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Started By
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re: WSJ: The 7Yr Auto Loan: America’s Middle Class Can’t Afford Cars. BONUS: New Iberia HC???
Posted on 10/1/19 at 2:15 pm to tigeraddict
Posted on 10/1/19 at 2:15 pm to tigeraddict
quote:
so he was upside down on a previous car and rolled it into the new car.....
This is actually VERY common nowadays. And people spend most of their early and mid adulthood in a constant cycle of debt
0
Posted on 10/1/19 at 2:15 pm to SuperflyLSU
quote:
Cost has definitely gotten out of hand. Going through a little sticker shock myself lately, looking for a mid size SUV and having trouble finding one for less than $32-35k out the door. That's even for stripped out base models, and used prices for something with less than 75k miles on it is only 1 or 2k cheaper. Hell my 07 has more features than most of the vehicles we've looked at so far. Maybe I'm just cheap, but seems like the price outweighs the product nowadays.
Cost is definitely out of hand.
I am looking for a car for my niece, she will pay for it, but the prices they are asking are just outrageous for a car. Some of the prices are about as high as the truck that I purchased 6 years ago.
I am trying to find something that will be cheap on the payments because the cost of insurance is going to be high for full coverage because she is still in the under 25 age group.
Posted on 10/1/19 at 2:16 pm to NYCAuburn
13.5% lol
my lord it's over for her.
my lord it's over for her.
Posted on 10/1/19 at 2:16 pm to Hou_Lawyer
quote:
buy a new car
quote:
$500 a month
quote:
quarter of his take-home pay
What an idiot. Just got a new to me vehicle and priced new cars and despite $500 a month being nowhere close to a quarter of my monthly take home I wasn’t comfortable paying anywhere near that and I got a far more affordable mildly used vehicle with as many features for significantly less than that.
I don’t feel bad for him. Don’t be an idiot. There are too many idiots making moves like this and it has run up the cost on new vehicles
Posted on 10/1/19 at 2:16 pm to GEAUXT
Seems to me car prices have risen and are only going higher because people are steadily paying the price.
If we'd boycott the sticker prices, it'd come down.
If we'd boycott the sticker prices, it'd come down.
Posted on 10/1/19 at 2:20 pm to helluvaday
quote:
Mr. Jones is an idiot and exactly the type of person who once crashed the housing market
FIFY
Posted on 10/1/19 at 2:21 pm to sodcutterjones
quote:
I know I'll get torched for this, but a lot of this happens because schools aren't (and haven't been for a while now) teaching teenagers how to be adults. How to write a check. How to budget. How to calculate taxes. What department of the county courthouse does what. Basic finance. Interest rates. Insurance. How to not live paycheck to paycheck.
It would be nice if schools taught some of that, but this is a failure of parents, not schools, to instill financial knowledge and responsibility to their children. The buck always stops at the parents, and it's a huge problem that we turn and blame government facilities instead.
Posted on 10/1/19 at 2:21 pm to sodcutterjones
quote:
If we'd boycott the sticker prices, it'd come down.
Truth.
Americans want everything cheap, until it comes to cars.
Posted on 10/1/19 at 2:21 pm to sodcutterjones
are auto loans a bubble?
shocked we still have so many people paying these absurd prices ngl
shocked we still have so many people paying these absurd prices ngl
This post was edited on 10/1/19 at 2:22 pm
Posted on 10/1/19 at 2:21 pm to NYCAuburn
quote:
7 year loan 13.5% interest
I bet the salesmen went out for some brews that night
Posted on 10/1/19 at 2:22 pm to Hou_Lawyer
Still got money for automatic car washes though.
Posted on 10/1/19 at 2:23 pm to sodcutterjones
quote:
I know I'll get torched for this, but a lot of this happens because schools aren't (and haven't been for a while now) teaching teenagers how to be adults. How to write a check. How to budget. How to calculate taxes. What department of the county courthouse does what. Basic finance. Interest rates. Insurance. How to not live paycheck to paycheck.
When did they? I'm late 40's and I didn't learn hardly any of that in school.
Posted on 10/1/19 at 2:24 pm to Mr Perfect
quote:
13.5% lol
my lord it's over for her.
I didnt even know there were car loans that high... She could have easily bought a used car, but nope "that's disgusting..." she negotiated really well and they added leather, sunroof, etc... all for 13.5% You know the sales rep, manager and finance guy ate well that night... 
Posted on 10/1/19 at 2:25 pm to Adam Banks
quote:
What an idiot. Just got a new to me vehicle and priced new cars and despite $500 a month being nowhere close to a quarter of my monthly take home I wasn’t comfortable paying anywhere near that and I got a far more affordable mildly used vehicle with as many features for significantly less than that.
Also, used vehicles are just as expensive as new.
I was looking at Carmax and some vehicles were priced as high as some new ones.
Also used car financing is crap. If you pay 18 percent on a used car for 6 years you essentially paid for it twice.
Posted on 10/1/19 at 2:25 pm to Hou_Lawyer
What a sucker. I just buy my cars on my credit card and pay the monthly minimum.
Posted on 10/1/19 at 2:26 pm to Tarps99
quote:
Also, used vehicles are just as expensive as new.
...
quote:
I was looking at Carmax
...
Posted on 10/1/19 at 2:26 pm to Tarps99
quote:
I was looking at Carmax and some vehicles were priced as high as some new ones.
Isn't Carmax known for charging high prices for their vehicles?
Posted on 10/1/19 at 2:27 pm to Hou_Lawyer
He probably thought, “a Honda Accord is a nice, sensible, economical car for me”.
But he completely fricks it up
But he completely fricks it up
Posted on 10/1/19 at 2:27 pm to GetCocky11
quote:
Isn't Carmax known for charging high prices for their vehicles?
Yes, but there is no haggle
Posted on 10/1/19 at 2:27 pm to NYCAuburn
quote:
I didnt even know there were car loans that high
I found out the hard way right after college when I went to buy a used car with pretty crappy credit. They approved me for 14%, but at least I had the sense to walk away from that horrible deal and just drive the beater I had until I could afford something better.
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