Here’s the latest reader question, along with my reply!
Rachim writes: I’ve he heard that soon, those hordes of excess/dumped cars will be available at drastic reductions – for cash. True?
My reply: I dunno about cash – as the pushers of the WuFlu scam are determined to outlaw cash – but I have no doubt there will be deals. A tsunami of defaults on car loans is coming and this will result in a tsunami of used cars hitting the market – at just the moment when most people cannot afford to buy them. The same as regards new cars; inventory has been backing up for months – and even with “partial reopening,” 40 million out of work people can’t afford to buy a new car, either.
So there will be deals on both – assuming you have money to buy.
There already are deals, in fact. FCA put out an essential zero-down/zero payment deal a few weeks back. Expect more such in the weeks and months to come.
. . .
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Go to hertzs site, the vetted have been gone. No really great deals right now I saw, but give them a few weeks/months, and the fire sales will start in earnest, I think.
Hertz just filed bankruptcy;500,000 used cars will be hitting the market on top of the right now ongoing wreck of 40, soon to be 50(at least) millions, unemployed. If you’ve got cash/funds, I think it’ll be the chances of the budding decade for a sweeeeet deal on a new/slightly used vehicle. YMMV.
They’re already dumping ‘Vettes: https://www.zerohedge.com/markets/hertz-crushes-used-car-prices-it-dumps-fleet-corvettes-avert-bankruptcy