The U.S. economic outlook for 2022 and 2023 was a pessimistic one, full of many discerning number-crunchers’ warnings of an eventual, inevitable recession.
. Some are predicting a recession not far off from now. According to leading economist and Johns Hopkins professor Steve Hanke, the country isn’t out of the woods yet.
Citing a decreasing money supply and its slow growth rate, Hanke — talking to Julia La Roche via in July — said: “I think things are slowing down, and they will probably slow us into a recession by the end of this year or early next year.” Whether that happens or not, confidence in the U.S.
economy is far from soaring, causing consumers to seek ways to feel in control of their finances and plan for hard times. Thinking “recessionally” can be a good thing from a personal finance point of view, especially when it comes to discretionary spending on large purchases, like cars. Although car prices have stabilized somewhat, the average transaction price for new vehicles is still north of $48,000.
So, if you need to buy a car, consider a used model or do your research so you can avoid the worst cars to own during a recession. While new and old luxury vehicles and high-performance or exotic sports cars depreciate rapidly and are expensive to insure, the worst cars to own during tough economic times are large trucks and SUVs, which are less fuel-efficient and unreliable. The eight models that follow all suffer from high sticker prices, high maintenanc.