October 23, 2023 at 12:29 pm

‘In the next six months to a year, car prices are going to drop.’ A Man Who Owns A Car Dealership Explains Why The Market Is So Crazy Right Now

by Matthew Gilligan

Source: TikTok/@the_richest_cardealer

An honest car salesman?

Well, this viral TikTok video might just change your mind.

A used car dealer named Omar posted a TikTok video and gave viewers a heads-up about why they should hold off on buying a new car because the market is about to fall out.

Omar said, “If you’re looking to buy a car, just wait. The market is about to crash and no one can tell me I’m wrong.

He said that a large number of repossessed cars are currently flooding the market and that’s an indicator that the sales market is about to bottom out.

Source: TikTok/@the_richest_cardealer

Omar said, “When a company repos a car, they send it to auction to try and recoup some of the money that’s owed on that vehicle.”

He added that a lot of people bought cars at inflated prices during the Covid pandemic using stimulus money and that resulted in negative equity.

Omar explained, “Like, a lot of negative equity. From the car being overpriced, interest rates and a low down payment.”

He said that a lot of people are refusing to pay their inflated monthly car payments and more cars are being repossessed.

Source: TikTok/@the_richest_cardealer

Omar explained, “What that’s done is, it’s created an influx of cars at the auction. Cars that people like me don’t want to overpay for. There’s a reason my lot is half empty.”

He then added, “Mark my words. In the next six months to a year, car prices are going to drop.”

Omar then recommended that people wait at least a few months.

Source: TikTok/@the_richest_cardealer

Take a look at what he had to say.


If you are looking to buy a car, watch this video. Hit that follow button for more. @Str8_Rrrussian whatchu think? #cars #car #vehicle #dealership #owner #joblife #entrepreneur #repo #informational #waitforit

♬ original sound – Omar Afaneh

Here’s how folks reacted on TikTok.

This person said this guy obviously has integrity.

Source: TikTok/@the_richest_cardealer

Another individual thinks they’ll stick with their old car for now.

Source: TikTok/@the_richest_cardealer

And one TikTokker said it’s crucial to wait until the end of January to buy a new car.

Source: TikTok/@the_richest_cardealer

We all love deals, right?

So do your research before you decide to take the plunge and buy a car.