angry banker· Registered
Someday down the road, we'll all look back with fondness at Mclaren Charlotte asking $270k for a 6-year old LP 580 with over 20k miles.
I agree, crazy, more than I paid for my 2022 EVO RWY Spyder with almost all the options offeredSomeday down the road, we'll all look back with fondness at Mclaren Charlotte asking $270k for a 6-year old LP 580 with over 20k miles.
Insane! Prior to Covid weirdness, this car would be asking $170K or even less today. UnbelievableSomeday down the road, we'll all look back with fondness at Mclaren Charlotte asking $270k for a 6-year old LP 580 with over 20k miles.
American consumers currently have auto loans totaling $1.4 trillion, double the amount from 10 years ago and now larger than credit card debt, according to the Federal Reserve Bank of New York.
If the economy falls into recession and more people lose jobs and incomes, households will feel increasing financial stress.
The average monthly payment on a used-car loan today exceeds $500, says Bankrate.com. It’s about $650 for new vehicles, with one out of eight borrowers on the hook for $1,000 or more a month.
If used-car values soften in the months ahead — and the increases are already beginning to moderate — many consumers could be left with upside-down auto loans.
Some analysts say the situation looks frighteningly similar to the subprime mortgage crisis that led to the Great Recession in 2007-09.
Though most economists don’t foresee anything like the financial crater back then, they worry nonetheless that the imbalances in the auto industry and financing will cause significant trouble for consumers and lenders alike, especially those heavy in the subprime market.
Credit unions, with their reputation for lower interest rates and lending to diverse communities, have seen booming growth in used-car loans. Credit unions now account for about a third of the vehicle credit market in the country.
Mike Schenk, chief economist at the Credit Union National Assn., says data suggest that about a quarter of credit union borrowers have below-prime scores, meaning they are more likely to get into financial difficulties and fall behind on car payments.
Schenk dismissed worries as overblown, saying auto loan delinquencies of greater than 60 days are up only slightly for credit unions and remain historically at very low levels.
But some lenders are starting to feel more pressure.
Pentagon Federal Credit Union has one of the largest portfolios of used-auto loans, about $3.6 billion as of March. That’s up a whopping 80% from a year earlier. As of March, the dollar volume of delinquent accounts 60 days or greater has more than doubled from a year ago to about $45 million, according to quarterly filings.
Other lenders may face higher risk because of their large exposure. In Orange County at Westminster-based LBS Financial Credit Union, for example, autos make up 70% of its total loans. Neither Pentagon Federal nor LBS Financial would comment.
“You do see some financial institutions, including credit unions, pretty deep in subprime autos, and should that market turn suddenly and viciously, they’ll find themselves on the wrong side of a speculative bet,” said Aaron Klein, a senior fellow at the Brookings Institution.
In another pandemic fallout, used-car prices are way up, and the repo man is backSupply shortages have sent used-car prices soaring. And that's made repos more lucrative, with borrowers having cars seized days after missing a payment.www.latimes.com
Sounds about the same for real estate. Cheap money, free money from the gov't printer. Everyone and their dog was throwing out wild over bids for any house they could. FOMO at its finest.This is the real story, lenders and consumers who are way over their heads and we all know a lot of these supercars are purchased with cheap money hence why a lot of buyers didn't care if they were paying way over sticker.
Take a look at the SV coupe below. Listed June 2021, 30k miles. Starting price was $550k, $520k, $499k and a month ago they finally gave in and dropped the price to $470k but wait! Few weeks ago the price went back up to $499k and now it's $485k. What a bunch of jokers.McLaren Charlotte is a terrible barometer though of realistic dealer pricing. They used to be reputable, now they're generally horrible.
My all time favorite was maybe 8-9 months ago, they had a driver mileage 599 GTB (not GTO) F1 transmission for $549k...they dropped it several times down to $249k over several months before selling to a different dealer.....that was like a $160k car best case.
Or this one today.....only $750k overpriced.
Used 2015 Porsche 918 Spyder For Sale ($1,999,996) | McLaren Charlotte Stock #800043Used 2015 Porsche 918 Spyder Stock # 800043 in Charlotte, NC at McLaren Charlotte, NC's premier pre-owned luxury car dealership. Come test drive a Porsche today!www.charlottemclaren.com
Huracan was a cash purchase I also look at it as a sunk cost for my mental health. Driving 70+ miles around the Aina yesterday with the club was tonic for the soul.As far as the stock market goes, real estate etc, the majority of my investments have been with my for a long time. I have been through several big market corrections and learned how to endure them with little pain. My car game is just for fun and amusement, I never thought of them as investments except for investing in my psychological health.
Are you saying u go to IKEA and DONT look at everything?!?You guys have it easy with your only concern being when will the bubble burst. Heck, I’m in IKEA with my wife and she is hell bent on looking at everything.
I feel like a rat in a maze at that place. So, I bring my AirPod Pro and listen to music and nod cheerfully whenever the boss 👧 has a question or wants to discuss a possible purchase.Are you saying u go to IKEA and DONT look at everything?!?
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Those numbers are very similar to what my last car was bought and listed for a couple months ago. You might be offering right at what they paid and they might entertain the idea with a potential downturn coming.I’ve been speaking to a dealer about one of their H’s listed at 249k and I offered 215k. He’s still talking to me despite my offer lol. We will see where this goes.
Yup, I can't find the Carfax but I wonder if this an ex-Canadian car.I think the STO currently listed at Maclaren Boston used to be at Charlotte……
Not this one by any chance? https://www.cargurus.com/Cars/inven...ty=d2285&zip=85383#listing=333063441/FEATUREDThose numbers are very similar to what my last car was bought and listed for a couple months ago. You might be offering right at what they paid and they might entertain the idea with a potential downturn coming.
The question is how much it sold for and to who?FWIW, the dealer I sold my STO to was able to sell my car, so the market is still ok……weaker but still decent!
No Idea. Was listed at 575K, then 550K, then 540K then it sold……The question is how much it sold for and to who?
Is IKEA the poor man’s Walmart?Are you saying u go to IKEA and DONT look at everything?!?
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