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Message
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 6:24 pm to Lsupimp
quote:
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
Frick em. You're the smart one.
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 6:36 pm to fallguy_1978
quote:
I can't believe that sales haven't fallen off of a cliff.
Put it on credik.
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 6:48 pm to armsdealer
Not true, mazda is cheap on steel quality. They each have different suppliers for parts.
Toyota is superior in every way. Mazda just builds a middle class suv and toyota is a economy suv corolla cross.
Toyota is superior in every way. Mazda just builds a middle class suv and toyota is a economy suv corolla cross.
This post was edited on 5/8/24 at 6:55 pm
Posted on 5/8/24 at 6:51 pm to PeteRose
Acura is doing 1.9% right now.
Posted on 5/8/24 at 7:06 pm to Dawgfanman
quote:
2.99 for 36 months
You are financing something that is almost equal to what a home cost back in in the 1990's, and you want to pay that back in 3 years or less.
Your payments will be well north of 1,700 a month for 3 years on a 60k car. That is more than some mortgage and rent payments.
Unless you are making over 6-8k clear a month that is unsustainable, and hopefully your mortgage is around 2k a month.
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 7:08 pm to Tarps99
I laugh at the Range Rover gals
Horrible investment
Horrible investment
Posted on 5/8/24 at 7:11 pm to fallguy_1978
quote:
I can't believe that sales haven't fallen off of a cliff.
Toyota sales probably won’t ever have this problem. You want a Jeep or Nissan? They got plenty
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.
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