The Daily Valet. - 10/6/22, Thursday

✔️ This Is Getting Out of Hand

October 06, 2022

Thursday, October 6th Edition

Cory Ohlendorf, Editor in Chief of Valet.

There’s some good news down below. And it has something to do with whiskey.

Cory Ohlendorf , Editor ⋯ @coryohlendorf

Today’s Big Story

Car Payments Are Getting Crazy High

Auto loan rates are surging alongside vehicle prices

The automobile market still hasn’t fully recovered from pandemic-era supply disruptions—and now rising interest rates are also clobbering affordability.

The average annual percentage rate on a new vehicle loan rose to 5.9% in September, from 4.1% last December. APRs are now at their highest level in years, according to new data from Edmunds.

But automakers are feeling optimistic about sales holding up, reports the Wall Street Journal. While inventory is still low due to lingering supply chain snags. But demand, while down from the giddy highs of 2021, remains elevated. As a result, dealers aren’t subsidizing loans as much as they used to—there’s no need for that, with inventories so low. The days of 0% financing on new vehicles are long gone.

What’s also gone is the average amount that buyers financed for a new vehicle. According to the Edmunds data, it reached an all-time high of $41,347, compared to $38,315 last year. And that’s why a little over 14% of buyers even have monthly payments over $1,000—which, according to Jalopnik, is a little worrying.

They point out that because of long-term inflation, everything costs more. But to us Old Millennials, who might still, somehow, expect one’s car payment to be $200-$400 a month, it’s downright crazy. A hefty car loan is simply the reality in 2022, with cars costing more but also automakers simply not selling a lot of small, affordable cars, in favor of more expensive SUVs and trucks.

You’d think that this situation would lead to more people leasing cars—since it was once a popular and flexible way to finance a new vehicle—but it’s tough out there for leases too. “The offers are horrible, and consumers are not opting to lease as a result,” Jonathan Smoke, chief economist for Cox Automotive told Nerd Wallet. But he said that leasing isn’t really dead. And experts speculate that good lease offers could return as soon as year’s end.

↦ Modern Alternative: A subscription is likely to be a key component of Apple’s go-to-market strategy for the upcoming Apple Car.

Appeals Court Says DACA Is Illegal

But leaves policy intact for nearly 600,000 immigrant “Dreamers”

A federal appeals court on Wednesday said the Deferred Action for Childhood Arrivals policy violates U.S. immigration law, dealing a blow to an Obama-era program that provides deportation protection and work permits to the millions of immigrant “Dreamers” who lack legal status.

A three-judge panel for the 5th Circuit Court of Appeals concluded the government did not have the legal authority to create DACA in 2012, affirming a July 2021 ruling from a federal judge in Texas who barred the Biden administration from enrolling new immigrants in the decade-old program.

CNN reports that there are more than 611,000 immigrants enrolled in the program. Wednesday's ruling will not affect those currently enrolled, but it will continue to block new applications. The Biden administration released a rule in August to “preserve and fortify” the DACA program, largely maintaining the current criteria for admission. The federal appeals court acknowledged the new regulation in its ruling, saying the lower court should consider it.

DACA is widely expected to go to the Supreme Court for a third time. Immigration advocates said the ruling signaled that the only chance for DACA to survive was for Congress to pass a law to protect young immigrants. According to NPR, DACA recipients have become a powerful political force even though they can't vote, but their efforts to achieve a path to citizenship through Congress have repeatedly fallen short. Any imminent threat to lose work authorization and to expose themselves to deportation could pressure Congress into protecting them—even as a stopgap measure.

Hurricane Ian’s Collateral Damage

The storm is worsening Florida’s housing crisis

Hurricane Ian already is shaping up to be the deadliest storm to pound Florida in nearly a century. As stories of death and destruction emerge from the aftermath, another sad truth is coming to light: Recovery will be hardest on people already struggling to make ends meet.

According to Axios, affordable housing in the U.S. typically diminishes after a disaster, and experts expect parts of southwest Florida will endure the same after Ian. people will be left unhoused, rental prices spike in response to a surge in demand and many are forced to permanently relocate in order to afford to live.

NBC News reports that Florida was already facing a shortage of affordable housing when the storm struck, forcing people who lost their homes to compete with those already trying to find homes. And, unfortunately, many didn't have flood insurance to cover the damage by the huge storm surge that ravaged coastal communities.

And it was already getting harder to live in Florida. Rental prices have increased by more than 30% over the last two years. The state's enduring popularity, inflation and soaring rental costs have made it one of the least affordable places to live in the nation.

↦ Meanwhile: Fort Myers Beach Mayor Ray Murphy laughs off Biden’s hot mic F-bomb.

A Pappy Van Winkle Miracle?

The Holy Grail of bourbon is hard to find. But this year, there is more to go around.

It's that glorious time of the year again. No, not spooky season. I'm talking about the annual unveiling of the new Pappy Van Winkle collection. The announcement always comes with a lot of fanfare because the famed whiskey is a notoriously hard bottle to procure.

According to HiConsumption, Pappy's annual range for 2022 features five bourbons, ranging from Old Van Winkle 10 Year all the way up to Pappy Van Winkle's Family Reserve 23 Year—the latter of which is routinely considered one of the best bourbons of all time, coming from meticulously-selected barrels.

And while list prices start at $69.99, the reality is that a quick search online shows the youngest Old Rip Van Winkle being sold for a minimum of $1,000. People drive the market, the market drives the people, and so on and so forth in a vicious cycle which often means that a bottle is hard to come by and when you do, it'll cost you.

But this year, there's some good news: There are more bottles available than usual. Why? According to InsideHook, the distillery not only put away more whiskey to age over 10 years ago, but they got a higher yield than usual when moving from the barrel to the bottle. Which means you'll have a little bit of an easier time getting your hands on a bottle of the stuff … just a little bit. Gear Patrol says your best bet is to contact a local retailer and sign up for their lottery (trust me, they've got one already going).

↦ Meanwhile: This new Scotch series is made entirely from distilleries that haven’t existed for decades.

In Other News

↦ OPEC Will Cut Production by 2 Million Barrels a Day, Likely Sending Gas and Oil Prices Back Up

↦ Alec Baldwin Will Resume Filming ‘Rust’ After Settling With Shot Crew Member’s Family

↦ Say What You Will, Richard Branson Is in Ridiculous Shape for a 72-Year-Old

Other Things We’re Talking About Today

Fat Bear week

America’s biggest pumpkin ever

This marble bowl

Make Your Bed

It might be the key to a better day (and night)

Want to start your day with a genuine feeling of accomplishment? Want your bedroom to look bigger and cleaner? Want to be prepared for the possibility of bringing someone home and getting laid? Then be sure not to leave the house without making your bed—every morning.

Face it, an unmade bed contributes to a life of chaos and disorganization. It's also an unsightly scene to come home to at the end of a long day. Of course, the main reason why most guys don't make their bed is because it can be a drag, especially first thing in the morning.

But it doesn't have to be. No matter the size or style of bed you own, you can quickly and efficiently make it before heading out for the day. We 've got the perfect game plan (along with some helpful laundry hacks for washing and drying your sheets).

↦ Read: Start making your bed, every morning.

Let’s Talk About Quality Lube

Permit me to be blunt: Good sex almost always includes a proper lubricant. It's absolutely vital for long, hot sessions or any backdoor action. And any man who knows the pleasure of great sex has a bottle of lube in his nightstand. But which is the right one to have on hand?

The Best Silicone-Based Lube

Silicone-based lubes are regarded as some of the best sexual lubrication because a little goes a long way and you don't have to keep reapplying during long sessions. Überlube, as the name implies, is the gold standard due to its silky texture and luxurious packaging. Instead of just being slippery, this is designed to "transfer sensation while reducing friction."

$19.99 by Überlube

The Best Water-Based Lube

Good Clean Love makes a long-lasting sex gel from distilled water that's compatible with all sex toys and condoms, but it has a cushiony thickness. There's no gnarly chemicals and it promises pleasure and plenty of glide without the usual stickiness or messy clean up. It also has aloe and patented Bio-Match technology to maintain a body's natural moisture and pH balance (meaning less chance of getting yeast infections).

$6.99 by Good Clean Love

For All-Natural Fun

This is the Goop of lubricants, if you will. The 100% natural aloe-based lubricant is organic, pH-balanced and free of glycerin and parabens. Formulated with hemp, green tea and oat kernel extract, this is gentle yet extremely hydrating. It's also latex-friendly and safe to use when trying to conceive. Another benefit is that it doesn't get sticky and is easy to wash away with just a little warm water.

$25 by Maude

↦ Want more options?The 5 best quality lubes