Am I crazy or is this the worst time ever to buy a vehicle?

[killramos]

I can’t be bothered to keep track of which acronym of regulatory agency is making proclamations this week

[max_boost]

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Did I need to use eye rolling emoji next time?

always!!

[heavyD]

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Did I need to use eye rolling emoji next time?

I suppose that depends on how much belief you hold in the ability of people to read the minds of others.

[94boosted]

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Wait til BoC is forced to raise to 6% next year from current 3.75%.

That would represent a ~65% increase in monthly mortgage payments when compared to the rates we saw during the good times (March 2020 to Feb 2022). If they did that I suspect we'd have a country wide jingle mail problem in very short order. Even at current rates, I'm surprised many people can still afford their mortgage payment (those on variable mortgages or those that had to renew in the last few months).

[vengie]

People are already not paying or defaulting on their payments.

[ExtraSlow]

Paying mortgage is highly overrated.

[riander5]

US CPI data shows inflation slowing. Not sure we are gonna get to 6% like you doomers are suggesting.

On the other hand, it is still the worst time to buy a new vehicle. Unless its a lambo with cash.

I have a buddy who has somehow secured a RAV4 prime and says the second he takes posession can likely flip it for $80k, representing a ~$15k profit.

[max_boost]

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That would represent a ~65% increase in monthly mortgage payments when compared to the rates we saw during the good times (March 2020 to Feb 2022). If they did that I suspect we'd have a country wide jingle mail problem in very short order. Even at current rates, I'm surprised many people can still afford their mortgage payment (those on variable mortgages or those that had to renew in the last few months).

Thought the banks had it under control. Why they approving ppl who can’t afford

[spike98]

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We were looking at an SUV for the wife, and we drove our 2017 Ram 1500, and when the dealership asked me if I was willing to trade, I told them to make me an offer, so the sales manager makes a call to his wholesaler and came back with 30k I just laughed and said I’d keep my truck. Yes, it’s a Dodge, but barely driven, with about 67K kms, Laramie, Crew Cab trim I can probably get much more than 30k for it.

I’m sorry. But I have some bad news for you….

Unless it’s a limited, loaded, eco diesel, with less than 10k, $30k would have been a solid deal for you.

[jutes]

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I have a buddy who has somehow secured a RAV4 prime and says the second he takes posession can likely flip it for $80k, representing a ~$15k profit.

Until he actually flips it and money is in his account, it's all meaningless talk. What will he be driving instead?

[Twin_Cam_Turbo]

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I’m sorry. But I have some bad news for you….

Unless it’s a limited, loaded, eco diesel, with less than 10k, $30k would have been a solid deal for you.

His truck is definitely worth more than $30k still in the market.

[max_boost]

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Until he actually flips it and money is in his account, it's all meaningless talk. What will he be driving instead?

Hahaha yup. Woulda coulda shoulda max_boost would have 7.2 lol

[spike98]

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His truck is definitely worth more than $30k still in the market.

In the market, more yes. Much more? Not a chance. Factor in GST savings and $30k from a dealer is a good deal.

[Team_Mclaren]

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We were looking at an SUV for the wife, and we drove our 2017 Ram 1500, and when the dealership asked me if I was willing to trade, I told them to make me an offer, so the sales manager makes a call to his wholesaler and came back with 30k I just laughed and said I’d keep my truck. Yes, it’s a Dodge, but barely driven, with about 67K kms, Laramie, Crew Cab trim I can probably get much more than 30k for it.

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I’m sorry. But I have some bad news for you….

Unless it’s a limited, loaded, eco diesel, with less than 10k, $30k would have been a solid deal for you.

thats the problem now right. People wants the inflated prices on their trade and cry about the inflated prices of a new one.... You cant have it both ways.

EDIT: is it the one listed for 42k on trader? that's by far the most expensive 2017 Laramie listed.

[Twin_Cam_Turbo]

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In the market, more yes. Much more? Not a chance. Factor in GST savings and $30k from a dealer is a good deal.

Realistically this truck is probably a $34-35k truck if it’s nice and doesn’t have broken manifold bolts of cam and lifted failure lol.

[Xtrema]

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That would represent a ~65% increase in monthly mortgage payments when compared to the rates we saw during the good times (March 2020 to Feb 2022). If they did that I suspect we'd have a country wide jingle mail problem in very short order. Even at current rates, I'm surprised many people can still afford their mortgage payment (those on variable mortgages or those that had to renew in the last few months).

US is targeting 4.75 by 2023 and it'll stay there for a few year. That's actually is the norm until Bin Laden flew a couple of planes into WTC. And it reached the same level before 2008 hits. Someone is saying 6% because demand is not being killed fast enough and everyone is still employed.

BoC doesn't have as much room to raise rate because a) we don't have 30 year fixed rate product like Americans and b) our mortgage interest isn't tax deductible. c) we are way more house poor than US. The only thing that got going for us is inflation is somehow lowest other than Japan out of the G7.

[Buster]

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US is targeting 4.75 by 2023 and it'll stay there for a few year. That's actually is the norm until Bin Laden flew a couple of planes into WTC. And it reached the same level before 2008 hits. Someone is saying 6% because demand is not being killed fast enough and everyone is still employed.

BoC doesn't have as much room to raise rate because a) we don't have 30 year fixed rate product like Americans and b) our mortgage interest isn't tax deductible. c) we are way more house poor than US. The only thing that got going for us is inflation is somehow lowest other than Japan out of the G7.

If you dont think Canada is turbo fucked, I have news for you.

[Masked Bandit]

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We were looking at an SUV for the wife, and we drove our 2017 Ram 1500, and when the dealership asked me if I was willing to trade, I told them to make me an offer, so the sales manager makes a call to his wholesaler and came back with 30k I just laughed and said I’d keep my truck. Yes, it’s a Dodge, but barely driven, with about 67K kms, Laramie, Crew Cab trim I can probably get much more than 30k for it.

Those were mid to high $40s in August when I was shopping.

[Twin_Cam_Turbo]

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Those were mid to high $40s in August when I was shopping.

Unfortunately the truck market is a lot different now than it was three months ago locally.

As an example I bought @prae 2016 F150 in October, from September 28th to today the book value has dropped $2300usd.

[94boosted]

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US is targeting 4.75 by 2023 and it'll stay there for a few year. That's actually is the norm until Bin Laden flew a couple of planes into WTC. And it reached the same level before 2008 hits. Someone is saying 6% because demand is not being killed fast enough and everyone is still employed.

BoC doesn't have as much room to raise rate because a) we don't have 30 year fixed rate product like Americans and b) our mortgage interest isn't tax deductible. c) we are way more house poor than US. The only thing that got going for us is inflation is somehow lowest other than Japan out of the G7.

Yah I was referring to the BoC, not the US Fed. Personally I think we're pretty f**cked, as a country, at the current 3.75%. If it hit 6%, it would be complete pandemonium.