Americans have 1.6 trillion in car loan debt?

[Soylent Greenz]

March I hit 10 years of the no car life

That’s great, cars are endless money pits even if they’re reliable, if you don’t have to use em you can save that money

How the hell do yall manage?

I work for MTA and can ride for free and I refuse to get on the train unless I'm in performance of my duties.

Being on the train around homeless and mentally ill,and add to that the inconvenience of having to wait,get off at a station and either transfer to another train or walk to your destination,you waste valuable TIME,which is a non renewable resource.

I bet if you looked at the amount of time you wasted in life waiting on trains and buses vs the amount of time saved getting in ya whip and taking off you would be shocked.

Especially if you multi task in life,I hit the gym b4 work,then from there drive in to where I have to be,I couldn't even imagine waiting on public transportation to get there and then to work and back home.

And then there is the private life aspect,you ninjaz getting on trains with your woman?
Getting fly and going out and swiping your metrocard?

 

[Trojan 24]

Cars are tools and for some hobbies/lifestyles, it's useless to try and frame them in terms of investments. Buy what you can comfortably afford and yes preferably don't get screwed with the APR/Years. Speaking as someone who hasn't payed a car note, gas or insurance in 8 years because I get a company car

 

[Payday23]

That feel when you have $20k+ left to pay off a car you don’t even want anymore, but if you sold it now, you’d still owe the bank $5k-$10k cuz of the high apr and drop in value

I was just thinking about that. Once you pay it off the car has almost zero value especially if it's at 200k miles

 

[concise]

Broke nikka babble. Everyone doesn't have bad credit. My car loan which I took out in 2018 has a 1.99% rate....

Go trade it in and buy another one.
And post your new rate.

Dude is stuck in the past.

 

[Gold]

Imagine having a car note post Covid

Brehs working from home, driving 11 miles a week, paying credit unions 500 a month

 

[Crude]

Entry level trims costing 45K-50K plus now. You want to look at an upper level trim forget about it.

Yeah they’ll finance you 72 months with $1,000 plus notes.

Automotive industry got greedy AF. Like someone else said. You’re starting to see these newer models sit on lots longer.

These dealers want to add 0 interest for x amount of months now. A depreciating vehicle is not a great investment. It’s a tool nothing more nothing less.

 

[Serious]

March I hit 10 years of the no car life

You winning

 

[3rdWorld]

A new car is nice but overrated..its all based not on reliability but image.

 

[CashmereThoughts]

How the hell do yall manage?

1. work from home
2. I live in greenpoint in a high rise building with a convenience store inside of it, walking distance to Whole Foods/Trader Joe’s/shopping/restaurants and anything else you would need
3. G gets you to bed stuy in 15 mins, downtown Brooklyn in 20 mins. L gets you to 14th st in Manhattan in 10 mins
4. I grew up in the east side of Harlem I’m immune to crazy people, I really DGAF about them being on a train and I encounter one maybe once every 25 trips

In short my life is optimized for this. Was a worse experience when I lived off mount eden in the Bronx and had to commute to work.

 

[Cobalt Sire]

I'm still somewhat envious of people that grew up in places where they didn't need a car. Able to get to everything in the city the same way people with cars can. Able to live life to the fullest immediately. Not having to worry about your car breaking down and sidelining your life again.

 

[Brolic]

New car prices outplaced inflation because of GREED.

25 years ago, anyone with a job that paid above minimum wage was able to get a new whip with ease.

Facts.
The original price of a 1953 corvette was $3, 498. $3498 in 1953 is equal to $41,146.57 in 2024. The lowest trim of a 2024 corvette cost $70,000.

 

[North of Death]

The drip is to lease through your S-Corp LLC and write it off as a business expense

 

[RehReh]

14K on mine and im counting down the days.

Going forward, I'm riding this jawn til it falls apart then im buying used Hondas and Toyotas only.

Basically what I do
Buy used Kia's (my fave), nothing older than 10 years

Get my mechanic to maintain it and fix it up, MOT certificate. I use the same mechanic always
Then sell it and do the same thing a year later.
This kept me out of debt and made every new car I got a part exchange so worked out cheaper.

Plus I had personalised plates so u couldn't reeeally tell my cars are 6/7 years old unless ur doing too much.

I'm now looking for a Suzuki Jeep for Jamaica, I don't mind if it's 2014-2018

 

[3rdWorld]

Facts.
The original price of a 1953 corvette was $3, 498. $3498 in 1953 is equal to $41,146.57 in 2024. The lowest trim of a 2024 corvette cost $70,000.

And the true cost of a car is way under $5000
Taking it consideration cheap mild steel, rubber, plastics and glass they buy in massive bulk as raw materials or from their own manufacturers.
A can of coke to make, from the drink itself to aluminum is around 7 cents. I learned that in an engineering manufacturing class back in the days.

 

[Oatmeal]

Broke nikka babble. Everyone doesn't have bad credit. My car loan which I took out in 2018 has a 1.99% rate....

It's true, you can get a 2024 at 0% with a 60 month loan on certain cars, a few of my relatives ended up getting new cars because the prices of used cars were INSANE, like $8k for a 2011 Acura with 165k miles. It's not an investment but if you pay the car off in 5 years at 0% interest you can throw some extra into a HYSA or CD or whatever and further discount the vehicle, and by the time its paid off you'll get a decent trade-in or more than likely be able to drive it for 15 years. Also the total cost is a factor cousin had a 06 Kia with basic liability insurance $45 a month his 2024 VW with full coverage is $86