32% of used car trade ins are underwater

[Mr Nice]

Originally Posted By: Wolf359
Originally Posted By: Silk
Originally Posted By: Wolf359
Aren't you down under? Maybe you're the one living under a rock. Notice how many cars from the 30's aren't around anymore? I don't think you made your point.


Nah, sorry, but cars are made as cheap as possible these days, and if they have made any improvements since the '30's then I'd be out of a job. They are just as unreliable as they ever were, and plastics are a big part of that.


They did make improvements. You just don't realize it because all you do is fix cars, but you don't notice the ones that don't show up at your shop. Ever notice how all the muffler shops are now gone and the rust proofing is also gone? Cars still need basic maintenance though.


The muffler shops still around do:
brakes, A/C repair, shocks and struts, tune ups, oil changes, etc..... to stay in business.

 

[JohnnyJohnson]

Its the American way you have to have that ego dream even if it puts the rest of your life under water. To many people think there life isn't real its free.

 

[morepwr]

I cringe when I hear the car ad for a dealer with the "we will pay off you trade in no matter what you owe" line. It isn't as sexy to say we will ad what you owe to the new car!

 

[Mr Nice]

Originally Posted By: morepwr
I cringe when I hear the car ad for a dealer with the "we will pay off you trade in no matter what you owe" line. It isn't as sexy to say we will ad what you owe to the new car!


There was a BITOG member a few years ago that got into this situation of buying a new vehicle every 2 years and getting himself deeper and deeper in debt.

I forget his name.... but lots of people here on BITOG scolded him for having the new car itch and not having self control.

His monthly payments + insurance were almost $1000

Anyone remember this guy ?

 

[dishdude]

Originally Posted By: Mr Nice
Originally Posted By: morepwr
I cringe when I hear the car ad for a dealer with the "we will pay off you trade in no matter what you owe" line. It isn't as sexy to say we will ad what you owe to the new car!


There was a BITOG member a few years ago that got into this situation of buying a new vehicle every 2 years and getting himself deeper and deeper in debt.

I forget his name.... but lots of people here on BITOG scolded him for having the new car itch and not having self control.

His monthly payments + insurance were almost $1000

Anyone remember this guy ?



NickR, I don't think his payments were anywhere near that and the mighty know it all crowd ran him off.

 

[02SE]

Originally Posted By: dishdude
Originally Posted By: Mr Nice
Originally Posted By: morepwr
I cringe when I hear the car ad for a dealer with the "we will pay off you trade in no matter what you owe" line. It isn't as sexy to say we will ad what you owe to the new car!


There was a BITOG member a few years ago that got into this situation of buying a new vehicle every 2 years and getting himself deeper and deeper in debt.

I forget his name.... but lots of people here on BITOG scolded him for having the new car itch and not having self control.

His monthly payments + insurance were almost $1000

Anyone remember this guy ?



NickR, I don't think his payments were anywhere near that and the mighty know it all crowd ran him off.


Someone ran him off since he was last here four days ago?

 

[dishdude]

Originally Posted By: 02SE
Originally Posted By: dishdude
Originally Posted By: Mr Nice
Originally Posted By: morepwr
I cringe when I hear the car ad for a dealer with the "we will pay off you trade in no matter what you owe" line. It isn't as sexy to say we will ad what you owe to the new car!


There was a BITOG member a few years ago that got into this situation of buying a new vehicle every 2 years and getting himself deeper and deeper in debt.

I forget his name.... but lots of people here on BITOG scolded him for having the new car itch and not having self control.

His monthly payments + insurance were almost $1000

Anyone remember this guy ?



NickR, I don't think his payments were anywhere near that and the mighty know it all crowd ran him off.


Someone ran him off since he was last here four days ago?


He used to post a lot daily until that incident.

 

[Wolf359]

Originally Posted By: Mr Nice
Originally Posted By: Wolf359
Originally Posted By: Silk
Originally Posted By: Wolf359
Aren't you down under? Maybe you're the one living under a rock. Notice how many cars from the 30's aren't around anymore? I don't think you made your point.


Nah, sorry, but cars are made as cheap as possible these days, and if they have made any improvements since the '30's then I'd be out of a job. They are just as unreliable as they ever were, and plastics are a big part of that.


They did make improvements. You just don't realize it because all you do is fix cars, but you don't notice the ones that don't show up at your shop. Ever notice how all the muffler shops are now gone and the rust proofing is also gone? Cars still need basic maintenance though.


The muffler shops still around do:
brakes, A/C repair, shocks and struts, tune ups, oil changes, etc..... to stay in business.



Yeah, that's basically Midas, used to be Midas Muffler, now they're just general auto repair. Just not a lot of muffler work these days. I remember the exhaust used to rust out after 2-3 years so you'd need to get it replaced, but with stainless steel, they pretty much last the life of the car.

 

[fdcg27]

Originally Posted By: Silk
Originally Posted By: fdcg27

Plastic parts, just like everything else you own?
Meanwhile, todays cars last longer without major repairs through their working lives than have any that preceded them.


What rock do you live under ? The life of the modern vehicle is defined by the plastic they are made of - plastic is the cause of 50% of the problems I see in the trade. No way is some modern car going to last as long as a car build in the 1930's, they are rubbish.


My first thought on reading your post was that you know nothing of cars of the 1930s. My next thought was that we were really thinking of different things.
Any cheap car these days can be expected to do 200K without any major repairs. No car of the 1930s could do that.
OTOH, cars of that era were endlessly rebuildable and the service documentation of the time would tell you exactly how to take every component part to bits and repair it, rather than merely to test it and then replace it if it failed the test. This was true of most cars through the 1960s. They were intended to be repairable at the component and assembly level. Skilled journeyman labor was also quite cheap in this era.
This is not true today. Parts probably cost less in real terms than was the case nearly ninety years ago, but skilled labor has become far more dear.
Nothing wrong with plastics. They are a material that in many applications performs in a manner superior to metal and they aren't subject to the corrosion that plagues all metals. Nothing wrong with circuit boards and logic chips. They're old tech now and what it takes to build reliable electronics is by now well known and universal practice.
I'll take a modern 200K runner over an ancient design constant repair rebuilder any day of the week.

 

[MaximaGuy]

Originally Posted By: AZjeff
Originally Posted By: NibbanaBanana
It's insanity. There's perfectly good new cars available for less than $15K. An excellent job of marketing by auto manufacturers.


These are good cars?

10 Best New Cars Under $15,000
2016 Hyundai Accent - MSRP $14,745.
2016 Nissan Versa Note - $14,230.
2016 Chevrolet Spark - MSRP $12,660.
2015 Mitsubishi Mirage - MSRP $12,995.
2016 Toyota Yaris - MSRP $14,895.
2016 Chevrolet Sonic - MSRP $14,345.
2016 Ford Fiesta - MSRP $14,580.
2016 Kia Rio - MSRP $14,165.


I wouldn't call anyone of these a safe ride other than the Accent.
One will get crushed if these were hit on the TX roads by the truck community here.
The Yaris, Spark, Sonic, Fiesta and other baby cars are worth nothing, wonder how anyone would buy and ride them

Put in another 4-5K and get a decent Civic, Corolla or a Cruz

 

[eyeofthetiger]

Originally Posted By: MaximaGuy
Originally Posted By: AZjeff
Originally Posted By: NibbanaBanana
It's insanity. There's perfectly good new cars available for less than $15K. An excellent job of marketing by auto manufacturers.


These are good cars?

10 Best New Cars Under $15,000
2016 Hyundai Accent - MSRP $14,745.
2016 Nissan Versa Note - $14,230.
2016 Chevrolet Spark - MSRP $12,660.
2015 Mitsubishi Mirage - MSRP $12,995.
2016 Toyota Yaris - MSRP $14,895.
2016 Chevrolet Sonic - MSRP $14,345.
2016 Ford Fiesta - MSRP $14,580.
2016 Kia Rio - MSRP $14,165.


I wouldn't call anyone of these a safe ride other than the Accent.
One will get crushed if these were hit on the TX roads by the truck community here.
The Yaris, Spark, Sonic, Fiesta and other baby cars are worth nothing, wonder how anyone would buy and ride them

Put in another 4-5K and get a decent Civic, Corolla or a Cruz


LOL

 

[miden851]

majority of the people have no clue that they don't know; they know the numbers but do not know the value of the tangible assets around them

 

[WyrTwister]

When buying a car , the most important thing , dollar wise , is to not pay too much for it .

For used cars , check nada.com & kbb.com .

For new cars , do internet searches .

Also , if financing the car , pay as much down as you possably can .

 

[ls1mike]

Originally Posted By: AZjeff
Originally Posted By: NibbanaBanana
It's insanity. There's perfectly good new cars available for less than $15K. An excellent job of marketing by auto manufacturers.


These are good cars?

10 Best New Cars Under $15,000
2016 Hyundai Accent - MSRP $14,745.
2016 Nissan Versa Note - $14,230.
2016 Chevrolet Spark - MSRP $12,660.
2015 Mitsubishi Mirage - MSRP $12,995.
2016 Toyota Yaris - MSRP $14,895.
2016 Chevrolet Sonic - MSRP $14,345.
2016 Ford Fiesta - MSRP $14,580.
2016 Kia Rio - MSRP $14,165.


But I don't want any of those. Nothing wrong with them I am sure they are fine just not my thing.

 

[ls1mike]

The most I have ever paid for anything was the 02 Jetta TDI. Well I actually married into it.

The second was the Malibu titled new with 5000 miles on it for 24,900 out the door.

People are always going to buy what they want. It is nice have everything but the Malibu paid for.

I will admit I don't mind having one car payment.

 

[SevenBizzos]

With eight year loans and people's fear of maintenance, 32% seems low.

 

[Anduril]

Good thing the only car I want would be, at a minimum. 16 years old.

 

[DweezilAZ]

Dropped out of the entire finance/debt loop once I paid off my second financed car. Still looks new, seats have been covered since the 2nd year, preemptive maintenance at the 10 year mark [all hoses, belts,plugs, boots etc], serviced with a severe duty schedule and Mobil 1.

2005 ION with less than 70,000 miles.

Had it on a trip from Tucson to Salt Lake and back in Oct and logged 35-39 mpg.It performed beautifully.

It's needed very little beside strut bushings, a battery after nearly 9 years, tires and oil, filters and gas.

And the plastic body panels make it's bizarro styling look like a late model, still. Sort of like driving a 57 Nash or 58 Studebaker Lark into the 1970s.

I'd like something smaller, but this one does 90% of what a new car does and having no debt [credit card, mortgage, car] is freedom for me. More money to lavish on my 63 Valiant Signet which I have owned for 38 years.

Rolling over unpaid debt into a new car is willingly signing up for one's own financial disaster. I don't get it and never have.

 

[Jarlaxle]

Originally Posted By: MaximaGuy
Originally Posted By: AZjeff
Originally Posted By: NibbanaBanana
It's insanity. There's perfectly good new cars available for less than $15K. An excellent job of marketing by auto manufacturers.


These are good cars?

10 Best New Cars Under $15,000
2016 Hyundai Accent - MSRP $14,745.
2016 Nissan Versa Note - $14,230.
2016 Chevrolet Spark - MSRP $12,660.
2015 Mitsubishi Mirage - MSRP $12,995.
2016 Toyota Yaris - MSRP $14,895.
2016 Chevrolet Sonic - MSRP $14,345.
2016 Ford Fiesta - MSRP $14,580.
2016 Kia Rio - MSRP $14,165.


I wouldn't call anyone of these a safe ride other than the Accent.
One will get crushed if these were hit on the TX roads by the truck community here.
The Yaris, Spark, Sonic, Fiesta and other baby cars are worth nothing, wonder how anyone would buy and ride them

Put in another 4-5K and get a decent Civic, Corolla or a Cruz


Having driven both, I would take a Mirage over a Corolla every time.

 

[Corollaman]

Originally Posted By: Jarlaxle
Originally Posted By: MaximaGuy
Originally Posted By: AZjeff
Originally Posted By: NibbanaBanana
It's insanity. There's perfectly good new cars available for less than $15K. An excellent job of marketing by auto manufacturers.


These are good cars?

10 Best New Cars Under $15,000
2016 Hyundai Accent - MSRP $14,745.
2016 Nissan Versa Note - $14,230.
2016 Chevrolet Spark - MSRP $12,660.
2015 Mitsubishi Mirage - MSRP $12,995.
2016 Toyota Yaris - MSRP $14,895.
2016 Chevrolet Sonic - MSRP $14,345.
2016 Ford Fiesta - MSRP $14,580.
2016 Kia Rio - MSRP $14,165.


I wouldn't call anyone of these a safe ride other than the Accent.
One will get crushed if these were hit on the TX roads by the truck community here.
The Yaris, Spark, Sonic, Fiesta and other baby cars are worth nothing, wonder how anyone would buy and ride them

Put in another 4-5K and get a decent Civic, Corolla or a Cruz


Having driven both, I would take a Mirage over a Corolla every time.


Having had the "pleasure" of owning both a mirage and a corolla I'd take the corolla along with 99.9% of the other people in the world.