3 million cars gather dust in American car parks as inventory hits crisis level
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Published 2024-08-07
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#america #inventory #crisis #ev #evnews #manufacturing
👇Reference to the news/charts & videos used in this video:
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All Comments (21)
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The best solar company in Australia just installed my new solar system. Check them out here: www.resinc.com.au/electricviking
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Nobody wants a 100k Jeep, does not mean nobody wants cars.
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The American people don't want overpriced vehicles but we do want affordable vehicles
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The 3 or so million people in the U S that work for Walmart and McDonalds can't buy cars! ( NO Money)!
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I think nobody can afford cars now. It's just too expensive whether it's ICE or EV. Plus recession is coming.i'd buy used cars rather than new ones.
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The US is insane. In my neighborhood I have a neighbor that owns 5 or 6 cars. Other neighbors have cars parked on the street that haven't moved in months. There's SO many cars - why do mfgs think we need MORE cars? The inventory is already nuts.
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As a life long Honda motorcycle tech working in dealerships from 1971 to 2009, I bought a 2022 Chevy Bolt EUV because after carefully studying, I decided it was the best, most reliable car on the market and cheapest to operate. I have a REAL Jeep Cherokee for highway and only use the Bolt for local driving. About 90% of my driving. It has been a great money saver for me, and as a mechanic, I LOVE the lack of maintenance demanded. I have had to fill the washer bottle and rotate the tires. Damn!!
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After paying your rent or mortgage, who can afford a new car.
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My brother told me a friend of his just came back from China and told him that China is full of EV's, they are everywhere. In south America people are seeing more and more EV's. Also this new generation doesn't want to own cars, they are opting more and more for ride-sharing. Most ICE manufactures have billions in debt, it is a matter of time before they are in trouble, I say in 5 to 10 years, maybe sooner. Looks like the only refuge they have right now is the United States.
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I have a very old car that I paid for a long time ago and it still runs well. To go into debt for a new one doesn't look appealing to me at all. I think a lot of people feel that way.
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This is a sign of recession when automakers start building inventory which has no keen buyers.
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The number 1 reason is that people don't have money and the prices of cars have jumped to high.
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It seems to me that the coming crisis for legacy auto companies is going to totally devestate them.
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It’s largely about their (un)affordability for the mass markets, rather than any wishful switch to EVs.
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This is related to a global economic downturn . There could be a lot of cheap cars new a used in the near future.
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I wanted to buy a Corolla hybrid in Australia in May 2024. I asked the dealer how long it would take to get one in. His answer was six to nine months. How long was the wait for a Yaris Cross Hybrid? Twelve to eighteen months. So there is still huge unmet demand for ICE vehicles, but it has to be the right one. Anyway, I wandered over to the Mazda dealer and the waiting time for a Mazda 3 was just two weeks, so I placed my order and am enjoying the car right now.
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Nobody can afford a new car
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Nobody can afford, they greatly understate the economy here and how everyone is struggling to make it by but cars have gone up on average 20%-50% over the last 3-5years. That and interest rates have gone from being easily get 0 to 3.9% to now around 6% for a new loan and 12% for a used here in the states.
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My 2001 Commodore Exec 330.000Ks still goes great I've looked after it !
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What is the usual cycle of inventory at the onset of a recession? This inventory in America is far more likely to be related to the economic cycle than replacement by EV sales. Given all the investment needed for legacy automakers to update their product line and the cost pressures intensified by costly labor agreements, it is not a happy time for legacy automakers in America.
