You may be getting a multitude of OOO messages, but not from us! Today we’re talking about declining vehicle prices consumers aren’t seeing. We also talk about a sub $20/mo EV lease, as well as Fisker’s clearance rack.
Show Notes with links
The average price paid for new vehicles is set to drop for the first time since 2008, falling 3% year-over-year to about $45,000 in June, but rising interest rates are keeping monthly payments high.
Monthly car payments have reached a record high of $740, compared to an average of $550 pre-pandemic, due to higher interest rates despite better deals
As inventory continues to build, dealer promotions and financial incentives now average 5% off the sticker price, compared to 10% pre-pandemic
John Patterson, owner of Hyundai, Kia, and Mazda dealerships in Southern California, notes a shift in buyer behavior: “We’ve seen customers who bought a premium car over the last few years coming back to reality.” Patterson emphasizes that higher interest rates are a significant factor in keeping many consumers away from dealer lots this year.
A Nissan dealer in Colorado is offering a seemingly too-good-to-be-true lease deal on the Nissan Leaf S model, making these EVs perhaps the most accessible EV on the planet. Tynan’s Nissan Aurora in Aurora, CO who has been family owned and operated since 1963 is leveraging Colorado’s generous state electric vehicle tax credit (which can be as much as $8000), an NMAC credit, and a $1,000 Nissan EV cash rebate. The lease deal is advertised at zero money down and only $19 per month.
Buyers can either pay the $695 acquisition fee and $699 dealer handling fee upfront or roll them into monthly payments, making the total monthly payment $59 with fees.
Over a 24-month lease, if you don’t exceed 20,000 miles, you could end up paying just $1,850 plus minimal electricity costs to drive a new Leaf.
Using the average Leaf consumption rate, driving 20,000 miles would cost around $599 in electricity over two years at Colorado’s average rate of 12.28 cents per kWh.
Originally, 15 units were advertised at this price but now there are 60 showing on the site with a “As Seen on YouTube” statement on the homepage
Fisker, the bankrupt electric vehicle start-up, is seeking court permission to sell its remaining 3,300 vehicles at an 80% discount to American Leasing, whose primary business is supplying vehicles to NYC Uber and Lyft drivers.
Fisker filed for Chapter 11 bankruptcy in June after years of unprofitable operations.
The proposed deal is valued at up to $46.25 million, with each car averaging about $14,000, down from the original $70,000 price.
Some vehicles are in good condition, while others need repairs; they will be sold as-is.
Fisker aims to sell 200 cars quickly to secure cash for payroll next month, but there is no guarantee the deal will be approved.
You may be getting a multitude of OOO messages, but not from us! Today we’re talking about declining vehicle prices consumers aren’t seeing. We also talk about a sub $20/mo EV lease, as well as Fisker’s clearance rack.
Show Notes with links
The average price paid for new vehicles is set to drop for the first time since 2008, falling 3% year-over-year to about $45,000 in June, but rising interest rates are keeping monthly payments high.
Monthly car payments have reached a record high of $740, compared to an average of $550 pre-pandemic, due to higher interest rates despite better deals
As inventory continues to build, dealer promotions and financial incentives now average 5% off the sticker price, compared to 10% pre-pandemic
John Patterson, owner of Hyundai, Kia, and Mazda dealerships in Southern California, notes a shift in buyer behavior: “We’ve seen customers who bought a premium car over the last few years coming back to reality.” Patterson emphasizes that higher interest rates are a significant factor in keeping many consumers away from dealer lots this year.
A Nissan dealer in Colorado is offering a seemingly too-good-to-be-true lease deal on the Nissan Leaf S model, making these EVs perhaps the most accessible EV on the planet. Tynan’s Nissan Aurora in Aurora, CO who has been family owned and operated since 1963 is leveraging Colorado’s generous state electric vehicle tax credit (which can be as much as $8000), an NMAC credit, and a $1,000 Nissan EV cash rebate. The lease deal is advertised at zero money down and only $19 per month.
Buyers can either pay the $695 acquisition fee and $699 dealer handling fee upfront or roll them into monthly payments, making the total monthly payment $59 with fees.
Over a 24-month lease, if you don’t exceed 20,000 miles, you could end up paying just $1,850 plus minimal electricity costs to drive a new Leaf.
Using the average Leaf consumption rate, driving 20,000 miles would cost around $599 in electricity over two years at Colorado’s average rate of 12.28 cents per kWh.
Originally, 15 units were advertised at this price but now there are 60 showing on the site with a “As Seen on YouTube” statement on the homepage
Fisker, the bankrupt electric vehicle start-up, is seeking court permission to sell its remaining 3,300 vehicles at an 80% discount to American Leasing, whose primary business is supplying vehicles to NYC Uber and Lyft drivers.
Fisker filed for Chapter 11 bankruptcy in June after years of unprofitable operations.
The proposed deal is valued at up to $46.25 million, with each car averaging about $14,000, down from the original $70,000 price.
Some vehicles are in good condition, while others need repairs; they will be sold as-is.
Fisker aims to sell 200 cars quickly to secure cash for payroll next month, but there is no guarantee the deal will be approved.
Friday, July 5, is there anybody out there? There's definitely some people out there today. But we're here we're showing up for you tell you about prices up. prices down. Prices even further down. We'll explain. I don't know. If there's ever been a Friday that felt like a Monday it was today. No means like,
Kyle Mountsier:
I was already feeling that yesterday afternoon. It was the weirdest thing. I was like, Wait a second. Are we
Paul J Daly:
just Sunday is a Saturday? What day is it?
Kyle Mountsier:
No.
Unknown:
Well, I know you had a nice
Kyle Mountsier:
day. Yesterday, we had we went like super chill. We had a kid sick from earlier in the week. So we kind of cover from that. But watch the movie on the couch. Food like it was a chill day for us.
Paul J Daly:
It was a pretty chilled day for the daily family as well. We didn't have any plans. We didn't. I mean, you know, we hung out. I rode my motorcycle yesterday, I was so excited. I was like, There's one thing I want to do. We need clarifier for the pool, and that will fit in a backpack. So I want to write my own perfect and it started and it ran. It's an old bike. So yeah, it's always like roll the dice. I might just fully, fully expect expectation to like take it off the keynote, take it off the center stand, turn the fuel on and have something start to leak. That's pretty much my expectation every time. But it went great. We hung out woke up this morning, my little four year old Jaden. He says to me we go into church because he thought it was Saturday yesterday, too. I was like nope, I'm going to work. Days gotta
Kyle Mountsier:
work. guys gotta gotta work. No out of office messages for us over here. You know, I
Paul J Daly:
know, oh my gosh, every email I send I feel like every email it's weird too. Because like Nathan and I and Myles come into this building every day. And so my agency congruent they have off on Friday, but we're working. So it's like I said to Nathan's, like, it feels like the parents away. He's like, it feels like more like the kids are away. Miles is like, I don't know if you know this, you're kind of the parent this situation. Like okay, okay, okay. Okay. All right. We have some fun, fun stories today. I mean, they're not fun for everybody. But we have we have some stories and it's about cars and affordability and like relevant topics. So let's just talk about it. Here's from the Wall Street Journal this morning, the average price paid for new vehicles is set to drop for the first time since 2008 2008. So it's gonna go down falling 3% year over year to about $45,000 per unit in June. But rising interest rates are still keeping monthly payments. I basically monthly payments have reached a record high of $740 a month compared to an average of pre pandemic levels. $550 that's on believable $200 difference. Crazy inventories continuing to build dealer promotions are increasing incentives, we're seeing them come back average 5% off the sticker price compared to 10% pre pandemic. So still incentives aren't what they were. John Patterson, owner of Hyundai Kia and Mazda dealerships in Southern California notes the shift in buyers behavior, he says we've seen customers who bought a premium car over the last few years coming back to reality, emphasizing higher interest rates and significantly a significant factor in keeping many customers away from dealership lots this year. So despite the despite vehicle availability, inventory is going up. We know this affordability challenges continue to keep some consumers away from dealer lots. Yeah, you've
Kyle Mountsier:
got to believe that there's still a subset of sidelined buyers out there that just cannot get into vehicles because of affordability strictly. Yeah, that's it, I just still see like the potential for a windfall, especially like lower tier credit or lower income buyers coming back in the market, at some point when interest rates drop, or when availability of use cars comes more full circle. But still just I mean, we've been talking about this for a few years. The the interest rates, you know, originally it was pricing. Now it's interest rates, all kinds of amalgamating payment related right. Payment related difficulties. You know, I'm just we've all been praying that we won't see 10% average financial incentives and dealer promotions. But, Paul, I think they're coming back.
Paul J Daly:
We're getting there. We're getting there. Hey, look, if you're having problems with a monthly payment, this thing is going to solve. Hey, if you live in Colorado, Colorado only if you live in Colorado and by the time you establish residency it'll be too late for this one. But one Nissan dealer in Colorado was offering a seemingly too good to be true lease deal on the 2025 Nissan LEAF S model, making it perhaps the most accessible Evie on the planet probably the most accessible vehicle new vehicle on the planet. tight ends Niessen TinyMCE Nissan Aurora in Aurora, Colorado, who has been family owned and operated since 1963 is leveraging Colorado's Gen are a state electric vehicle tax credit, which can be as much as $8,000 on a purchase or lease, a Nissan Motor auto credit incentive, as well as a$1,000 Nissan Evie cash rebate, they're putting all this together to get a lease deal that is advertised at zero money down and get this $19 per month 19 That's it. Buyer buyers can either pay the $695 acquisition fee and the 699 dealer fee upfront or roll them into the monthly payments making the total monthly payment $59 including all the fees basically is 24 month lease 10,000 miles a year. So if you did that you can end up paying just $1,850 total plus minimal the electricity costs on $19 A month using the average leave consumption right 20 20,000 Miles will cost you about $599 in electricity over the two years originally on the site they were saying 15 available right at this rate. I checked the site this morning after seeing the story and now says 60 available and then has this big like statement on the site we haven't linked up in the show notes it says as seen on YouTube
Kyle Mountsier:
right? They must have Did you find the YouTube video? No I couldn't find the YouTube video now.
Paul J Daly:
I just searched the site the dealership and what and went to the site. But I mean you do the math you look at the incentives Colorado's got this huge incentive. I mean it feels legit. I mean they're gonna run out of leafs at this right like they're probably already gone. These
Kyle Mountsier:
things are these things are selling like this weekend gotta be this is the I mean this is super smart. You say you take a look at all of the options. And here's here's what I love about this is they are extremely transparent with their online pricing. They even put their dealer handling fee right in the price stack on their website. So like that 699 It's an out the door price. It's like you're all in if you want you know and then the $59 a month to just roll it in and not put the first month payment and zero doubt I want to go get one who do we want color? I know how do we get an address in Colorado and get a couple of leaps let's go where's it leaves
Paul J Daly:
it's like Lexus, plurals, Lexus. This leaf leaf. I don't know. Ah, somebody's gonna wear that one. Yeah, somebody's gotta weigh in on that was speaking to someone weighing in. Segway bankruptcy courts weighed in on this one. Actually, that's what we're waiting
Kyle Mountsier:
for. So Fisker, the bankrupt electric vehicle startup, went bankrupt a little over a month ago is seeking court permission to sell its remaining 3300 vehicles at an 80% discount to a company called American leasing, whose primary business is supplying vehicles to New York City, Uber and Lyft drivers got it. The proposed deal is valued up to 46.2 5 million with each car averaging about 14,000 down from the original $70,000 price. Some are in good condition, some need repairs, and will be sold as is they aim to sell 200 cars quickly to secure cash for payroll next month. But there is no guarantee that this type of deal will be approved. No warranties honored. new owner will be supplied with all the vehicle source code. So they'll have to maintain the software side of stuff wild. Right. And yeah, we'll see. July 9 is kind of the update on the status with a court hearing request set for next Thursday. So seems like it could be a wild way to get a whole bunch of market penetration.
Paul J Daly:
When That'd be funny. Like it's a nice car. What is this again Fisker ocean, you can't buy it. But you can only lease one if you're an Uber driver in New York City. This This seems like apparently this conversation was going on before the official bankruptcy if you read a little deeper in the article, but this seems like the best place for these vehicles to land if another automaker is not going to buy it for the technology. And maybe that's still on the table, right? Like, maybe there is still like American leasing is just I think purchasing the vehicles, right, they're not purchasing the IP, they're purchasing the inventory. And I can't think of a better place for it to land, right? They're all owned and maintained in one place. So like fixing issues dealing with repairs and maintenance dealing with code updates, like this seems like they're probably going to make a lot of money from leasing these things out. Gotta be have to be what's the range on these like 300 miles? Oh,
Kyle Mountsier:
this is it's the perfect place and it's just the perfect place for EVs in general. And it's not like this bankruptcy is is potentially going to sunset the entire Fisker you know, brand or IP like this stuff has a chance to resurrect. And so it's a great way to kind of like keep the lights on more of these into the market. We'll
Paul J Daly:
see they're living that real startup
Kyle Mountsier:
life, right? That live trying to
Paul J Daly:
sell some inventory to make payroll. It is, hey, look, we know we know you're all out there selling some inventory today. Whether you've seen the show We're not We got your back We're rooting for you still got a full weekend ahead of us even though it just felt like we had a weekend like two weekends. Go sell some cars
