many it's outnumbering the C7 Corvettes I see on the road. It's getting close to being the Italian Chevy.

Ok I'm going to run under the table now so you can't catch me, I got that trick from my cat....

 

[Luzifer]

Doubt there will ever be a $150k good example EVO at this point?

Eventually I think so, taking example of the Gallardo that's already 19 years old, in 2020 they were as low as 105K over here. I bet Lambo will do an outrageous design for their electric cars and people will flock onto them them dumping their outdated H. Heck they may come out with a sound to compensate the lack of the V10 exhaust like a turbine whine I'm already hearing on some electric cars.


Maybe a whine like this?

 

[Luzifer]

That’s cause all the C7s are in repair shops and junk yards! 😜

Oh really, where? I need to prepare in advance and get a parts car!

I'm amazed the parts are so cheap, they are a fraction of those of my 4Runner!

Overall until now it's not too bad, 76 000km and I've replaced the starter $260, HMI module (infotainment computer) 800$, a speed sensor and the fuel door lock actuator under warrantee.

It's going to hurt to have to pay for Lambo parts and wait who knows how long to get them. The repairs that I won't do myself is going to be an issue, where do I bring it locally? Closest dealer is in another city and will require a flat bed tow truck to and from. Tow truck bill would be around $1000.

 

[Luzifer]

The damage on the car was $100k to repair

Wow, if you know anything else please tell me more about the damage and anything related to this. What I'm afraid of these big repairs is the potential of shoddy workmanship.

 

[Luzifer]

Oldest trick by dealers is selling cars between each other and keeping prices high. So many SVJ's sitting on the market have been flipped between various dealers, same with the STO's.

Wow, I rarely check those but I remember some months ago there were only 2 now there's 21! More than half are 1 million to 2.2 million!

What are they trying to do? Are they trying to sell at these outrageous price and buying all the Huracans to drive in the mean time?

For others who aren't in the know, there's only +-25 preowned Huracans available in the country. The black one at 220K with 100K of damage only lasted less than a week in the listings. Only one left at 260K and all the rest start at 295K and up.

 

[Luzifer]

How many $200k+ buyers are there in a recession even if it's a mild recession? Not many. You need a consistent stream of buyers to keep these type of prices afloat and I personally don't see that happening in the coming months.

I'm still sticking with my prediction which is H's will go back to where they were prior to COVID which is at list or just below. A's will have a similar faith but a bigger drop because of the AV replacement.

It'll be interesting to revisit my post a year from now. Hello future me.

I'm going to rub this post like a genie in a bottle.

Genie Genie NO later than summer of 2023!

 

[Luzifer]

Buying at list = good idea. Buying way over list or paying crazy ADM = bad idea.

Oh the possibilities...

The extra money, those who over pay right now could of paid for year round lawn care, a cleaning lady, maybe a part time chef? I like the chef idea, I'm beat when I'm done working.

It got me thinking the exploded difference would buy me a 4Runner at inflated prices and it might include a new 10K asphalt driveway with it.