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Originally Posted by redpoint5
Keep in mind inflation since 2020 is up about 25% for most things, meaning that a $3,000 car today is the same as a $2,250 car in 2020.
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Of course that's in general, on average, because of the increased prices of everything. But wages haven't necessarily kept up with inflation. I know I still make about the same as I did in 2020, definitely not anywhere near 25% more than I did back then, and it's not because I'm working any less. Ya, ya, I know. I could move to some other city, state, or country and make more money.
Quote:
Originally Posted by redpoint5
The cost to repair collision damage is way up, probably leading to more cars being written off as a total loss and sent to a wrecking yard.
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That also makes insurance go up, like when I got quoted for $400 a month for a $15,000 used car (it was a Tesla Model S, so definitely a bit more expensive to repair than your average car).
New car supply still hasn't recovered completely.
Quote:
Originally Posted by redpoint5
My feeling is that we've got a couple more years until things return to "normal", although it could be a decade if we're serious about returning manufacturing to the US.
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Let's hope it's a couple more years. But some are saying this could last for decades. I don't think prices will ever come down. The question is if wages will increase to those prices or people will just do what they always do, keep on trying to get into big expensive vehicles. Even before 2020 the economic car was dying. The reason there were cheap cars was because people didn't want them. At least in America, nearly everyone wants a big, expensive SUV or pickup. Well, that's what they want so that's what's available. What any minority want's doesn't matter.