June 19, 2024 at 8:34 pm

Expert Says The Car Market Is ‘Crumbling.’ Here’s What He Wants You To Know.

by Laura Lynott

Source: TikTok/@carquestion.fank

If you’re looking to buy a new or second hand car, apparently you should check the state of the industry right now, first.

So, the used car industry, in particular has been booming since the pandemic.

But after the recent closure of Houston-based online car buying company, Vroom, expert @carquestion.fank says we need to take heed.

Source: TikTok/@carquestion.fank

He posted a viral video with the title: “The Car Market is CRUMBLING, Here’s What NOBODY is Talking About.”

But is he just being sensational for clicks or has this guy got a point?!

He says that because the car market has been booming, a lot of folks owe a lot of debt on their cars and some just aren’t able to pay it back.

This will lead to repossessions and financial strife in the industry!

Source: TikTok/@carquestion.fank

Yikes, that sounds kinda like the start of the housing crash…

He reposted a YouTube video from another creator to explain his view.

The creator in the video starts off by saying, “We have seen the new and used vehicle market spiral out of control over the last five, six, seven months.

“We just saw Vroom shut their virtual doors and closed up shop…”

This was, they claimed, a “huge indicator of just how bad things are.”

Source: TikTok/@carquestion.fank
“Over last year, auto payments within the United States are up 11.5%. The number of people that have a car payment over $1,000 from last year is up 18%.”
However, LendingTree reported that the average new car payment is a record $738 monthly in 2022 – an increase of 2.5% annually.

“The entire American auto-loan debt is currently at $1.6 trillion,” the creator adds. “That is up 89% over the last decade. Let that sink in.”

The creator added: “We are currently seeing the largest year-over-year increase in auto loan debt.”

Will you think twice about buying a car right now?

Watch the full clip here:


– The Car Market is CRUMBLING Heres What NOBODY is Talking About

♬ original sound – carquestion.fank

Here’s what people thought of the clip:

This puts things right into perspective!

Source: TikTok/@carquestion.fank

Only $40k! Cough…

Source: TikTok/@carquestion.fank

Well, a little OTT, surely?!

Source: TikTok/@carquestion.fank

The writing does seem to be on the wall.

Even if we can’t exactly see what it says yet.

If you liked that story, check out this one about a delivery driver who gave two weeks notice… so his employer disabled his truck when he was 300 miles from home!