Nobody wants your truck
How do we know the truck market has gone sour and then some? Not even the repo man wants them:
Sources tell TTAC that the glut of SUVs and trucks is so bad that the banks are not calling in the repo men. I repeat: banks are cutting maximum slack to people who are behind in their loan payments — to the point where some are driving around in their vehicles without making any payments.
In a bizarre way, this makes perfect sense. Repo services cost money. Re-conditioning costs money. Storing the vehicles costs money. Equally important, the banks/credit agencies don’t take the full hit to their bottom line until they sell the vehicle. Needless to say, the market is so stuffed with both brand spanking new and slightly used (i.e. excellent condition) product that we’re talking about a MASSIVE hit.
This does not mean, of course, that you should immediately run out and bag a hybrid Escalade. Or maybe you should.
Me, I’m waiting for a sign that thieves, of which we have an abundance in the Big Breezy, are refusing to steal the damn things.
Addendum: Yet another sign of Truckolypse Now:
Just this morning, an acquaintance of ours that works at one of the large Toyota dealerships in the city was telling us in confidence (so of course, I blog about it), that the local mandate from Toyota corporate has stated in no uncertain terms, that they are not, repeat, NOT to take in any domestic SUVs or Trucks as trade-ins.
No denarii for your Denali.
Charles Pergiel »
25 June 2008 · 1:56 am
Cars are like jewelry. Anything more than a ten year old Geo Metro and you’re just showing off. Some people have enough money that they are immune to gasoline prices, people who can afford a new Cadillac for instance.
Meanwhile back at the ranch, I caught an episode of Mythbusters that credits Oklahoma City with the national wind speed record of 318MPH some 20 years ago or so. That’s pretty quick.
CGHill »
25 June 2008 · 9:05 am
After about the age of ten, they’re pretty much all Geo Metros (or their cousin, the Suzuki Swift).
Having spent about $600 this month on gasoline, I have really nothing else to say, except to note that during months when I’m not on road trips I spend maybe one-fifth that much.