Auto loan debt hits crisis levels as Americans drown in car payments

[Tony D'Amato]

Nobody forced to take a loan to buy a car. You can cop a reliable one off craigslist for a few K if you weren't trying to stunt.

This is not true in places like California. You have to drive a lot of miles and ppl want dependability. Now its a lot of ppl getting shyt they don't need, but I do understand wanting to go thru a respected dealer and getting a good warranty.

 

[Kasgoinjail]

This is not true in places like California. You have to drive a lot of miles and ppl want dependability. Now its a lot of ppl getting shyt they don't need, but I do understand wanting to go thru a respected dealer and getting a good warranty.

I saw the most hell cats in LA

 

[The Intergalactic Koala]

Going through RN with the payments. Times like this, I wish this country wasn't so fukking ass backwards with public transportation and being car crazy because these auto loans and dealers are drawlin.

 

[Windows 91]

I knew it was getting tougher out here when the UPS man kept trying to buy one of my old cars. It's nearly 35 years old with >200K miles and he was trying to pay 3x what I bought it for.

These days, if you got something that's paid off and running, you should hang onto it for as long as you can. Getting harder to find good listings on Craigslist because everyone is holding onto their shyt.

 

[MoveForward]

Without reading, The Coli isn’t in the real world and expects everyone to have a paid for 15 year old piece of sh*t that they hope cranks every morning? With good credit and gap insurance, a 2024 Nissan Altima will run you $500 a month over 72 months. If you get something nice like a new Camry you’re looking at $600+ easy.

 

[Adeptus Astartes]

How you get underwater on a fukking car? Your loan terms gotta be STUPID!

 

[Tony D'Amato]

I saw the most hell cats in LA

They are the minority tho.

 

[Tony D'Amato]

How you get underwater on a fukking car? Your loan terms gotta be STUPID!

N1ggaz out here signing like 7 and 8 yr car loans. Eventually u gonna owe more than its worth

 

[Adeptus Astartes]

Without reading, The Coli isn’t in the real world and expects everyone to have a paid for 15 year old piece of sh*t that they hope cranks every morning? With good credit and gap insurance, a 2024 Nissan Altima will run you $500 a month over 72 months. If you get something nice like a new Camry you’re looking at $600+ easy.

Taking a 72 month loan is a virtual guarantee for negative equity unless you put like 20% down and have less than 2% interest.

 

[Shadow King]

Then buy a 5-10 year old car, people sell those too

The same principle applies especially at 10 years.

You gambling by owning a car you can't afford to maintain. That 1K car is likely going to do you just fine, and if it doesn break down on you, you can just junk and get another one for cheaper than it cost riding around in that 1K a month lease.

Your logic is not making sense, People are buying 40k car new. getting predatory terms and paying an extra 15k on top of it. Taxed 1k a month.
but saving up 3K and paying it in full is too much money.

You've gone from a few grand to 1 grand. No, that 1K car is very likely to not be fine, and nobody is going through the hassle of buying a new car every year.

My logic makes perfect sense. You just don't agree with it. Taking predatory loans is its own level of recklessness, but a term like 1K/month typically does not fall in that bracket.

Nobody told you saving 3K is too much, you're creating arguments for the sake of it. I said everyone doesn't want to gamble on the reliability of a car at that price point/age.

 

[MoveForward]

Taking a 72 month loan is a virtual guarantee for negative equity.

Not really, if you buy gently used. 72 months is the norm now.

 

[AAKing23]

my brother paid 10k for an avalanche, he having issues with it now.

i was at a condo where a homeowner had to give up a BMW because she couldnt afford the paperwork to keep it on the road.

BMW's are known for having issues and high maintenance costs, that's on her

An Avalanche is about average reliability, you can research the cars you buy to see if they have problems beforehand

 

[Shadow King]

A lot of these newer cars financially present way more of a gamble than the old ones. They're getting so many electronics in not only can you not self repair but the shops straight up just charge you for new parts instead of fixing them. But like the other poster said, it's cars 5-10 years old, but these new cars make people feel too comfortable when they drive and I've noticed those drivers are considerably more reckless

That isn't a gamble. You know that and make a decision to deal with the technology in a new car or not. I'm speaking on reliability, particularly of a few car to be bought for what was at first "a few grand" but apparently 1K or less.

 

[Shadow King]

Still got my 05 Camry running strong. Smooth like butter v6. Only 80k miles on it. Oil change, occasional brake job and tires, that really it. Cheap insurance also.

Cars are a big status symbol so people tend to want something nice and exceed their finances. It’s a bad mindset.

That's 4,000 miles a year and you've already had it. That's much different than what cats are suggesting.

 

[the artist known az]

People lie like you can't get on craigslist right now be proven wrong. You can still find a 120K mile car on craigslist for $800 bucks. 3k is getting you something under 80K miles that still has a good 10 years left in in.
You right its not the 90s anymore, nobody its getting lemons or buckets anymore unless the car has been through a bad wreck. Everything is pretty reliable up to 100K miles nowadays.

Edit: Just Googled Now somebody selling a 2005 dodge caravan for $600 120K miles. Another person has a 2007 Chevy Cobalt on there for 2K less than 70K miles.

Show me all of these $800 cars on the road