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Posted on 5/19/24 at 10:30 am to tylerlsu2008
quote:
The economy is broke in a lot of ways, but this isn't one of them
Correct! It's a symptom, not the cause.
quote:
As long as people are willing have 84 month notes and buy these
And there's a cause.
Inflation is too much currency (dollars) chasing too few goods and services. The federal government and the American consumer have been creating frickloads of extra currency through ever-increasing debt for decades now. That constant injection of extra liquidity has the negative impact of inflation (COVID spending just fast-tracked what was already happening).
People need to start holding DC politicians accountable by not voting for anyone who continues to vote for any deficit spending (especially for raising the debt ceiling again, and again, and again, and again, etc). They also need to cut back on their spending (buying cheaper, older used vehicles for cash or holding onto their current vehicles longer, for example).
There's no way out of this without some significant pain for many.
Posted on 5/19/24 at 10:32 am to Bamajedi
Be smart with your money. You can drive a new Camry, Accord or Civic off the lot for less than $30k.
Posted on 5/19/24 at 10:33 am to Bamajedi
Buy used, don’t be dumb.
Posted on 5/19/24 at 10:33 am to Bamajedi
quote:
True, but even 84 months makes the truck $800/month. Here in Birmingham, a nice (safe) 1BD apartment is going for $1,500+ a month. This isn't sustainable.
Eat the bug.
Live in the pod.
Ride the bus.
Posted on 5/19/24 at 10:34 am to Bamajedi
quote:
A new Tacoma TuRD off road with a 4 cyl and cloth seats stickers just south of $60K. With tax and fees, a 5 year loan comes out to almost $1,000 a month. And that is with a $10K down payment. Add insurance and gas, and a mid-size pickup truck becomes a luxury that only a small fraction of the public can comfortably afford. Only folks with a irresponsible financial outlook can afford these things. Economy wrecked going forward.
There are countless other companies trying to undercut the Taco market. Why isn’t it working?
Posted on 5/19/24 at 10:38 am to Bard
You can say people need to buy cheaper used cars but that is becoming more and more of a problem. With new cars costing too much for the average consumer, they don't buy them. If they don't buy the new car, they don't trade in their older and cheaper car. No trade-ins equal a severe deficit of low priced used inventory. It is a cycle that is only now beginning. We had the same issue after cash for clunkers, but back then there was plenty of government rebates and cheap arse credit. The credit market is drying up and prices only continue to rise. Not sustainable and soon many will lose their job due to a lack of affordable and reliable transportation.
Posted on 5/19/24 at 10:40 am to Bamajedi
Try selling a house right now. Even areas that are hotter than others, not happening. Buyers are maxed out with high interest rates and increase in costs such as homeowners insurance, etc. Sellers are keeping prices high. It's a stalemate between buyers and sellers. Will be interesting to see what gives.
This post was edited on 5/19/24 at 10:42 am
Posted on 5/19/24 at 10:46 am to tylerlsu2008
quote:
This isn't sustainable.
I didn't say it was sustainable, but until behavior changes, this won't.
The problem is that the behavior won't change until the crushing economic collapse can no longer be avoided.
Posted on 5/19/24 at 10:48 am to greenbean
quote:
You can drive a new Camry, Accord or Civic
Not an option for most heterosexual men.
Posted on 5/19/24 at 10:51 am to Stagg8
quote:
There are countless other companies trying to undercut the Taco market. Why isn’t it working?
A similarly capable Ranger or Frontier is still close to $50K! That's crazy money for a small truck that can't tow shite and has no rear AC vents.
Go to cars.com and pull up cars/trucks in your local area under $20K used. It will mostly be a list of shitty vehicles that either no one wants or they got trashed before the repo man got them.
Posted on 5/19/24 at 11:02 am to biglego
quote:
How tf do people afford these vehicles? And why are they even willing to pay these prices?
Exactly. I actually could technically afford a 50k truck, but I'm not willing to pay it.
Posted on 5/19/24 at 11:02 am to Bamajedi
quote:
A similarly capable Ranger or Frontier is still close to $50K! That's crazy money for a small truck that can't tow shite and has no rear AC vents.
So why aren’t people taking the $10 K discount?
Posted on 5/19/24 at 11:03 am to SlowFlowPro
quote:
The big money always shifts around and inflates something new. After the housing crisis, it moved to oil and we had a huge spike. Seems that it's moving from housing to equities for the time being.
The only way to stay ahead of inflation is high yield investments
The problem will be when a correction in the stock market occurs. People will lose a lot of money and that’s when you’ll see pain
Posted on 5/19/24 at 11:04 am to TrigSwig
quote:
Try selling a house right now. Even areas that are hotter than others, not happening.
See, I’m just not seeing this right now. I continue to see buyers snatching up the slim pickings on the market, even at way inflated prices. Shelter is second on the hierarchy of needs. Too many buyers are in no position to play chicken with sellers.
Posted on 5/19/24 at 11:18 am to Bamajedi
I plan to be buried in the bed of my 2012 Taco 4 door, 4.0 L V6. Probably will never buy another truck in this life. Probably won’t need to.
Posted on 5/19/24 at 11:20 am to shutterspeed
quote:
See, I’m just not seeing this right now. I continue to see buyers snatching up the slim pickings on the market, even at way inflated prices. Shelter is second on the hierarchy of needs. Too many buyers are in no position to play chicken with sellers.
Wrong, talk to a few realtors. They will tell you. It's ugly out there.
Posted on 5/19/24 at 11:21 am to Stagg8
quote:
There are countless other companies trying to undercut the Taco market. Why isn’t it working?
I haven't seen too many of the new ones on the road yet, maybe 3. I can't decide if I like them or not yet. I've only seen one that was decently equipped. I'm considering buying a mid sized next time, but that's hopefully years down the road.
This post was edited on 5/19/24 at 11:22 am
Posted on 5/19/24 at 11:27 am to fallguy_1978
quote:
I haven't seen too many of the new ones on the road yet, maybe 3. I can't decide if I like them or not yet. I've only seen one that was decently equipped. I'm considering buying a mid sized next time, but that's hopefully years down the road.
I like the previous generation better. Both the styling and drivetrain options. Still not bad looking by any means. Think the Tundras have done worse with regard to backsliding on styling.
Posted on 5/19/24 at 11:27 am to Bullfrog
quote:I was wondering why you would get downvoted for advocating for keeping a vehicle longer and not worrying about the vanity of a new car. Then, I read where it’s $18,000 for a 10 year old RAV4, LOL. Inflation is eating us alive.
If it takes you to and from work that allows you to make a living, it is an asset in your life. A depreciating one of course but if you worry over that, then get a 10 year of RAV4 for $18,000 and keep on kicking it.
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