{"version":"1.0.0","episode":{"title":"The Used Car Market Is SCREWED | Episode 961","url":"http://getcarcurious.com/episodes/the-used-car-market-is-screwed-episode-961","audioUrl":"https://pscrb.fm/rss/p/mgln.ai/e/1385/pdrl.fm/3359a6/injector.simplecastaudio.com/14b42e71-1f9c-41b2-944f-bc8f2b3a3cb9/episodes/6bf5d2c1-5e37-49a5-864b-9a9c9e6849af/audio/128/default.mp3?aid=rss_feed&awCollectionId=14b42e71-1f9c-41b2-944f-bc8f2b3a3cb9&awEpisodeId=6bf5d2c1-5e37-49a5-864b-9a9c9e6849af&feed=gkrQ6WSC","description":"Today on CarEdge Live, Ray and Zach discuss the latest data on used car prices. Tune in to learn more. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com\nfor information about our collection and use of personal data for\nadvertising.\n"},"annotations":[{"startTime":189.0,"endTime":192.4,"type":"term","title":"percent","url":"/glossary/percent","quote":"You have depreciation week over week of over a percent. You sold cars for 40 plus years.","canonicalId":"term:percent","priority":0.5,"confidence":0.8,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Percent is a way to express a number as a fraction of 100. In automotive discussions, it is often used to describe depreciation rates, interest rates, and other financial metrics related to vehicle value.","simplifiedExplanation":"Percent means out of 100. So if something is 1 percent, it means 1 out of every 100. It's a way to show how much something changes or costs compared to the whole."}},{"startTime":189.0,"endTime":192.4,"type":"term","title":"depreciation","url":"/glossary/depreciation","quote":"You have depreciation week over week of over a percent. You sold cars for 40 plus years. Help our audience, help our community understand why that means the used car market is screwed.","canonicalId":"term:depreciation","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Depreciation refers to the decrease in the value of a vehicle over time, typically due to wear and tear, age, and market demand. In the context of the used car market, high depreciation rates can indicate a loss of value that affects sellers and buyers alike.","simplifiedExplanation":"Depreciation is how much a car's value goes down as it gets older. If a car loses value quickly, it can be bad news for people trying to sell it."}},{"startTime":194.5,"endTime":199.6,"type":"term","title":"used car market","url":"/glossary/used-car-market","quote":"Help our audience, help our community understand why that means the used car market is screwed. Cars don't typically depreciate that much, do they?","canonicalId":"term:used-car-market","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The used car market refers to the buying and selling of pre-owned vehicles. It is influenced by factors such as supply and demand, economic conditions, and vehicle depreciation rates.","simplifiedExplanation":"The used car market is where people buy and sell cars that have been owned before. How well this market does can change based on how much cars lose value over time."}},{"startTime":207.0,"endTime":215.2,"type":"term","title":"month","url":"/glossary/month","quote":"Typically, they depreciate, I don't know, one and a half to maybe 2% in a month, not over 1% in a week.","canonicalId":"term:month","priority":0.5,"confidence":0.8,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A month is a unit of time that typically consists of 30 or 31 days, used in various contexts including financial discussions about vehicle depreciation and market trends.","simplifiedExplanation":"A month is a period of time that lasts about 30 days. It's often used to talk about how things change over time, like how much a car's value goes down each month."}},{"startTime":232.0,"endTime":239.6,"type":"term","title":"used car inventory","url":"/glossary/used-car-inventory","quote":"...the value of the used car inventory that is presently sitting on dealer lots is losing value more quickly.","canonicalId":"term:used-car-inventory","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Used car inventory refers to the collection of pre-owned vehicles that a dealership has available for sale. The value of this inventory can fluctuate based on market conditions.","simplifiedExplanation":"Used car inventory is the group of second-hand cars that a dealership has for sale. Their value can change based on how many people want to buy them."}},{"startTime":251.1,"endTime":259.6,"type":"term","title":"wholesale","url":"/glossary/wholesale","quote":"...what they could get for it if they needed to wholesale it today. So if there is something that they spent, say, $10,000 on four weeks ago...","canonicalId":"term:wholesale","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Wholesale refers to the sale of goods in large quantities, typically to be retailed by others. In the automotive context, it means selling cars to dealers or other businesses rather than directly to consumers.","simplifiedExplanation":"Wholesale is when cars are sold in bulk, usually to dealerships or other businesses, rather than to regular buyers. It often involves lower prices than retail sales."}},{"startTime":266.8,"endTime":273.7,"type":"term","title":"reconditioning","url":"/glossary/reconditioning","quote":"...and then they spent a few hundred dollars in reconditioning and getting it ready for the lot, let's say they spent 800 bucks...","canonicalId":"term:reconditioning","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Reconditioning refers to the process of restoring a used vehicle to a sellable condition. This may include repairs, cleaning, and maintenance to enhance the car's appeal and value.","simplifiedExplanation":"Reconditioning is fixing up a used car to make it look and work better before selling it. This can include cleaning, repairing, and doing maintenance."}},{"startTime":357.3,"endTime":361.3,"type":"term","title":"used car dealer","url":"/glossary/used-car-dealer","quote":"...that's a recipe for disaster if I'm a used car dealer, because it means the value of my inventory is going down,...","canonicalId":"term:used-car-dealer","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A used car dealer is a business that sells pre-owned vehicles. They often buy cars from individuals or auctions and then sell them to consumers, typically at a markup. The value of their inventory can fluctuate based on market conditions, demand, and the condition of the vehicles.","simplifiedExplanation":"A used car dealer is someone who sells cars that have been owned by someone else before. They buy these cars and sell them to people looking for a vehicle, usually at a higher price than they paid."}},{"startTime":398.34,"endTime":404.8,"type":"term","title":"appraised values","url":"/glossary/appraised-values","quote":"then the appraised values that dealerships will hit the vehicles at will be dropping even faster than the declines we've seen at the auction.","canonicalId":"term:appraised-values","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Appraised values refer to the estimated worth of a vehicle as determined by a professional appraisal, often used by dealerships to set prices for buying or selling cars.","simplifiedExplanation":"Appraised values are how much a car is estimated to be worth. Dealerships use this to decide how much to pay for a used car or how much to sell it for."}},{"startTime":414.9,"endTime":419.8,"type":"term","title":"used car managers","url":"/glossary/used-car-managers","quote":"...most used car managers I know, they would be looking at their numbers and they'd be probably lowering their appraisals by 5 or 10...","canonicalId":"term:used-car-managers","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Used car managers are dealership employees responsible for overseeing the buying and selling of used vehicles, including setting prices and managing inventory.","simplifiedExplanation":"Used car managers are the people at car dealerships who handle the buying and selling of used cars. They decide how much to pay for cars and how much to sell them for."}},{"startTime":732.7,"endTime":740.8,"type":"concept","title":"inflated values","url":"/glossary/inflated-values","quote":"...which would seem to indicate to me that the value of the cars that you are selling are inflated in comparison to what it would take to replace it...","canonicalId":"concept:inflated-values","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Inflated values refer to prices that are higher than the actual market value of a vehicle. This can occur when demand exceeds supply, but if the market shifts, these inflated prices can become unsustainable.","simplifiedExplanation":"Inflated values mean that the prices of cars are higher than what they should be based on their true worth. This can happen when there are more buyers than cars available, but if things change, those prices might drop."}},{"startTime":740.8,"endTime":748.3,"type":"term","title":"financing","url":"/glossary/financing","quote":"...because you didn't pay cash for this, you're financing it yourself. With all these things stacked against the dealer...","canonicalId":"term:financing","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Financing refers to the process of obtaining funds to purchase a vehicle, typically through a loan or lease. It involves paying interest over time, which can affect the overall cost of the vehicle.","simplifiedExplanation":"Financing is when you borrow money to buy a car and pay it back over time, usually with extra money added as interest. This can make the car more expensive in the long run."}},{"startTime":783.4,"endTime":787.62,"type":"car","title":"Chevrolet Silverado","url":"/cars/chevrolet/silverado","image":"https://upload.wikimedia.org/wikipedia/commons/3/37/%2713_Chevrolet_Silverado_HD_Crew_Cab_%28MIAS_%2713%29.jpg","quote":"...these used Silverado truck prices here in North Carolina may be dropping, but by a few hundred here and there...","canonicalId":"car:chevrolet:silverado","priority":0.5,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The Chevrolet Silverado is a popular full-size pickup truck known for its durability and performance. It's often used for both work and personal purposes, making it a versatile choice for many drivers.","simplifiedExplanation":"The Silverado is a big truck made by Chevrolet. People use it for work and everyday driving because it's strong and can carry a lot of stuff.","imageAttribution":"Bull-Doser (Public domain)"}},{"startTime":801.2,"endTime":809.3,"type":"term","title":"floor plan","url":"/glossary/floor-plan","quote":"...the difference between when a dealership buys their new car inventory and used car inventory, both are typically floor plan. What does that mean? It means that there's a line of credit that the dealership is using to...","canonicalId":"term:floor-plan","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A floor plan is a type of financing used by car dealerships to purchase their inventory. It allows dealers to buy vehicles on credit, using the cars themselves as collateral until they are sold.","simplifiedExplanation":"A floor plan is like a loan for car dealerships to buy cars. They don't pay cash upfront; instead, they borrow money to buy the cars and pay it back when they sell them."}},{"startTime":1053.2,"endTime":1059.4,"type":"car","title":"Chevrolet Traverse LS","url":"/cars/chevrolet/traverse","image":"https://upload.wikimedia.org/wikipedia/commons/a/a2/0_Chevrolet_Traverse_%28C1XX%29_0.jpg","quote":"...let's look at this one right here. A 2022 Chevrolet Traverse LS. This dealership, Dad, has been sitting on this vehicle for 96 days.","canonicalId":"car:chevrolet:traverse","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The Chevrolet Traverse is a mid-size SUV known for its spacious interior and family-friendly features. The LS trim is one of the base models, offering essential features without many luxury options.","simplifiedExplanation":"The Chevrolet Traverse is a large SUV that can fit a lot of passengers and cargo. The LS is the basic version, which means it has the necessary features but not many extras.","imageAttribution":"Benespit (CC BY-SA 4.0)"}},{"startTime":1129.8,"endTime":1130.5,"type":"term","title":"high mileage car","url":"/glossary/high-mileage-car","quote":"It's a high mileage car. The average miles driven were over 25,000 miles a year...","canonicalId":"term:high-mileage-car","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A high mileage car typically refers to a vehicle that has been driven significantly more than the average annual mileage, which can lead to increased wear and tear. Cars with high mileage may require more maintenance and repairs, affecting their resale value.","simplifiedExplanation":"A high mileage car is one that has been driven a lot, usually more than most cars. This can mean it might need more repairs and could be worth less when sold."}},{"startTime":1142.7,"endTime":1145.0,"type":"term","title":"average miles driven","url":"/glossary/average-miles-driven","quote":"The average miles driven were over 25,000 miles a year when the average in the United States is a little under 15,000.","canonicalId":"term:average-miles-driven","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Average miles driven refers to the typical distance a vehicle is driven in a year. In the U.S., this figure is often cited to help assess a car's usage and potential wear, with the average being around 12,000 to 15,000 miles per year.","simplifiedExplanation":"Average miles driven is how far most cars are driven in a year. In the U.S., it's usually about 12,000 to 15,000 miles."}},{"startTime":1158.7,"endTime":1160.0,"type":"term","title":"cost of carrying","url":"/glossary/cost-of-carrying","quote":"The cost of carrying that vehicle is continuing to climb.","canonicalId":"term:cost-of-carrying","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The cost of carrying a vehicle includes all expenses associated with owning it, such as insurance, maintenance, fuel, and depreciation. As these costs rise, it can make owning a high mileage car less financially viable.","simplifiedExplanation":"The cost of carrying a vehicle is how much it costs to own a car, including things like insurance and repairs. If these costs go up, it can be harder to keep an older car."}},{"startTime":1187.0,"endTime":1190.0,"type":"term","title":"spiff","url":"/glossary/spiff","quote":"There is probably a major spiff or bonus for the sales staff at that dealership...","canonicalId":"term:spiff","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A spiff is a bonus or incentive given to sales staff for selling a particular product or meeting sales goals. In the automotive industry, this can motivate salespeople to sell certain vehicles, especially those that may be harder to sell.","simplifiedExplanation":"A spiff is a bonus that salespeople get for selling something. It encourages them to sell more cars, especially if those cars are harder to sell."}},{"startTime":1379.28,"endTime":1386.64,"type":"car","title":"Mazda 3","url":"/cars/mazda/3-axela","image":"https://upload.wikimedia.org/wikipedia/commons/c/c2/Mazda_3_Axela_sedan_2_China_2015-04-23.jpg","quote":"...er example I'll pull up on the screen. 2024 Mazda Mazda 3. This is a  relatively new used vehicle. Now, dad...","canonicalId":"car:mazda:3-axela","priority":0.5,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"imageAttribution":"Navigator84 (CC BY-SA 4.0)"}},{"startTime":1415.0,"endTime":1420.0,"type":"term","title":"service loaner","url":"/glossary/service-loaner","quote":"My suspicion of 7,950 miles on it would be that perhaps it's a retired service loaner.","canonicalId":"term:service-loaner","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A service loaner is a vehicle provided by a dealership to customers while their own car is being serviced. These vehicles are typically well-maintained and may have lower mileage than standard used cars.","simplifiedExplanation":"A service loaner is a car that a dealership gives you to drive while your own car is being fixed. These cars are usually in good shape and not driven much."}},{"startTime":1435.0,"endTime":1440.0,"type":"term","title":"price history","url":"/glossary/price-history","quote":"...Look at this price history. There was a period in time where newer used vehicles...","canonicalId":"term:price-history","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Price history refers to the record of how the price of a vehicle has changed over time. It can indicate trends in depreciation or market demand.","simplifiedExplanation":"Price history shows how much a car's price has gone up or down over time. It's useful for understanding how much value a car loses after you buy it."}},{"startTime":1438.0,"endTime":1443.0,"type":"term","title":"used vehicle","url":"/glossary/used-vehicle","quote":"...newer used vehicles, dealers were trying to ultimately sell them for pretty much what the original MSRP was...","canonicalId":"term:used-vehicle","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A used vehicle is a car that has had previous owners and is not brand new. These cars typically cost less than new cars and can vary widely in condition and price.","simplifiedExplanation":"A used vehicle is a car that someone else has owned before. It's usually cheaper than a brand new car."}},{"startTime":1455.0,"endTime":1460.0,"type":"term","title":"aggressive pricing","url":"/glossary/aggressive-pricing","quote":"...this is astronomical in terms of how aggressive this dealer is trying to be to try and move these vehicles out...","canonicalId":"term:aggressive-pricing","priority":0.5,"confidence":0.8,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Aggressive pricing refers to a strategy where a dealer sets prices lower than the market average to attract buyers quickly. This can lead to significant discounts.","simplifiedExplanation":"Aggressive pricing means a dealer is trying to sell cars for less money than usual to get people to buy them fast."}},{"startTime":1750.2,"endTime":1758.2,"type":"term","title":"replacement parts","url":"/glossary/replacement-parts","quote":"...the cost of repairs and replacement parts has gone up. So even as the wholesale values of cars go down to a degree,...","canonicalId":"term:replacement-parts","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Replacement parts are components that are used to replace damaged or worn-out parts of a vehicle. The cost of these parts can significantly affect insurance premiums, especially if they are expensive or hard to find.","simplifiedExplanation":"Replacement parts are the pieces that you put in a car when something breaks or wears out. If these parts cost a lot, it can make insurance more expensive."}},{"startTime":1875.1,"endTime":1883.2,"type":"term","title":"pre-owned cars","url":"/glossary/pre-owned-cars","quote":"...best value today on pre-owned cars. Now, here's the dilemma with that...","canonicalId":"term:pre-owned-cars","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Pre-owned cars, also known as used cars, are vehicles that have had previous owners. They often come at a lower price than new cars, making them a popular choice for budget-conscious buyers.","simplifiedExplanation":"Pre-owned cars are cars that someone else has owned before you. They usually cost less than brand new cars."}},{"startTime":1897.7,"endTime":1904.1,"type":"term","title":"battery condition","url":"/glossary/battery-condition","quote":"...to make sure that the battery is in good condition and this and that...","canonicalId":"term:battery-condition","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The battery condition refers to the health and performance of the battery in an electric vehicle. A well-maintained battery is crucial for the vehicle's range and efficiency.","simplifiedExplanation":"Battery condition means how well the battery in an electric car is working. A good battery helps the car go further and run better."}},{"startTime":1911.4,"endTime":1920.3,"type":"term","title":"gas-powered vehicles","url":"/glossary/gas-powered-vehicles","quote":"...it's less expensive than gas-powered or diesel-powered vehicles. B, they'll be less costly to fuel...","canonicalId":"term:gas-powered-vehicles","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Gas-powered vehicles are cars that run on gasoline or petrol. They are the traditional type of vehicles commonly used before the rise of electric vehicles.","simplifiedExplanation":"Gas-powered vehicles are cars that use gasoline to run. They are the most common type of cars before electric ones became popular."}}],"speakers":[{"id":"s1","name":"Ray","role":"host"},{"id":"s2","name":"Zach Shefska","role":"host"},{"id":"s3","name":"Bleav","role":"host"}],"transcripts":[{"url":"http://getcarcurious.com/episodes/the-used-car-market-is-screwed-episode-961/transcript.vtt","type":"text/vtt"}]}