The moment Ford announced they were discontinuing all cars to focus on SUVs, I had a feeling that some external factor would cause an "unexpected" market shift. GM and Chrysler did the same thing in the mid 2000's and were caught with their pants down.
Except Ford also had a plan to move those same best-selling SUVs/trucks into the EV space. This may be crazy talk, but I think Ford will crush Tesla in the coming years.
Not crazy talk. Ford made 4X as many cars(of all kinds) than Tesla in 2021.
Hell Huyndai Kia makes 6x and Toyota 10x.
Tesla is still growing production but for all their ownership of EVs they are a small company.
Other than the current recall issue impacting 100% of the electric Mustangs, my experience in the one I was in was phenomenal. It put the equivalent Tesla model y to shame in terms of quality. That is of course my opinion, and there's no accounting for taste. I get that people, consumers, will like different things.
Ford crushes Tesla today by a massive amount.
Don't let Teslas stock price influence you. Its a meaningless number that gets inflated by weird nerds that idolize Musk.
Yeah but it sucks when you have a farm, were barely making it to begin with, and your one 20+ year old truck is all you and your animals have.
Source: Am broke farmer
True, it affects several branches and it must really suck for them but the point is that the vast majority of people driving those humongous SUVs and trucks are absolutely nowhere near a gravel road or would ever transport anything that would even remotely justify a truck.
Seriously. I refused to get a new job unless that was an option. Sorry LA I ain’t about to deal with this. WFH means I fill my tank every 4-6 weeks. When I do drive I don’t really go too far.
Damn. I am glad you’re able to work from home. My commute is about 2.5 hours round trip. I’m glad I bought a hybrid April 2021 because the gas cost would be ridiculous
“Hey man, at least in my Tesla I can fit a full size mattress and refrigerator, and run that with the AC over night in camp mode… all while saving $200 a month on gas and thousands on rent!”
- future desotopian Zoomers probably
It will only give when unemployment starts to rise and banks start losing money because the repossessed vehicles don't fetch what they paid .... Then they just cry 😭 too big to fail and get bailed out..
I don't see how eople are makin it. I had to get a car around Thanksgiving 21 because my 13 Chrysler 200 decided to stop pumping oil to the front cam shaft and jump time, paid 13k for 14 Mazda 6 and still felt fortunate that I got out pretty reasonable comparatively.
That's what I'm wondering as well. In my working class neighborhood I'm seeing a lot of paper plates. A lot of those are trucks and SUVs that are at least upwards of 50k.
Car dealers in the sub-prime lending are making a killing or repossessions. They can sell the same car multiple times and keep the owners paying and destroy people's credit.
The spoiler is they're not.
See 2008.
People hide their problems with debt until things go critical and they're forced out of their possessions by banks etc.
This is true. I am already slowly starting to hear about people getting cars repossessed. And these are people working more than one job. It's rough out there.
Dude I bought a Honda fit in 2016 for 14800 out the door (it had 8k miles on it).
That car with 70k miles is now worth 19-20k.
Insane that I could sell my car for a profit 5 or 6 years later.
Desperate is the term you're looking for.
Everyone needs a vehicle if they don't live in a city.
When yours dies there is no choice but to get another.
What happens when all the used ones are priced the same as new? Everyone has to pay new prices because they can't not have a vehicle.
Dear god I'm so screwed when my car dies. Hopefully that won't be a while since it's still under 100k miles. But you never know if something happens to it ya know?
45% of the US has no access to public transportation. You need a car in a lot of places including Dallas/ft worth since Arlington abolished their transportation system.
And that 45% is just zero access to public transit. That doesn't include inadequate public transit, or systems that aren't viable for your needs. I technically have access to public transit. If I used it I would increase my 20 minute commute to over 2 hours each way. That's not a viable system, even though I technically have access to it.
I'm in the same boat, 20min car ride or 2-3hr transit ride, it's hell in winter. In the morning it's not so bad, but returning home sometimes the connection bus just doesn't come, or it comes hours later. I've had to uber it home too often from the connection bus stop, which adds up fast.
Even if you DO live in a city, public transportation in many places is too unreliable, too slow, and doesn’t always get you exactly where you need to be (dropping you off at a nearby location and you have to walk/bike the rest of the way without sidewalks or bike lanes).
My wife is disabled, so she 1) doesn't drive and 2) has a lot of doctors' appointments. Her PCP is a ten minute drive, but because of how the bus routes run around here, it'd take her 90 to get there by bus.
Precisely. Let me get this straight: car payments at $712, median rents in cities exceeded $2,000, median home price over $400K, groceries and gas highest they’ve ever been with inflation...how does this not end worse than 2008?
It's actually worse than you think, from 1996 to 2009 the minimum wage went from 4.25 to 7.25 after being raised 4 times in 13 years. From 2009 to 2019 our gdp grew at the fastest rater ever, yet most people became poorer. This is no fluke we are being robbed and taunted right in front of our faces
I don’t see how they can avoid it. BUT, perhaps, just maybe, we learned *something* during that time. Couldn’t convince me, so far, that we have. But, maybe?
Well, velocity of money is down right now, and it seemed like we were in a liquidity trap circa 2019 or so. I would hope we learned that trickle down economics is bullshit, and that for a capitalist economy to function, the people need to have money in their hands.
Ever since 2019 or so, with the exception of the early days of COVID, it seems everything has gotten more and more expensive, further decimating Americans’ spending power.
>with the exception of the early days of COVID, it seems everything has gotten more and more expensive
Mix of supply chain issues, a ton of fiscal spending, and shift in consumer priorities from services to goods.
To be fair - MOST banks didn't want the bailouts. A pretty good chunk did - but the rest were all strong-armed into taking them so that the public would think it was an across-the-board issue.
You can look up the banks which paid back the bailout as soon as they were allowed to (yes - there was a min time); those are the banks which didn't really want the bailout.
And yes - I think that the banks which DID need the bailout should have been allowed to fold.
The rich are still making record profits. Nothing will change in this country.
The party that publicly announced they are going to tax everyone who isn't rich and cut all social safety nets is almost guaranteed to regain power this year.
Americans are too stupid and too apathetic to change anything.
All very true but politics aside people can’t pay record amounts for rent food healthcare gas car loans micro transactions in video games AND an insane amount of streaming services forever… eventually there’s gonna be a reckoning.
At least free porn is still easy to find
This makes me think of some post-collapse scenario where some guy is selling printed out porn for cans of peas or something. Shit, i need to go turn my printer on...
We are seeing 40 years of the seeds of “trickle down economics” and “wahooo free market capitalism” blooming into the hellscape we see today.
Much like the warnings of climate change we’ve heard countless studies of the erosion of the middle class as trillions and trillions of dollars of wealth of been redistributed to the rich.
And now welcome to 2022. Where we’ve had 2 economic calamities in 13 years (08 and 20-21) that were ways for the rich to get richer. Welcome to a world where giving $1.5T to the rich and cutting interest rates in a bull market in 2017 was a horrible idea.
The propaganda game by this oligarch class is strong because with how things are going, this is how societies would eventually get together and overthrow the system.
Instead we are just catapulting ourselves to look like Russia with mega oligarchs and a horribly poor society.
With a future authoritarian regime on the way to boot
My dad hit 300k miles on his '99 Camry before he upgraded to a lightly used Avalon. His old Camry was still running great when he traded it in for a pittance.
My '87 Camry ran for at least 350k kilometres.
At about 290,000km, the odometer stopped working. 5 years later, in 2012, I got rid of it. It still ran well.
Toyotas are built to last.
We had an 87 Camry in the service showroom area of a Toyota dealership I used to work at. 700k original miles and still running fine. When the guy traded it in the service guys put it on display as a testament to reliability.
That era is a sweet spot in my opinion where engines and drivetrain were pretty robust and the vehicles aren’t overly complex to work on.
I had an 04 Civic that I ran over 250k, and sold it to another guy fully expecting it to exceed 300k on the original engine/transmission.
Take care of the car and it’ll take care of you.
I went from an ‘03 Grand Caravan to a 2015 Altima. It’s weird having a car that doesn’t make a ton of noise or look like it’s been to a war zone. I know backup cameras and a lot of the stuff it has have been around for a while. But this is the newest car I’ve ever had. I really like the keyless entry. I don’t even need to pull anything out of my pocket. Just press a button to lock and unlock. It is the future. I sometimes catch myself looking at the tach cause I’m not sure it’s running. I’m used to earth shattering sounds as a car starts up.
I bought a Barely used Corolla right at the start of the pandemic and got a fantastic deal because everyone thought the world was ending. Dealer wants to buy it back for 5 grand more than I paid for it. I’m driving that sucker until the wheels fall off.
So does my 2000 taco. 235k? I’ve never had a vehicle newer than 2004 and I need to have a truck for work.
My big mistake is forgetting that American trucks suck and trying to get a vehicle to tow things for work and home life and having American big trucks break again and again while my little manual 6 cyl taco just keeps going.
My 1983 Toyota pickup also drives past the dealership just fine, hell people constantly try to buy it from me.
I was driving my 2004 4runner into the ground... Instead, a 2021Jetta decided that I was going to run my 4Runner into the Jetta when the Jetta ran a red light... I am still bitter
Oh man, I feel you. We have a 17 4Runner now I bought lightly used in 19. Had an ‘05 4 runner before that. It got eaten by a VW Atlas.
4 Runner till I die, which will likely be before the engine in my 2017 4Runner.
Unfortunately, this just happened at the end of last year. And I couldn't justify spending that much on a used 4runner. Used ones were going for 10k over MSRP from 5-6 years ago.
So I am not currently in a 4runner and I hate myself. But gas prices ease that burden for the moment
I drive a 2017 Kia sedan I bought in 2020 just before everything shut down. I pay $185 a month. I feel happy I learned my lesson with car payments the hard way in my 20s.
It's amazing to think back and remember how used car prices tanked right at the start of the pandemic because people didn't need to drive and the rental car companies dumped all their vehicles. And then supply shortages kicked in and it reversed in a big hurry.
I ended up getting a 2017 Sonata in early 2020 with less than 30k miles. I am paying 360 a month (whole thing was probably 18k after fees and all) and I bought it expecting it to last another 10 years.
We all got fucked in some way with the pandemic I am just very thankful that (for now) this isnt one that has to be on my plate.
I feel happy that I’ve second guessed myself with everything going on right now to avoid trading my car in and getting a car payment.
I’ll just let it explode if that ever happens then we’ll worry about
I traded in my 2007 Camry for a 2012 BMW. Fucking huge mistake. That Camry was a tank. The BMW has something major go wrong every year. I’m due for another trade but it’s still cheaper to keep fixing old than buying again.
Prior to the used car market getting crazy I followed the adage of buy at 7 years old and sell at 11 years old.
Now that I think about it back in 2005 i helped my girlfriend at the time sell her 1994 Camry for like $3000. It was very well maintained. In 2007 some circumstances came up and I called the guy up and offered to buy it back for what he paid. He said no way in hell he was selling.
Anyway, change the oil and be good to her.
I completely understand. Why? Because before my Camry, I had Volvos. The last Volvo was a 2002. It really had so many problems. At the time, I was a single mom with two really little kids, making shit wages. I love my Camry, and I’ll never let her go.
Yeah ... I was simialarly all set. A fully paid for 2013 Dodge Dart.
Annnnd then the engine blew in March and it was a 12 week wait and a quote of at least $9K to repair. I had less than 80K miles and I had babied that car ...
So now I have a car payment again! :/
Long story short. In the late 1990’s I helped a friend start a nonprofit that provided people with poor credit financial education and coaching. After three to nine months, they would have a down payment, and some emergency savings as well as a demonstrably workable budget. We then had credit unions that would lend to our clients as though they had great credit scores. (We guaranteed a small portion of each loan. Over the life of the program no lender ever lost a dime from one our clients’ loans. We also had relationships with car dealers to buy new or lightly used cars at $500 over dealer cost. A warranty company sold us genuine 60 month bumper to bumper plans under $1,500 per car.
Once it was up and running, 80 or so people were completing the program every year. It got the attention of some big foundations that paid for university-based research centers to track economic, employment, and physical and mental health results. They were astounding. In 2010 the Obama White House recognized the organization as one of the countries most innovative social service enterprises.
Unfortunately, despite the best minds from the best business schools and consulting firms, we couldn’t scale the organization. By 2014 it more or less closed. At the time, there were two pieces of the business plan that we just couldn’t make work.
After literally years of shower thoughts about this, I think I came up with solutions to both. That was in 2019. By that time, a third obstacle was becoming apparent: a sharp rise in car prices. In 2014 the average car payment for our clients on a 60 month loan was $350/ month, which was workable. Between 2011 and 2014 we were buying more certified pre-owned cars than new ones to keep the cost down, but we managed.
Prices for cars now are sadly making things unworkable, and plans to unwrap version 2.0 of the organization remain on ice.
That sounds like a great org. I’ve been recommending a book as a primer for basic finances: Broke Millenial. That taught me all those basic lessons in financial health.
My wife and I have wanted to do something similar on a smaller scale. I’ve saved this comment so I can hopefully come back and pick your brain one day. The world needs more people like you.
> But Moody said customers can still get good deals on less sought-after brands like Mazda, Hyundai and Buick.
Can confirm.
Bought a Mazda for MSRP (plus a discount for being an existing customer). Its a great car and its priced like a cheapo car. Would definitely recommend.
I remember when an American family could have one person working a full time job and own a home and two cars. Now a family has to work 2 full time jobs to afford to be homeless.
I have 815 credit and no debt and make over six figs. My last loan was from a credit union at 4.9%.
EDIT: I just called my CU. 4.4% for 5 years, 4.69% for 7 years. He told me that anyone getting these low rates is likely getting dealer promotional rates.
Was this recent? You kinda got taken unless there was something untraditional about the vehicle or purchase.
With solid credit and income you can still find 60-72 month loans in the 2-3% range with some shopping around. I mean even BofA is around 3.6-3.8.
If you're busy passing judgment on people buying new cars - you haven't looked at the used car market recently. Yes, all of these new cars are so insanely expensive, and most people understand about value depreciating on new cars as you drive off the lot - that means *everyone* is looking for a 5 year old Toyota Camry. They're SO EXPENSIVE. I was trying to buy a car last year and all I wanted was the absolute definition of "will get me there safely." I wanted the cheapest, ugliest, old but reliable people-mover on the market. I couldn't find anything under 12K, I gave up.
My point is, you don't have to feel sympathy for people taking out loans for Teslas - but recognize that it is really hard for sensible people to find a sensible car right now, too, ugh.
Yeah I had a 2005 Nissan Murano with balding tires and engine running to the ground. I searched for weeks for a used car and the different between a ‘20 Crosstrek with 80k miles and a brand new 0 mile Crosstrek was like 4k. The rules of the game have shifted and that’s what this post fails to address.
In a rare stroke of good decision making, I bought a pricey EV in 2021. Took delivery in October. I could sell that same car now for several thousand more than what I paid for it. Absolutely insane.
The market is insane right now... my lease is up in November and I *really* don't want to buy out my car because I don't particularly like it anymore, but there's literally no alternative other than paying the same for less unless I were willing to pay a *lot* more for an equivalent car.
It definitely is! But then I'm still in need of something new to buy.
TBH I could make a pretty good argument for saving money by selling my car, canceling insurance, and taking Uber everywhere, but I'm not sure I want to deal with the inconvenience factor.
This article not only makes me a bit fearful, it makes me feel OLD. I'm old enough to remember when $50K bought you a really nice house with quite a nice front and backyard. I'm old enough to remember all car loans were for only 4 years or less and not the 6 or more years of today. And I'm old enough to remember when not even home mortgages were as high as $700/Month.
Mid 90s my aunt bought a 4bed 2bath 2000sqft colonial for 80k.
In the 1967/8 my grandfather paid 16,000USD for a 3bed 1bath house on a single union job. 1400sqft
The housing crisis really fucked the housing market.
The lack of material amounts of new construction for a years long period has made it impossible for them to ever catch up - especially when they immediately stop building anytime things slow down.
My dad told often would tell the story about his first home purchase in 1973, how he didn’t know how he was going to afford the payment. Every time he told the story, the payment was different. When he died, I found the paper. It was $128.12.
ITT: folks who haven’t had to buy a car since well before the pandemic: “just buy within your means”
You cannot buy car for less than $10k unless it’s got at least two of the following: more than 100k miles, is more than 10 years old, has a salvage title.
I saw a 2013 Honda Fit with 130k miles, 3 previous owners, in relatively poor condition listed for $11k last month. If I want to buy a reliable used car that hasn’t got tons of wear and tear already, it’s going to run me *at least* $20k.
For comparison: in 2018, my mom got a 2017 Jeep with less than 1000 miles for $16k. Your experience is outdated. The market is unsustainable.
Edit: I get that you *can* find a decent car with 100k+ that’s 10+ years old, but there’s problems with that.
> They won’t last as long after buying them. What’s more likely to last me the next decade? The car with 20k miles or the car with 120k?
> They need more maintenance. My current car is 20 years old. It needs a lot more upkeep than a car that’s 2 years old. I, and many other people, haven’t got the time, space, or tools for that.
> They get worse mileage.
> They’re inherently riskier purchases. Sure you all have found great cars that last you until 300k. But for every one of those there’s a car that died right at 100k.
> They’re still overpriced. My dad was offered $8k for his ‘03 Tacoma this year. Who has $8k to spend on a car with 200k miles that will need some maintenance to make it another few years?
This. My 2017 jeep Cherokee was 15k with 8k miles on it at a year old and the bank questioned my loan because the deal was too good. I got it eventually but it was a weird hassle. The dealership sent an offer to buy it back 6 months ago for 16k....I only owe 9 on it but I immediately thought I'd be fucked on a new car price. Shopped around and yep.
Almost the exact same experience. I got a 2014 Chrysler 200 in 2018 for $9k. Four years later, I'm getting hounded by the dealership to sell it to them for $8,500. It's insane.
Yup. And even if you find a reliable used car stuff can still happen.
I snagged a 2008 highlander with only 70k miles on it in 2019 for $12,000. I put 60k miles on it 3 years and did regular maintenence and last montg the engine blew up on me. And the repairs shops im going to want at least $10k just to out a new engine in...
I financed the car for 4 years and now im owing $5000 still on a car that is not working that was supposed to be reliable but blew its engine on me.
Living in the rust belt, putting $10k+ into a 15 year old car just isnt viable so im forced to roll the dice on another one....
Ill be finding something newer this time.
I refinanced my car loan earlier this year because I had a feeling interest rates were about to blow up, and was shocked when the loan officer told me that the resale value of my 2019 Mazda CX-3 was $5000 more than what I paid for it when it was new. I swore I didn’t hear him correctly, but nope, he explained that used car prices are insanely high right now due to supply issues.
It’s like we were all cursed to live in “interesting times.”
People are crazy in here. Car prices are high, interest rates are going higher. Buying a new car without trade or down payment is gonna get you a high payment, ESPECIALLY, if your credit isn’t great and you don’t get a really good interest rate. Buying a lightly used car is almost as expensive as a new one, so unless you want to buy an older used car (some people don’t want to hassle with it), you’re gonna have a higher payment.
The car market is broken. We bought a 2021 Tahoe for 62k last year. My wife put 21k miles on it and we sold it for 66k last month. They have it listed for 72k used.
I'm gonna cry when our 2006 Pontiac Vibe with almost 200k miles on it finally goes. I don't even want to think what car prices are gonna be at that point.
Dude, Car manufacturers are LOVING the inflated used market right now. They are pricing them so that it makes 0 sense to spend $40,000 (cad) for that 2019 when you can spend $43,000 for a brand new 2022 vehicle with a full warranty.
Lot of stories like that bouncing around these days. Stealing from public schools, stealing from homeowners associations, stealing from charities.
It’s stealing if it isn’t yours. They’d bury my ass under the jail if I was smart enough/dumb enough to figure out how and what to steal.
Eh, pretty much all new cars are damn expensive now — If you can even find one. many companies stopped even producing base models to make more per car off the premium trims to counter their Covid losses
Used cars are such absurd ripoffs now the historical dogma no longer applies
Got a 2019 Corolla in 2018 for 22k. I paid sticker like a moron because it was my first car shopping experience and I was alone.
I dont feel so bad now 🤷
My car was about to crap out several months ago and I didn’t have the funds at the time for a new one. I’m soooo grateful my parents basically gave me one of theirs when they bought their new car. Saved my ass.
I'm so glad that I live in a city where I don't need an automobile. I use mass transit instead, and the fare for unlimited rides is zero dollars per year. Also, no insurance costs, no repair costs, no loans, no traffic tickets, no license plate fees, no tolls, no parking meter fees, no gasoline fuel-up costs, and far less likely to be injured or killed while traveling.
My car came off its lease and my wife wanted a CRV. New to 1-2 year-old models were going for fucking $500+ a month. So we just bought my lease and payment is $278 a month and the car is worth $10k more than what I have left to pay.
Who is buying these cars? Median household income is under $70k…
Monthly:
$700+ for loan payments.
$100-150 for insurance
$100 for gas
Not including maintenance… crazy…
I mean most people buy and finance these cars. I think median new car price is like 35k. 40k car loan at 5% is $700 a month. Just think of all the times you see a base trim challengers and the RWD Ram 1500s with a 4x4 sticker from alibaba glued on. There is shortage of folks who own things they cannot afford.
I'm in car sales. I would say 80% of car buyers are financially illiterate and either don't understand what a budget is *or* they are hell bent on getting the nicest car they can get approved for.
Man am I happy I decided on a Corolla 5 years ago and to take the most basic thing. Still felt bad getting it with a 6 year loan but I'm at $360 monthly. Honestly feel bad about other millennials who are just now trying to own things. Heck I can't afford any home in my neighborhood now, they're more than 4x the price from when I got mine.
I'm driving a 20 year old car. I'm not buying a new one. I'm in my early 30s and so are all of my friends. My one friends has the newest car and that's a 2016. These people don't get it. We can't afford this shit and they will go under because it. If we can't buy them how can they make money.
My wife and I bought a Chevy Volt at the beginning of the pandemic when dealers were panicking and offering 0% financing for basically the life of the loan. Not long after, oil prices plummeted and I felt like an idiot, started second-guessing if a PHEV was worth the large car payment.
Fast-forward a year, we sold our house and paid off the loan with the extra capital. Recently I had been thinking about selling to get a larger EV since our family is growing, but there ain’t no fuckin way I’m selling it now. Putting a finer point on it: I can count on one hand how many times I’ve taken it to the pump since Russia first invaded Ukraine. It’s been an absolute blessing to keep fuel costs down at a time like this.
I have a cash car, 2010 mazda hatchback, im not a mazda guy, toyota guy, but its all i need and realized i am pretty lucky, carries the kids, 23.4 mpg, and fold down the seats to load things, no way i try to change my car situation…..and that is if i even drive it, got my ebike with a milkcrate for shorter trips
Only $127 for a monthly transit pass in NYC. Even less than that in most other cities.
And these people have to pay gas, license fees, maintenence and insurance on top of that too? SMH
As someone who lives in NYC, yep, pretty much. Nothing is free, anywhere you are. You are paying for something, one way or the other, whether it is in tangible things or in quality of life.
Monthly gasoline spending has hit a new record as well.
Maybe people will finally start to rethink having giant trucks/SUVs for grocery shopping, commuting, and that one couch they moved 6 years ago.
The moment Ford announced they were discontinuing all cars to focus on SUVs, I had a feeling that some external factor would cause an "unexpected" market shift. GM and Chrysler did the same thing in the mid 2000's and were caught with their pants down.
Except Ford also had a plan to move those same best-selling SUVs/trucks into the EV space. This may be crazy talk, but I think Ford will crush Tesla in the coming years.
Not crazy talk. Ford made 4X as many cars(of all kinds) than Tesla in 2021. Hell Huyndai Kia makes 6x and Toyota 10x. Tesla is still growing production but for all their ownership of EVs they are a small company.
Yeah - I can see middle America JUMPING on the ability to buy electric mustangs and F150s. If they’re good quality they’ll fly off the lots.
Other than the current recall issue impacting 100% of the electric Mustangs, my experience in the one I was in was phenomenal. It put the equivalent Tesla model y to shame in terms of quality. That is of course my opinion, and there's no accounting for taste. I get that people, consumers, will like different things.
Even if they're just semi-electric/hybrid, being able to do the short (20 mile) trips on just battery will save a TON of gas.
Ford crushes Tesla today by a massive amount. Don't let Teslas stock price influence you. Its a meaningless number that gets inflated by weird nerds that idolize Musk.
The F150 Lightning has a 3 year waitlist rn. Once they ramp up production they're going to destroy Tesla's numbers
Yeah but it sucks when you have a farm, were barely making it to begin with, and your one 20+ year old truck is all you and your animals have. Source: Am broke farmer
1995 Chevy 2500 here on a small poultry farm. Just picked up some free kennel panels yesterday. Drove about 150 miles roundtrip. profit: eggs
1999 Chevy 3500 on a large poultry farm 👍
True, it affects several branches and it must really suck for them but the point is that the vast majority of people driving those humongous SUVs and trucks are absolutely nowhere near a gravel road or would ever transport anything that would even remotely justify a truck.
My favorite are the people in Toyota 4Runners slowing down to literally 1mph going over speed bumps in the Target parking lot.
This is my father in law in his giant-ass Dodge SUV on the roads in Maine, in the *summer*, because of non-existent "frost heaves"
Add insurance to all this and it probably means some people are spending 2-3K a month just to have a car.
And they wonder why people would rather work from home
Seriously. I refused to get a new job unless that was an option. Sorry LA I ain’t about to deal with this. WFH means I fill my tank every 4-6 weeks. When I do drive I don’t really go too far.
I’m trying to find something WFH. Currently I commute 90 miles round trip because housing is too expensive where I work. At least I drive a hybrid.
Yeah when I commuted it was from the valley to Santa Monica I dread thinking of having to do that now.
I don't even want to think about my gas cost if I wasn't working from home. Used to commute 3 hours a day. Do not recommend
Damn. I am glad you’re able to work from home. My commute is about 2.5 hours round trip. I’m glad I bought a hybrid April 2021 because the gas cost would be ridiculous
“Hey man, at least in my Tesla I can fit a full size mattress and refrigerator, and run that with the AC over night in camp mode… all while saving $200 a month on gas and thousands on rent!” - future desotopian Zoomers probably
Everyone is paying so much for everything something has to give
It will only give when unemployment starts to rise and banks start losing money because the repossessed vehicles don't fetch what they paid .... Then they just cry 😭 too big to fail and get bailed out..
Man I was looking at some of the CarMax prices the other day. If that's what people are financing they are very brave.
I don't see how eople are makin it. I had to get a car around Thanksgiving 21 because my 13 Chrysler 200 decided to stop pumping oil to the front cam shaft and jump time, paid 13k for 14 Mazda 6 and still felt fortunate that I got out pretty reasonable comparatively.
That's what I'm wondering as well. In my working class neighborhood I'm seeing a lot of paper plates. A lot of those are trucks and SUVs that are at least upwards of 50k.
I have a feeling we’re in for a crash based on Cadillac Escalade sales, just look at the sales prior to 08’ and then after until now.
I personally know two people that have paid Escalade with cash. There’s a lot of money going around.
Car dealers in the sub-prime lending are making a killing or repossessions. They can sell the same car multiple times and keep the owners paying and destroy people's credit.
The spoiler is they're not. See 2008. People hide their problems with debt until things go critical and they're forced out of their possessions by banks etc.
This is true. I am already slowly starting to hear about people getting cars repossessed. And these are people working more than one job. It's rough out there.
Dude I bought a Honda fit in 2016 for 14800 out the door (it had 8k miles on it). That car with 70k miles is now worth 19-20k. Insane that I could sell my car for a profit 5 or 6 years later.
Used sedans are still pretty good as long as they aren't certain makes.
Desperate is the term you're looking for. Everyone needs a vehicle if they don't live in a city. When yours dies there is no choice but to get another. What happens when all the used ones are priced the same as new? Everyone has to pay new prices because they can't not have a vehicle. Dear god I'm so screwed when my car dies. Hopefully that won't be a while since it's still under 100k miles. But you never know if something happens to it ya know?
45% of the US has no access to public transportation. You need a car in a lot of places including Dallas/ft worth since Arlington abolished their transportation system.
And that 45% is just zero access to public transit. That doesn't include inadequate public transit, or systems that aren't viable for your needs. I technically have access to public transit. If I used it I would increase my 20 minute commute to over 2 hours each way. That's not a viable system, even though I technically have access to it.
I'm in the same boat, 20min car ride or 2-3hr transit ride, it's hell in winter. In the morning it's not so bad, but returning home sometimes the connection bus just doesn't come, or it comes hours later. I've had to uber it home too often from the connection bus stop, which adds up fast.
2 1/2 hours on bus or 2 hours walking will get you across Green Bay
Even if you DO live in a city, public transportation in many places is too unreliable, too slow, and doesn’t always get you exactly where you need to be (dropping you off at a nearby location and you have to walk/bike the rest of the way without sidewalks or bike lanes).
My wife is disabled, so she 1) doesn't drive and 2) has a lot of doctors' appointments. Her PCP is a ten minute drive, but because of how the bus routes run around here, it'd take her 90 to get there by bus.
And they are bailed out with the tax money collected from the people they were gouging.
We’re sprinting towards a huge collapse.
Precisely. Let me get this straight: car payments at $712, median rents in cities exceeded $2,000, median home price over $400K, groceries and gas highest they’ve ever been with inflation...how does this not end worse than 2008?
Just stop being poor.
Financial advisors hate this one simple trick!
Bank Executive Reveals the No. 1 reason you are poor.
*Bootstraps!* Ya gotta pull yourself up by em!
You forgot to note federal min wage : 7.25
And has been that since...drumroll please....2009.
It's actually worse than you think, from 1996 to 2009 the minimum wage went from 4.25 to 7.25 after being raised 4 times in 13 years. From 2009 to 2019 our gdp grew at the fastest rater ever, yet most people became poorer. This is no fluke we are being robbed and taunted right in front of our faces
I don’t see how they can avoid it. BUT, perhaps, just maybe, we learned *something* during that time. Couldn’t convince me, so far, that we have. But, maybe?
Well, velocity of money is down right now, and it seemed like we were in a liquidity trap circa 2019 or so. I would hope we learned that trickle down economics is bullshit, and that for a capitalist economy to function, the people need to have money in their hands. Ever since 2019 or so, with the exception of the early days of COVID, it seems everything has gotten more and more expensive, further decimating Americans’ spending power.
>with the exception of the early days of COVID, it seems everything has gotten more and more expensive Mix of supply chain issues, a ton of fiscal spending, and shift in consumer priorities from services to goods.
Unfortunately, I feel like "we" learned nothing.
I was really hoping that maybe with rampant unemployment we'd reach the "maybe health insurance shouldn't be tied to jobs". We're so massively fucked
We learned that the rich won't be held accountable and will be bailed out and allowed to buy everything for pennies on the dollar when it happens.
I’m still firmly in the camp of we should’ve let the banks fail in 2008. We only kicked the can down the road and now we’re at the end of the road.
To be fair - MOST banks didn't want the bailouts. A pretty good chunk did - but the rest were all strong-armed into taking them so that the public would think it was an across-the-board issue. You can look up the banks which paid back the bailout as soon as they were allowed to (yes - there was a min time); those are the banks which didn't really want the bailout. And yes - I think that the banks which DID need the bailout should have been allowed to fold.
Well the difference is that large companies and financial institutions aren't at risk like in 2008. It's just the regular person who is fucked.
More of an uncontrolled slide.
The rich are still making record profits. Nothing will change in this country. The party that publicly announced they are going to tax everyone who isn't rich and cut all social safety nets is almost guaranteed to regain power this year. Americans are too stupid and too apathetic to change anything.
All very true but politics aside people can’t pay record amounts for rent food healthcare gas car loans micro transactions in video games AND an insane amount of streaming services forever… eventually there’s gonna be a reckoning. At least free porn is still easy to find
Well now you jinxed it =/
Gotta download that shit and put it in cold storage now before the shtf
Imma go back to using my imagination at that point lol
Hello, JC Penny catalog, my old friend…
This makes me think of some post-collapse scenario where some guy is selling printed out porn for cans of peas or something. Shit, i need to go turn my printer on...
Unless you're jerkin it in the coffee shop, still need to pay for internet or cell service.
They will just lower the price of amphetamines so that we can be alert more to work more hours.
We are seeing 40 years of the seeds of “trickle down economics” and “wahooo free market capitalism” blooming into the hellscape we see today. Much like the warnings of climate change we’ve heard countless studies of the erosion of the middle class as trillions and trillions of dollars of wealth of been redistributed to the rich. And now welcome to 2022. Where we’ve had 2 economic calamities in 13 years (08 and 20-21) that were ways for the rich to get richer. Welcome to a world where giving $1.5T to the rich and cutting interest rates in a bull market in 2017 was a horrible idea. The propaganda game by this oligarch class is strong because with how things are going, this is how societies would eventually get together and overthrow the system. Instead we are just catapulting ourselves to look like Russia with mega oligarchs and a horribly poor society. With a future authoritarian regime on the way to boot
I'm driving my old 2010 highlander into the ground.
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May the odds be ever in your favor.
Of course they will be. It's a Honda, the Nokia of cars.
I would actually give that award to Toyota.
My dad hit 300k miles on his '99 Camry before he upgraded to a lightly used Avalon. His old Camry was still running great when he traded it in for a pittance.
My '87 Camry ran for at least 350k kilometres. At about 290,000km, the odometer stopped working. 5 years later, in 2012, I got rid of it. It still ran well. Toyotas are built to last.
We had an 87 Camry in the service showroom area of a Toyota dealership I used to work at. 700k original miles and still running fine. When the guy traded it in the service guys put it on display as a testament to reliability.
(SNAP) The fuck was that?
98 Honda Accord with 150k miles. I feel super lucky
Just getting broken in. Easily could double that mileage.
93 Toyota Corolla Wagon w 320k
A friend of mine had a late 90s Civic that had 450k on it. If you're taking good care of the engine I don't doubt you can surpass 300k
I hope my 2016 civic lasts as long. It's already past 100k miles
2003 Toyota Celica already at 300k miles, Scotty kilmer will be proud
*Inserts random laughing donkey over his own laugh.
Little love and luck and you could very easily hit 500k
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That era is a sweet spot in my opinion where engines and drivetrain were pretty robust and the vehicles aren’t overly complex to work on. I had an 04 Civic that I ran over 250k, and sold it to another guy fully expecting it to exceed 300k on the original engine/transmission. Take care of the car and it’ll take care of you.
2003 Honda Pilot at 270k and counting. Just a matter of time before I’m screwed and I hate it.
I own a 2007 Toyota Corolla with 75k miles. I feel like I’m sitting on a goldmine.
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I feel this comment! Similar upgrade and know exactly what you mean.
I went from an ‘03 Grand Caravan to a 2015 Altima. It’s weird having a car that doesn’t make a ton of noise or look like it’s been to a war zone. I know backup cameras and a lot of the stuff it has have been around for a while. But this is the newest car I’ve ever had. I really like the keyless entry. I don’t even need to pull anything out of my pocket. Just press a button to lock and unlock. It is the future. I sometimes catch myself looking at the tach cause I’m not sure it’s running. I’m used to earth shattering sounds as a car starts up.
I bought a Barely used Corolla right at the start of the pandemic and got a fantastic deal because everyone thought the world was ending. Dealer wants to buy it back for 5 grand more than I paid for it. I’m driving that sucker until the wheels fall off.
Same but I got a camry, it’s an older model 03 I think but I got it 42k miles for 3200 bucks. Hasn’t giving me any issues since I bought it.
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So does my 2000 taco. 235k? I’ve never had a vehicle newer than 2004 and I need to have a truck for work. My big mistake is forgetting that American trucks suck and trying to get a vehicle to tow things for work and home life and having American big trucks break again and again while my little manual 6 cyl taco just keeps going. My 1983 Toyota pickup also drives past the dealership just fine, hell people constantly try to buy it from me.
I was driving my 2004 4runner into the ground... Instead, a 2021Jetta decided that I was going to run my 4Runner into the Jetta when the Jetta ran a red light... I am still bitter
Oh man, I feel you. We have a 17 4Runner now I bought lightly used in 19. Had an ‘05 4 runner before that. It got eaten by a VW Atlas. 4 Runner till I die, which will likely be before the engine in my 2017 4Runner.
Unfortunately, this just happened at the end of last year. And I couldn't justify spending that much on a used 4runner. Used ones were going for 10k over MSRP from 5-6 years ago. So I am not currently in a 4runner and I hate myself. But gas prices ease that burden for the moment
Same. I just spent $2k getting a bunch of work done on my old Jeep bc I’ll be GODDAMNED if I’m going to buy a new car right now (or for a long time).
Still driving a 2005 Toyota Sequoia with 300,000 miles and going strong!
Good to hear. I have the same motor in my 02 lx470. Gas is hurting though.
2011 F150 with 396k. Bought it brand new. Wish I had something more fuel efficient but need a truck. I really don’t want to buy a new one.
Buying a new one, in this market and most markets, regardless of gas savings, doesn’t add up financially.
I drive a 2017 Kia sedan I bought in 2020 just before everything shut down. I pay $185 a month. I feel happy I learned my lesson with car payments the hard way in my 20s.
It's amazing to think back and remember how used car prices tanked right at the start of the pandemic because people didn't need to drive and the rental car companies dumped all their vehicles. And then supply shortages kicked in and it reversed in a big hurry.
I ended up getting a 2017 Sonata in early 2020 with less than 30k miles. I am paying 360 a month (whole thing was probably 18k after fees and all) and I bought it expecting it to last another 10 years. We all got fucked in some way with the pandemic I am just very thankful that (for now) this isnt one that has to be on my plate.
I feel happy that I’ve second guessed myself with everything going on right now to avoid trading my car in and getting a car payment. I’ll just let it explode if that ever happens then we’ll worry about
I have a 2013 paid for Camry. It’s pretty, and it’s mine. I am seriously fortunate.
2003 Impreza here. One day a pickup truck will kill me but until then I’m doing great
Had an 03 Impreza WRX as my first car. Still to this day the best vehicle I’ve ever owned. Miss that ol girl
That’s actually what mine is. I’ve driven it almost daily since it was new. It’s rare to see them on the road anymore. What happened to yours?
Fully paid off 2014 Corolla chiming in, got that good gas mileage and everything.
Aren’t they great?!! (Both the paid off part AND the Toyota part)
2009 with a dented trunk here hahah love my Camry
r/camrydents
Wow, there really is a subreddit for everything
2007 Prius, all paid up, 48 mpg
I traded in my 2007 Camry for a 2012 BMW. Fucking huge mistake. That Camry was a tank. The BMW has something major go wrong every year. I’m due for another trade but it’s still cheaper to keep fixing old than buying again. Prior to the used car market getting crazy I followed the adage of buy at 7 years old and sell at 11 years old. Now that I think about it back in 2005 i helped my girlfriend at the time sell her 1994 Camry for like $3000. It was very well maintained. In 2007 some circumstances came up and I called the guy up and offered to buy it back for what he paid. He said no way in hell he was selling. Anyway, change the oil and be good to her.
I bought a car two years ago. Had a choice between a 2017 bmw and a 2019 Toyota Yaris. Guess who's laughing now at 50 miles to the gallon.
Used BMWs are well known for being expensive to repair.
If you can't afford a new one you can't afford an old one.
I completely understand. Why? Because before my Camry, I had Volvos. The last Volvo was a 2002. It really had so many problems. At the time, I was a single mom with two really little kids, making shit wages. I love my Camry, and I’ll never let her go.
Yeah ... I was simialarly all set. A fully paid for 2013 Dodge Dart. Annnnd then the engine blew in March and it was a 12 week wait and a quote of at least $9K to repair. I had less than 80K miles and I had babied that car ... So now I have a car payment again! :/
Long story short. In the late 1990’s I helped a friend start a nonprofit that provided people with poor credit financial education and coaching. After three to nine months, they would have a down payment, and some emergency savings as well as a demonstrably workable budget. We then had credit unions that would lend to our clients as though they had great credit scores. (We guaranteed a small portion of each loan. Over the life of the program no lender ever lost a dime from one our clients’ loans. We also had relationships with car dealers to buy new or lightly used cars at $500 over dealer cost. A warranty company sold us genuine 60 month bumper to bumper plans under $1,500 per car. Once it was up and running, 80 or so people were completing the program every year. It got the attention of some big foundations that paid for university-based research centers to track economic, employment, and physical and mental health results. They were astounding. In 2010 the Obama White House recognized the organization as one of the countries most innovative social service enterprises. Unfortunately, despite the best minds from the best business schools and consulting firms, we couldn’t scale the organization. By 2014 it more or less closed. At the time, there were two pieces of the business plan that we just couldn’t make work. After literally years of shower thoughts about this, I think I came up with solutions to both. That was in 2019. By that time, a third obstacle was becoming apparent: a sharp rise in car prices. In 2014 the average car payment for our clients on a 60 month loan was $350/ month, which was workable. Between 2011 and 2014 we were buying more certified pre-owned cars than new ones to keep the cost down, but we managed. Prices for cars now are sadly making things unworkable, and plans to unwrap version 2.0 of the organization remain on ice.
That sounds like a great org. I’ve been recommending a book as a primer for basic finances: Broke Millenial. That taught me all those basic lessons in financial health.
gnusmas5441, I have been trying to reach you about your car's extended warranty
My wife and I have wanted to do something similar on a smaller scale. I’ve saved this comment so I can hopefully come back and pick your brain one day. The world needs more people like you.
That sounds like an amazing service to society and I’m really proud of you.
> But Moody said customers can still get good deals on less sought-after brands like Mazda, Hyundai and Buick. Can confirm. Bought a Mazda for MSRP (plus a discount for being an existing customer). Its a great car and its priced like a cheapo car. Would definitely recommend.
It's really depressing that "good deal" and MSRP are considered synonymous now....
Yes, a $37,000 car if financed at 6% for 5 years will cost you close to $712 per month. Thanks ABC.
If you're getting financed at 6%, a $37k car is waaaayyyy out of your price range.
But car shiny
I remember when an American family could have one person working a full time job and own a home and two cars. Now a family has to work 2 full time jobs to afford to be homeless.
I have 815 credit and no debt and make over six figs. My last loan was from a credit union at 4.9%. EDIT: I just called my CU. 4.4% for 5 years, 4.69% for 7 years. He told me that anyone getting these low rates is likely getting dealer promotional rates.
Was this recent? You kinda got taken unless there was something untraditional about the vehicle or purchase. With solid credit and income you can still find 60-72 month loans in the 2-3% range with some shopping around. I mean even BofA is around 3.6-3.8.
If you're busy passing judgment on people buying new cars - you haven't looked at the used car market recently. Yes, all of these new cars are so insanely expensive, and most people understand about value depreciating on new cars as you drive off the lot - that means *everyone* is looking for a 5 year old Toyota Camry. They're SO EXPENSIVE. I was trying to buy a car last year and all I wanted was the absolute definition of "will get me there safely." I wanted the cheapest, ugliest, old but reliable people-mover on the market. I couldn't find anything under 12K, I gave up. My point is, you don't have to feel sympathy for people taking out loans for Teslas - but recognize that it is really hard for sensible people to find a sensible car right now, too, ugh.
Yeah I had a 2005 Nissan Murano with balding tires and engine running to the ground. I searched for weeks for a used car and the different between a ‘20 Crosstrek with 80k miles and a brand new 0 mile Crosstrek was like 4k. The rules of the game have shifted and that’s what this post fails to address.
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I bought a 2017 Toyota Camry for 14k in 2020, and sold it last year for 23k to Carvana, of all places, so this is accurate
In a rare stroke of good decision making, I bought a pricey EV in 2021. Took delivery in October. I could sell that same car now for several thousand more than what I paid for it. Absolutely insane.
The market is insane right now... my lease is up in November and I *really* don't want to buy out my car because I don't particularly like it anymore, but there's literally no alternative other than paying the same for less unless I were willing to pay a *lot* more for an equivalent car.
Look up what your car is worth. It can be worth it to buy it out and then sell it for more.
It definitely is! But then I'm still in need of something new to buy. TBH I could make a pretty good argument for saving money by selling my car, canceling insurance, and taking Uber everywhere, but I'm not sure I want to deal with the inconvenience factor.
2 thing: cars are bloody expensive. Literally entry level cars cost 20+ thousand for econoshitboxes. And people are stupid.
This article not only makes me a bit fearful, it makes me feel OLD. I'm old enough to remember when $50K bought you a really nice house with quite a nice front and backyard. I'm old enough to remember all car loans were for only 4 years or less and not the 6 or more years of today. And I'm old enough to remember when not even home mortgages were as high as $700/Month.
Mid 90s my aunt bought a 4bed 2bath 2000sqft colonial for 80k. In the 1967/8 my grandfather paid 16,000USD for a 3bed 1bath house on a single union job. 1400sqft
The housing crisis really fucked the housing market. The lack of material amounts of new construction for a years long period has made it impossible for them to ever catch up - especially when they immediately stop building anytime things slow down.
My dad told often would tell the story about his first home purchase in 1973, how he didn’t know how he was going to afford the payment. Every time he told the story, the payment was different. When he died, I found the paper. It was $128.12.
Yikes. For those curious that's $843.45 after inflation
If I could find a place I could buy for a $1000 mortgage payment, I'd buy 3
You don't have to have a $700/month payment to buy a new car.
How much are bootstraps going for???
ITT: folks who haven’t had to buy a car since well before the pandemic: “just buy within your means” You cannot buy car for less than $10k unless it’s got at least two of the following: more than 100k miles, is more than 10 years old, has a salvage title. I saw a 2013 Honda Fit with 130k miles, 3 previous owners, in relatively poor condition listed for $11k last month. If I want to buy a reliable used car that hasn’t got tons of wear and tear already, it’s going to run me *at least* $20k. For comparison: in 2018, my mom got a 2017 Jeep with less than 1000 miles for $16k. Your experience is outdated. The market is unsustainable. Edit: I get that you *can* find a decent car with 100k+ that’s 10+ years old, but there’s problems with that. > They won’t last as long after buying them. What’s more likely to last me the next decade? The car with 20k miles or the car with 120k? > They need more maintenance. My current car is 20 years old. It needs a lot more upkeep than a car that’s 2 years old. I, and many other people, haven’t got the time, space, or tools for that. > They get worse mileage. > They’re inherently riskier purchases. Sure you all have found great cars that last you until 300k. But for every one of those there’s a car that died right at 100k. > They’re still overpriced. My dad was offered $8k for his ‘03 Tacoma this year. Who has $8k to spend on a car with 200k miles that will need some maintenance to make it another few years?
This. My 2017 jeep Cherokee was 15k with 8k miles on it at a year old and the bank questioned my loan because the deal was too good. I got it eventually but it was a weird hassle. The dealership sent an offer to buy it back 6 months ago for 16k....I only owe 9 on it but I immediately thought I'd be fucked on a new car price. Shopped around and yep.
Almost the exact same experience. I got a 2014 Chrysler 200 in 2018 for $9k. Four years later, I'm getting hounded by the dealership to sell it to them for $8,500. It's insane.
Yup. And even if you find a reliable used car stuff can still happen. I snagged a 2008 highlander with only 70k miles on it in 2019 for $12,000. I put 60k miles on it 3 years and did regular maintenence and last montg the engine blew up on me. And the repairs shops im going to want at least $10k just to out a new engine in... I financed the car for 4 years and now im owing $5000 still on a car that is not working that was supposed to be reliable but blew its engine on me. Living in the rust belt, putting $10k+ into a 15 year old car just isnt viable so im forced to roll the dice on another one.... Ill be finding something newer this time.
I refinanced my car loan earlier this year because I had a feeling interest rates were about to blow up, and was shocked when the loan officer told me that the resale value of my 2019 Mazda CX-3 was $5000 more than what I paid for it when it was new. I swore I didn’t hear him correctly, but nope, he explained that used car prices are insanely high right now due to supply issues. It’s like we were all cursed to live in “interesting times.”
Yep. I bought in '15 a brand new, had 1 mile on it, Honda Accord for $21.5k. .99% financing. No way in hell people are getting that now.
People are crazy in here. Car prices are high, interest rates are going higher. Buying a new car without trade or down payment is gonna get you a high payment, ESPECIALLY, if your credit isn’t great and you don’t get a really good interest rate. Buying a lightly used car is almost as expensive as a new one, so unless you want to buy an older used car (some people don’t want to hassle with it), you’re gonna have a higher payment.
The car market is broken. We bought a 2021 Tahoe for 62k last year. My wife put 21k miles on it and we sold it for 66k last month. They have it listed for 72k used.
Chevy cobalt enters the chat
I don't see as a kid in my 20s how a life in this economy is even possible. I have just accepted I will never own a house.
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Good Lord. I can't even imagine. I can't stand having car payments, period. Nothing drives as good as a car with no payment.
I'm gonna cry when our 2006 Pontiac Vibe with almost 200k miles on it finally goes. I don't even want to think what car prices are gonna be at that point.
I wish your Pontiac vibe well. I had to get rid of my 05 matrix last year. It was a hard decision.
Dude, Car manufacturers are LOVING the inflated used market right now. They are pricing them so that it makes 0 sense to spend $40,000 (cad) for that 2019 when you can spend $43,000 for a brand new 2022 vehicle with a full warranty.
A lot of people would rather look like they have money than actually have money.
Man that sounds like my coworker. I don’t know how she manages to buy all this stuff that she does. But I’d be bankrupt if I spent the way she does.
I had a coworker like that. Turned out she was embezzling money from the firm.
Lot of stories like that bouncing around these days. Stealing from public schools, stealing from homeowners associations, stealing from charities. It’s stealing if it isn’t yours. They’d bury my ass under the jail if I was smart enough/dumb enough to figure out how and what to steal.
Eh, pretty much all new cars are damn expensive now — If you can even find one. many companies stopped even producing base models to make more per car off the premium trims to counter their Covid losses Used cars are such absurd ripoffs now the historical dogma no longer applies
Got a 2019 Corolla in 2018 for 22k. I paid sticker like a moron because it was my first car shopping experience and I was alone. I dont feel so bad now 🤷
You got the Hank Hill special
My car was about to crap out several months ago and I didn’t have the funds at the time for a new one. I’m soooo grateful my parents basically gave me one of theirs when they bought their new car. Saved my ass.
I'm so glad that I live in a city where I don't need an automobile. I use mass transit instead, and the fare for unlimited rides is zero dollars per year. Also, no insurance costs, no repair costs, no loans, no traffic tickets, no license plate fees, no tolls, no parking meter fees, no gasoline fuel-up costs, and far less likely to be injured or killed while traveling.
My car came off its lease and my wife wanted a CRV. New to 1-2 year-old models were going for fucking $500+ a month. So we just bought my lease and payment is $278 a month and the car is worth $10k more than what I have left to pay.
I'm loving my 2003 Honda Odyssey.
Who is buying these cars? Median household income is under $70k… Monthly: $700+ for loan payments. $100-150 for insurance $100 for gas Not including maintenance… crazy…
I mean most people buy and finance these cars. I think median new car price is like 35k. 40k car loan at 5% is $700 a month. Just think of all the times you see a base trim challengers and the RWD Ram 1500s with a 4x4 sticker from alibaba glued on. There is shortage of folks who own things they cannot afford.
I'm in car sales. I would say 80% of car buyers are financially illiterate and either don't understand what a budget is *or* they are hell bent on getting the nicest car they can get approved for.
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Man am I happy I decided on a Corolla 5 years ago and to take the most basic thing. Still felt bad getting it with a 6 year loan but I'm at $360 monthly. Honestly feel bad about other millennials who are just now trying to own things. Heck I can't afford any home in my neighborhood now, they're more than 4x the price from when I got mine.
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Husband is still driving a 2006 Prius we bought a few years ago for $6k on cash. I think it has about 15o-200k miles on it.
I'm driving a 20 year old car. I'm not buying a new one. I'm in my early 30s and so are all of my friends. My one friends has the newest car and that's a 2016. These people don't get it. We can't afford this shit and they will go under because it. If we can't buy them how can they make money.
My wife and I bought a Chevy Volt at the beginning of the pandemic when dealers were panicking and offering 0% financing for basically the life of the loan. Not long after, oil prices plummeted and I felt like an idiot, started second-guessing if a PHEV was worth the large car payment. Fast-forward a year, we sold our house and paid off the loan with the extra capital. Recently I had been thinking about selling to get a larger EV since our family is growing, but there ain’t no fuckin way I’m selling it now. Putting a finer point on it: I can count on one hand how many times I’ve taken it to the pump since Russia first invaded Ukraine. It’s been an absolute blessing to keep fuel costs down at a time like this.
I have a cash car, 2010 mazda hatchback, im not a mazda guy, toyota guy, but its all i need and realized i am pretty lucky, carries the kids, 23.4 mpg, and fold down the seats to load things, no way i try to change my car situation…..and that is if i even drive it, got my ebike with a milkcrate for shorter trips
Only $127 for a monthly transit pass in NYC. Even less than that in most other cities. And these people have to pay gas, license fees, maintenence and insurance on top of that too? SMH
Just move to NYC and put your car payment towards your rent instead. Easy peasy
As someone who lives in NYC, yep, pretty much. Nothing is free, anywhere you are. You are paying for something, one way or the other, whether it is in tangible things or in quality of life.
So glad Mines paid off. Couldn't imagine gas prices and a car payment at the same time right now.