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 recently bought a slightly used car from a dealer. I told the manager I was paying cash and asked if that qualifies me for a price reduction. He looked confused, then said “We would much prefer you financing the purchase through us.” Times have changed.
My gramps drives an 18yo SUV - takes care of it meticulously. Looks and runs great.
“...Datsun 280Z...”
Such a badass little road racer in its day... good looks and performance.
Buddy of mine had the 240Z, with a worked engine. It was a damned road rocket.
The rate of increase for the price of cars exceeds the rate of increase of income and inflation due to too many regulations.
I got .9% financing for 6 years!!! Why deplete my cash?
Local Ford dealer adverts a truck for 40 grand, new of course. Down the road you can buy a nifty travel trailer you can live in for half the price.
The reason for this is that most car salesman sell on monthly payments.
Anyone remember “balloon payments”? Monthly payments of $99 for 35 or 47 months and then the last payment of $20,000.
NEVER buy a car on “monthly payments”. ALWAYS buy on “cash difference”. My car and how much money, we can talk payments later.
I paid too much, but I got FREE SHIPPING!
***Makes my gut hurt to think about paying $40K+ to buy a car or pick up.***
I remember 1969, when a new basic pickup truck could be had for #1999.00!
I choked ten years later, when they reached $5,000 for a new basic truck.
Done. Just bought a used Hyundai Santa Fe and paid cash. My travels are very low mileage and I expect to have this one for a long time.
Did the Buick Roadmaster have the faux wood paneling? I luved that.
Ooooh...sweet.
If you have an auto that works reliably, keep it. Keep it running well. You may need it. You will not want to shell out for a new one; cost will be prohibitive.
Understand, you’re doing the best possible, given conditions. I’ve had the luxury of living mainly in warm weather, Florida & California.
Realistically, the driver of the car is its most critical component. Adequate environmental control for that critical component prevents unnecessarily degraded performance of that critical component.If you dont buy A/C, you save money - but risk money, and more - much more.
The dealer will get a kick back for financing from the financial institution backing the loan.
Same here. Just bought wife a new Mazda. 5 years .9% interest. That’s almost free money. Even if I took the entire time to pay it off (which I never do), only $400 interest. I can put the $20k to use making money somewhere else.
We always do home upgrades and remodels through Lowe’s with 18months no interest. Been doing it for 15 years and never paid a dime of interest.
My first car was a ‘72 VW bug. Paid $700 cash. Yard mowing money and before I had a driver’s license. Ran it hard for 7 years. Sold it for $1500. Best car deal of my life.
Bad Headline. Should read: People are buying cars they can’t afford.
Too bad they made a convertible Z car.
This is an example of a very expensive conversion Z spider
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