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 ...
“The point is not to be cheap but to achieve excellence. :
Oh, then I stand corrected. Silly me, I though the objective was to improve head lamp illumination at a low cost.
For the past seven years I have been buying cars off of lease. Get fair deals and look for cars that have been maintained at a dealership so service records are available.
That’s the only way I could afford a M-B (haha). I consider that “brand” to be very, very safe, as they take damage very well as evidenced by the deer strikes one car has endured. The last one I pocketed the money and will drive until August 1 and then donate.
Some of the replacement headlights in BMW's are close to $1000.00
Yea. All I know about them is, I put the key in, turn it, and it starts.
I let professionals handle the maintenance (engine-wise)..
Re: 83 - A set of replacement headlights to move from halogen to LED for a Mercedes C-Class (W205) is ~$1300. Not cheap, but once installed, the vendor claims it will not throw codes.
The war on private transportation continues.
I’m not much of a fan of the R230 SL Class cars. But, they are very cool looking.
Start with signing up on this forum:
https://www.benzworld.org/forums/r230-sl-class.34/
Read a lot but seriously consider the R129 (the predecessor to the R230). After all, if you are tooling around in a 20 yer old roadster its doesn’t have to be a rocket ship.
Mine are 26 years old, and 10 years old. And they both look and run like a brand new vehicles.
And there is zero rust on either one.
I have a 71 cutlass and my son a 67 plymouth both great cars. You can’t just get into them and go especially for long trips. A lot more maintenance My late model ram truck and my wife’s late model mustang you get in it and go.
Just my $0.02
There would be a LOT more older cars still on the road if not for Obama’s cash for clunkers giveaway.
/\
This kneecapped a lot more Americans than anyone realizes.
Folks like me who couldnt afford new cars at whim could not get into a decent used car anymore.
Everything these societal abortionists touches forces more Americans into povery, the streets and early graves.
Liars
Thrives
Murderers
Just like their father.
Spit.
‘04 Dodge diesel 190,000 miles, no problems going to work on any given day. 15,000 lbs on the trailer up an down Ozark hills works just fine.
‘06 Buick Lucerne Northstar 124,000 miles, wish they still made them and I’d buy one today since they don’t we will press on.
Wish someone did glider type restorations.
Don’t care for the new vehicles and they are not worth the stupid prices on them.
I agree 100%, and even if I could afford a new car I wouldn’t do it, its way too expensive and I have no desire to own a computer with wheels.
I also like the late 1980s MB SL 550s. Except having to switch between the hard top and the rag top.
It is just hard to find one that doesn’t have a lot of miles on it. Models that do not are very expensive.
Kind of like trying to find a Lexus SC400 with low miles.
I had a 1999 one of these. The last three years of this car they bumped the valves and increased the HP to 290. The only vehicle I have ever owned that I sold for more than I paid for it.
Same story now with the 1990s Acura NSX. Ever since the new one came out the old ones doubled in price.
Same story with the Toyota MR2 turbo edition. Great fun car to drive. The second version of the MR2.
My neighbor is a motor head. He has several cars from the 1960s and they are running over 200K after he rebuilt the engines. Yes- he puts a lot of miles on his cars and he is anal about maintenance.
Yes and no. Older cars had stronger bumpers and steel. They could easily survive a 15-mph hit with at most a couple scratches. Whereas now, a simple bump at 5-mph can result in thousands of dollars in repairs. I know, it's about crumple zones and passenger survivability in high-speed crashes. But cars are horribly built when it comes to 5-mph bumps. When it comes to engines, they're more efficient now, but the older ones were easy to maintain and rebuild yourself for a few bucks. Too complicated now. I've got a couple of 1960's cars that I rebuilt the engines myself, easy to maintain. Average age of my cars is over 30 years.
The Lexis 430 and the NSX are rare, but I see plenty of R129’s and R230’s with low mileage. Its a regional think. In FL and CA they get a lot of miles. East Coast and midwest not so much.
I rebuilt engines in my 1960's cars over 20 years ago, and agree. I carefully cleared water passages of metal obstructions, and polished intake and exhaust ports, then used synthetic oil. Ran better (cooler, smoother and stronger than when new. Still running fine today.
I can work on it.
You might reconsider buying a Mercedes Benz. Basic maintenance is very expensive. My Dad had one in the late 1980s and the 30,000 check up cost almost $1000 in 1987 (I remember that year because he showed me the bill and a friend had just bought a Chevy 350 block for $600.). My step mom had a 300 in the mid 1990s and basic maintenance cost her about $2000 a year. Lastly, a friend had a early 2000s SL500. He only had it for several years because yearly check-ups were costing him an arm and a leg. He said he didn’t want to wait until he had a real maintenance issue.
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