Definitely both. We're seeing a lot of activity with members joining after buying a used Stinger, so the used market for the Stinger seems strong. That tells me the demand for the car is there, but pricing and supply are the main reason for lack of new sales.Constrained supplies? Dealer shenanigans? Probably gonna see just one more model year after this.
Repossessions are on the rise, too. We should be seeing these show up on the used car market very soon, which will help drive prices down and that will put pressure on new car prices as well. In addition to JSolo's observations of the tightening personal finances and your point about interest rates going up, everything is trending toward a borderline car market bubble burst. Finally. As much as I liked having good resale on paper, I'm not selling anytime soon so it does me no good and only ensures having to spend too much $$$ on my next vehicle. So I'm all for this correction.Inflation impacts mid tier cars first before all others. People that can afford to buy very expensive cars still can afford it and people that buy very cheap cars buy them because they need transportation.
The used car market is way down as well. Also the banks increasing the lending rates has a trickle down effect on financing and leasing of cars given many dealers use the banks as their lender.
I feel the same way. It's like the house thing. I could sell mine for a decent amount, but then I'd have to get another one. I mean, there are ways to wiggle around all of that by living with my folks for a few short 5 years...but no way. I mean being in my mid 40's and having my mom yelling at me for not taking off my shoes or coming home at 9:00pm on a school night?! So yeah, it'll all correct.I'm not selling anytime soon so it does me no good and only ensures having to spend too much $$$ on my next vehicle. So I'm all for this correction.
Sad world we live in. Was just contacted today to get into a GT2. Tempting but just refinanced and knocked $300 off my monthly rate. And I know I’d drop a tear letting this girl go with everything I put into it.Over 85% of new cars are financed.
Gone are the days of 0.9% financing. Rates are now 3.75%-8% through Kia depending on credit history.
GT2's also used to be available for well under MSRP. $45k + TTL was fairly common. Now they're as high as $56k for an AWD Grand Tourer. That's not taking into account any dealer add-ons or market adjustments.
That puts the rate on a 5-year loan at over $1000, minimum.
Granted, many buyers will have a trade-in or a down payment, or will choose to finance for a longer term at a higher rate. Still, a GT2 with cheap financing once financed at 5 years in the mid-$700/month range.
I was cross shopping the G70 when also looking at the Stinger. The price gap was just too wide at the time, Kia was still offering incentives on the Stinger and that sealed the deal for me. The G70 would have been my pick though, if it was only say $1-2,000 more for a comparable model [which I think would have been the GT1 at the time]. I didn't *need* the hatch (though it is a selling point) and definitely don't need back seats very often. Everything about the G70 worked for me (aesthetics, performance, interior, etc).Looks like the Stinger's sibling/platform mate isn't suffering the same slump; 1142 sold in July and 7904 sold YTD. It's on track to have it's best year yet.
That refresh seemed to have done the trick.
I didn't *need* the hatch (though it is a selling point) and definitely don't need back seats very often.