Another disturbing sign has popped up to signal that the economy is in serious trouble and we could be looking at one of the worst economic crises of our lifetime!
Less than a year ago, car lots were completely devout of new vehicles. People were buying them as fast as the dealerships could get them on site.
All of that seems to have changed now. Dealerships are overflowing with cars and they can’t seem to find buyers!
Inflation has hit the vehicle market HARD. Since 2019, the average price of a new vehicle has jumped from $32,500 to $47,000!
Now with rates rising in order to TRY and combat inflation, that jump is even more noticeable. Average payments for a new car have shot up roughly 60% in that time, but here’s the kicker: wages have only increased 10%!
The numbers don’t add up!
With the price of everything else up – from household goods to the gas you put in that car – it’s become impossible for American families to keep their heads above water and the collapse is imminent!
The dominoes have already begun falling and one major car retailer and subprime auto lender has been forced to close its doors.
American Car Center, which has more than 40 dealerships across 10 states, is the first of many as Americans continue to fall behind on their car payments.
Buckle up folks, the economy is rough now, but we haven’t even seen the half of it yet!
For a better understanding of why things are about to get MUCH WORSE, watch the video here.
7 thoughts on “Families Struggle to Qualify and Afford Car Payments in Latest Sign an Economic Disaster is On It’s Way”
The fix is, don’t live beyond your means. If you can’t feed em dont breed em. Fix up your older vehicle, maintain it.
Keeping up with the jones is not necessary. One does not have to bury themselves. Use common sense.
In our part of the country (Western States), a retired couple who has NO DEBT of any kind, can EASILY live on $2500.00 per month (with a few dollars left over).
We KNOW, because we ARE DOING IT!
Yet a neighbor of ours, also retired needs to buy a NEW car every 2 years, and finances it with a home equity loan (constantly increasing the loan amount each time they buy the car) can’t noe get by on even $5,000.00 per month (with a retirement income of $4250.00)!
As we have continually taught our kids…
AVOID DEBT LIKE IT WAS THE PLAGUE!
Interesting comment. Went through this in the 70’s and further into the 80’s and living beyond your means with debt and the inflation could loose your home,roof over your head and your vehicle. Your transportation is vital. Debt free can help with your peace of mind. Debt begets more debt and to a point that all implodes. Alot of people are working on line and I suspect that will also go to nowhere.
Good advice. Most people (as i did) look at retirement as if it is light years away. I live in East Tennessee where up to a few years ago was inexpensive and with the Smokey Mtns a beautiful place to live. Then we became the new Florida. People fleeing the northern states to live where it less expensive lo live. It was good for them, but unfortunate for us.
I am retired and like you said could live on as little as $2500 a month. Real Estate has doubled in price. My house is appraised at twice what i paid for it, and with other expenses doubling, it has turned back the clock to when i was planning my retirement. I WAS living comfortably until the influx of people leaving their high taxed, heavly regulated, overprice state they created, but i planned my retirement for my state, not everyone elses. The invaders (lol) are voting as they did in the state they’re fleein, and trying to change my state into what they’re running from.
Doing the samething that failed and expecting a different result is insanity.
Those are sound and wise words of wisdom that we were brought up with as most people born in the 60’s and earlier Mr. Slade. But, the people I witness today with most of the struggles are working class people who never went to college and college grads that can’t find a job in the field of work for which they went to school for because our fellow American cousins supported selling out the future generations. I lived through the 1970’s -80’s great inflation debacle that was hell. At that time highly skilled Union people worked for around 15.00 dollars an hour and very much enjoyed a middle class lifestyle. But interest rates and cost of living rose very quickly that our paced take home pay. I witnessed President Nixon levy a wage freeze on our fellow American Cousins as corporations and oil companies eased prices without impunity. I graduated high school in 1980 and wasn’t fortunate enough to go to collage so I started as unskilled labor at $2.90/ hour and it was possible to buy a new vehicle to drive for under 10,000 dollars. To get to the point of what I am getting at is by the time I was skilled enough to make 15.00 dollars an hour which was around late 1980’s it wasn’t near the same playing field as what my parent had in the late 1970’s. Today, for a 40 hour a week paycheck I make 80,000 a year and if my wife doesn’t work like the two years we went thru with the pandemic my wages only cover the basics like food, utilities, car payment on a Chevy, insurance and house payment and house upkeep and repairs.
So Mr Slade I don’t know what world or planet you come from but it isn’t the same as mine or most other people I know. I feel badly for what the youngsters have to face. It’s no wonder they are mostly socialists, communists and America haters because all they get now are the scraps.
Your story is touching, for woke, corn pops, fruit loops & snowflakes. Otherwise, pathetic, for the real world. The planet I live in is called REALITY. EVERYONE is in charge of their OWN destiny via their own free will & choices they make & should be willing to live with them without blaming society. One can either pull themselves up by THEIR OWN boot straps or wallow in the self created misery of “poor me poor me” You whine about having a home, car, food etc, making 80K a year, that really does show your inner core. Right out of High school the college I went to was the USMC. I made a 20+ year career out of it, never complaining & always feeling blessed to serve the greatest country in the world (regardless of it’s shortcomings I don’t have the power to change)
After a career serving OUR country, I Obtained another career & completed it. I always lived HUMBLY ( you should try it,) & always within my means to this day. You make excuses for American youngsters hating their country, being socialists or communists. These spoiled excrements should spend a year or two in a third world hell hole eating one meal a day, if that, consisting of rice, beans & river water. & sleeping on the ground covered with a straw mat. With Their average yearly income Equivalent to !,800 U.S. a year per FAMILY. Maybe (doubtful) their self centered American ideals may change. If not, they are free to move to another country.. as are YOU. YOUR thought process reveals who YOU are- a whining, sniveling snowflake who complains how bad they have it, while in reality, having it better than most. People like YOU are what is wrong with the USA today.
Try doing something good for mankind or your community, even in a small way, You might find it exhilarating.
” The youngsters who get scraps” written by the bozo above you. Wow. More often than not, the youngsters I see are sporting a $1,200 or better smart phone in the back pocket of their $200 pair of designer jeans along with a $100 designer shirt with a $75 vape pen in the pocket. They are walking around in $200+ Nikes & just got out of a newer car to strut into the local mall. All financed by someone other than them!. Usually their woke parents who are turning the pukes into worthless scabs. And some how they can justify hating America? 23 Veterans or more a day commit suicide. Homeless veterans who need help are at an all time high. They are being tossed aside like trash by their own government that is more concerned with helping illegal aliens.
Mind boggling that the BOZO above you is complaining about making 80 grand a year & spewing about hating America out the other side of his crap trap.