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

[Eternally Jaded]

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.

Breh, you're naming absolute money burners as if that's an option for most people....

You didn't say a Lexus 06 or a 08 Camry.

Naming American cars from when they had the worst longevity.

 

[BmoreGorilla]

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.

Them things gonna fall into pieces as soon as you hit a pothole

 

[JadeB]

Breh, you're naming absolute money burners as if that's an option for most people....

You didn't say a Lexus 06 or a 08 Camry.

Naming American cars from when they had the worst longevity.

Right. An older Toyota makes more sense

 

[Luke Cage]

Breh, you're naming absolute money burners as if that's an option for most people....

You didn't say a Lexus 06 or a 08 Camry.

Naming American cars from when they had the worst longevity.

Whats the point of buying an old lexus? You still spend a premium fixing luxury cars whether old or new.

 

[Geek Nasty]

Americans drowning financially in everything lol

#6certs?

 

[Geek Nasty]

This is basically the flaw in Libertarian thinking in a nutshell. A whole lot of people are going to fukk up without assistance or guidance. People literally talking about “don't time the market” and “prices never go down”. Anybody watching this slow rolling train wreck knew where this was going.

I watch a lot of financial news and the pundits still think Americans are standing on the sidelines waiting for a rate drop to go out and start spending like it’s 2021 again. But, hey the stock market and Tesla are at record highs so shyt must be gravy right?

 

[beenz]

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.

there's literally only like 3 US cities with reliable public transportation to the point where u don't need a car.

I remember the starter in my car went out back in may, and since it was in my garage, I wasn't even pressed. I got a bike, I can walk to the train. grocery store is only 4 blocks away.

I ordered the new starter off ebay, and when it came, it was broken, so I had to get my money refunded and wait for another starter I ordered.

at the end of the day, I was without my car for like a week, but it wasn't really a hardship to be honest.

 

[beenz]

if you can afford it then yeah do whatever. But it seems like people who can afford it are getting bad deals since their loans are upside down now.

being upside down on a car is terrible since it's a depreciating asset to boot.

plus it keeps people in a vicious cycle of debt where they are constantly rolling negative equity into their next car loan

 

[Tribal Outkast]

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.

Commute gang can’t rely on them cars.

 

[The Intergalactic Koala]

there's literally only like 3 US cities with reliable public transportation to the point where u don't need a car.

I remember the starter in my car went out back in may, and since it was in my garage, I wasn't even pressed. I got a bike, I can walk to the train. grocery store is only 4 blocks away.

I ordered the new starter off ebay, and when it came, it was broken, so I had to get my money refunded and wait for another starter I ordered.

at the end of the day, I was without my car for like a week, but it wasn't really a hardship to be honest.

See down here, it's weird. Like you have walkable areas, and then it's nothing but grass, woods, and highway .

During my time in Philly, it was never like that. Hell I remember walking miles and not even caring about how tired my feet were. Public transportation helped in that department as well.

There's public transportation here but lmao imagine me waiting a whole damn hour for a damn bus to get to a stop where I gotta wait another hour for a bus

 

[stave]

car notes? Tf is that?
wait til they find out about phone payments

 

[CashmereThoughts]

People will be drowning in car debt while still spending money on bullshyt every month. Put that extra $300 x month on top of your car not instead of giving it to Starbucks and chick fil-a

 

[TAYLONDO SAMSWORTHY]

nikkas signing them 39.99% APR 120 month contracts on a used charger to keep the payments down

 

[Dameon Farrow]

Tow Trucks stay creeping in parking lots around here. One guy tried to talk dude out of taking his shyt to absolutely no avail.

 

[King Sun]

There only so many people that can afford 500+ dollar a month car notes.