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40% of Cars financed since 2022 are underwater
Posted on 11/18/24 at 12:21 pm
Posted on 11/18/24 at 12:21 pm
I mentioned last week how a guy that works at chase said they are delaying REPOs because they are so many it would crash the automobile market. Also my wife's coworker has been driving her Lexus for a year without making a payment after her husband was laid off. The economy is a house of cards
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Posted on 11/18/24 at 12:23 pm to John Barron
Good lord!!
I knew it was high but 2/5?
Damn
I knew it was high but 2/5?
Damn
Posted on 11/18/24 at 12:28 pm to John Barron
Saw this coming years ago.
Posted on 11/18/24 at 12:28 pm to ksayetiger
quote:
Good lord!! I knew it was high but 2/5? Damn
It’s underwater, not in default. I would have figured the number was higher.
Posted on 11/18/24 at 12:30 pm to John Barron
you mean to tell me all those people who bought cars for above MSRP are underwater?
ETA: can't wait to trade in my 4Runner for a low mileage Yukon for cheap.
ETA: can't wait to trade in my 4Runner for a low mileage Yukon for cheap.
This post was edited on 11/18/24 at 12:31 pm
Posted on 11/18/24 at 12:30 pm to John Barron
20+ years ago , no one financed a car more than 4 years, maybe 5 at the most.
Now, you've got 8 year loans.
And vehicles still depreciate like they always have.
Now, you've got 8 year loans.
And vehicles still depreciate like they always have.
Posted on 11/18/24 at 12:32 pm to John Barron
I’m sitting nice with my truck paid off.
Posted on 11/18/24 at 12:34 pm to John Barron
I honestly would expect that 90% or more of the cars that have been financed are underwater.
Posted on 11/18/24 at 12:34 pm to John Barron
Your neighbors driving with a loaded 2023 Suburban and 2024 loaded F150 with three kids playing travel ball and LSU season tix, ain't going to make it forever.
ETA: my wife and I bought our first new cars since 2016 this year (cash) and there are deals everywhere.
I also have a weakness for nice watches and that market has collapsed as well. I am going to buy a 2025 Submariner for my first child's birth next year and I anticipate it being fairly close to retail. In the pandemic people were paying $20k for those. Insanity.
ETA: my wife and I bought our first new cars since 2016 this year (cash) and there are deals everywhere.
I also have a weakness for nice watches and that market has collapsed as well. I am going to buy a 2025 Submariner for my first child's birth next year and I anticipate it being fairly close to retail. In the pandemic people were paying $20k for those. Insanity.
This post was edited on 11/18/24 at 12:39 pm
Posted on 11/18/24 at 12:36 pm to John Barron
Had no idea. I just downgraded to a 2016 4runner. Not sure why people are making such decisions.
Posted on 11/18/24 at 12:36 pm to East Coast Band
quote:
20+ years ago , no one financed a car more than 4 years, maybe 5 at the most. Now, you've got 8 year loans. And vehicles still depreciate like they always have.
Car dealerships are to blame. They try and push 7-8 year loans. I financed my vehicle a few years ago and told them I wasn’t going over 5 years.
The salesmen got all pissy and tried telling me no one does that anymore. I told him only stupid people finance them that long unless it’s for some ridiculous low rate. Which they weren’t offering…
Posted on 11/18/24 at 12:37 pm to John Barron
not shocked because that's around the time that the car market went apeshit crazy with pricing.
people were paying way more than a car should have been worth at that time.
people were paying way more than a car should have been worth at that time.
Posted on 11/18/24 at 12:39 pm to Townedrunkard
I hope you replied, "You sell depreciating assets for a living. I have a real job". 
Posted on 11/18/24 at 12:39 pm to John Barron
A guy I know was recently complaining about his financial troubles. When I mentioned he just bought two brand new cars he told me he could sell his generic SUV crossover for twice what he paid for it if he needed to. (he bought it new)
Some people are delusional and live underwater.
Some people are delusional and live underwater.
Posted on 11/18/24 at 12:39 pm to East Coast Band
quote:
20+ years ago , no one financed a car more than 4 years, maybe 5 at the most.
Now, you've got 8 year loans.
With discussions of 9 and 10 year loans. Along with that there has also been discussion of 50-year home loans.
The American consumer is gleefully allowing themselves to become a new form of permanently indentured servant to multiple owners.
Posted on 11/18/24 at 12:41 pm to John Barron
Im going to be so pissed if they try to use taxpayer dollars to bail these people out when they buy a car they cant afford.
I always paid cash for my car so it was mine right away.
Not interested in helping pay back peoples brand new 100k cars they did not need.
I always paid cash for my car so it was mine right away.
Not interested in helping pay back peoples brand new 100k cars they did not need.
Posted on 11/18/24 at 12:41 pm to waiting4saturday
quote:
you mean to tell me all those people who bought cars for above MSRP are underwater?
"bought"
Posted on 11/18/24 at 12:41 pm to wheelr
quote:
Some people are delusional and live underwater.
I have a buddy who is making just under $1mm a year and living paycheck to paycheck. Some people just don't understand money.
Posted on 11/18/24 at 12:42 pm to John Barron
I hate buying cars but I have to now.
I had a nice paid for car and then it got totaled (not my fault).
I had a nice paid for car and then it got totaled (not my fault).
Posted on 11/18/24 at 12:42 pm to John Barron
4 of mine aren’t, but 1 is. Cars are too expensive now. It is what it is.
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