Here’s the audio of my weekly Wheels up! segment with Bill Meyer over at KMED FM in Medford, Oregon. We talked about some of the latest EeeeeeeVeeee news (including the news that Ford dealers have stopped slurping the electric Kool Aid) as well as a number of other subjects that might be of interest!
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Eric, I believe you have a Scam-Bot on you ass today, without a doubt!
ZH – Data from Bankrate indicates that interest rates for new auto loans with a 60-month term have reached their highest point since the Dot Com bust era. Additionally, the soaring prices of new electric vehicles pose a significant affordability challenge for the average working-class American. Beyond affordability issues, consumer interest in EVs is also waning. This sentiment is echoed by 3,900 auto dealers who have written to President Biden, urging his administration to reconsider the pace of EV mandates, citing a severe decline in demand for these vehicles.
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Hey, Eric, everything we debated is coming to pass – the big shakeout in EVs has started.
A friendly reminder from Yukon Jack:
Interest rates are going to the moon
Interest rates are going to the moon
Interest rates are going to the moon
Thus you ain’t seen nutin’ yet IMO
BTW, in case you haven’t heard, Satanyahu is getting ready to nuke Gaza out of existence, as soon as he gets all the Jew hostages out first. Biden has given Israel full access to our weapons depot in Israel, including all class of weapons.
Israel is armed to the teeth, they don’t need our weapons. They’ve had nukes since the 60s, developed with us and South Africa, and with some pointed at us and Europe, search the Samson option.
Hi Jack,
Yup. Interest rates are also causing home sales to stall. In my area, several For Sale houses have been For Sale now for months. One is a single wide on an acre with an asking price (already reduced once) of $200k. Gee, I wonder how many people in the single-wide market have $20k cash on hand to put down on a single wide…?
Pending home sales drop to record low.
https://www.cnbc.com/2023/11/30/pending-home-sales-drop-to-record-low.html
But…(from link)
Tight supply and still-strong demand have kept pressure on home prices, which not only continue to hit new highs but appear to be accelerating in their gains.
This young youtuber seems to have a handle on the real estate cycle:
https://www.youtube.com/@ReventureConsulting/videos
I watched one of the videos you posted from that guy a while back. It was ok but these guys see crashes everywhere all the time and it’s just not the case. When will my weekly grocery bill crash? My new water heater cost exactly double from the one I got in 2016. When will that type of thing crash? Why is housing different? Or stocks, which, oh yeah, just hit ATHs again.
Conflating lack of sale activity with a crash or bubble popping is inaccurate. As noted in the CNBC link above, prices for closed deals are still at or near ATHs. Mortgage rates have come back down to the low 7s from the 8s, not exactly lunar bound. Treasury rates have retreated a bit as well. If the Fed cuts, potential homebuyers currently on the sidelines due to high rates come rushing in.