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Posted on 5/8/24 at 8:47 pm to cgrand
quote:
Corporations are greedy they will charge what people will pay
Because rates are low. Corporations are reactionary. Government controls fiscal policy. Put blame where it’s due. It’s not sustainable. We won’t be able to print or quantitatively ease our way out this time.
Posted on 5/8/24 at 8:55 pm to Robin Masters
quote:
not sure you’ve priced auto repair lately
Newer, more computerized cars are more expensive to repair.
Posted on 5/8/24 at 8:58 pm to cgrand
quote:
except none of those things are happening currently
Unemployment is slowly moving up, economic growth slowed tremendously from Q4 to Q1 and inflation has moved up every month this year (thus far).
Now let's look at the environment that's happening in:
Consumer debt at record highs ( household debt and credit report, Credit Cards and Other Revolving Plans, All Commercial Banks )
Interest on consumer debt at record highs LINK
Real Wages slowing ( actually dropping for production and non-supervisory personnel)
Personal savings dropping for a year now ( LINK)
Much of GDP's growth over the last year has been on the backs of consumer credit cards as they've continued trying to offset inflation with them. As their savings dry up and they become more and more delinquent, that's going to cut into GDP, which will cause more job cuts. As Unemployment rises, wages drop as the competition for workers cools off. Those workers will then have less money to service their high interest rates but there's still too much money in the economy so inflation continues to stay sticky above the 2% threshold (thus the Fed won't lower rates for a while). The problem is: when.
Posted on 5/8/24 at 9:00 pm to PeteRose
quote:Sounds to me like you don't have an 800 credit score. I just bought a new ride for 4.5%, even walked out of a dealership that insisted the best they could do for me was 7%.
I have an 800 score my bank offered me a 10% rate.
Posted on 5/8/24 at 9:07 pm to PeteRose
Unless absolutely needed. lesson I was told. IF the Maintenace bill is equal to a car payment. then you need a new car. but now I laughed 2.99 for 3 years on a new 50/6070k vehicle is going to be a crazy monthly price
Posted on 5/8/24 at 9:14 pm to TTU97NI
It's almost always cheaper to fix it. Even if you have to pay 5k for a transmission, it pays for itself at a little over 8 months at $600/mo.
This post was edited on 5/8/24 at 9:15 pm
Posted on 5/8/24 at 9:28 pm to PeteRose
There was plenty of upside down car loans 25 years ago it’s just gotten worse
Posted on 5/8/24 at 9:31 pm to TxTiger82
quote:
Newer, more computerized cars are more expensive to repair.
In my experience, ignorance about cars is the most expensive repair.
Not to mention they kind of have you by the balls. If your car needs serious work it’s not like you can just drive it around town to several shops looking for the best price.
Posted on 5/8/24 at 9:38 pm to Robin Masters
People who bought during COVID and didn't put 20% down are absolutely tanked in their cars. Now at least, dealers are back to discounting cars but rates are higher. The best I've seen recently was a Chase call at 6.15 on a used car. Now you do have specials on new cars, like 3.9 for 72 months on 24 Nissan Rogues right now. An 800 credit score and 10% don't go together. Your bank sucks. Credit unions are the way to go if you're not willing to finance with the dealer.
What I've been telling my customers is date the rate, marry the payoff. Put money down and refinance when rates come down.
What I've been telling my customers is date the rate, marry the payoff. Put money down and refinance when rates come down.
This post was edited on 5/8/24 at 9:40 pm
Posted on 5/8/24 at 9:42 pm to saintkenn
If you listen to Dave Ramsey now a days it’s a common theme. It gets real bad when they rolled negative equity in.
Posted on 5/8/24 at 9:45 pm to PeteRose
Car loan? Though OT bought cars all cash
Posted on 5/8/24 at 9:48 pm to Loup
No debt is one of the greatest gifts you can give yourself. frick 'em.
Posted on 5/8/24 at 9:58 pm to PeteRose
I could care less what other people do with their money
Posted on 5/8/24 at 10:03 pm to VetteGuy
quote:
Anyone that judges anybody on what they drive isn't worth having an opinion over.
This. Who fricking cares? This isn’t 10-20 years ago. Inflation and prices are out of control. I’m just happy to only be paying 1 note on a 2018 Hyundai Santa Fe. Almost paid off.
Got a 2013 Ford Escape that’s a piece of shite. But it only has 120K miles and it’s paid off. Gonna drive it until the damn thing gives out. And even then I won’t buy brand new. It’s just not worth it
Posted on 5/8/24 at 10:08 pm to saintkenn
I walked out of Bayou Nissan last month after a $38k Nissan Frontier suddenly became a $55k Frontier after all their bullshite charges and financing they refused to come down on. I even offered $20k down and they still wanted to tack on "destination charge" "wheel disposal" and other stupid crap. They haven't changed their mindset from covid and that truck I test drove is STILL sitting on their lot over a month later.
Screw these dealerships.
Screw these dealerships.
Posted on 5/8/24 at 10:31 pm to Horsemeat
quote:
they still wanted to tack on "destination charge"
Ummmmm..... Every new vehicle has the destination charge as part of the price.
$38k to $55k tells me you looked at the base price and figure everything else is free.
Posted on 5/8/24 at 10:43 pm to Tmcgin
Range Rover gal’s wealthy husbands don’t care
Posted on 5/8/24 at 10:51 pm to Sput
May be 100% incorrect but just read an article that says the 2024 RAV 4 and the Highlander share the same new engine.
Article claims the engine is noisy/loud and the sound transfers to the interior of both the RAV and Highlander
Article claims the engine is noisy/loud and the sound transfers to the interior of both the RAV and Highlander
Posted on 5/8/24 at 11:38 pm to PGAOLDBawNeVaBroke
quote:
Mercedes now moving back to gas guzzlers. Remember the old “ice engines are the horse and buggy, people didn’t want to give that up too” Well guess what, ICE is pretty damn convenient and cheaper and more profitable for the manufacturer. It also lasts longer.
That’s good to hear. I’m not buying any car with a 7 to 10% rate. I’ll keep what I got or pay cash if I can’t get a dealer rate lower than what my HYS is paying.
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