Mary Barra said "We're selling every truck we can build".
So GM might as well build Denali's and High Country's.
So GM might as well build Denali's and High Country's.
$1,300+ monthly payment????!!!!!!
- Thread starter BigJohn
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I always ask myself. "Who buys these $100K trucks?"
Now we know.
Now we know.
Hrm. Even if it all "pops" and goes down the drain, who is going to snap up these 4x4 long wheelbase diesel duallys? Won't be me, way outside my needs. Something tells me that if things do go down the drain, the stripper RCSB that would do all I need would probably appreciate instead... Murphy's law and all.
Oh well, nothing new. People have been buying more than they need for as long as loans have existed.
Oh well, nothing new. People have been buying more than they need for as long as loans have existed.
That seems cheap for land in Northern VA...
I also suspect that a lot of pricey vehicles were bought using HELOC's (home equity lines of credit).
Got to love it. Keeps the repo lanes at the auction full with affordable (relatively) vehicles to buy after the owner, finance company, or both, take a bath.
Can't be any worse than a 67 Mercedes.
My Jeep isn't a truck. It's a jeep!I didn't know they had an NA diesel Wrangler in 2002
Nobody will. Think back to the 70’s when people were trading in their American gas guzzlers for economic Japanese cars. Those big cars were worthless in both ways.
They're very popular out here with the snowbirds, for dragging their 35' 5th wheel stagecoaches here from the snowbelt every Fall. They'll be there with the cash they've already made..... Just as soon as they get cheap enough.
They will only be "worthless" to the people who had no business overpaying for them in the first place. The good thing is most of them are equipped with towing hooks. Makes it a lot easier for the repo men.
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I was sitting at the bar at the local mexican place eating a quick lunch last Thursday. Someone tapped me on the shoulder, it was the real estate agent in town that I'd used to do a few transactions with over the last 3 years.
We got to talking, of course, about the current RE market, home prices, "how do people afford this ****", etc. He told me that it's fairly normal for prospective home buyers to lay out all their finances to him and many have $1200/mo vehicle payments. These are NOT 'wealthy' individuals. He said many of them exclaim "at least my payment isn't $1200 like so many I know" when they tell him their car payment is $1000.
The kicker? Yes, many of these +$1000 car payments are 72, 84 months. So if you're wondering how so many people are running around in a 2021, 2022, 2023 SUV that all sparkly white, top trim level and +$85,000 - this is how.
I won't even get into how those $85k SUVs won't be worth $50k at the 3 year mark.
We got to talking, of course, about the current RE market, home prices, "how do people afford this ****", etc. He told me that it's fairly normal for prospective home buyers to lay out all their finances to him and many have $1200/mo vehicle payments. These are NOT 'wealthy' individuals. He said many of them exclaim "at least my payment isn't $1200 like so many I know" when they tell him their car payment is $1000.
The kicker? Yes, many of these +$1000 car payments are 72, 84 months. So if you're wondering how so many people are running around in a 2021, 2022, 2023 SUV that all sparkly white, top trim level and +$85,000 - this is how.
I won't even get into how those $85k SUVs won't be worth $50k at the 3 year mark.
Well nobody forces you to sign on the dotted line.....
As a long time member here (even beat Pablo by a few months) I always note that these threads turn into "chest thumping" posts - the better than thou members chime in about how great they manage their finances and everyone else is wrong (somewhat bigot-like).
This thread follows the pattern, but is different. In the past, the tone would be to the extreme that anyone that even financed their vehicle responsibly was wrong (pay cash only). At least now we truly have a ludicrous situation to rant about.
Carry on chest thumpers!!!!!!!
This thread follows the pattern, but is different. In the past, the tone would be to the extreme that anyone that even financed their vehicle responsibly was wrong (pay cash only). At least now we truly have a ludicrous situation to rant about.
Carry on chest thumpers!!!!!!!
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Another friend of mine explained to me that a huge number of folks with small businesses took out PPP loans (that have to be paid back at 2%) and this is where a lot of the spending has come from the last 30 months. He said he knows one guy, mid-30's at best, took out $1.4M in PPP loans. It was NOT re-invested back in the business, but he and his wife (no kids) have been spending it on "stuff".
It kinda all makes sense now. All these $150k ski boats, $95k 3/4 ton trucks, 24' trailers with $30k UTVs on them, and all these people are wearing $6-800 in clothing each day....basically disposable clothing.
The chickens will come home to roost soon, the trouble is those of us that don't partake in this nonsense always get to pay for it.
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I financed all my vehicles. Not many I've been able to pay off early.
I will do so with this last one. I bought an LX570 in November 2021, payments are $850/mo. Interest rate is 1.78%. We have had it 14 months and we owe about $10,500 on it. I will have the title in my hand before December 31. Can I thump my chest about that?
You're just not going to make the Dave Ramsey types happy, that's fer sure.
[Full disclosure: I don't care, debt is a tool and a good deal of people are tools. I'm just stirring the pot here. All my new cars were bought on loans, no horse in this race.]
The unreal thing about these prices is that they've added all these fancy features to these trucks and upped the price tag, and they will still be rusty junk in 10 years (maybe 15 with luck and care). Not to mention all the added complexity and problems that trucks 15 years ago didn't have.
I just don't see how this model is sustainable.
I just don't see how this model is sustainable.
Northern Virginia has to be one of the most expensive real estate markets in the country.
A condo in Manassas is going for $250K.
Manassas. Condo.
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