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I can’t help but think a lot of people driving newer cars with upside down loans
Posted on 5/8/24 at 5:55 pm
Posted on 5/8/24 at 5:55 pm
Last new car I bought was in 2012. Bought it for 22k, 0% through Toyota(sweet deal), and i still drive it. Wife’s car is failing, and it’s been in the shop twice in 6 months so we’ve just started searching. We’ve looking at Rav4 so around 32k depending on the trim give or take. But I found out the avg new car price is 47k? Good lord.
On top of the high car prices, the interest rates are ridiculous. I have an 800 score my bank offered me a 10% rate.
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.
On top of the high car prices, the interest rates are ridiculous. I have an 800 score my bank offered me a 10% rate.
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.
65
Posted on 5/8/24 at 6:06 pm to PeteRose
I can't believe that sales haven't fallen off of a cliff.
Posted on 5/8/24 at 6:07 pm to PeteRose
I 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.
Posted on 5/8/24 at 6:23 pm to PeteRose
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.
Toyota offering 2.99 for 36 months
Posted on 5/8/24 at 6:33 pm to PeteRose
Had to take my 2015 Sonata to the shop this week. Was warming myself up to the idea of a new car.
Thought about the car note and immediately turned that idea off. Sounds horrible
Thought about the car note and immediately turned that idea off. Sounds horrible
Posted on 5/8/24 at 6:35 pm to PeteRose
Original thread. You seem mad you can’t put down a decent down payment.
Posted on 5/8/24 at 6:35 pm to PeteRose
I got absolutely wrecked on my 2023 Tesla 
Posted on 5/8/24 at 6:40 pm to PeteRose
quote:
I have an 800 score my bank offered me a 10% rate.
Your bank sucks. Bank of America and Chase will give you under 7%, and most manufacturers are giving rate specials finally.
Posted on 5/8/24 at 6:40 pm to PeteRose
I drive a 2009. Wife has a 2024. $32k is not getting you a Rav4 you would want these days. Look at the Mazda CX50, 0% and a much nicer car built in a co owned Toyota/Mazda plant. There are two lines but from all accounts the vehicles are built to the same standard.
Posted on 5/8/24 at 6:46 pm to PeteRose
Yeah I was about to buy a new Honda CRV for a family member til I saw the current pricing. Starts at 32K, frick that.
Posted on 5/8/24 at 6:51 pm to PeteRose
Acura is doing 1.9% right now.
Posted on 5/8/24 at 7:07 pm to PeteRose
It's bad.
Once the cracks start to create floods, houses will be next.
Once the cracks start to create floods, houses will be next.
Posted on 5/8/24 at 7:11 pm to PeteRose
I'm still driving daily my 2009 Tacoma with 130k miles. Only cost is Oil Changes, Tires recently and a set of brake pads. I'll drive it another 10 years I'm sure.
frick these new prices on new trucks across the board.
frick these new prices on new trucks across the board.
Posted on 5/8/24 at 7:11 pm to PeteRose
I drove a Hyundai Accent for years and cracked and got a BMW Series 3. But I’m in a financial position where it isn’t the slightly bit discomforting. More concerned it will break down.
Posted on 5/8/24 at 7:13 pm to PeteRose
My local lexus dealership was down to 6 new cars on the lot and zero on the showroom floor about 2 years ago. I counted o almost 70 a couple weeks ago.
New car market is going to be HURTING in the near term.
New car market is going to be HURTING in the near term.
Posted on 5/8/24 at 7:15 pm to PeteRose
quote:
I have an 800 score my bank offered me a 10% rate.
If you got a 10% rate then you don't have an 800. Likely this entire sentence is bs.
Posted on 5/8/24 at 7:28 pm to PeteRose
But Karen got Kevin to buy her that really nice Yukon Denali....because he loooooovves her and wants to see her safe. Of course Kevin just had to get a new Sierra and brag to his friends about he bought both on his HELOC.
Posted on 5/8/24 at 7:30 pm to PeteRose
can help but wondering why you don't mind your own business and stop worrying about other people.
Posted on 5/8/24 at 7:37 pm to PeteRose
I’m driving a 2015 F150 Lariat 4WD with 215K miles. I have a nice vehicle allowance tax free each month, am able to put my vehicle expenses on my company card, and put that cash back for myself.
I almost pulled the trigger and bought a new truck 5/6 months ago. The main thing that stopped me was two different friends having 22 and 23 model trucks with failed chips for numerous months they could not get due to shortage issues.
It makes no sense to me to drive an 80
to 100K truck with the amount of miles I put on one each year knowing the second I sign papers, I lose my arse. I also know this will come to a head sooner or later.
Stolen elections have consequences. It is what it is.
I almost pulled the trigger and bought a new truck 5/6 months ago. The main thing that stopped me was two different friends having 22 and 23 model trucks with failed chips for numerous months they could not get due to shortage issues.
It makes no sense to me to drive an 80
to 100K truck with the amount of miles I put on one each year knowing the second I sign papers, I lose my arse. I also know this will come to a head sooner or later.
Stolen elections have consequences. It is what it is.
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