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re: WSJ: Car Prices Might Be Unsustainable for Buyers
Posted on 8/21/23 at 4:16 pm to Froman
Posted on 8/21/23 at 4:16 pm to Froman
quote:
This is what I don’t get. People are a lot poorer than pre-pandemic, so how can they even afford to pay these prices in the first place?
they cant. fake it to you make it.
or you know...have everything taken because of crippling debt.
0
Posted on 8/21/23 at 4:24 pm to Sterling Archer
I bought my 2021 2500 Silverado LT and paid 53K OTD. Feel lucky because that same truck is 60K today. ITs a gas burner and going to drive it to 100K miles more than likely.
Posted on 8/21/23 at 4:31 pm to LNCHBOX
quote:
the lack of reading comprehension here is something
I know how you feel. In my original post I said same truck. Meaning the exact same package. Ford F150 Lariat with the 501A package. I paid $41k in 2016. Sorrry it’s $72k not $74k.
Window sticker for 2023 Lariat with 501A package.
Posted on 8/21/23 at 4:37 pm to Froman
quote:
This is what I don’t get. People are a lot poorer than pre-pandemic, so how can they even afford to pay these prices in the first place?
The desire to "keep up with the Jones" outweighs the concern of taking on crippling debt. You can blame social media for that more than anything.
However, when many people today go in to buy a car they don't really focus all that much on the total price. Just the monthly loan obligation. They may not be able to afford a $1300+ monthly note on a 48 month loan. But they can afford a sub $1000 note on a 72-84 month loan...which are becoming more and more common. The don't really care that they are taking on more interest on a continuously depreciating asset by stretching the note out 6-7 years. They are living day to day (or, more accurately month to month)
They don't look at buying a $75k car as a (once interest is tacked on) $96k purchase. They simply see it as a $900 per month purchase. That perspective makes it palatable to many to buy the car they "can't afford" because they can afford $900 per month.
This post was edited on 8/21/23 at 10:33 pm
Posted on 8/21/23 at 4:41 pm to Sterling Archer
What else were people supposed to do with all that free PPP money? Sure as hell didn't need to spend it on payroll. Screwed the rest of us who didn't get any.
Posted on 8/21/23 at 4:46 pm to Cracker
quote:
How about a 2wd single Cab small truck
This is why we dont have those.
YT - Why we dont have small trucks.
Posted on 8/21/23 at 4:48 pm to NIH
All I see over here is new SUVs, trucks, and jeeps.
Posted on 8/21/23 at 4:56 pm to Buryl
quote:
What else were people supposed to do with all that free PPP money? Sure as hell didn't need to spend it on payroll. Screwed the rest of us who didn't get any.
This guy gets it. It’s the best kept secret that no one ever talks about.
Millions of business owners won mini-lotteries with the PPP “loans”. All enriching themselves to the tune of tens and in some cases hundreds of thousands of dollars.
And I don’t fault them. It would have been dumb not to take the free money.
Posted on 8/21/23 at 5:04 pm to LSUtiger89
quote:
The problem is you frickers keep paying it. As people keep buying new over and over again they will keep raising the prices unchallenged. If everyone started keeping their cars longer and buying used for a while they will have no choice to sell lower as demand slows and supply grows.
Yeah I bought last year. I plan on going car shopping in 10 years.
I also spent months looking and purchased in mobile without a markup. Actually got it under msrp.
Posted on 8/21/23 at 7:46 pm to PhiTiger1764
quote:
This guy gets it. It’s the best kept secret that no one ever talks about.
Millions of business owners won mini-lotteries with the PPP “loans”. All enriching themselves to the tune of tens and in some cases hundreds of thousands of dollars.
And I don’t fault them. It would have been dumb not to take the free money.
You're a lot more forgiving than me. It's easy to be "conservative" when it's in your best financial interest. The real test of a person's convictions are when they stand by them, even to their own detriment.
To the op's point, yes, vehicle prices are unsustainable, but interest rates are only a portion of that. The ending of the avalanche of government money will play a factor as well.
Posted on 8/21/23 at 8:08 pm to tiger81
quote:
Never finance a depreciating asset
Used to think like this but while looking at boats recently the dealer told me they could finance as long as twenty years. Initially I thought it would be stupid for anyone to do that but at 60-70k on the low side for a new boat I realized that I could basically rent it for four to five hundred a month and they can just pick that shite up when I die.
Posted on 8/21/23 at 8:08 pm to PhiTiger1764
quote:
Millions of business owners won mini-lotteries with the PPP “loans”. All enriching themselves to the tune of tens and in some cases hundreds of thousands of dollars.
The only thing I hate more than gov’t handouts is gov’t shutdowns. My fishing partner bought a new boat with his PPP money. We used it to expand our business.
Posted on 8/21/23 at 8:17 pm to Earnest_P
quote:
Everything is unsustainable. It’s all working up to some grand crisis which will force the mask-wearers to give up the rest of their freedom in exchange for security. And I guess the rest of us will just be Mad Max’ing it in the hinterlands, or just dead, more likely.
If you're good people I'll join a war party with you.
Posted on 8/21/23 at 8:22 pm to PhiTiger1764
Have y'all heard of the employee retention tax credit? Yeah, we're still dishing out $20-30B per month because of muh Covid
There's a high probability a ton of this money is going into car purchases.
Posted on 8/21/23 at 8:41 pm to wutangfinancial
We get at least two letters per week from different companies about this. And we already filed and got ours.
The sad part is if you claim the ERC, you must then amend your tax return bc of the reduced payroll tax expense. Then you must pay cut a check to the IRS for what you owe.
These companies don’t tell you that and it’s going to get a lot of people in trouble.
The sad part is if you claim the ERC, you must then amend your tax return bc of the reduced payroll tax expense. Then you must pay cut a check to the IRS for what you owe.
These companies don’t tell you that and it’s going to get a lot of people in trouble.
Posted on 8/21/23 at 8:45 pm to Sterling Archer
Won’t last forever
Posted on 8/21/23 at 9:19 pm to Sterling Archer
They’ll blame auto loans and car salespeople when this blows up
Posted on 8/21/23 at 9:27 pm to Sterling Archer
Get a kick of all the suckers paying 85k + for a Grand Wagoneer
Posted on 8/21/23 at 9:34 pm to Sterling Archer
quote:
Today’s average new car loan has a monthly payment north of $750, with an interest rate of 9.5%
Oof.
What's annoying is my truck was at 7.99 purchased in june. Used truck. Highest rate I've ever gotten.
Side by side last year was at 2.99.
Was prepared to pay off the side by side this year and instead just paid off the truck instead.
With car rates these days, if you have decent credit and can afford a higher payment, youre better off getting an amex platinum and using one of your initial 0% pay over time offers to just finance the vehicle.
This post was edited on 8/21/23 at 11:09 pm
Posted on 8/21/23 at 9:41 pm to dukke v
Just like when oil was $12 a barrel and everyone agreed to keep paying $2.50 a gallon.
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