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Started By
Message
re: The average monthly new car payment in 2022 is $644
Posted on 3/23/22 at 8:23 am to Vacherie Saint
Posted on 3/23/22 at 8:23 am to Vacherie Saint
1) no one is saying it's an "investment"
2) used truck prices had been very high for years before covid19. a little cash down and/or a trade-in and you're far from drowning
2) used truck prices had been very high for years before covid19. a little cash down and/or a trade-in and you're far from drowning
2
Posted on 3/23/22 at 8:25 am to Vacherie Saint
quote:
And mf'ers are acting like their Platinum F250 is an investment
There's a Mine that has a dock next to ours where I work, miners get paid well.. 80-120k. The parking lot has nothing but 80k+ pickups, nothing like it in town. The below 40, blue collar crowd love luxury pickups.
Posted on 3/23/22 at 8:25 am to LNCHBOX
I have a 2 week old truck sitting in my driveway.
In the typical vehicle market, you are almost immediately upside down on a financed car. It will also typically be the second highest cashflow liability a family will have. If dad loses his job or gets his hours cut at the plant.... Repo time!
Enjoy your 85K Platinum F250 though. lol
In the typical vehicle market, you are almost immediately upside down on a financed car. It will also typically be the second highest cashflow liability a family will have. If dad loses his job or gets his hours cut at the plant.... Repo time!
Enjoy your 85K Platinum F250 though. lol
Posted on 3/23/22 at 8:26 am to LNCHBOX
quote:
" If you bought a new vehicle in last year or two, you are making money selling it right now
Just bought a ford bronco sport and there was a used base model with 14 k miles listed for $4,000 more than I paid for a new big bend edition with 7 miles on the odometer. Never imagined a gently used vehicle would cost more than a new one.
Posted on 3/23/22 at 8:27 am to Vacherie Saint
quote:
In the typical vehicle market, you are almost immediately upside down on a financed car.
Only if you brought no money to put down or were upside down on your trade. You're making some big assumptions.
quote:
It will also typically be the second highest cashflow liability a family will have
That has nothing to do with the discussion, but neat.
quote:
If dad loses his job or gets his hours cut at the plant.... Repo time!
More assumptions.
quote:
Enjoy your 85K Platinum F250 though. lol
Anther assumption that's wrong.
Posted on 3/23/22 at 8:28 am to GreatLakesTiger24
Sometimes I look around and think the entire auto industry in this country is ridiculous.
I understand it is a lynchpin of our economy.
I also look around and see how much of our time and resources are devoted to autos and it seems our priorities are misplaced. Our entire society caters to autos and it seems fricking stupid sometimes.
I understand it is a lynchpin of our economy.
I also look around and see how much of our time and resources are devoted to autos and it seems our priorities are misplaced. Our entire society caters to autos and it seems fricking stupid sometimes.
Posted on 3/23/22 at 8:28 am to GreatLakesTiger24
quote:
Or maybe people just want nice shite
Nothing mass produced on an assembly line out of stamped metal and plastic is "nice shite." Its all cheap shite thrown together in minimal time, and marketed to rubes.
Nice shite is built yourself or custom
This post was edited on 3/23/22 at 8:30 am
Posted on 3/23/22 at 8:31 am to weagle99
Had a buddy with his CFA that was always concerned the next bubble would albeit small, would be in the consumer loan space specifically the auto industry. It was like his little pet project along with all his normal day to day market research.
This post was edited on 3/23/22 at 8:32 am
Posted on 3/23/22 at 8:33 am to RogerTheShrubber
quote:woah man that's so deep
Nothing mass produced on an assembly line out of stamped metal and plastic is "nice shite." Its all cheap shite thrown together in minimal time, and marketed to rubes.
Posted on 3/23/22 at 8:34 am to Vacherie Saint
quote:
Buy a practical vehicle you can afford.
Who is to say someone can't afford a $600 note?
quote:
you will almost ALWAYS be upside down on a financed vehicle.
I don't know how many vehicles I have bought in my life and I have never been upside down once. All were financed.
quote:
And mf'ers are acting like their Platinum F250 is an investment.
No one is saying your everyday vehicles is an investment.
Posted on 3/23/22 at 8:34 am to Salamander_Wilson
quote:
The current mindset that a person needs a new vehicle very 4-5 years is not a healthy one
I have read a poll that the national average of keeping same car is 2.5 years.
This post was edited on 3/23/22 at 8:38 am
Posted on 3/23/22 at 8:40 am to LNCHBOX
You are just playing dumb. There is no way you believe financing a fricking car for 7 years is "smart" because you "like nice shite".
I did make a cash down payment on my new vehicle and I kept my old vehicle for my son. I currently own 3 nice, super clean vehicles, all in good condition, and only have one note on a short term. The typical depreciation on a new car is between 20-30% after the first year and usually 15-20% every year thereafter. After the bank takes its interest, you arent sniffing that on a 7 year loan contract.
And cash flow and budgets have EVERYTHING to do with vehicles. If it didnt noone would finance a car for 7 goddam years. If something happens in your life (job loss, injury, the car gets totaled, etc...) that makes that auto payment impossible to justify, you will almost 100% take a loss on the sale. Its a pure liability, this isnt debatable. People who are smart with money consider this.
The auto loan industry is as much a bubble as mortgages were a decade ago and credit cards are now.
I did make a cash down payment on my new vehicle and I kept my old vehicle for my son. I currently own 3 nice, super clean vehicles, all in good condition, and only have one note on a short term. The typical depreciation on a new car is between 20-30% after the first year and usually 15-20% every year thereafter. After the bank takes its interest, you arent sniffing that on a 7 year loan contract.
And cash flow and budgets have EVERYTHING to do with vehicles. If it didnt noone would finance a car for 7 goddam years. If something happens in your life (job loss, injury, the car gets totaled, etc...) that makes that auto payment impossible to justify, you will almost 100% take a loss on the sale. Its a pure liability, this isnt debatable. People who are smart with money consider this.
The auto loan industry is as much a bubble as mortgages were a decade ago and credit cards are now.
This post was edited on 3/23/22 at 8:46 am
Posted on 3/23/22 at 8:42 am to Vacherie Saint
$687 a month for 60 months, but I got $14k off the MSRP, and the interest rate was 0.00%, so why not? In fact, I'm kinda sad that I put $10k down while using 0.00% money because I could have invested it and have an extra $17,500 at the end of the loan, which is 10 payments away.
Posted on 3/23/22 at 8:43 am to Vacherie Saint
quote:
Maybe, but thats the extremely rare exception. It wont last long. Throughout your life, you will almost ALWAYS be upside down on a financed vehicle. Vehicles do not intrinsically appreciate
Eventually it turns around in your favor. In ‘15 I financed a new Vette. A year later I traded it in for a ‘16 Jaguar XJL and was $9k under and rolled it into the loan. Then I traded that on a ‘19 Grand Sport Vette and was $16k under. Then I traded that on a ‘20 F150 and was $10k under. Then I traded that on a ‘21 Mach 1 and was only $8k under.
So I started out $9k under and 4 cars later I’m only $8k under - a net profit of $1,000. Basic math. You just have to learn how to play the game.
This post was edited on 3/23/22 at 8:46 am
Posted on 3/23/22 at 8:45 am to LSUSUPERSTAR
quote:
Tacoma in May 2020. It was $45052 out the door
I bought a Limited Tundra 4WD for under $42k "out the door," 8 months prior.
Posted on 3/23/22 at 8:45 am to HubbaBubba
I dont have an issue with any of that. I think 5 years at 687 per month is super reasonable. Especially if the debt is interest free! Sounds like you bought a pretty practical vehicle that you could afford. That exactly what you should do.
Posted on 3/23/22 at 8:47 am to Vacherie Saint
quote:
You are just playing dumb. There is no way you believe financing a fricking car for 7 years is "smart" because you "like nice shite".
You're just inventing arguments at this point. Not even reading past this lie.
Posted on 3/23/22 at 8:47 am to GreatLakesTiger24
Nice cars and clothes are for idiots
Posted on 3/23/22 at 8:47 am to TigrrrDad
quote:
So I started out $9k under and 4 cars later I’m only $8k under - a net profit of $1,000. Basic math
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