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.
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.
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.
Take a look at what he had to say.
@the_richest_cardealer 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
Here’s how folks reacted on TikTok.
This person said this guy obviously has integrity.
Another individual thinks they’ll stick with their old car for now.
And one TikTokker said it’s crucial to wait until the end of January to buy a new car.
We all love deals, right?
So do your research before you decide to take the plunge and buy a car.