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Started By
Message
re: I can’t help but think a lot of people driving newer cars with upside down loans
Posted on 5/9/24 at 6:33 am to fallguy_1978
Posted on 5/9/24 at 6:33 am to fallguy_1978
quote:
I can't believe that sales haven't fallen off of a cliff.
For the most part cars aren’t impulse buys, they are a necessity.
Cars today don't last as long so new cars are replacing the ones going out of service. More drivers are added every year, which lead to more wrecks, higher repair costs lead to more cars being totaled, Government loans are re- directed to new car sales. They will always be a thriving new car market.
Thats why car dealership owners are very wealthy.
0
Posted on 5/9/24 at 6:34 am to PeteRose
I don't understand why middle class people buy expensive vehicles. You can get a Camry for under $30k, it'll roll for 15 years and 300k trouble free miles.
Posted on 5/9/24 at 6:40 am to fallguy_1978
quote:
I can't believe that sales haven't fallen off of a cliff.
Me neither but apparently just the opposite is true...I heard this morning that Nissan sales were up 90% over last year which was the best year they had ever had. I know a man who has had a F250 on order for about a month and was told it would be 5-6 months. It is crazy.
I think it has a LOT to do with people feeling like the economy is in the dumper. They have bought or they trying to buy way more vehicle than they can afford and when it hits their personal pocketbook they cast about for something other than their own poor decision making. It applies to homes also...and even little items like that morning coffee or lunch. Living withing one's means is a big part of being happy but most people find doing so unpleasant......
Posted on 5/9/24 at 6:43 am to greenbean
quote:
I don't understand why middle class people buy expensive vehicles. You can get a Camry for under $30k, it'll roll for 15 years and 300k trouble free miles.
Because they like them?
Same reason some people buy a ribeye or a filet instead of eating ground beef.
Posted on 5/9/24 at 6:43 am to PeteRose
quote:
I can’t help but think with a combinations of high car prices, people paying over msrp the past 2 years, high interest rates, and depreciating of cars that the value of these newer cars are less than the loans. So if you sell it, you have to pay out of pocket to get rid of the damn thing. That’s wild.
Gap insurance is $5 or $6 a month. Dealerships are selling a lot of it.
Posted on 5/9/24 at 6:43 am to Tmcgin
quote:
I laugh at the Range Rover gals
Gorgeous vehicle's and as off road worthy as a factory vehicle gets but LOUSY reliability unless money is no object and you can let it sit in the shop about 25% of the time. My wife nearly bought one 5 years ago....she snapped out of it....thank goodness.
Posted on 5/9/24 at 6:45 am to fallguy_1978
quote:
I can't believe that sales haven't fallen off of a cliff.
People care far too much about what they drive.
Most sacrifice a nicer home for a nice depreciable car with high maintenance costs.
Such sound finance practices they display.
Posted on 5/9/24 at 6:45 am to TexasTiger89
quote:
Gap insurance is $5 or $6 a month. Dealerships are selling a lot of it.
Gap insurance is for accidents, doesn’t have anything to do with trading in your car.
Posted on 5/9/24 at 6:46 am to whatiknowsofar
quote:
Bank of America and Chase will give you under 7%
Just a few years ago this statement would have sounded absurd
7% interest rates being the norm for people with good credit on a new vehicle is insane
Posted on 5/9/24 at 6:47 am to slackster
quote:
Because they like them?
I;ve always found practicality saves me a hell of a lot of money and worry. I really dont need luxury level trim for a utility vehicle.
The one I just got has more junk on it than i 'll ever need.
Posted on 5/9/24 at 6:49 am to solus
Or, finance for 2.9 with nothing down, let your cash earn 5.5.
Depends on the vehicle and what rate you can get. Sometimes it makes better sense to pay cash, and be done with it.
Depends on the vehicle and what rate you can get. Sometimes it makes better sense to pay cash, and be done with it.
Posted on 5/9/24 at 6:55 am to PeteRose
Bad times ahead
Posted on 5/9/24 at 6:55 am to Robin Masters
quote:
10 yo Acadia it’s been $1700 and $2500
Well, it's an Acadia so...
Posted on 5/9/24 at 7:01 am to slackster
quote:
Because they like them?
Same reason some people buy a ribeye or a filet instead of eating ground beef.
And then complain about not making a "livable wage." Rich folks should buy expensive vehicles, middle class and lower should buy Toyotas and Hondas.
Posted on 5/9/24 at 7:03 am to greenbean
Bro a sequoia is 82k. So Toyotas aren’t as inexpensive as you think.
Posted on 5/9/24 at 7:04 am to VetteGuy
quote:
let your cash earn 5.5.
Who is offering 5.5% for cash savings? Serious question, looking into a high-yield account to store vacation funds, down payments and shite like that
Posted on 5/9/24 at 7:08 am to Deactived
quote:
It's 3.99 right now. Just bought from them a month ago
It’s 2.99, just bought from them 3 days ago
Posted on 5/9/24 at 7:08 am to AwgustaDawg
quote:
I think it has a LOT to do with people feeling like the economy is in the dumper.
Feeling like? They economy IS in the dumper.
Posted on 5/9/24 at 7:10 am to PeteRose
I have a 2018 Corolla which I paid for new with cash. As soon as I got it I started saving for my next car. I prefer not to have a car payment or to pay interest. My car is pretty low maintenance. I have changed the oil, bought new tires, and bought a new battery.
Posted on 5/9/24 at 7:11 am to bad93ex
quote:
Who is offering 5.5% for cash savings?
Most likely a CD
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