More than 80% of Amercans can't afford a new car
- Thread starter Shel_B
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i bought new wranglers in 2012 and 2013 ... traded them both in after relatively short periods of ownership. But the resale was so insane it didnt hurt much, got 30k trade in for the 2013 with almost 50k miles, a dented front bumper, and stinky wet carpet after paying 35k new.
It all depends really. Could have easily gotten a used car instead and had a repair bill that made the new Jeeps look like bargains.
It all depends really. Could have easily gotten a used car instead and had a repair bill that made the new Jeeps look like bargains.
A prudent person would not be stretching car loans out to 7 and 8 years which is becoming common nowadays. Reality is a tough pill to swallow.
Let's just save all theses "new cars are expensive-people are stupid for buying them threads" and just copy and paste the replies. It would save a lot of time.......
These threads are the new "Thick vs. Thin" threads that have thankfully pretty much gone away.
These threads are the new "Thick vs. Thin" threads that have thankfully pretty much gone away.
I've had good luck buying 5yr old/~60k mi cars for $10k...granted that was before all this... bought my 2013 in 2018, 64k mi, $10k, w/ $2k down, payments of $175/mo... paid it off almost a year early... pretty sure I'm gonna need to up my budget to $15k next time around...
meanwhile my boss is one of those who is in a continuous Lease arrangement... that way she "never has to worry about maintenance costs", and gets a new car every 2-3 yrs...but she always has a payment...
meanwhile my boss is one of those who is in a continuous Lease arrangement... that way she "never has to worry about maintenance costs", and gets a new car every 2-3 yrs...but she always has a payment...
For some a lease/finance payment is no different than an electric bill.
Guys were selling JL's to Carvana for more than they paid new. Right in the first couple months of 2020, and perhaps still.
You could buy a JL, put 30 or 40k on it, and sell for a profit. I never understood it, and it was too soon to be 100% panicdemic related.
Insurance is ridiculous now. And the "$0 down" is the problem. It would be a travesty if, as a country, we spent money we had instead of taking on debt for everything...
This all goes back to education. Knowledge of personal finance is a critical skill.
I retired at 55 years of age because I didn't follow his advice.....thankfully.
I dislike Dave but, if you make the money and can afford to treat yourself to a new Raptor, who cares?
Would like to know the breakdown between those buying and those leasing.
There are plenty of affordable new cars out there if people are just honest with themselves about their actual needs. Most everyone that I know has way too much income wrapped up in car payments.
That is what is keeping the repo man in business.
Very few buy $20k cars new and just as few spend $100k so not great examples.
The median is around $42k. For someone making under $100k a terrible place to tie up their earnings in a depreciating asset especially the steep initial part new vs the $20-$25k used equivalent with slower depreciation curve.
Have you looked at least payments lately?NOT CHEAP!
Being an economy sedan owner, I have trouble wrapping my head around the average price of $40K-$50K for a new car.
At the same time, I have been casually considering a new car and looked around a bit for a base versa or impreza which, although not impossible are not easy to find and would definitely require a trip for me to purchase - harder and harder to find that cheap base model, at least around here.
At the same time, I have been casually considering a new car and looked around a bit for a base versa or impreza which, although not impossible are not easy to find and would definitely require a trip for me to purchase - harder and harder to find that cheap base model, at least around here.
10% of 100k is $10,000 x 6 years = $60,000. There's lots of new cars under that. Shorten that to 3/4/5 years and still lots of new cars fill that bill.
I mean I was told to never buy a car more expensive than my yearly salary and so far that's working out but what the article points out is still good advice imo.
I mean I was told to never buy a car more expensive than my yearly salary and so far that's working out but what the article points out is still good advice imo.
