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Puffer Fish wrote:He's saying that the typical consumers who were buying nicer types of used cars can no longer afford to buy them, and now can only afford the used cars that cost less than $10,000. So the cheaper brands and models.
The banks have repossessed a lot of cars. Banks who have a claim on these cars do not want to start auctioning them off at a lower price because that would be admitting a loss. So the banks will delay. That is why this man is saying to wait.
This is the opposite of inflation, so it must be a good thing, right? President Biden must be doing something right for once!
Capitalism's inherent economic factionalism goes *deeper* than this.
To begin, either you *have* money (discretionary-income), or you *don't*.
If you  *do* have money, then your interests are with the continued and increasing *value* behind whatever given face-values -- appreciation. (*Less* additional value diluting the total pool.) (*Rentier* capital / non-productive / rewarded with interest and/or rent payments from the pre-existing economy.)
If you  *don't* have money, then your interests are for *cheap, easy* money, as with more *face-values* / currency, at cheaper terms, to be *flipped* into a higher-rate vehicle as rates rise overall. If employed, wages may become *money*, like pensions, which are then more-*propertied* interests, paradoxically. (*More* additional values streaming into the pool to create velocity.) (*Equity* capital / commodity-productive / rewarded with surplus labor value, possibly indefinitely.)
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