Banks really thought people would keep making $1,000 payments...
bkmk
We live in an area with a lot of car dealerships; they couldn’t park all their used cars on their lots. This seemed to be a made up shortage.
Average new car price in the U.S. in Jan 2023 was $49,200 according to the Kelly Blue book folks.
Wife had a $21,000 cash offer from CarMax on her CRV, so we were looking to get something at $40K assuming a good trade-in value on her car.
Theoretically she could have gotten a new Audi Q3 or BMW X1 if she didn’t go too heavy on the options.
Theoretically.
Because there were absolutely zero (none, nada) new X1s or Q3s on the local lots, in spite of what the dealer internet inventories indicated, and the prices were in the $46K-$48K range to order one because of ‘market adjustments’ and/or $6K-$8K worth of optional equipment.
So, good luck shopping. Be prepared sacrifice an arm, leg and a kidney to buy anything.
High? I remember when you could get a loan for only 18 months for a used car and 24 months for a new one! And only from a bank!
Now you can get a loan from a car company for 7 years!
Beware of decal on bumper painted by R. Brush never who owns it.
Vito turns lights out.
Now it is "hard lessons learned" time.
I own a 2003 Toyota Avalon (low mileage, mint condition), 2009 Toyota Camry (high mileage, good condition) and a 2015 Town & Country Mini Van (low mileage, mint condition).....I’m 66, retired, run on site Airbnb’s. Life is good.
I remember a new article a few months ago stating that car loans is the next financial crisis. I believe it.
Oh, it’s probably going to get a lot more interesting than this in regards to prices, interest rates, jobs, crime (drugs) and other things. I wonder how many people know that populism is dead again, too. Pride goes before the fall.
Oh, it’s probably going to get a lot more interesting than this in regards to prices, interest rates, jobs, crime (drugs) and other things. I wonder how many people know that populism is dead again, too. Pride goes before the fall.
Don’t look in the trunk...
Gee, and who forced them to make moronic economic decisions?
Total monthly payments on my fleet..
0.00
No reason to finance a car.
Pre-Obama, $1,000 was the monthly payment on a very, very nice house. Oh, how we long for the good ole days prior to 2008! Not all the way back to the interest rate of the Carter years, of course. However, even back then with high interest rates, our monthly house payment was less than $500. In the 1990’s, our new truck payment was less than $250. And, just 40 years ago, a raise to $6.00 an hour after three months on your first job meant you were “in the money”!
Inflation is created to make sure the middle-class never gets ahead of those that rule us. I’m now convinced of that.
I have an 04 Sonata and an 07 Sonata, both bought new, each about 110K on the odometer. They have been very reliable cars. My intention is to keep them as long as they run.
My daughter has an 06 Sonata she bought used in 2008, has 135k on it. She is not buying another car until absolutely necessary.
I also have a 17 Indian Scout 60 with 44k on it. Same thing.
Repo scum are targets...
New car prices are absurd
I’ll buy a 7000 dollar used crossover and it lasts another 150,000 or so I’m happy
I’m buying a car next few days
I’ll spend under 10k for some awd with 75-140,00 miles
I do 200 miles day
Hopefully I get two decent years out of it
I used to have a sweetheart deal on hertz cAuse I washed all their cars
Fresh off the lot New half ton truck every 90 days 600/month unlimited
Then covid killed car production and rates went to 1100
I quit
I had that deal 8 years
All makes of pickup
Back when trucks were 35000 loaded I buy new
I bought dodge 1500 crew cab whites 4wd for 17,000 new in 2008
I still have one 340,000 miles I’m driving tomorrow
I put leather in it aftermarket for 1200 and a new crate motor and OEM tranz
My other car is an FJ with high mileage and a manual maxima
I know how to get most out of my cars
Id drive any of them to kali tomorrow
This happens EVERY time you drive a 'new' car off of the showroom floor!