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 ...
I have a 2011 Ram Sport, Single cab (2 bucket seats), 5.7 hemi 4WD.
100K miles and doing fine. You can’t even buy a single cab Ram anymore. With the single cab I can hit parking spots in one shot going the wrong way.
I’ve replaced 1 idler bearing, 1 cam position sensor and fell victim to the dread non replaceable fuel pump relay. I rewired for external HD Bosch relay.
Yes, that is one of the reason why I have not bought a MB SL series car.
Everyone warns the maintenance costs are high.
I am just tired of driving a Tacoma pickup truck year round.
So, I am looking for something fun to drive that is not too expensive and is not going to be in the shop all the time.
Any suggestions?
Lexus SC430
Honda S2000
Mine has the upgrade with 6 cd holder in the dash.
Soon Biden will outlaw gasoline and diesel so we won’t have to fix our old jalopies.
Both the Lexus SC430 and the Honda S2000 are highly rated. I knew people that owned both and they really liked them and had nothing bad to say about them. Both got rid of them because they like to get new cars every 3-5 years. Both have commented that they regret selling them.
I formerly owned a 1999 Lexus SC400. This was the model that was originally called the Soarer in Japan. There are still a few of those around with the right hand steering wheel. I just saw one on EBAY motors.
The last three years of the SC400 (98,99,2000) they increased the valves per cylinder to 3/V8 which bumped the HP up to 290+.
I bought it in 2008 for $13K. It had 75K miles. I sold it 1 1/2 years later for $13.4K. I needed the money during the Great Recession.
Yes, I look at car prices all the time. A man has to have a dream.
My 2016 Honda Accord Sport has just over 49,000 miles. I am retired and do not drive much so my car will last for years.
BTW the center console storage lid will not close unless I force it to as Honda made it cheap and the hinges or spring are askew. Here are the steps to take apart.
Mine is similar.
https://www.youtube.com/watch?v=wVLLXIzTXog
Same here my daughter burned up the motor in her 2009 RAV4 it has some body issues also but new tires and so we bought from her for 1500 ( charity so she could buy another car) and will invest about 4500 in an engine with 74K and install included. Total cost 6 K is still below what they sell for with about 150 K miles.
Yes my daughter is very rough on cars…
Yes you can. My husband has a 2000 Chevy truck with a cover on it. We were loading cut limbs into the back to hail to dumpster and some dude offered him 15k… his brother gave him that truck over 200k miles. My husband fixes the cars we have 4 and rotate them around when something breaks.
I have a 10 year old Nissan Rogue with 135K on it. Runs great and has never cost me a dime over maintenance and gas. However it has the CVT which is kind of a ticking time bomb. When (not if) it goes I’ll likely drop in a new one. Wonder if there is a way to extend the life of a CVT.....my transmission mechanic doesn’t know one but doesn’t work on them because he says Nissan has cornered the market on parts.
I get a kick out of all the losers driving “show” jeeps, pickups and broncos. I call them show because they have big off road tires, winches, extra lights, Jerry can holders, etc. on them, but they spent so much money that there is no way in hell they are going to take them off-road or risk getting them dirty or scratched. Extended-cab trucks are nothing more than cars with an open trunk. So they wash them every day and they always look like they drove them out of the showroom 5 minutes ago.
Kinda like Cuba.
Average age of the licensed vehicles that I drive. 44.67 years.
Where do you look?
I usually just look on Facebook Marketplace and EBAY motors.
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