Seven-Year Car Loans: America’s Middle Class Can’t Afford Its Cars; own cars after the brakes brehs

[Michael's Black Son]

72-89 months!

YIIIIIIIIIIIIIIIIKES


Damn near two life cycles in the car world. That’s an eternity.

and I don’t even wanna know the kind of whips people are tanking off of these lots. Highly doubt many of them will be the new Taycan, AMG GT S or the A7 sportback.

 

[Ezekiel 25:17]

But what is the maintenance on an Infiniti vs a Chevy?

Do you need to use premium gas, and pay for more expensive parts?

Infiniti is Nissan, it's gonna be the same or cheaper than Chevy.

Idk too much about the VR30, but the VQ 37 has been proven to be reliable no matter how much you beat on it. Nissan does have experience building twin turbo engines, so in time the VR30 will be proven to be reliable. A lot of problems in the early years have already been fixed. And you have AWD on top of that. And you have a warranty

Chevy is pretty much done for, them nikkas selling crossovers now, fukk Chevy.

 

[Mr swag]

They can afford new cars, they CHOOSE the stocked up version instead of the smaller car with less features

 

[kj614]

I’m afraid I will go over mileage. what is the normal cap? I think I do between 10-15k miles a year

You can do up to 18k. I don't think it is worth it past 15k. You just gotta look at it like a phone or something. Some people are like but I don't own it when the lease is up but those same people will pay off a 72 month loan and bring it right back to trade as soon as it is paid off. Imo if you are not going to drive it until the wheels fall off, then you should lease

 

[Orange cream shake]

Most of us with car notes, got rid a perfectly fine older car, just so we could be in something new.

Yeah my last two cars had less than 70k miles when I got a new car. I think I’m done buying new cars, imma ride this car out to 100k miles I’m at 14k right now.

 

[NinoBrown]

If it makes you feel better, I financed a new Honda Civic for $504 a month, with $250 a month insurance, not only because I was under 25 at the time, but I had a job that required me to travel to various locations, and we had to have a high level of car insurance. I was 23, fresh out of college, living with my parents.

I was so upside down in that loan, it was ridiculous.



I didn’t even consider used cars, because my young ego thought I knew everything about life.

 

[Ezekiel 25:17]

nikkas will take out a 18k loan on this foolishness

But hit the “Buh buh but it’s too old it’ll break down!” With this (08 Acura TL ) that you can cop for 5k cash

Sometimes it's not worth it though and a new car gives peace of mind.

That Chevy isn't 18,000 btw. More like $13k new , $9000 used

 

[Michael's Black Son]

Got a brand new car in February 2016. It’s a 2015 year model (my car was built in Oct ‘15 so it was literally brand new)

6 year loan 10% interest (I put 0 down and was a first time buyer @ 22y.o. I was desperate)

Worst decision in my 26 years of life. I’d have so much money in my pocket if I had waited and saved up for a old Camry or something. Legit mad at myself. Never getting into another loan again. The shyt is legit slavery.

Paying it off next year though, so it ain’t all bad.

Don’t know how I managed. $338 note + nearly $400 insurance (didn’t even have full coverage on my car till THIS YEAR) all while only making $12 an hour at the time. shyt had me legit depressed, I was broke all the time & couldn’t do anything. Broke up with my girl because I was so down and depressed.

Foreal, financial literacy should have been a HS requirement since the 80’s. Black people are falling into debt because they don’t know how money works & how predatory these banks and shyt are.

this is why the young brehs literally have to have someone tell them “No” when it comes to getting into these cars. If the income just isn’t there then it’s a fukkin crapshoot. I get that some people flat out need a car to get from point A to B, work, etc but at what long are these cars (and their payments) just a burden along with other bills and shyt.

 

[Noriega]

Sometimes it's not worth it though and a new car gives peace of mind.

That Chevy isn't 18,000 btw. More like $13k new , $9000 used

Brand brand brand

I’d drive a 15 year old Honda before I drive a 3 year old Chevy or any other domestic

 

[Mike Nasty]

The last car I bought was the most basic car they had on the lot, only manual transmission they had. The sales guy was showing me all the numbers on the computer, and I mumbled how do people afford all these other cars? He shook his he and was like "I have no idea".

It's crazy to me, especially with cars you know aren't going to last that long.

 

[The M.I.C.]

Get yourself a house breh.

I pay more on my properties than the cars.. I'm not hurting financially at the moment, just having a hard time justifying paying that much for cars.. Really has more to do with my lady than anything.

 

[-DMP-]

Hopefully, my current car is the last one I ever have to finance. Terms aren't bad at all, 60 month 1.75% interest on 17k but I'm just getting to the point where I want to see as much of my income as possible.

shyt like a new car don't move me unless it's my dream car or I'm in need.

 

[☑︎#VoteDemocrat]

It's called horrible money management, and not knowing how to hustle and save money


I'm getting a 2011 Toyota Corolla for $2800 . People want to keep up with the jone's with a 35k salary

can't manage money when you have none

 

[☑︎#VoteDemocrat]

Paid my note off in (just under) 4 years, 7% interest rate.

Not having a car note is the greatest feeling in the world. Never again. Any car I cop from now on, will be either cash - or I'm leasing.

:shakingdamn:

 

[FreshFromATL]

Got a brand new car in February 2016. It’s a 2015 year model (my car was built in Oct ‘15 so it was literally brand new)

6 year loan 10% interest (I put 0 down and was a first time buyer @ 22y.o. I was desperate)

Worst decision in my 26 years of life. I’d have so much money in my pocket if I had waited and saved up for a old Camry or something. Legit mad at myself. Never getting into another loan again. The shyt is legit slavery.

Paying it off next year though, so it ain’t all bad.

Don’t know how I managed. $338 note + nearly $400 insurance (didn’t even have full coverage on my car till THIS YEAR) all while only making $12 an hour at the time. shyt had me legit depressed, I was broke all the time & couldn’t do anything. Broke up with my girl because I was so down and depressed.

Foreal, financial literacy should have been a HS requirement since the 80’s. Black people are falling into debt because they don’t know how money works & how predatory these banks and shyt are.

You know you could have refinanced at a better rate, right? That assuming you dont have shyt credit.