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re: I can’t help but think a lot of people driving newer cars with upside down loans

Posted on 5/8/24 at 11:41 pm to
Posted by BregmansWheelbarrow
Member since Mar 2020
2653 posts
Posted on 5/8/24 at 11:41 pm to
I bought a new truck around Christmas and my rate is 1.9% through my bank.
Posted by Rize
Spring Texas
Member since Sep 2011
15834 posts
Posted on 5/8/24 at 11:59 pm to
quote:

I bought a new truck around Christmas and my rate is 1.9% through my bank.


There’s deals to be had. I was driving back from my deer lease in West Texas this week and saw 16k off a 4 door ram truck. I haven’t seen those kind of discounts since pre Covid.
Posted by slackster
Houston
Member since Mar 2009
85115 posts
Posted on 5/9/24 at 12:06 am to
The OT - where everyone is a baller yet you’re frowned upon for buying a nice vehicle, a nice house, a boat, etc.

Posted by biglego
Ask your mom where I been
Member since Nov 2007
76521 posts
Posted on 5/9/24 at 12:52 am to
quote:

You seem mad you can’t put down a decent down payment.


Everyone on the OT makes deep six figures except they can’t afford to buy a car
Posted by Rize
Spring Texas
Member since Sep 2011
15834 posts
Posted on 5/9/24 at 12:58 am to
quote:

Everyone on the OT makes deep six figures except they can’t afford to buy a car


This is the low T now. We can’t afford the truck nuts like we could in 2019.
Posted by Lsutigerturner
Member since Dec 2016
5815 posts
Posted on 5/9/24 at 1:22 am to
2003 Cummins 255k miles and gunna put another 500k hopefully… but I’m be driving it til wheels fall off, wife’s wants me to get a new truck and it embarrasses her and her family lol and my family for that matter lol idgaf it toes all my toys, and has had no issues and transmission has not given me a problem other then it seems to be drinking the synchromesh. Who knows maybe I’ll get lucky and hit 1000000 miles who knows lol ima try.
Posted by saintkenn
Saintkenn
Member since Nov 2012
823 posts
Posted on 5/9/24 at 2:36 am to
quote:

a $38k Nissan Frontier suddenly became a $55k Frontier


I'm calling bs on this story. There's absolutely no way that a $38k sticker price truck could jump to $55k. You're telling me they tried sticking around $15k of backend product on it? Banks only allow typically 15-20% of invoice for back end. Let's say invoice is $36k, the most any bank would allow is about $7200.

It's really funny that people think dealers lie so much when in fact, Ive been lied to by customers more than any other interaction I've had. It's like you just want to have a cool story to tell, but at least make it believable.
This post was edited on 5/9/24 at 2:37 am
Posted by Asharad
Tiamat
Member since Dec 2010
5718 posts
Posted on 5/9/24 at 3:26 am to
quote:

drive a 2012 Acura that has been paid off for 7/8 years. My maintenance costs have been nil. I feel judged by those who drive high status vehicles, as if I’m not part of The Club
2012 Acura is still a nice car.
Posted by BregmansWheelbarrow
Member since Mar 2020
2653 posts
Posted on 5/9/24 at 3:28 am to
The most mid-level manager response ever.
Posted by ronricks
Member since Mar 2021
7103 posts
Posted on 5/9/24 at 4:28 am to
quote:

Driving a beater can be expensive too.


2005 Toyota Camry with 160,000 miles and nothing but oil changes, tires and brakes. I hope to get another four years out of it which shouldn’t be a problem. It’s a POS but sure beats the $800 and $900 car payments my co workers have.
Posted by mmonro3
New Orleans
Member since Apr 2013
3934 posts
Posted on 5/9/24 at 4:37 am to
I have had a 40k car come back as 50k twice at Cadillac of New Orleans. It absolutely can happen when they think your a sucker!
Posted by Woolfpack
Member since Jun 2021
306 posts
Posted on 5/9/24 at 4:49 am to
Umm
This post was edited on 5/15/24 at 8:26 am
Posted by Obtuse1
Westside Bodymore Yo
Member since Sep 2016
25819 posts
Posted on 5/9/24 at 5:31 am to
quote:

They had none but what got my attention was all the “new” vehicles in the lot were 2023s. Ford hasn’t been selling many new F150s lately.


I think they are still distributing 2023s that just recently got chips. They had huge lots and racetracks filled with unfinished trucks as late as the end of the year.
Posted by Dixie Normus
Earth
Member since Sep 2013
2639 posts
Posted on 5/9/24 at 5:37 am to
Average new car price is $47k and our minimum insurance for vehicle/prop damage is $25k. I’d bet half the people with insurance in the state have minimum coverage. Statistically, ~12% of the population is uninsured. So, I’d bet half the people on the road are either uninsured or have barely half the cost of the average new car in coverage. And people wonder why we have an insurance crisis…
Posted by JohnnyKilroy
Cajun Navy Vice Admiral
Member since Oct 2012
35550 posts
Posted on 5/9/24 at 5:39 am to
quote:

Most of them are poors



cope
Posted by SelaTiger
Member since Aug 2016
18093 posts
Posted on 5/9/24 at 5:42 am to
Got to keep up with the Joneses, can’t be having the same old car for more than a year and a half. That’s for poor people!
Posted by solus
Member since Dec 2019
3387 posts
Posted on 5/9/24 at 5:46 am to
Only a dummy would buy a brand new car if you taking out a loan without putting a significant amount down
This post was edited on 5/9/24 at 5:50 am
Posted by CharlesLSU
Member since Jan 2007
31926 posts
Posted on 5/9/24 at 6:04 am to
I’ve renamed the wife’s car Frankenstein.

Replacing/repairing everything…..140k miles and paid for. Pushing new car purchase until absolutely necessary.

Posted by RogerTheShrubber
Juneau, AK
Member since Jan 2009
261470 posts
Posted on 5/9/24 at 6:12 am to
quote:

That's a lot of money to leave sitting in checking.


My wife's strategy She wanted me to buy a travel trailer with cash, until I talked her off the ledge.

Not quite ready fo that transition yet.
Posted by RogerTheShrubber
Juneau, AK
Member since Jan 2009
261470 posts
Posted on 5/9/24 at 6:22 am to
quote:

On top of the high car prices, the interest rates are ridiculous. I have an 800 score my bank offered me a 10% rate.


Found a credit union that offered me a good rate. Try one of those

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