I remember seeing "finance over 84 months!" at a Chrysler stealership.
No words...
10 yr Auto loans....yikes!
- Thread starter ZZman
- Start date
No words...
Broke all the rules with my wife’s Sienna. Purchased brand new, first model year on a redesign, took out loan even though we had the cash, and running 0W16. Forgive me, Bob, for I have sinned.I feel the same way, maybe when I get a little older I won't care. I want to break the car in, be the first person to detail it [I make sure the dealer knows that, and remind them before I take title to the vehicle]. I want to dump the FF early, change the transmission fluid early, along with the differentials and transfer case, etc. if equipped. All the things that drive some people here nuts.
If all those repos flooding the market can help bring used car prices back down to pre-Covid levels then bring them on!
Wouldn’t that be nice? I’ve been wanting another vehicle, but not pay the current going rate. Problem is, all the repo’s are of late model. Those drivers are going to be looking for whatever they can afford now, which means they probably will be hitting the BHPH lots, who in turn will be buying up the cheap crap that I’d be shopping and thus ensuring the lowest tier is still higher priced than I’m willing to pay. This only helps those who are shopping a few years old and are willing to save a few bucks compared to new, which isn’t me. Just my (unhappy) opinion.
This is a byproduct of being a payment plan society for the most part. People can't afford the shell out cash for cars, iPhone's, going out to eat and such if their car payment is $1,000+ per month. I call it the I want it now generation.
It sure feels nice to have no car payments. I'm trying to keep it that way.
Just my $0.02
It sure feels nice to have no car payments. I'm trying to keep it that way.
Just my $0.02
My dad always told me if someone would give you money on loan for free aka 0% take it. Doesn’t matter if you got billions in the bank free loaned money is always best
So always nice when places will offer same as cash deals or long term 0%
So always nice when places will offer same as cash deals or long term 0%
He's right. I financed a vehicle when they were offering 0%, 100% of the vehicle less a $500 deposit. I was able to easily make the payments and leave my money making money. I also financed below 1%, when 0% wasn't offered a few years later, same deal. Now I'm sitting put, until sanity in the new car industry is restored. I won't pay sticker, or over sticker. My bet is another rate hike or two will fix that and sanity will be restored, then maybe I'll look at another new vehicle.
Yeah, that’s probably the reality.
That has been the case since the industrial revolution. When were people shelling out cash for cars? Loans were present for the most part of the car's history.
It is just that the older generation thinks everything they do is right, and everything younger ones do is wrong.
There is a caveat; the current system is a product of older generations.
It is coming down big time. I made mistake being on the list for the new Sienna. Now, they are calling weekly to see if I am on the market.
It seems like we talk about this all the time on the site. When have car prices, or the prices of anything ever gone down? Car manufacturers are loving things just the way they are at the moment as well and I don't see that changing. 7yr loans have been the norm for some years now for many buyers. It was just a matter of time before they stretched beyond that.
please re-read my post. I did not call out any specific age group. There are I want it now people in all age categories. I understand that car loans have been around since almost the inception of the automobile. Until the last decade though there weren't loans for 6 to 10 years.
Personally, I subscribe to if I can't afford to pay cash then I don't buy it.
Just my $0.02
SammyChevelleTypeS3
$50 site donor 2023
Thats what I like. It feels good to go a few years in between with no car payments.
You are implying it is a generational thing.
No one is making people take 10yrs loans. No one is making people buy expensive cars or pay above MSRP etc. It is absolutely voluntary decision. As far as I am concerned, they could make loans going for 30yrs.
However, there are literally tens of thousands of studies that prove that changes like this, which do not have absolutely any impact on people, create discomfort among the certain population that did not used to changes or, more importantly, does not want change.
This whole thread is basically a confirmation of that. It really does not impact absolutely anyone, unless they want to be impacted.
Whether you buy it for cash or not, I care as much as about last year April's snow. The same goes for people buying vehicles on 10yrs loans.
You're absolutely right...
It's a generational pride thing. Why be "installment-loan-Charlie" if you can just pay for it?
I think it's an inherent human trait to not want to owe...
I wonder if the lender requires extended warranty or other insurance to keep a vehicle "worthwhile" for that long? I see cars in my shop 3-4 yrs old that look awful and people don't care - most of those types of people would never be able to keep the vehicle in good running order for 10yrs. I guess it helps to get people in cars and they get another car a few yrs later and still have no equity.
That's what I'm hearing from friends in the business and they expect it to drop more. Sit tight!!
