I already got Atlas. Lowered from $46 to $40,773 + 120k, 10yr warranty on slightly used (2021, 15,000 miles).That's what I'm hearing from friends in the business and they expect it to drop more. Sit tight!!
I already got Atlas. Lowered from $46 to $40,773 + 120k, 10yr warranty on slightly used (2021, 15,000 miles).That's what I'm hearing from friends in the business and they expect it to drop more. Sit tight!!
What will happen is the 10 year loan customers will beat these vehicles up & trade them in/roll over the loan into ANOTHER new car loan… And we wonder why people never get out of debt…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.
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.
The student loans are MUCH more complicated than car loans. It is far from being similar.You’re right no one is forcing folks to take 10 year loans. No one forced folks to get excessive amounts of student loans either. If we don’t change our way of thinking there will be calls to forgive my car loan as well. I’m genuinely concerned about our societies financial acumen. At some point we the tax payers will feel the burden. That’s all I’m saying.
Just my $0.02
I did 60 at 0% about 4.5 years ago. Right now I look like a genius. But yeah, if you can be preemptive and pay your savings account $500/mth instead of your car loan/bank, then just pay cash. Especially at the current interest rates, which are still historically "low".Even 60 months is too long in many cases. My goal is 36, 48 at most and if I can’t afford that I’m looking at the wrong car or need to wait.
I commonly hear of 72s and even 84s which makes me cringe, I can’t even imagine 120.
Or they'll run them for as long as possible because the avg age of an car on the road keeps increasing.What will happen is the 10 year loan customers will beat these vehicles up & trade them in/roll over the loan into ANOTHER new car loan… And we wonder why people never get out of debt…
Here is an idea, quit reading them and scroll on by.You are right------they are. We have one or two of the following on a regular basis-
A debt thread
An anti-new car thread.
They are both boring and predictable. I wish beaters were cheap again-I'm almost missing the "I picked up this Crown Vic for $2,500.00" threads.
No need for that - BHPH lots as well as subprime lenders require a GPS AVL/interlock device in states that allow them to track their assets.Biggest problem he's having is getting reliable employees to drive the camera cars around to look for vehicles up for repo.
I think that attitude will drastically be changed for most vehicle owners over the next few years.... From becoming, "bored with it", to feeling lucky to have it.A local dealer is now advertising 10 yr loans. I can't even imagine that. I often get bored of a vehicle in 3-5 years.........
That is already happening. There are currently more underwater auto loans on vehicles, than ever before. As loan length lengthens to stretch out, and accommodate much higher new car prices, into manageable monthly payments.Wait for all the ones who take out a ten year loan then after five or six years decide to trade in that vehicle on another new one and find out they still owe a fair amount of money that will get rolled into the next loan.
The whole thing is a recipe for failure.
You don't have to look far to see how this will be another disaster in the making. Just look at the current mess some of the banks are in now. History repeats itself, time and time again. Imagine popping a 7 year old car with a 10 year note and then auctioning it off to recoup losses. LOL good luck with that.That is already happening. There are currently more underwater auto loans on vehicles, than ever before. As loan length lengthens to stretch out, and accommodate much higher new car prices, into manageable monthly payments.
While at the same time down payments are shrinking in amount as people lack the ability to save. All while initial 3 year depreciation is increasing on several models. But you are correct in your analysis.
The whole thing is quickly becoming a financial house of cards that will come crashing down. It's a matter of when, not if. Much like the housing market in 2008.... All paper and no money, with limited thought as to actual value.
Americans Are Severely Underwater on Their Car Loans
On average, today's car customer owes $5,500 on their trade-in, a number that hasn't been seen since before the pandemic.jalopnik.com
With a nearly paid-off Tundra and RX 350 and the new model price of both being significantly higher with significantly higher interest rates, yes, I feel lucky that both only have about 40K miles on them and I can keep them for years/decades.I think that attitude will drastically be changed for most vehicle owners over the next few years.... From becoming, "bored with it", to feeling lucky to have it.
No need for that - BHPH lots as well as subprime lenders require a GPS AVL/interlock device in states that allow them to track their assets.
Student loan "forgiveness" has been brought on by schools teaching a sense of entitlement, at a level that borders on insanity. Not on how the loans themselves are structured.You’re right no one is forcing folks to take 10 year loans. No one forced folks to get excessive amounts of student loans either. If we don’t change our way of thinking there will be calls to forgive my car loan as well. I’m genuinely concerned about our societies financial acumen. At some point we the tax payers will feel the burden. That’s all I’m saying.
Just my $0.02
Or they were fed a bunch of lies with regards to the value of their chosen degree, the universities who fed off them and lenders who were more than willing to approve these loans which cannot* be discharged in a bankruptcyStudent loan "forgiveness" has been brought on by schools teaching a sense of entitlement, at a level that borders on insanity. Not on how the loans themselves are structured.
There are people today that have been taught they "deserve" everything. A house, a job, a car, "reparations", even a certain level of income. If you can name it, they've been taught to feel entitled to have it.
Student loan "forgiveness" has been brought on by schools teaching a sense of entitlement, at a level that borders on insanity. Not on how the loans themselves are structured.
There are people today that have been taught they "deserve" everything. A house, a job, a car, "reparations", even a certain level of income. If you can name it, they've been taught to feel entitled to have it.