Buying crap they don't need to impress people they don't like with money they don't have
12% are paying $1,000+ a month for car loans ...
- Thread starter odie
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Buying crap they don't need to impress people they don't like with money they don't have
Individually you're correct. It doesn't matter..... Up to a point. Until you get an entire nation of debtors. With the majority of people carrying more and more debt. Because, well, everyone's doing it. Much like the attitude we're seeing now.... "$1,150.00 car payment?... No big deal!".
That makes us less financially secure as a nation. If anyone needs a good example of this type of financial foolishness, you don't have to look any further than our own government.
Their current "print and spend" mentality, along with giving everyone handouts for everything from Covid to college debt, has driven this country into a financial hole, that even the current crop of millennials grandchildren are not going to be able to dig out of. Then what?
At some point, someone is going to have to pay the piper, or all hell will break loose. It's happened before. It can, and will happen again. History has a very ugly way of repeating itself.
When interest payments start consuming the bulk of your labor, you're no longer working to get ahead. You're working just to be able to keep what you have..... Because you don't own it. The bank does. And when you factor in that it's going for a depreciating asset, it gets even worse.
That weakens us as a country. And when you have the bulk of the citizenry doing much the same, it can become dangerous. Remember, it was the whole, "Everyone's doing it!", free spending lifestyle of the "Roaring 20's" that led to the Great Depression of the 30's. All credit and paper, and no actual wealth, is very dangerous ground to stand on.
And for anyone who thinks I'm exaggerating any of this, This should scare the hell out of you.
https://www.fool.com/the-ascent/per...really,unforeseen $500 expense without worry.
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The size of your payment does not neccessarily =bad.
It might also = short loan.
Which is good.
Also which inflation galloping as it is and car loans given well below the rate of true inflation rate of nearly 20%/yr financing makes more and more sense.
It might also = short loan.
Which is good.
Also which inflation galloping as it is and car loans given well below the rate of true inflation rate of nearly 20%/yr financing makes more and more sense.
This is currently a lie!
They're APPRECIATING assets for many of us in the last few years...with that take home income and a little bit of planning you wouldn't need car loans at all, unless they're 0%....
Even if I had the money, cars are stupid to spend money on. But we're the USA and you can't stop a bunch of entitled narcissists from making poor financial choices.
It won't matter, until it does matter. You can just feel the impending doom in the world. Just hanging over your head like clouds rolling in. And wondering if there will be a little thunder and rain or if it's a tornado.
If this war and geopolitical stuff get much worse, you'll see "free trade" and the supply chain get weirder than now. Especially in countries that import necessities, like food, it'll be super bad. In countries like the US there will be riots because Cindy can't get the cinnamon for her pumpkin spice latte and had to eat beef and bread, even though she's vegan, because the packaging for her soy meat was held up in a pirate attack when being shipped from somewhere in the world.
It won't matter, until it does matter. You can just feel the impending doom in the world. Just hanging over your head like clouds rolling in. And wondering if there will be a little thunder and rain or if it's a tornado.
If this war and geopolitical stuff get much worse, you'll see "free trade" and the supply chain get weirder than now. Especially in countries that import necessities, like food, it'll be super bad. In countries like the US there will be riots because Cindy can't get the cinnamon for her pumpkin spice latte and had to eat beef and bread, even though she's vegan, because the packaging for her soy meat was held up in a pirate attack when being shipped from somewhere in the world.
Yeah, I'm sure the list of millionaires is long and distinguished, of people who bought new cars, then sold them at huge profits 3 years later.This is currently a lie!
Well, I was up $500 on the Grand Marquis I bought in 2016, so there's that, LOLYeah, I'm sure the list of millionaires is long and distinguished, of people who bought new cars, then sold them at huge profits 3 years later.
My buddy has millions of dollars liquid, lives in a very modest house, and he gets very excited when he needs a new computer part or something and there's a $10 mail-in rebate on it. "Hey, guess what? My $10 rebate came today!"
One time he asked me what decent used car he should buy. But he tossed my advice to the side and wound up "splurging" on a brand-new, cheapest-model Nissan for about $12,000. (That model now sells new for 14 or 15.)
He bragged that he saved $250 on it by getting it with crank instead of power windows.
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And as can be seen in car magazines and youtube videos, car guys tend to love wagons, of all kinds. They just rarely actually buy them.
And rarity can come into play. I get more excited seeing something like a Saab 9-3 wagon on the street than a new Corvette. Though that's close, because new Vettes look great.
That tends to make house buying difficult.
A good car wash, interior cleaning, and car cologne (for that new car smell) can go a long way in keeping the "I want a new vehicle" urge at bay.
Gotta be true. They cant even correctly report a simple two car accident. Six versions at least. Seen it on the news .
None of this should be surprising unless you are Rip Van Winkle.
I just checked out bank rate.com. On a $45,000 vehicle which is what a lot of people pay these days, a four year loan with a good rate is already pushing close to $1000 a month.
Everything is going up. I saw a sign the other day for some new apartments they are building nearby. A two bedroom unit starts at $2200 a month. Need three bedrooms? Those start at $2800 a month.
I just checked out bank rate.com. On a $45,000 vehicle which is what a lot of people pay these days, a four year loan with a good rate is already pushing close to $1000 a month.
Everything is going up. I saw a sign the other day for some new apartments they are building nearby. A two bedroom unit starts at $2200 a month. Need three bedrooms? Those start at $2800 a month.
I’m 62 and never had one. Personally I don’t like debt of any kind, especially on a depreciating asset.
If you are borrowing for a $10k vacation or $20k wedding then it is a terrible idea .
I know plenty of people make way more money than I do, but when I consider I make an “average” income it still amazes me how so many people have $100k in vehicles in their driveway in my working class neighborhood. It’s not my business until it becomes my business (bailouts).
Something like 50% of adults get money from their parents. Some people inherit large sums of money or make windfalls on stocks. Some live up to their eyes in debt. In short, I don’t care but if you take on more debt and live irresponsible don’t make it my problem. Unfortunately more and more our society is making other people’s problems a problem for everyone.
Something like 50% of adults get money from their parents. Some people inherit large sums of money or make windfalls on stocks. Some live up to their eyes in debt. In short, I don’t care but if you take on more debt and live irresponsible don’t make it my problem. Unfortunately more and more our society is making other people’s problems a problem for everyone.
But they have to keep up appearances. What would friends and family think if we went to Dollywood for a week instead of Europe for two weeks, or if we got married at the courthouse instead of having a lavish wedding?
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I’m at ZERO for car payments, however I’m not exactly debt free. Currently holding a 30 year mortgage at 2.9% but at least it’s for an asset actually with something. Still I’d like to be debt free...came real close until I decided to upgrade to a much bigger house. Couldn’t buy that house right now...interest rates have gone up into the 5’s and the house appreciated $300,000 in two years.
But yeah, I have friends who have over $1,200 bucks a month in car payments, and they think nothing of it.
But yeah, I have friends who have over $1,200 bucks a month in car payments, and they think nothing of it.
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