re: The average monthly new car payment in 2022 is $644

No doubt. You can cruise through any subdivision in the US and you will see 150K in iron sitting in the driveway of their McMansions. It'll be worth the scrap rate by the time they pay it off.

Banks are destroying people with their own greed.

eh. I dont think there's anything wrong with posters who have financial backgrounds sharing sound financial advice.

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Banks are destroying people with their own greed.

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Insecure people are superficial
Superficial people are materialistic
Materialistic people will keep buying new shite (every new iPhone for example)
So will everyone else
Insecure, materialistic, superficial people are stuck in a consumerist loop.

Marketers and bankers have quite the racket going on.

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Insecure people are superficial
Superficial people are materialistic
Materialistic people will keep buying new shite (every new iPhone for example)
So will everyone else
Insecure, materialistic, superficial people will run to social media to project their faux wealth and seethe in jealousy toward others doing the same.
Insecure, materialistic, superficial people are stuck in a consumerist loop.

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you missed a step.

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sharing sound financial advice.

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Yeah, who would have thunk it? Paying a high interest rate for a long period of time is not the best way to go through life. Real ground breaking shite there, Gordon Gekko.

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Sure

But you are posting the most rudimentary, base level shite as it your audience is a bunch of poor inner city teens. That is not the case and you’re out of your depth

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If this was so basic a rudimentary, the article in the OP wouldn't exist. The reality is, as Roger pointed out, Americans are addicted to bullshite and will finance said bullshite for 1000 years just to have it.

People are saving less than ever and carrying more debt than ever.

I was a private wealth advisor for the largest financial institution in the US for a decade.

Good enough?

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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.

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lmao this is so fricking dumb

I got a better job offer for another firm because I'm not an idiot who buys 90K trucks I dont need.

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credit should be leveraged, not relied upon to bridge the gap between the wealth you have and the wealth you want to project.

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That’s the rub. A lot of people use the math that shows that using the banks cheap money will build more wealth than paying cash to justify their auto loans. However, few actually have that same cash in an investment account (outside of retirement) that makes the math work. Instead, many use the math as a way to justify buying more car than they really have the assets to comfortably pay while simultaneously building wealth.

But this is the OT, so that’s not an issue for anyone here.