No car loans from Bank Australia, unless it’s an EV — and the US may do the same

The Hill ^ | 09/07/2022 | SARAH REHBERG

[JimRed]

Great opportunity for would be Shylocks!

[T. Rustin Noone]

If every car sold (in 20 years) is an EV, I want to be the only guy in my county to have a ‘Cuda HEMI or GTO or 351 Mustang in my garage.

[catnipman]

“Mehhh it’ll just open another lending market “

exactly ... and the rich pay cash anyway, so no wealthy people will be hurt ...

[Myrddin]

I own two houses free and clear today. All my vehicles are free and clear. Credit card balances zero. I did make the HELOC mistake with my home in CA. The sale and move to ID was an opportunity to avoid prior errors. 22 years and stable.

[Sergio]

I could learn something from you. We’ve got less than 10% left to payoff the house. We too made “re-financing” mistakes along the way. Cars are paid off, but we keep them about 15 years. Had some issues recently that made us dip into savings and use the credit cards so we have to tighten up for a few months.

Like you, we had to learn the hard way, and those seem to be the lessons that stick with you the longest.

Congratulations on your financial independence.

[Myrddin]

Congratulations on your financial independence.

Thanks. Wanted to be well positioned for retirement. Reaching 31 years with my current employer in December. Just turned 66. Hoping the market meltdown doesn't destroy my retirement AGAIN. I lost $500k in 2008 in a few days. I've recovered much of that, but really lost a decade of growth and what has been recovered has significantly less purchasing power than it did in 2008. Good luck in your efforts.