Elon Talks Economy, Possible Discounting, Demand Issues, Stock Sales, and TSLA on on Twitter Spaces

[Crissa]

Apple has frozen hiring, and stopped manufacturing the iPhone 14 Plus (which I considered retarded anyway).

This isn't true.

At least, not any more than it is on a regular year where they had a factory labor interruption. Every time the manufacturer screws up - like they did this year not paying their workers during a covid lockdown - and ends up in the news, they reorganize the supply.

Like Rob Maurer said, "Is it really a hiring freeze if they're still hiring for expansion projects?"

The auto manufacturers were making buck. The dealers, the entire chain, has a profit motive not to share that supply returned.

My buddy that sold two Ford Broncos this year, one he hadn't even taken delivery of yet? He's sitting in a rental, at the corporate rate, until the market corrects.

-Crissa

 

[Ogre]

I rolled a big chunk of my IRA over into a Roth and now I’m scratching my head and eyeballing my Tesla thinking about selling it to pay for part of my taxes. Being debt free coming into uncertain times always makes me feel better.

 

[android04]

I rolled a big chunk of my IRA over into a Roth and now I’m scratching my head and eyeballing my Tesla thinking about selling it to pay for part of my taxes. Being debt free coming into uncertain times always makes me feel better.

Don't sell TSLA right now unless it's a very last resort. Or if you got the stock very early enough where you still end up making a profit, and if it's a last resort.

 

[Ogre]

Don't sell TSLA right now unless it's a very last resort. Or if you got the stock very early enough where you still end up making a profit, and if it's a last resort.

Thinking about selling my Tesla Model Y… not my TSLA

It’s held it’s value better than the stock has.

 

[SwampNut]

Being debt free coming into uncertain times always makes me feel better.

Being heavily in debt during those times makes me feel better and is profitable. I am unhappy that I paid off too much debt in the last few years. Now is the time to profit from investment/savings and if shit hits the fan--good, I've still got my cash and metals.

It’s held it’s value better than the stock has.

Have you done a sale quote on it recently? My 3 lost a third of its value.

 

[android04]

Thinking about selling my Tesla Model Y… not my TSLA

It’s held it’s value better than the stock has.

Ok, I guess I misread (misunderstood) your comment

I myself contribute to 401(k) enough to take advantage of company match, and max out my Roth IRA every year. In past years, I used to max out my 401(k) and didn't have a Roth IRA.

I do have money in a traditional IRA from company stock that I rolled into it 10 years ago, but I have let it sit all this time as an experiment on how it's value changes over time with no additional contributions. Except for recently, it was set to double after 10years, which is the rule of thumb I use to ballpark long-term investment growth based on just stock market gain (Rule of 72). I have debated rolling it over into my Roth IRA before, but didn't want to pay the taxes on it.

 

[Ogre]

Have you done a sale quote on it recently? My 3 lost a third of its value.

Have you done a quote on TSLA recently? It could double now and still have lose more than a third of it’s value.

 

[Ogre]

I got a quote from carvana for selling them my carrera s 2 weeks ago. I was sent another quote 10 days later offering 3k more. Might just be car specific?

There are a lot more Teslas on the used market right now. For a while they were just slamming the used market.

I just did a Caravana quote and it was way less than what I’ve been offered elsewhere.

I suspect I’ll get a higher offer in 10 days from Caravana as well. It’s likely pretty common.

 

[Crissa]

I rolled a big chunk of my IRA over into a Roth and now I’m scratching my head and eyeballing my Tesla thinking about selling it to pay for part of my taxes. Being debt free coming into uncertain times always makes me feel better.

Depends what kind of debt it is. If inflation outpaces the loan, then the loan shrinks in comparison.

In that way, inflation is good for the little guy in debt.

-Crissa

 

[Luke42]

I remember the 70s no one could finance and or had a credit card in their wallet, now credit cards are given everywhere?!

I'm not old enough to remember the 1970s.

I have seen some of the echos of that era, and most of the relics I saw from the 1970s hadn't aged well by the 1990s.

 

[Ogre]

Depends what kind of debt it is. If inflation outpaces the loan, then the loan shrinks in comparison.

In that way, inflation is good for the little guy in debt.

-Crissa

Yes.

Ultimately being debt free isn’t about the best return on investment. It’s piece of mind. When we take a big financial hit due to some medical issue or ?? We don’t sweat it.

When I decided to quit my job and take 6 months training for a big race and moving to Oregon it was sure nice not having to worry about house payments and only had one small car payment.

Just makes life more stress free. Right now my only debt is my Model Y. Still not sure how we’re going to deal with the truck purchase because I don’t want 2 payments.

 

[JBee]

The last five years' insanity buying and spending, and over-printing of money, along with free handouts has to come to an end. I think it's now. If retail bombs, that will set off a chain reaction and massive market correction. The stock market has been over-inflated for no reason for many years. Sucks for what I'm still holding, but I should have seen it sooner. I did get into some great debt when interest was 2% and now I'm getting 4+ on no-risk CDs and a little more in some stocks. This is a great time to be in old debt, terrible time to buy new debt.

If looking at stock history, in the last GFC, insurers played a massive roll in the downturn, as risk filters down to them as the last resort. That includes health insurers, and I think they will be a considerable contributor to the next downturn, as they are expecting class actions, globally, in the health sector in the short term, in particular from liabilities accumulated over the last 2-3 years.

What I don't I understand is how we are still having fossil fuel resource wars (Russia over Ukraine reserves being explored by Shell and Exxon) whilst vehicle and industry electrification, and RE, is going to take the sales away from fossils anyway? As EM mentioned in the supercut, how to we transition to a "sustainable energy economy". I believe there is considerably more to that simple statement than at first meets the eye. In fact does this change put additional pressure on a downturn on fossil driven industries? I think it would have to.

 

[Richard V.]

Lenders have quietly dropped the "one car" rule and are financing sequential purchases without a trade-in. Meaning, people buying a new car with new financing, because they are upside down on the existing car and can't trade it in. They KNOW the people will default--on the OLD loan. So fuck the other lender. This is going to have vast consequences.

Car values have already plummeted. Carvana is clearly shady, headed into the dirt, with $6B in unsecured debt that will just be wiped. They are now WHOLESALING their cars to other dealers, at a big loss.

Car values plummeted earlier this month. Our M3LR went from Carvana offering $46k cash to now worth around $30. IN JUST A MONTH!

Carvana is related to Ugly Duckling/Carmax, whose founder was one of the Keating scumbags. I mean...LOL! And people still gave him billions? WHAT.THE.FUCK

In the next couple months I'll be poised to pay cash for a sport UTV like a RZR, and maybe a pickup, at 70% off. I have a couple things financed at just over 2% and meanwhile am holding CDs at 4.25 and 4.5. I'll take the early hit to buy distressed vehicles for nothing. Profiting from morons makes me giddy.

QUOTE from JBEE above.
"What I don't I understand is how we are still having fossil fuel resource wars (Russia over Ukraine reserves being explored by Shell and Exxon) whilst vehicle and industry electrification, and RE, is going to take the sales away from fossils anyway? As EM mentioned in the supercut, how to we transition to a "sustainable energy economy". I believe there is considerably more to that simple statement than at first meets the eye. In fact does this change put additional pressure on a downturn on fossil driven industries? I think it would have to. "
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Here is an interesting video on this subject: 2023 does not look good at all.
(218) Don't BUY A CAR Until You've Watched This: Massive AUTO COLLAPSE Coming in 2023! - YouTube

 

[SwampNut]

Carvana is going to buy at wholesale prices

Which is totally new, they used to buy at well over retail. That can only go on for a short time obviously.

 

[SwampNut]

Depends what kind of debt it is. If inflation outpaces the loan, then the loan shrinks in comparison.

In that way, inflation is good for the little guy in debt.

-Crissa

that’s part of my disappointment in laying down cheap debt. We could have been making way more on investments. And there’s a certain comfort in having tangible assets if things go really poorly. And if shit really hits the fan, debts are wiped out anyway.