Reply With Quote
I know this doesn't affect ST posters but gotdayum.
A record 7 million Americans are 90 days or more behind on their auto loan payments, the Federal Reserve Bank of New York reported Tuesday, even more than during the wake of the financial crisis.
Economists warn that this is a red flag. Despite the strong economy and low unemployment rate, many Americans are struggling to pay their bills.
https://www.washingtonpost.com/busin...=.7ab0465b2f94
Last edited by Trill Clinton; 02-13-2019 at 04:42 PM.
I know this doesn't affect ST posters but gotdayum.
Living in a metropolitan area and needing to own an automobile is at best poor/lazy city planning and at worst a deliberate scam by industry.
The “strong evconomy” is mostly bull inflated with the fake Stock Market runs. They are all artificial and a facade.
22 trillion debt is a killer and now many big markets are dumping the dollar (china, india, etc)
is about to hit the fan you jigas better save your stocks
Serves them right. The majors (Ford, GM, etc.) Basically got into second chance financing for people with ty credit just to sell more new cars. People buying cars that cost twice their annual income and financing it for 7 years is just dumb for the buyer and the lender.
I know San Antonio has been kicking ass. Lots of money getting spent.
If the is going to hit the fan and the economy is going to tank, wouldn't you want to get your money out the market and into something more stable?
i dont think i would ever finance a car tbh. my wife and i are still driving our respective first cars (05 camry and 08 civic). im by no means "all in" when it comes to dave ramsey stuff, but one thing i agree with him on is his stance on vehicles.
if we end up having to move across the country, we'll probably just dump the camry, or give it to her parents or something... maybe drive the civic across and buy a used car over there.
Exactly. If you can manage not to be in debt with a car, do it. I've put myself in the perpetual "new vehicle before 90,000 miles" cycle I've been in since moving here as I have a fear of getting too far into a car life cycle and then going from car payments to car repair and maintenance bills.
That's smart. I don't buy personal vehicles new, but do certified used and pay cash. I do buy new vehicles for work and finance for 4 years for tax reasons.
If one commutes 30-1hr to work each day (not uncommon in America), I sympathize with prioritizing a luxury car.
Personally a few years ago I foresaw myself living car free as my sister does in Berlin. If they need a car for transporting objects then they borrow friends car or rent q car thru simple pick up/drop off street service (think bikes/scooters in America)
Yeah thats what I meant tbqh
My bad I meant save your stock money by taking it to safer markets
I financed a 40k bimmer a while ago. Yeah its dumb but I was single and had steady work.
Nowadays I drive a 97 lexus as Im not single thus dont need the bimmer anymore
But its crazy to think there are re s out there with family and kids and 2 financed cars with a $600/month payment
i'm not totally against buying new cars. i just think its a luxury, and not something that should be the default choice. leasing is absurd unless you have good, specific reason to do so (ie you know you will live in a certain area for ~3 years and dont want to drag an old car with you)
when our student loans are cleared and we have a paid off house, yeah we'll probably get new cars at that point, provided we can make a cash purchase
New cars are fine if you can pay cash. The nice part of getting certified used is they are usually returned lease cars so low miles, totally checked out, with a warranty, and half the cost of new. I keep them 2-3 years and the flip them into a new certified used. I do Mercedes SUVs for the wife and they don't lose that much value from being 3 years old with 25,000 miles and 6 years old with 60,000 miles.
Last edited by CosmicCowboy; 02-13-2019 at 05:36 PM.
yeah certified used is great. your car's rate of depreciation is at its highest usually in the first few years until ~30k miles or so, so you avoid that. you know it won't be a lemon (or some janky new model that had recalls), you can still drive it for nearly a decade. like you said, you know it's been looked after/maintained
downside is that for all you know some disgusting sex occurred in the car tbh
Dont get me wrong its smart to finance part of a car as rates are very low
But anything over 300/month payment is nuts unless you have 1 million in the bank
tell that to all the of the hood tbh.
not i; paid my car off the day i drove it off the lot. car payments!
as an aside, i was always amused when fellow law students would ask me when i was getting a new car, as if i was in some dire situation with mine... or "when you pass the bar will you get a new car"
A great read and site.
I am confident you will get it and like the site. Whether it fits your timing or not, another story. Among the site, click on "Latest deals" and scroll down to see some of the ish that is shared on the site. Pickups too, just scroll back.
For real, we've done it twice:
www.leasehackr.com
I bought three used vehicles cash. Gently used Lexus, Toyota, and Honda. Total < 30k.as an aside, i was always amused when fellow law students would ask me when i was getting a new car, as if i was in some dire situation with mine... or "when you pass the bar will you get a new car"
Had to buy the wife a new car here recently. Unfourtanetly the transmission crapped out on her car, luckily we are pretty good with our money and just bought her new car in cash. I remember the dealership kept trying to get us to finance
my car is paid off, but approaching the 100k mike market. Hoping it will last me to at least 150k if possible
what car you driving? jap cars like toyotas/hondas should get you to 200k unless you just ignore maintenance.Had to buy the wife a new car here recently. Unfourtanetly the transmission crapped out on her car, luckily we are pretty good with our money and just bought her new car in cash. I remember the dealership kept trying to get us to finance
my car is paid off, but approaching the 100k mike market. Hoping it will last me to at least 150k if possible
i'd consider it a failure if i ever own a car that doesn't reach 200k miles tbh. just ride that puppy and when you begin to have legit concerns that reliability has been compromised, just dump it off to a charity, get a small write-off, and get another.
If the gas mileage didn't suck so bad, I'd seriously consider an old Land Cruiser. That vehicle has epic reliability.
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
