Americans are behind on car payments at a record level

[CopiousX]

Of course people shouldn't extend themselves, but the economy car is disappearing. Damn near every new car at a dealership is 40K+ now. Those stimmy dollars had people acting reckless and made car companies even greedier. Gonna be a lot of pain on both sides now

New sentras are only 18k. Maybe 22 walk out the door. Gotta get in where you fit in

 

[Peruvian Connect]

Don’t spend more than you can afford on a car

Easy to say but the problem is most people can't afford shiiit. Car insurance is higher than car payments. You buy a used car, the repairs is like 3 payments on a new car. I know coli rich nikkas got like factory new used cars that never require any repairs, but thats not how the real world works.

 

[⠀X ⠀]

Nice.
Gimme a older toyota. People just wanna have new ish even if it puts them under water.

Hate car payments, bought a new car once and said never again.

I only buy vehicles i can afford to purchase with straight cash.

Yeah. I bought a new car twice. Dumbest financial move I’ve ever made.

 

[The_Unchosen_One]

Paid off my Jeep 5 years ago... driving her til the wheels fall off... saving up to pay cash for next Jeep

 

[Tribal Outkast]

Easy to say but the problem is most people can't afford shiiit. Car insurance is higher than car payments. You buy a used car, the repairs is like 3 payments on a new car. I know coli rich nikkas got like factory new used cars that never require any repairs, but thats not how the real world works.

It’s pretty easy. You just have to know what you’re doing. My jeep was higher than I wanted to pay but I can still afford it. You don’t have to have a brand new car.. try to stay within a 5 year window. We are at the point now where 5 year old cars look fine. Just get you a decent car and take care of it so you don’t have to live in the auto shop

 

[Peruvian Connect]

It’s pretty easy. You just have to know what you’re doing. My jeep was higher than I wanted to pay but I can still afford it. You don’t have to have a brand new car.. try to stay within a 5 year window. We are at the point now where 5 year old cars look fine. Just get you a decent car and take care of it so you don’t have to live in the auto shop

Most people don't know what they are doing, therefore it isn't easy. It's easier to buy a new car and have piece of mind with repairs covered under the warranty and other perks like free oil changes,

 

[Ozymandeas]

I know someone paying $800 for a truck and like $600 for insurance.

His money is basically straight rent, car shyt, and junk food.

why is his insurance $600

mine is $170. what is he doing?

 

[Tribal Outkast]

why is his insurance $600

mine is $170. what is he doing?

Can’t even imagine. 600 is more than my car.. that’s pretty much my car and insurance combined

 

[At30wecashout]

Paid off gang

2017 model and only have 40k miles on it. Plan to give that car many more birthdays. Paid that hoe off in November and spent some of the spoils on a graphics card

 

[Ozymandeas]

Easy to say but the problem is most people can't afford shiiit. Car insurance is higher than car payments. You buy a used car, the repairs is like 3 payments on a new car. I know coli rich nikkas got like factory new used cars that never require any repairs, but thats not how the real world works.

Nikkas don't want to be responsible. You know you are supposed to be taking your car to get serviced once/twice a year. Tires should last you 5 years. Brakes and rotors don't fukk up that often. Transmission fluid has to get drained every couple years. Filters have to get changed, etc. but it's all manageable imo.

Point is, nikkas got money for everything except the stuff that matters.

 

[Geek Nasty]

Post the link not the article, it's disrespectful to people who write for a living

 

[Ol’Otis]

subprime

Where have I heard this at before?

 

[TheMailMan]

Of course people shouldn't extend themselves, but the economy car is disappearing. Damn near every new car at a dealership is 40K+ now. Those stimmy dollars had people acting reckless and made car companies even greedier. Gonna be a lot of pain on both sides now

Well when u gotta pay an auto worker $35 an hour this is what you get. Pass it off to the customer

 

[Mrhateeverything]

Easy to say but the problem is most people can't afford shiiit. Car insurance is higher than car payments. You buy a used car, the repairs is like 3 payments on a new car. I know coli rich nikkas got like factory new used cars that never require any repairs, but thats not how the real world works.

Get something reliable , learn how to check cars before you buy them.
Watch youtube videos.
Ive had used cars for the past 15 years.
One Used car i got rid of didnt break down .
Just family situation changed .
Regulary scheduled maintenance , tires , oil changes , brakes, transmission oil changes every couple years.
Have not had a major repair needed in all those years.
Ive saved so much money not having a car payment.

Always dislike the " its cheaper to have a car payment " takes cause its simply not true.

 

[Bumblebreh]

You can buy a cheap hooptie but still need to pay for maintenance or invest time and energy into fixing it yourself.

Also I don't think most Americans are intentionally buying these cars at higher prices a lot of times the Dealership Mark up the car more than its worth with a bunch of fees. Even if you negotiate and haggle you still can end up getting yo pockets ran

I think there's a middle ground here.

Bad interest rates from bad lenders is another issue. There are bad car dealers that can also take advantage of people that lack financial literacy. The price markups were ridiculous during and after covid. But now cars are starting to be hit with bad depreciation, the used electric car market is a great example. And yet people are still getting fukked over with bad interest. People are buying cars with bad ownership history.

Car insurance, gas prices etc. I remember there was a thread on here, a woman had purchased a gle from a questionable dealer, now the maintenance cost on a car like that is going to be a pain in the ass. But if she tried to part exchange the car, the trade in value will only be a fraction of what she owes.