What kind of maroon would agree to car payments that high?
I’m glad I paid-off my vehicle as quickly as possible when I saw Joe was going to occupy the White House.
The market has corrected and there will be good deals on repos.
(16% of American consumers paying at least $1,000 a month for their cars)
Absolutely crazy
2008 is coming again
Prepare as best you can
A nation of credit abusers with a government that abuses credit.
Something about the Lord poking hold in pockets comes to mind.
Looking for the joke with a microscope
I’m a repo repo repo man
Direct link, because MSN did not author this:
https://moneywise.com/loans/auto-loans/americans-behind-on-car-payments
70 years old here. Hoped my 2008 Milan would last but it was on its last legs. Leased a 2023 Elantra for 390/month. 39 month lease, and when that is done I may just buy out the rest of the lease.
A big part of my strategy for many years ago was to own my own vehicles outright. I see debt as slavery. Payment slavery.
I was able to do that many years ago and never looked back. To this day, my vehicles are older, super maintained by myself, and owned clear and free.
Must be the people buying these 70 to 100k trucks.
Not long ago $1000 a month would have been a mortgage payment not a car payment.
Mistake #1: Not keeping Old Betsy running until she has 180,000 miles on her.
Mistake #2: Not buying a used car.
Mistake #3: Not saving a serious down payment while driving Old Betsy to the ground.
“With a record 16% of American consumers paying at least $1,000 a month for their cars, it’s no surprise that drivers are starting to fall behind on their bills. The percentage of borrowers at least 60 days late on their car payments is higher today than it was during the peak of the Great Recession in 2009.”
People that can’t manage money usually lose it pretty quickly. As one who sacrificed to stay out of debt I know that it can be done. It just takes common sense and discipline.
Of course it helps if you have a decent job and income. But even if you don’t you can still live within your means. Buy used cars - cash no loan or payments.
Great movie although, don’t look in the trunk.
You know, there are still cars that can be bought for 20-25K new. They are really nice cars too. Get a base CX-30, Versa, or Corolla not a loaded F-150, save 45K. The only way you’d make a $1000 a month payment on those is you have a 20 month loan.
Yes, it is really that simple.
I haven’t had a car payment since 1990.
I do not buy brand new cars. I always go for cars that are at least a few years old. My newest car right now is a 2007.
I own 8 cars, so none gets driven a lot.
Every vehicle that I have purchased over the past 25 years has been used and for cash. The last new vehicle I ever purchased was a 1996 Ford F150. I drove it for over 20 years until.the engine finally went out at close to 250,000 miles.
Awesome movie. You that John Wayne is a …
hold up... theres another thread popping up that 72% of Gen X-ers net worths are 75 to 450K on average... so how can this possibly be??