Posted on 10/03/2019 7:39:42 AM PDT by C19fan
Walk into an auto dealership these days and you might walk out with a seven-year car loan.
That means monthly payments that last well past when the brake pads give out and potentially beyond when the car gets traded in for a new one. About a third of auto loans for new vehicles taken in the first half of 2019 had terms of longer than six years, according to credit-reporting firm Experian PLC. A decade ago, that number was less than 10%.
(Excerpt) Read more at wsj.com ...
I have purchased two new cars, one for me and one for a relative in the past three months. Both cash deals. I was very explicit that I was negotiating an out the door price. And that I would not be paying a penny more. That makes things a lot easier
BS. Manufacturers use fancy lights and cheap software to inflate price considerably. Then they offer longer term loans to any sucker willing to pay for it.
Remember the used car bailout program? Get ready for another!!
“Dave Ramsey is right - the more motors you have in your house, chances are, the poorer you are.”
True. And multi millionaire Dave enjoys his fancy (i.e. expensive) cars. I like to buy and keep for life. Did give away my 200,000 mile ‘93 Civic a couple of years ago but mainly as an excuse to replace it.
I have paid cash for new cars for decades. I usually keep a car for about 100K miles (3-4 years) and then trade it in and then pay cash for the difference.
We live within our means. We keep our debt down.
We live in a small ranch. We don’t have cable tv. I have a four year old cell phone and my wife has a trac phone. We don’t buy top of the line cars. We paid extra each month on our mortgage to get it paid off in half the time. (only $100 a month extra did it)
You look at some people who have to always have new furniture, new kitchen, top of the line cell phones for everyone in the family, top of the line cars, etc. They buy a great big house, really reaching financially to get it, in the right town, school district, etc.
But that all comes with a price. As Milton Friedman once said “All debts are paid”, if not by you, by someone else, but they get paid.
Heck, it wasn’t always such. I remember taking out a five year, $50 a month loan to buy a used car. And I was having occasional trouble making that payment.
Then the car died. The engine blew. I didn’t have the money for a new engine (It was a POS 1983 Ford Escort) so I bought a beater, and called a junkyard that offered to pay $250 for any car. When I told the guy it was an Escort, the guy laughed and said “We won’t pay for those. Those are throwaway cars!”
I don’t miss those days.
Ole Peter obviously is a disconnected idiot who doesn’t understand the common man nor the American “car culture”.
I’m pretty set on a low-mileage Nissan Titan XD with the gas V8. 100k mile warranty and 2,500 lb payload. The boat weighs 6,700 lbs loaded and I’ve towed it with an F150 with the 2.7L turbo. The engine was up to the task but the chassis didn’t feel completely safe on the freeway. That truck was rated at 9,000 lbs towing but I can’t imagine trying to max it out.
Over the years I too became a Honda/Toyota convert. Had 2 very good Honda’s a Civic and a CR-V. I should have never sold the CR-V. Nowadays I have an older 01 4Runner with a new engine because the original overheated at 147k. A real shame because those engines are known to go 400k if maintained right. I should be good to go for the next 20 years now. Probably longer than I’ll be alive. I also keep a 99 Mustang GT just for fun but it has the 4.6L V8 that is known for longevity too. I’ll probably replace the transmission long before the engine if I even keep it that long.
What concerns me about a lot of new cars is the service interval is all wrong. They have some cars without a dipstick for the trans or engine oil which is nuts. They claim the trans fluid is good for the life of the vehicle. No chance of that. Always change trans fluid at 60k max. I like to do it at 30k and I do a complete fluid change by pumping in new fluid while pumping the old into a container. When I see good clean red fluid I know it’s changed. Maybe it’s overkill but I like to use full synthetic engine oil and still don’t let it go more than 5k miles. Engines and transmissions are expensive when compared to doing extra fluid and oil changes.
That depends on the state. Every state is different. In CA I think it works like you said but in AZ it goes by their list of blue book pricing until it reaches a certain age then it defaults to the minimum.
That shut him up.
That was in 1999.
I still have the truck.
190,000 miles
So I figured a Santa Fe with the back seats all the way down, I've got a covered pickup and the one I just bought was 11k at 93k miles. PLUS it has a new engine after the previous owner didn't understand that regular oil addition or changes were a necessity and seized the engine. The dealer gave me a 20k mile warranty on anything that goes sideways with it. Plus a bumper to bumper warranty on everything else. Nice car. Me happy. I may have dodged a bullet by not buying an American built truck...from what I see posted here. I'll likely never buy American.
That is what I have done on my last 4 vehicles, all used. The last new car I bought was a Mazda mini-van for my wife in 2003 and we drove it 11 yrs and had 200K miles on it before trading it. It was beginning to show signs of electrical issues which were going to be expensive to correct. I doubt I will ever buy another new car, they are too expensive and I can’t justify the expense.
For sure. I have a turbo in my commuter car. A Jetta.
But for a truck? Especially one that does towing duty?
Nothing but a V8 will do.
I have noticed that. They also haven’t had a TV in decades nor ever seen a movie. They like to post on every thread that they don’t know who that celebrity is. Their kids were perfect and never disobeyed.
It really is pathetic some of the “I’m better than all of you” types we have now. Facades are easy to create online.
I’ve had 300,000 miles, or just short of it, on every Corolla I’ve owned. Surprisingly, I got 250K out of a Ford Focus. I used to drive a LOT between Colorado, NM, Calif and Ariz.
I’m glad I’m not the only one that has noticed.
They have no TV, totally off the grid. Except for that whole Internet thing. Too funny.
It has been estimated that highway/freeway miles, as long as they aren't stop and go, are about 10-20% the wear and tear that in town miles are. That could explain your good luck with the focus.
I currently drive a 2008 Ford Escape. Have had it for 3.5 year. Paid $5000 for it and it runs like a champ. I was leery of just having a 4-cylinder, but it has great acceleration.
My my wife’s car is a 2015 loaded Honda Accord we bought in 2016 with about 15,000 miles. It now has 24,000 miles. It’s a great car. I’m 66 and my wife is 64. When my Escape kicks the bucket, we’ll sell the Accord and get a 1-2 year-old Santa Fe.
I currently drive a 2008 Ford Escape. Have had it for 3.5 year. Paid $5000 for it and it runs like a champ. I was leery of just having a 4-cylinder, but it has great acceleration.
My my wife’s car is a 2015 loaded Honda Accord we bought in 2016 with about 15,000 miles. It now has 24,000 miles. It’s a great car. I’m 66 and my wife is 64. When my Escape kicks the bucket, we’ll sell the Accord and get a 1-2 year-old Santa Fe.
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