Used Car Market Bubble Popped !!!

1 year ago
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#economy #autoloan #bubble

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A lot has happened in the economy over the last two years and no where is this more true than in the auto industry. We are now witnessing used car prices increase by as much as 45%. This is a whopping price increase for automotive. We are seeing people over pay for cars simply to get into a car because the economy was very good. However that was before the inflation concerns, that was before rising gas prices, that was before child tax credits and stimulus were pulled out of the market. We are seeing auto loan lenders offering forbearance programs to keep borrowers inside of their cars. Why would auto lenders offer forbearance? It is very simple, they would offer auto loan forbearance to reduce the odds of them having to repossess the vehicle as the vehicle was sold for way more than they would ever be able to see that car for in the future. That being said the lender is doing their best to prevent a massive realized loss.

However there is no way that tens of millions of people will be able to stay in their car if gas prices stay this elevated and the economy steps into a massive economic recession or a depression and people really reduce their overall costs so that they have enough for food and rent.

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