DOWN, DOWN, DOWN. Is The BUBBLE On Cars POPPING?

All over, the price of cars is dropping.

As I comb the auctions, you can't believe what is happening.

Example. In May a friend wanted to buy a used 2021 Jeep Rubicon and every dealer he looked at was asking around $60k.

I told him to wait and two weeks ago he got one with 8k miles with EVERY option, a winch AND an authorized dealer warranty for 46k.

The Ford Bronco and Lightning prices are dropping fast. Still over MSRP but I predict by the end of this month they will be hovering there used.

Some other samples are below.

Want a LUCID for MSRP. There are THREE below.

What are YOU experiencing in your area and do you think the buble has BURST?

At the highest volume @MercedesBenz dealer in the US in the heart of EV town.

3 used Lucid for sale, not moving, all at MSRP. These were traded for a Mercedes@LucidMotors $TSLA#EVs #LucidAir pic.twitter.com/e5duHZQWN2

— Paul Smith (@GreatPaul_Smith) October 1, 2022

When I First drove the @GMC Hummer EV in April 2022 the dealer asked $295k.

Today the wholesale value is $171k.
I was even buying one with a friend to slip at $200k back then.

Suffice to say the speculative bubble in cars has popped$CVNA $VRM$TSLA

— Paul Smith (@GreatPaul_Smith) September 19, 2022