Americans are behind on car payments at a record level
- Thread starter Street Knowledge
- Start date
daemonova
hit it, & I didn't go Erykah Badu crazy, #yallmad
live in a bad neighborhood, have lapses in yo insurance, and have a lot of accidents in an already bad neighborhoodwhy is his insurance $600
mine is $170. what is he doing?
People got to remember these are the same people from the 2020 that was buying new cars because the used car market was crazy and scarce. This isn't just about people buying above their means for at least half of them. No way interest rates for a car should be in the double digits
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EV's are another scam. Paying 60K for an EV which has even worse resale value than an regular ICE vehicle. If it's not a cheap Chinese EV why even bother?60k $930 a month and that door sounds like that when u close
He has shyt credit which is why he’s also paying $800 for used fukking truck.why is his insurance $600
mine is $170. what is he doing?
Mexican.
This
Lieutenant Daniels
I’m up for Major
The reason payments are so high is because of the interest rates combined with selling 3-5 yr old used cars/trucks at damn near new prices. It’s a sham and the banks knew it, which is why they lengthened the terms so they can continue to sell. It’s predatory EVEN if your credit is good.
Monthly payments are ALWAYS based on interest rates and how much you’re financing. Used car interest rates are around 6-9% if you have decent credit. On a 50k car with no money down with those interest rates that’s easily a $700-900 payment.
Used to be a clear difference between used and new prices. After Covid a lot of that changed. You had dealerships selling 3-5 yr old vehicles for damn near new prices and they haven’t gone back.
Also, buying a beater isn’t all it’s cracked up to be. Spend 5-10k cash on a car and that’s all you got it’s a huge gamble. Especially if you’re out of cash after the purchase.
Monthly payments are ALWAYS based on interest rates and how much you’re financing. Used car interest rates are around 6-9% if you have decent credit. On a 50k car with no money down with those interest rates that’s easily a $700-900 payment.
Used to be a clear difference between used and new prices. After Covid a lot of that changed. You had dealerships selling 3-5 yr old vehicles for damn near new prices and they haven’t gone back.
Also, buying a beater isn’t all it’s cracked up to be. Spend 5-10k cash on a car and that’s all you got it’s a huge gamble. Especially if you’re out of cash after the purchase.
Lieutenant Daniels
I’m up for Major
The idea of putting money down is to protect you from driving off the lot depreciation. So for a 50k car I’d say 8k. That should put you in a position to be able to sell it and not be underwater depending on brand, model, options, etc,.
Its new tech though. Theyre going to be more expensive. A lot of them are sold at a loss until the industry gets established.
China is subsidizing the hell out of their EV market and stealing IP (as usual). Their dumping cheap EVs to take over the market.
Buying a whole beater and having random 4 figure repair bill, on a constant basis, basically defeats the purpose of purchasing it in the first place.
They are finessed by auto salesmen that tell them you will save the difference in gas
The older I got the more I realized that I needed to stop listening to my family with their "you don't need a new car" mentality. Always buying something with 100k+ miles on it. I spent my whole late teens/early 20s with high mileage cars, just waiting for the next repair bill.
Years ago, my wife and I took a huge hit dropping like $20k total on down-payments for 2 newer cars (used, but no more than 2 years old and under 15k miles) and it has been wonderful for years now because not only did we kill most of the interest with the large down-payments, but after 3-4 years we trade them in and they still have enough value to be up at least $10k or so on the next vehicle. Similar to a lease, but we still get to make all the decisions.
All that was said to say, our cars stay in bumper to bumper and powertrain warranty (we only buy brands with 10 year/100k mile powertrain warranty and 6 year/60k bumper to bumper). And they have maintenence plans from the dealership so a lot of basic maintenence shyt is covered like transmission flushes, brake fluid exchange, oil changes, etc
I will say our back up vehicle, 08 Honda Pilot, has been great. It has 220k miles on it and just now showing signs of potential major issues. No dealership wants to give me more than $500 for it so ima use it as a project car. If I fukk it up, oh well
Years ago, my wife and I took a huge hit dropping like $20k total on down-payments for 2 newer cars (used, but no more than 2 years old and under 15k miles) and it has been wonderful for years now because not only did we kill most of the interest with the large down-payments, but after 3-4 years we trade them in and they still have enough value to be up at least $10k or so on the next vehicle. Similar to a lease, but we still get to make all the decisions.
All that was said to say, our cars stay in bumper to bumper and powertrain warranty (we only buy brands with 10 year/100k mile powertrain warranty and 6 year/60k bumper to bumper). And they have maintenence plans from the dealership so a lot of basic maintenence shyt is covered like transmission flushes, brake fluid exchange, oil changes, etc
I will say our back up vehicle, 08 Honda Pilot, has been great. It has 220k miles on it and just now showing signs of potential major issues. No dealership wants to give me more than $500 for it so ima use it as a project car. If I fukk it up, oh well
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China can build cheap EVs yet American car companies can't? American car manufacturers are only interested in extracting as much profit as possible from each sale. That's why they get their ass kicked by the Chinese.
Tesla was supposed to build an affordable EV years ago. But instead pivoted to the cyber truck to maximize profits. The problem is the piss poor management running these companies. Who only care about boosting the stock price over everything else. They had a huge headstart on China yet are now getting their asses kicked.
EVs will be cheaper to produce than gas-powered vehicles by 2027, Gartner says
Cybertrucks Were Supposed to Rule the Roads. Why Doesn’t Anyone Want Them Anymore?
Cybertrucks Were Supposed to Rule the Roads. Why Doesn’t Anyone Want Them Anymore?
High expectations, meet harsh realities.
www.popularmechanics.com
This is the same old story. Are we willing to willing to remove labor rights, human rights, and environmental rights then give car manufacturers much larger subsidizes? This is where i have no problem with huge tariffs.China can build cheap EVs yet American car companies can't? American car manufacturers are only interested in extracting as much profit as possible from each sale. That's why they get their ass kicked by the Chinese.
Tesla was supposed to build an affordable EV years ago. But instead pivoted to the cyber truck to maximize profits. The problem is the piss poor management running these companies. Who only care about boosting the stock price over everything else. They had a huge headstart on China yet are now getting their asses kicked.
EVs will be cheaper to produce than gas-powered vehicles by 2027, Gartner says
Cybertrucks Were Supposed to Rule the Roads. Why Doesn’t Anyone Want Them Anymore?
Cybertrucks Were Supposed to Rule the Roads. Why Doesn’t Anyone Want Them Anymore?
High expectations, meet harsh realities.
And when you dont pay for the research it makes the overhead to starting a company cheap. I think China has dozens of EV brands
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