Buyers Are BROKE & The Truck Market Is COLLAPSING!

buyers are broke and the truck Market is crashing it doesn't take long to walk down the lot you look at GM Ram Ford and you see inventory building like there's no tomorrow and well when you see incentives all over the place like save over 18,500 on, 1500 Ram models payments from $129 weekly OAC and signs like asking why well because I'm looking in here and check the sticker this is a 24 Sierra 1500 Crew four-wheel drive and they're actually asking $72,000 $224 $72,000 for a base pickup truck and inventory such as mediumsized trucks and a whole plethora of trucks as you walk down this lot it doesn't take very long to see that these truck dealers these Chevy truck dealers and GMS are filling up the lots and they just can't sell these vehicles they can't sell the SUVs they can't sell the pickup trucks what is going on first of all we can't ignore the obvious which part of it is all the signs are clearly there that these trucks are not selling I don't understand the words you just said and while GM is advertising and bragging that they had some of their top sales and collectively between Chevy and GM that they outsold Ford which is predominantly the bestselling pickup truck in North America Chevy is not telling you the whole story in my opinion Ford as well as RAM aren't expressing the fact that a good number of the sales that they're finding success in are actually fleet vehicles and now from a corporate perspective fleet vehicle sales are still a win they get a harder number but they sell them in volume they sell them to companies businesses and cities or states that utilize them in high volumes but what they're really looking for are the retail Market where they can alter the margin significantly that's where the big dollars are and that's where the sales are struggling and while some of the stories seem like happy endings and while there is a mixed bag of stories in this conversation Canada unemployment rate is up in the US it's fairly stable we've seen some ups and downs and those are all drivers as to whether people can afford the bigger expenses for example like house rent and cars or trucks I mean I'm looking right there on this list and I'm seeing 155 Grand but that's the TRX and then I'm looking at 105,000 for half ton and $100,000 $100,000 now according to Cox some of the stories seem to be good luck stories overall inventory is slightly dropping down that means vehicle sales are slowly climbing a lot of that has to do here in March and April aggressive incentives b& GM trucks are filling up the Lots quick Springtime post tax time people have a little bit more money people are feeling good and it's time to go out and spend your money but that doesn't necessarily tell the whole story because while some vehicles are selling a lot of the smaller vehicles are selling very well for example sub compacts and compact vehicles especially from the Asian markets Toyotas Hondas are selling well the latest report shows some of these compact and subcompact cars going up year-over-year of 14.1% as well as 16.4% year-over-year on the subcompact SUV space the reality is this last month now that we got over tax time we're starting to see that decline again so clearly in this last month we've seen less and less people buying and even with that said now that tax times basically slam the door on that we're seeing virtually every single segment of the car industry including trucks actually take a literal nose dive with pickup trucks being the absolute worst and they are not selling did you realize Ram Dodge stantis they're not selling trucks they're also not selling too many Jeeps there's not a lot of these vehicles that are moving the prices are and midsize SUV and crossovers we're seeing take a nose dive 7 1.2% in the last month and about a 6.3% year-over-year means that clearly there's this long-term chronic devaluing of a midsize SUVs people have less appetite for those larger Vehicles they're heavier on fuel the insurance costs are up there and people are starting to make other decisions for example some people are going electric but we know the sales are going down there and many people are just going to the smaller Vehicles the subc compacts the compact vehicles SUVs of course like we said the smaller Toyotas the smaller Hondas those vehicles are selling like hot cakes but even those ones are down in this last month clearly a sign that people are starting to respond to the negative Marketplace High interest charges and inflation that's holding the banks the reserves Canada they're not changing there's conversation that they might make some changes later in the year but here we go we're keep talking over and over by the fact that the overall Market is sliding and people don't have the money and choices to stay away from larger Vehicles like pickup trucks which is the hardest hit are those decisions that that have people looking for more costeffective vehicles and contrary to the fact that GM's bragging and waving the banners that they're selling their trucks on an alarming rate clearly the market doesn't indicate that the numbers don't indicate that we also see Fort they're not selling their F-150s we're seeing their Lots start to fatten up with inventory and further damage comes in the way of retail sales because of certain vehicles that just aren't selling and even look around here all the deal and logos this is a gorgeous looking ride and the same thing over here we have another Tremor right here but how much is it and Rams while we know the same old song and dance that their inventories exceed twice the number of Industry average at 72 they're well over 140 days Supply they're just not selling and now they're having to give Vehicles away for almost $20,000 off of sticker clearly things are getting desperate yeah I've seen I've seen actual incentives where they were knocking down prices of 6,000 5, 2500 but now 18,500 and it doesn't begin and end with Rams like these great little pickup trucks like this 4x4 it actually does apply to a lot of the Jeeps not just the Wranglers so you can take your pick of a ram anyday shape or size they're just not selling how about these full-size pickup trucks look at these vehicles lots of diesels you got dues regular cabs or single rear wheels and look let's take a quick look and get an idea $118,000 there was a time when you can get yourself a midlevel Porsche 911 Carrera brand new for that kind of money that that is getting out of hand but this doesn't begin and end with the Jeep brand as well as stantis we're seeing this with all makes and models with the exception of a few Lexus Toyota Honda they're selling actually quite quickly but they're doing more on delivery this car market in Canada is absolutely ballistic and people aren't buying cost of living is too high and as you can see even with some incentives on trucks SUVs cars and that's every brand they're still not selling Chevys by the way in the United States are selling better than collectively with the GMS and GMC's and Chevrolets are selling better than Fords as well as Rams but even here in Canada they're not even selling they're actually down from a year prior so clearly the car market truck Market isn't doing all that well the worst part is Ram's coming out with a refreshed model in 2025 which promises to be quite different but the fact remains is most buyers are looking for conventional V8s and they're deciding to go out on a limb and provide nothing but a turbo charged inline 6-cylinder engine definitely going to have a toll on the core fundamental base buyers that you're seeing in the ram space hey look at this truck right here we have a nice little GMC and this is an elevation Edition has the 5.3 L V8 engine the latest statistics clearly show what we're seeing on the car lots and when you walk down the lots and you look Ram Lots you see lots of inventory for example I've seen trucks as high as 150 $60,000 I've seen Wranglers here as much as almost 140 Grand all before taxes I mean these are serious ious dollars but conversely what's starting to happen now after looking here and a checking online I'm starting to see the fact that what they're doing is hammering some incentives you're seeing sticker and then you're seeing like a discount discount and when you check out the GMC Lots take a look there you have trucks everywhere more trucks big trucks mediumsized trucks and a whole plethora of trucks as you walk down this lot it doesn't take very long to see that these truck dealers these Chevy truck dealers and GMS are filling up the lots and they just can't sell these vehicles and even on the Ford Lots you have pick of the litter too Ford goes and sells a truck like this I mean does everybody have this kind of money we're dealing with a Shelby and look at the beautiful wheels on there sure big bull truck this is an F-150 off-road Shelby right here with the big wheels the jacket up put the big fancy Grill on the front here we're dealing with a Shelby all kinds of greatness here but this greatness comes at a cost any guesses how much let's take a look there's a window sticker in here by Shelby American here what do we have here uh-oh there's a whole host of parts and pieces you can see it's got a lift kit big boots it's got much more performance I mean if you look at it here they do say 775 horsepower so you get the performance the lift kit yeah it's a nice truck but $193,000 right there folks I'm not lying $193,800 seen it all reports show that sales are down on pickup trucks 8.9% month over month yeah they're down close to 10% so previously were you had 100 truck sell now you only have 90 truck sell that's a pretty big hit in the indust automotive industry and as well on top that year-over-year is a bigger telling story with a massive 18% decline on Truck Sales year-over-year clearly showing people don't have the apposite they can't afford it and they're definitely looking for cheaper alternatives like sub compact cars sub compact SUVs vehicles that are better on fuel cheaper to buy up front cheaper to ensure and just easier to own I've had so many conversations with people in the industry I have people on the street friends peers and the bottom line is a lot of people are just sort of hunkering down battening down the hatches so to speak playing it safe extending the life of the old existing pickup trucks that we have today making it last longer I've given you example of my 03 Ram I just keep that thing marching along even if it has a little rust Burns a little oil I'm okay we're going to keep that living longer and longer and there's more people making those decisions whether it's their trucks SUVs or cars trying to maximize the life out of it and deferring the purchase of their next vehicle knowing of course this looks like a ratcheting effect and while we're seeing big incentives and when I say big incentives I mean lots of noise and Banners and and lots of communication of you know interest rates being dropped discounts on MSRP the fact remains is after a 30 or 40% increase in the last 3 years of Base msrps people's rates and wages haven't gone up a a lot of people living under bridges barely afford food to eat and they're making a decision trucks aren't necessarily in the cards and as a result we've seen that year-over-year about one in five buyers has decided nah I'm good we'll try something different or keep this one lasting a little bit longer and when you hear buyers say things like let them rot or I saw a Bronco Raptor for $130,000 that's insane or discounts aren't happening in Florida Four dealers are start still charging insane prices fees and markups no discounts at all and when I walk on a car lot and I see a new Ford F-150 Shelby going for almost $200,000 it makes me shake my head and say where does this end customers aren't buying it people are broke and the market is crumbling and with all of that said definitely want to check out that Ford can't sell their vehicles why is that what's happening and they're forced to do something about it hope to see each and every one in the next one we'll see you real soon bye-bye

Channel: Easy Car Buying

Views: 23,980

Keywords: Mark Holubetz, car vlog, vlog, cars, car vlogger, holubetz, exotic car play place, car vlog bmw, car vlog channels, car vlog driving, car guy vlog, trucks, truck market, truck prices, inflation, interest rates, crisis, buying crisis, car crisis, truck crisis, trucks prices, Car Edge, Easy Car Buying, Car Questions Answered, Car Market, Car market collapsing, car buyers are broke

Id: dCdUlNZqm0o

Length: 11min 26sec (686 seconds)

Published: Fri May 03 2024