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Epic Economist, 11/26/24
"Car Owners Will Be Furious When
Prices Drop 40 Percent From Current Levels"
"If you own a car and you're paying a car loan, or have plans to sell your vehicle over the next few months, you should pay very close attention to the news we're going to report today. Used car prices are falling so fast that one in four Americans are already underwater on their loans, and some of them don’t even realize it yet. This means 25% of car owners in the U.S. owe more on their auto loans than their cars are worth. And we're not talking about a negative equity of one or two thousand dollars. According to new data from Edmunds, many individuals have a negative equity of more than $15,000.
With inventories piling up at dealerships, used and new vehicles are experiencing the biggest price correction since the pandemic. Experts predict a crash of up to 40% before the spring of 2025. And though this may bring a well-deserved relief for would be buyers, it will leave millions of car owners and sellers in a world of pain. Stay tuned until the end of this video to learn how to navigate this challenging landscape and understand the depth of the crisis the U.S. auto market is facing right now."
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