Cars Will Be Half Off Soon

hey it's Dan welcome back you're watching I allegedly and uh I've got a good one for you today because we're about to see cars go for half off guys it's going to be absolutely unbelievable with what's coming so before I get into it please take a second please like the video please subscribe to the channel and don't forget we have an email list that uh has gone out and if you guys are on the list make sure you check your spam filter and sign up for that the link is below and uh today we have a sponsor Patriot gold which I'll talk about a little bit later but uh let's get right into it during the Great Depression there were major problems with car manufacturers and uh one thing that people don't really want to realize is that in 1929 you had the car industry had just taken off and think about this 1928 there were four million cars sold 1929 there was 5.3 million cars sold in the United States and unbelievable when you think about that the Ford Motor Company at that time they employed a hundred and thirty nine thousand people a lot of people and uh you know after the Great Depression you know when the crash hit in 1929 and the Great Depression started the Auto industry took a major hit and one thing that we're seeing right now is we're seeing all these analysts step forward and talk about how serious this is for the car industry now there's a lot to cover with this and Patrick Hummel is a Analyst at UBS UBS is a global banking uh and uh analysis firm out of Switzerland they used to be the Union Bank of Switzerland now they're just known as UBS but Patrick Hummel was talking about how the Auto industry is in serious serious trouble and that the production of autos resembles the Great Depression and that we have this build up and we had all these companies that are out making cars that may not survive during this time I myself think that we're going to see major car companies go out of business during this time and you know be bankrupt but think about this Ford employs 139 000 people in 1929 that's which is staggering when you think about that the crash hits in 1929 in October of 1929. within a year Ford you know and the Auto industry itself dropped two million sales okay so it went from 5 million to 3 million uh the following year and then Dr and by 1931 had dropped another uh 2 million you know Auto Sales so the industry went down down down down now Ford the thing that was fascinating about Ford is after Peak 139 000 after you know the depression when it started they only employed 27 000 people which is still a lot of people when you think about that right now GM is boasting that they have 50 to 8 000 employees right now so when you think about how busy they were during the Great Depression crazy to think about right now you have in excess of 50 new EV car manufacturers that are trying to open right now 50 50 50 50. that is nuts so most of these are Chinese companies that want to come to the United States and sell globally especially in the UK for some reason they really want to sell uh EV cars in the UK what this is doing is creating a massive glut and what UBS said is that what you're seeing is you're seeing car manufacturers that are going to have an excess amount of inventory of 5 million cars 5 million cars over what can be sold now simple supply and demand guys if you don't think that cars are going to drop in price you're kidding yourself and the problem that we have right now is that economically people cannot afford these new vehicles the prices are absolutely out of this world and you're going to see more and more auto companies lower their price now Tesla did it and they're still making money but Ford and GM have had to do it out of desperation not out of you know uh you know competing and lowering the price they lose money on electric cars now the one thing that I've talked about before is what's going to happen when these electric car companies go out of business completely you know what are we going to do how are you going to get parts for it I want to remind you guys of something that is absolutely fascinating and I want you to think about this okay think about these car manufacturers that were major players listed on the New York Stock Exchange during 1929. see if you even remember these names Peerless Cunningham doble Durant Devoe Marmon Franklin Auburn core Duesenberg Pierce Arrow and Stutz done all of them were completely finished right now and were and you know read the article below because it's fascinating because it shows the year that the company finally went out of business but you know hey let's get parts for our stats you're done you can't do it that's what's going to happen right now and you're going to see what we're heading into be completely catastrophic for these companies and the problem with it is that people cannot afford a fifty thousand dollar car they just can't and people have to have transportation and they have to get to and from work and get their kids to school and things like that but this is absolutely going to be catastrophic for them talking to the different people that work with the auto auctions the inventory is increasing dramatically or a year ago at this time you know it was uh it was nuts it was uh could you know couldn't find cars the car dealerships were paying you know money hand over fist for used vehicles GM Honda all these different places we're going to have secondary use sites to unload inventory to make money on the used cars not anymore guys they're there they want to sell you the new car as quick as possible so just a matter of time until we start to see more and more price reductions on the new vehicles it's gonna happen okay you're starting to see the incentives getting creates you're starting to see different things happen that are giving these prices these cars away at much lower prices but who's going to survive during this time rivian right now has to um uh raise money just to stay in operation they're not shy about that they're talking about how they don't have money they're not going to be able to stay afloat to run the company who would buy a rivian right now seriously who would go out there and say I've got to have this car you're crazy because they you run the risk that they're going to be out of business Lou said that car company just announced that they are laying out a thousand people right now 1 000 people okay well they must be really busy down from there all these auto manufacturers have rolled the dice and gone to electric vehicles and it's not paying off yet and when you read the UBS articles and put all this together it just points to the fact that there's going to be a glut of cars and every time we've seen this prices drop dramatically and you're going to see out of desperation things move in such a way so think about this guys patience okay if you have to get a car today you got to do what you got to do and I understand that and people write me all the time about things like that but if there's a way for you to save money and wait just like buying a home right now right now be patient right now same thing with cars boats motorcycles everything it is absolutely crazy high-end cars you're seeing them not move as fast seeing the high-end car manufacturers that are not hurting like uh the other manufacturers are and they anticipate that uh you know they'll be okay but the high-end cars you're seeing you know dramatic price reductions where you're seeing cars get dropped fifty thousand dollars now when you're talking about a 400 000 vehicle for 350 000 that's dramatic but that's what you're seeing you're seeing things like that right now we had so many people reach out at the end of last month talking about how hey end of the first quarter sale we've got to meet our numbers come in here we'll make any deal we'll sell things five thousand dollars under manufactured list that's going to be the beginning of this you're going to see things be given away over the course of the next six months this year you're going to start to see things drop dramatically but when you look at you know Patrick Hummel talking about how bad uh the industry is and how what a glut things are this is 1929 all over again just a matter of time until something clicks off in the stock market and sets everything crashing but you're going to see a lot of these manufacturers that make cars completely go out of business it's going to happen so you run the risk if you buy one of these new cars of not being able to get parts for Batteries things like that think about this what happens you know it's one thing to have your motor worked on okay but uh with these electric vehicles with what you're experiencing man I'm telling you I think you guys are taking you know things into your own hands now here's something fascinating remember the Smart Car the little two-seater you know cars those things are being given away right now and they have they have converted the entire line it's only sold as an electric vehicle now you cannot buy a smart car that's a combustible combustible engine right now it's electric only now the you know cars that are gas powered you know they're cheap they're like five grand uh Renault the uh car maker Fiat okay they have uh cars that you can get I know somebody that uh went into the dealership and they're like hey you know look at this car it's electric the mileage is horrible 90 miles to a charge 90. 90 miles to a charge but we'll give you a lease payment of 90 a month 90 bucks a month to drive a car that's new okay you know you you know I couldn't do the drive I did today with that car think about that but 90 miles 90 what are you gonna do okay this is just a matter of time until this stuff is going to be absolutely given away and and dropped to the absolute floor so share your thoughts on this stuff right now and uh let me know what you think and let me know the deals that you're seeing out there but do you think that these car manufacturers are going to go out of business because I do I think we're going to see things that we have never seen before right now I really really do so let me know let's talk about our sponsor Patriot Gold group let's face it guys the financial crisis of 2023 is here and you need to take a look at different ways to protect your retirement the best thing you can do is get yourself an IRA or 401K that's backed by physical Metals you should call Patriot gold today at 888-330-1431 and get your free investor guide they will answer all your questions and explain to you how a metals-backed IRA is the way to go now think about this with what we're heading into Okay Wells Fargo bank has said that we're going to head into a a commodity super cycle uh Wall Street Journal said people need to not just sit there they need to do something well what you can do to protect yourself is look at a metals-backed IRA or 401K that has no fee from Patriot gold call them today 888-330-1431 let them know that I allegedly sent you but guys protect yourself protect your family call them today get some free information it's absolutely no obligation I'm not only you know uh spokesman for the company but I am a client and I love Patriot gold take a look at them today now one thing you have to think about with the Great Depression is this the similarities to today during the Great Depression there was no industry that you know went through that unscathed no family no country everybody was affected by this globally and this is what's happening right now now when you hear about banking losses and you hear about 1.7 trillion dollars in unrealized banking losses right now the banks are in huge trouble guys the banks are going to have another huge Calamity that we haven't even begun to feel yet but here's the thing people keep taking their money out of the banks okay that's a just a massive massive problem so when this finally catches up to the banks you're going to see the banking system completely corrode and collapse and and and falter Okay so next thing is Jamie Diamond JP Morgan Jamie Diamond steps forward and says hey he can fix the world you know uh you know employment and the deployment economy by teaching people more skills and uh by paying people more money okay well think about that trade schools right now are dropping off and they shouldn't be people should be going to trade schools I have a brilliant friend of mine a financial proper out of Louisiana who has made a ton of money okay as a welder when he left High School the guy I can't afford College my family doesn't have the money what makes the most amount of money well at first it was underwater welding okay well living in Louisiana it wasn't going to do too much of that so I learned welding as a craft and runs a very successful business but owned like 18 houses okay so you can make a lot of money with your hands so that makes sense but again trade school here they are pushing College College college it's going to change your life go to an Ivy League school it's going to cost 90 000 bucks a year you know it is crazy it is crazy to think about all these people that are in student loan debt that are not making enough money to go out and pay for college okay I for one am one of those people that don't believe in that I believe in you know experience and hard work and your ability to uh to work but you know majority of my experience with that is with sales people that have you know been foot soldiers and done things like that okay marketing finance things like that people that have started their own businesses and things like that the next thing is paying people more money which is great it's great for Jamie Diamond to say that see paying people more money at the bank who knows all they talk about is how they're cutting back General Motors just laid off all those people and gave them those incentives to go look for a job someplace else that there's a reason for this the reason for this is you'd rather take a billion dollar hit now than pay two billion dollars later where did when does it end guys how does this end does it end that things get cleaned up or does it just have a complete Crash and Burn and that's what people don't really realize is that the economy is going to get to a point but it's going to be completely upside down and the thing about this is I am having people write me from around the world okay Australia banks in Australia right now are limiting cash withdrawals again from the banks and uh that's that's how it is okay you know you don't like it don't bank here well wait a second I want to take my money out but you want to be able to get more than a couple hundred bucks at a time from the ATM things come up what if you go on vacation you got kids you got grandkids you've got to experience life and you need yeah let's go we'll just go get cash later okay and you can get two hundred dollars okay those meals that cost more than that sometimes when you're traveling okay oh okay we'll deal with it later no it's horrible but people are sending me more things like this right now so you know share your thoughts on this stuff right now I I really think that that we haven't seen the beginning of this right now this is just starting to fall apart they're trying to convince us everything's okay but it's not it's not and the huge problem is going to be the auto sector all these people that are behind more people right now have thousand dollar car payments than I've ever before and that's because the expense of the cars it's just that simple and people get desperate okay and people are are stupid and convince themselves this will be okay I can afford this payment I can afford this and uh I am talking to different people that are successful that are trying to buy uh you know high-end cars a couple of them and uh they're seeing you know these Gullwing Corvettes and things like that 50 000 off price okay crazy numbers that you're seeing discounted why why is that huh so share your thoughts on this stuff I'm at Alamitos Bay right now heading towards Naples just a beautiful spot out here sun is shining this morning it's nice now remember everything in the economy is fantastic everything's great okay think about this bankruptcy filings in February it's the latest month that we have statistics on from the previous year they were up 18 this year over last year so you had over 31 000 people or groups or filings in February of 2023 that filed bankruptcy and that was of 18 percent huge okay commercial filings they were up 18 also but the Staggering statistic okay people that want to try to refinance or people who want to try to consolidate their debt chapter 11 filings commercial filings were up 83 percent year over year in February 83 percent of companies that have too many debts they're going to try to work things out with their creditors it was 80 83 percent increase in that that's staggering guys but again everything is great in the economy everything is great you know financially people are spending money they're not here's the thing to think about okay I talked to friends family clients everybody about this if you know that things are taking a downturn it's your advantage the only thing that you have to look at just like these auto manufacturers is how you're going to trim your costs how you're going to save money during this time to get through this and still sell now if nobody's buying anything the company's done if you have too many bills and you're not selling enough you'll end up you know with one of these bankruptcy filings like everybody else what you have to do is look at how you can make money you know selling less and if you can do that look at what's working for you think about this people don't pay attention to their existing client base if you go to your existing clients at least 20 percent of your business should come from those existing clients repeat business referrals things like that you know your company can survive on that if you do this so people need to pay attention to that and if you do that you know economic you guys can be fine but people don't want to sit back and decide what works for the company they just want to you know keep throwing advertising money that's not working and that's a huge problem another thing is you're starting to see more scams out there for cars the man in Fresno that went out to a car dealership and you know one of the smaller dealerships and bought a fifteen thousand dollar car and uh drove the car away only problem was Fresno car transaction the car was stolen from Huntington Beach California so you know the guy gets pulled over guy almost got arrested having the car and they seize the car and now the dealership you know may have known that the car was stolen so read the story it's kind of fascinating but if you guys buy a car from anybody get a Carfax call you know if you think it's sketchy it is sketchy if you think they're you know hey we're going to do this with the paperwork call someone and see if it's okay okay because you're the one driving the car and this guy's out fifteen thousand dollars as a result of this so has anybody ever bought anything that was stolen like that anybody ever purchased anything and you find out after it was all said and done that uh you know car wasn't able to be sold boat motorcycle whatever okay I've seen more and more of this right now isn't this beautiful these houses go through the waterways and things like that so share your thoughts on this stuff let me know if you've experienced that but you're gonna see more scams right now and uh once again people keep sending me you know the uh Netflix thing seems to be really popular right now where they get a text in the middle of the night from Netflix saying hey you've been locked out of your account what let me check it you start putting in your personal information they've got your password they've got your personal information they've got access to your phone don't click on things like that just stay away from stuff like that and uh you know and again if your bank sends you a text and you're not sure about it call the bank you know next time you're online with the bank hey if there's ever a fraud alert or anything like that who do I call to see if it's real they have numbers for that and they will help you it doesn't matter what bank you deal with but that's what you have more people are sending me credit unions uh you know they're logging into their Banks and their credit unions right now hey before you can see your account balance you've got to agree to our new uh terms of service okay not not you have a choice I don't accept this okay we're not going to see your balance so I'm telling you this right now there's going to be some lawyer who's going to sue these people for this because they're not you don't have a choice okay how much money do I have an account well we'll let you know in a minute just click right here agree to these 48-page terms that's what the latest one was from the world's largest Credit Union so it gets ridiculous guys it gets to a point that you have to say no to this stuff so let me know what you think and have you experienced this but again paper statements on credit cards oh that's terrible Dan no it's not because I'm telling you they will send you letters out and if you get a letter from your credit card company you have a tendency to open that but you get an email from them and whatever okay and how many emails do you have okay share your thoughts guys you know what I mean it's ridiculous there's a great article out of freightways magazine talking about how the shipping industry has taken a hit for one year now and they wrote uh an article a year ago talking about how there was a recession in shipping and that people need to understand that and here we are a year later and it's gotten worse and when you read the article below you'll sit there and go oh wow okay we've talked a lot about Freight ways and the shipping industry but look at UPS look at FedEx how they are just cutting back completely okay people are not paying to get things from here to there right now because there's no Commerce there's no business right now I was in a FedEx office this week we person won the uh Masters ticket so we had to send those out this week and I was talking to them and hey tell me is printing down you know or orders down oh yeah Dan off you know we're seeing a real uh downturn is the real estate agents that were in here all the time printing colored flyers for the new properties it's non-existent right now huh is that interesting guys so they're not listing the houses they're not showing that but the printer is like dead and I said well you know gosh it's too bad he goes yeah we have all these incentives right now we've got different coupons people can get and again if you buy anything ask for a deal right now okay ask for a deal but think about it shipping slow people are slow it's that simple Yale University did a study on does hard work pay and people don't want to do hard work anymore in other words manual labor people don't want to work hard because it doesn't pay as much as it used to pay so we'd rather work smart okay or not work at all that's what you're seeing with people right now so people are fed up people are done people don't want to work for Less right now so kind of fascinating final story I found this fascinating I wanted to share with you because I had a great story to tell you and that was uh a man on Business Insider talked about how he lied on his resume to get a better job and everybody should do that don't lie about your degrees just lie about your work experience and look you'll get a better job witch Hunter's like well what happens if they catch you then they're going to fire you for this don't worry about it just lie tell them what they want to hear which brings up a friend of mine she wanted to get a job at a law firm and phone interview phone interview and think hey they want to meet me but I have to be you know a master at Excel word and PowerPoint I'm like okay she's like I don't even know what those are I'll come by the house so we got talking and literally I showed her in five minutes how to open up Excel how to do this how to open up word open up a new document and uh PowerPoint what PowerPoint was and and how to literally we spent 15 minutes on this and during her interview the normal person that was supposed to interview her wasn't there and she opens up the Excel program and opens it you know start a spreadsheet do this do that and she does it and she opens up one piece just are you really going to make me do this seriously no one qualified you're really gonna you know we're gonna do this everyone says yeah you're right what a waste of time okay let me talk to the partners and we'll make you the offer okay she got the job okay and you know was a paralegal did all this stuff for them and had an assistant that did all that stuff for her so she didn't need to know any of it but totally snowed them and it was kind of funny so and she still laughs about that with me every now and then but again don't lie about your um your uh you know college experience but have you guys ever done that have you ever you know done Shenanigans to get a job so share your thoughts I always love these responses you guys sent me please don't forget to like the video subscribe to the channel check your email list uh check your email because we sent out an email and you want to make sure you're not the spam folder and uh onward and upward guys I will see you guys very soon [Music]

Channel: I Allegedly

Views: 424,685

Keywords: Depression, GM, Ford, Cars are half off, BK, bankruptcy, Chapter 11, credit crunch, Credit Lines Cut, CRE, Oil Price, EV Car, tesla, Stock Market Crash, Credit Suisse, Bank Run, Bank Freeze, Bank Closure, Credit Freeze, Credit Card Debt, Economy, Market Wipeout, OC Real Estate, Interest Rate Increase, Real Estate Crash, Business, iallegedly, Dan iallegedly, Business News you can use, Global Supply Chain, Recession, Foreclosures, Bank Closed, Bank panic, Gold, Jamie Dimon, price war

Id: oWkpJiJ0OgQ

Length: 29min 17sec (1757 seconds)

Published: Fri Apr 07 2023