Posted on 05/15/2023 5:42:11 AM PDT by Oldeconomybuyer
ANN ARBOR, Mich. (AP) — With new and used cars still painfully expensive, Ryan Holdsworth says he plans to keep his 9-year-old Chevy Cruze for at least four more years. Limiting his car payments and his overall debt is a bigger priority for him than having a new vehicle.
A 35-year-old grocery store worker from Grand Rapids, Michigan, Holdsworth would probably be in the market for a vehicle within a few years — if not for the high cost. For now, it’s out of the question.
“You’re not going to get one for a price you can afford,” he said.
Holdsworth has plenty of company. Americans are keeping their cars longer than ever. The average age of a passenger vehicle on the road hit a record 12.5 years this year, according to data gathered by S&P Global Mobility. Sedans like Holdsworth are even older, on average — 13.6 years.
Blame it mainly on the pandemic, which in 2020 triggered a global shortage of automotive computer chips, the vital component that runs everything from radios to gas pedals to transmissions. The shortage drastically slowed global assembly lines, making new vehicles scarce on dealer lots just when consumers were increasingly eager to buy.
Prices reached record highs. And though they’ve eased somewhat, the cost of a vehicle still feels punishingly expensive to many Americans, especially when coupled with now much-higher loan rates.
Since the pandemic struck three years ago, the average new vehicle has rocketed 24% to nearly $48,000 as of April, according to Edmunds.com. Typical loan rates on new-car purchases have ballooned to 7%, a consequence of the Federal Reserve’s aggressive streak of interest rate hikes to fight inflation.
It’s all pushed the national average monthly auto loan payment to $729 — prohibitively high for many.
(Excerpt) Read more at apnews.com ...
Doing the same, putting in about 5,000 into my 1998 K3500 Truck as even a slightly used one is in the 60,000 dollar range or more..No pickup is worth that kind of money...
Parts for older GM trucks are plentiful and still runs good, just needs some updates.
I have an ‘05 Harley edition F350 V8 turbo-diesel with 185k miles that looks new, runs like new, and rides like new. It’s completely paid for..
It’s in the shop right now for new injectors, oil change and fuel filters..
I see no need to update to a new one that is simply a computer designed to look like a vehicle...
Mine are 22 and 18 years old. I've got a 73 year old chevy truck I'll be putting on a 31 year old frame soon. 1950 chevy truck on a 1992 S-10 frame.
I have two trucks, one is 20 years old and the other is ten.
Fixing is a misnomer. The correct conceptual term is maintaining.
The problem is that people consider the cost of maintenance to be an unnecessary burden
I replaced an engine in my 2003 dodge ram. It runs fine, and it’s 100% paid for.
A newer truck (I looked) is in the $50K range.
A BRAND NEW Dodge Ram is selling for 83,000
My daily driver is a 1990 MB 560SEL. It operates the way a $78,000 S Class MB did in 1990 with King Faroud or Danny DeVito in the back seat. Only at a value today of about $10k.
Just put in $2000 to maintain my 2008 Ford Taurus with 230,000 miles. Runs great. I plan on getting another 200,000 miles out of it.
“A BRAND NEW Dodge Ram is selling for 83,000”
Hahahaha
They can keep raising prices and I can continue not to buy. The free market at work.
The Scamdemic nor the lockdowns triggered a shortage in computer chips.
As for the average age of cars, the lockdowns left a lot of vehicles being driven a fraction what they would have been. Meanwhile, the clock kept ticking while the odometers crawled.
My vehicle is 13 yrs old and has almost 100K. All paid off obviously. It is a well built SUV before the ridiculous amount of electronics and should easily last til 500K. Maintenance is part of the cost of keeping a vehicle.
For example, my daughter's boyfriend has a 2009 Ford F150 that, four days ago, suddenly refused to allow entry with the electronic door lock, would not start after a physical key was used to get into the vehicle. Turns out there is a "security module" that went bad, and when they do, the vehicle is bricked.
To add insult to injury, it can only be serviced at a dealership, they can't get to it until this Friday, and then the part, if needed, will take a week to obtain and another few days to finally repair. Total time out of service will be approx. 2 weeks. The bill will be large.
No thanks.
Yes.
My 2004 Chevy Avalanche has only 97,000 miles on it. Runs like new, never had any issues with it. I’m happy to keep driving it for years to come.
Just had to replace my 16yo CX-7 because fixing finally became too expensive, got a ‘16 Odyssey $400/mo 4-year loan, plan to prepay for two years, sharing it with daughter/family. Before that I had a Camry for 11 years, so this isn’t anything new to me.
We have a ‘09 Accord (78K miles) that is in good mechanical shape but because ten years of its age was in Arizona the paint is horribly faded and cracking. I am thinking about getting a really good paint job and driving it another 75k miles.
I am afraid of agreeing to a $3500 paint job and it not being satisfactory. Anyone gotten a total repaint lately?
Cars seem to be sold before they arrive at the dealer. Don’t know if they are making less or demand is just high, but few are ever on the dealer parking lot.
Used prices are also high. I get offers for our cars above what we paid just a few years ago.
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