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

[Wild self]

Man, y'all need to stop letting society take your money. Cars, housing, etc, can all be done relatively cheap. I've been rolling in an old car for years.

How you get cheap housing, without living with broke rednecks at the middle of nowhere?

 

[King Sun]

Man, y'all need to stop letting society take your money. Cars, housing, etc, can all be done relatively cheap. I've been rolling in an old car for years.

No it cannot when someone is looking for a car but doesn't have 5k-7k cash upfront. Also you forget with any car comes maintenance and no matter if its toyota or honda it will need maintenance and for in that price major maint in 2024

 

[At30wecashout]

Go on craigslist type in your zip. sort by price and tell me their aren't at least a dozen cars under 3K within 50 miles of you.

395 cars and trucks within 50 miles of me for 3k or less by sellers. Not a bad spread of whips if im in a spot and need a beater.

 

[Cobalt Sire]

How you get cheap housing, without living with broke rednecks at the middle of nowhere?

Got to start small these days. Live with parents as long as possible and save. Start off with condos, townhomes, etc. Just get into a good hoa. Live in that for a long time while saving money, and then buy a bigger house. You don't want to be house poor. I'm not hand waving away inflation like one of these coli capitalist pigs on here. Yeah, it's worse than ever. Were looking at end stand capitalism. Until something changes fundamentally in society, this is how things are going to be. However, I've still identified ways to save money. I'm not going to sink on this ship like everyone else.

 

[Cobalt Sire]

No it cannot when someone is looking for a car but doesn't have 5k-7k cash upfront. Also you forget with any car comes maintenance and no matter if its toyota or honda it will need maintenance and for in that price major maint in 2024

I think I've spent 7k over the course of owning my car for 8 years. My parents have a newer car, and I swear it breaks down as much as mine. Their repairs also tend to be more expensive. In general, older cars will break down more, but when maintained properly, they will overall be less expensive.

 

[Ozymandeas]

Yep. My car was hit by a deer in 2022 when I tried to find one of these cheap cars. Everyone talks about, but it was impossible, especially after COVID-19.

I bought a car for 25K.

Same. I brought a new car after trying to do the same thing.

 

[Mordith]

Also, people who can afford may not see the sense in paying for these cars.

I'm making far more now than I used to and purposefully repo'd a car and refuse to buy another unless I absolutely have to.

Doesn't seem worth it.

Let me get this straight. You purposely allowed a car you could afford to be repo'd?

 

[JNew]

I bought a used 2015 Jaguar xj for 20 grand cash a few years ago. No problems just an oil change every 10-15 thousands miles.

Every one thinks I’m loaded .

 

[Rick Fox at UNC]

Let me get this straight. You purposely allowed a car you could afford to be repo'd?

I'm a little weird. Was just looking at deposits since July. I'm at $74k.

I could've paid that joint off in full over the past few months. fukk it.

 

[Rekkapryde]

Man, y'all need to stop letting society take your money. Cars, housing, etc, can all be done relatively cheap. I've been rolling in an old car for years. Here's my shyt

 

[RennisDeynolds]

Subprime auto loan bubble been wanting to pop since 10 years ago. Imagine now when the avg monthly payment is 1k and the rates are 8-9% for people with good credit


We live in a sham economy

 

[Geek Nasty]

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.

Im in KC a lot of municipalities are starting to build walkable areas. Tons of apartments around shopping districts. It’s kind of cool to see cities finally starting to figure it out. I wish I was coming up in KC now, WFH+never needing to drive. shyt was impossible when I moved here.

 

[Based Lord Zedd]

I hate auto loans but I've been on all sides of this:

having a decent car on a "cheap" loan
having a more expensive car on a loan
buying an older car cash off craigslist

I will never go the craigslist/cash route again unless it's pure desperation. I don't want the stress of 100k+ miles or 15+ years in age.

I'd much rather get a car note I can afford with intent on paying off early and keeping miles low.

 

[⠀X ⠀]

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.

I got an 02 Camry with 65k miles. I only drove like 1500 miles last year.

I’ve had 2 new cars, and it’s overrated. Wasn’t worth the $400+ a month car note. Now people are paying $600 to $1000 per month for 84 months on regular azz cars. Makes no sense.

 

[⠀X ⠀]

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

People be rolling old car loans into the new loan. They start out upside down. God forbid they drive a car for more than 4 years and pay it off before they get a new one.