A car market insider sees better deals ahead for new cars, but likely not for used cars….
The country experienced a car market bubble after COVID hit — propelled by inventory shortages from disrupted supply chains & the unprecedented stimulus sent to businesses & households.
Now here in 2023, folks are beginning to wonder if we’re in for a car market crash. Used car prices which nearly doubled post-COVID, fell throughout all of last year — though they’ve started turning up again in recent months.
Also, lax lending standards in extending auto loans during the recent boom are coming back to bite lenders — as vehicle affordability hits an all-time low, 60-day delinquencies on auto loans are the highest they’ve been in more than a decade.
Where is the auto market headed from here?
Will patient buyers for new cars and used cars be rewarded with better values in 2023?
To find out, we’re fortunate to welcome CarDealershipGuy to the program. He started out as a salesperson on a used car lot and now is owner & CEO of a car dealership group. Iin order to speak freely without industry retribution, actively shares insider updates on the auto industry anonymously on his highly popular social media accounts.
Follow CarDealershipGuy at his website at http://dealershipguy.com/
Or on Twitter at: @guydealership
