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re: Is it Really That Bad Out There?
Posted on 8/20/24 at 8:16 am to DVinBR
Posted on 8/20/24 at 8:16 am to DVinBR
I have come to the conclusion that there are several trends accounting for this:
- “Accelerated” inheritance. Parents making cash gifts to their adult children to help with big purchases instead of waiting to pass down assets when they die. This makes sense given the current housing market and rates, and in a lot of ways is more logical to help their kids when they could actually use the cash, rather than when they’re 50 and more flush with cash independently. The logic of this is less convincing for cars, but people are entitled to spend their money however they wish.
- HELOCs. A lot of people in their mid to late 30s bought houses from 2015-2020 and now have a lot of equity in their home. Some of them may be tapping it to buy toys.
- Good old fashioned living beyond your means. The data is pretty conclusive that far more people are buying expensive shite than can afford them based on their income.
- “Accelerated” inheritance. Parents making cash gifts to their adult children to help with big purchases instead of waiting to pass down assets when they die. This makes sense given the current housing market and rates, and in a lot of ways is more logical to help their kids when they could actually use the cash, rather than when they’re 50 and more flush with cash independently. The logic of this is less convincing for cars, but people are entitled to spend their money however they wish.
- HELOCs. A lot of people in their mid to late 30s bought houses from 2015-2020 and now have a lot of equity in their home. Some of them may be tapping it to buy toys.
- Good old fashioned living beyond your means. The data is pretty conclusive that far more people are buying expensive shite than can afford them based on their income.
1
Posted on 8/20/24 at 8:21 am to Joshjrn
quote:
Kid’s 19. His brain won’t be finished cooking for another six years. I blame his parents.
Same here. I would have blown some money at that age as well but he financed an $60,000 boat when he's had the job for 3 or 4 months.
Posted on 8/20/24 at 8:22 am to Dadren
quote:
My wife and I bought a little house in Baker for $63K in 2003 right out of college. Our first house…and definitely below the median. Today, nobody can buy a house below the median because that’s just unacceptable.
Go on whichever website you trust most, look up that exact house, and tell us what the site says it’s roughly worth now with over two decades more wear and tear.
Posted on 8/20/24 at 8:36 am to DVinBR
A lot of trucks you see may also be largely subsidized by employers. We have a lot of folks who are on a vehicle reimbursement type program due to the number of miles driven. Works out because employees are able to have nice, new personal vehicles, and it's cheaper than buying and maintaining a corporate fleet.
This post was edited on 8/20/24 at 8:40 am
Posted on 8/20/24 at 8:42 am to Joshjrn
quote:
Go on whichever website you trust most, look up that exact house, and tell us what the site says it’s roughly worth now with over two decades more wear and tear.
What’s your point? And how is doing this relevant to my point?
Posted on 8/20/24 at 8:44 am to Crowknowsbest
There's also DINK culture growing, which coincides with a societal collapse due to aging and shrinking population
Posted on 8/20/24 at 8:49 am to AbitaFan08
quote:
Dad?
Posted on 8/20/24 at 8:50 am to TideCPA
quote:I’m familiar with one dude who does this, his employer requires a truck that’s new (I think 3 years old or newer and less than X# miles). I assume this requirement is for insurance purposes?
A lot of trucks you see may also be largely subsidized by employers. We have a lot of folks who are on a vehicle reimbursement type program due to the number of miles driven. Works out because employees are able to have nice, new personal vehicles, and it's cheaper than buying and maintaining a corporate fleet.
Posted on 8/20/24 at 8:59 am to Joshjrn
quote:
Go on whichever website you trust most, look up that exact house, and tell us what the site says it’s roughly worth now with over two decades more wear and tear.
Zillow says it's worth 203k, up from 123k that we paid. We did have a similar rate to today - 6.75% I believe.
Posted on 8/20/24 at 9:05 am to xBirdx
quote:
but only like 5% of Louisiana households make more than $200k; 23% make more than $100k
We're in the 5% - we pay $300/month for two vehicles (one is 16 years old, one is 4 years old)...
...and I hate it
Posted on 8/20/24 at 9:17 am to Shexter
quote:
$1,000 car note, $500 trailer rental note.
Where the hell you renting a trailer for $500?
Posted on 8/20/24 at 9:26 am to DVinBR
Have an LLC and use your vehicles as a HUGE tax right off.
You can get up to 30K back on a 100K SUV with a slick accountant
You can get up to 30K back on a 100K SUV with a slick accountant
Posted on 8/20/24 at 9:32 am to DVinBR
Have an LLC and use your vehicles as a HUGE tax right off.
You can get up to 30K back on a 100K SUV with a slick accountant
You can get up to 30K back on a 100K SUV with a slick accountant
Posted on 8/20/24 at 9:49 am to fallguy_1978
quote:
Zillow says it's worth 203k, up from 123k that we paid. We did have a similar rate to today - 6.75% I believe.
I wouldn't put a lot of stock in Zillow valuation.
I just went to Zillow and entered my address and it came back as $289k. I did both my neighbors and one came back at $605k and the other $434k. All three houses are approximately the same size, age, and condition. The only noticeable difference between them is the 605k has a pool.
If I listed my house at $289k, it would sell immediately.
Posted on 8/20/24 at 9:59 am to 08Tiger
quote:
Have an LLC and use your vehicles as a HUGE tax right off.
You can get up to 30K back on a 100K SUV with a slick accountant
Back about 25 years ago when they amended Section 179 every other doctor and dentist I knew was driving a large SUV because they could deduct up to $100k on a SUV that weighed over 6000 GVWR... which the Cayenne did. It was based on business mileage of course...
BTW it was an immediate deduction vs capitalizing and depreciating, I think the limit has dropped substantially since then maybe as low as $25k
This post was edited on 8/20/24 at 10:41 am
Posted on 8/20/24 at 10:25 am to Grievous Angel
quote:
My favorites are the 100k trucks with "disability" tags. I'm sure the government/VA is paying for them.
Start looking around. You'll see them everywhere. I wish I hadn't noticed.
Would it make you happier if disabled vets were driving beaters?
Posted on 8/20/24 at 10:28 am to slacker130
quote:
Would it make you happier if disabled vets were driving beaters?
Disabled presumes that they don't work. So, if they are driving a $100K vehicle, then we most likely paid for it. Well...... not us technically. More like our great grandchildren paid for it.
Posted on 8/20/24 at 10:31 am to BoogaBear
quote:
shite we bring home over 200k, have no car payments, and with 3 kids I'm like, "where'd the money go"
Exactly. We are in the same boat....but do currently have one used car note. Money just disaapears. No idea how people are doing it with 80k+ vehicle notes
Posted on 8/20/24 at 10:37 am to DVinBR
1 in 22 Americans are millionaires so it holds
Posted on 8/20/24 at 10:39 am to OweO
quote:
You can't go somewhere with relatively expensive close on in your new $80k truck and beg your kids school to work out away you can pay less and expect them to come to some agreement,
For the school it might be accept 70% or get 0 and lose that family
This post was edited on 8/20/24 at 10:54 am
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