The average car loan today is $48,000

odie said:
During 35+ years of buying new cars have purchased the base model 95% of the time , even if it means no A.C. or cruise control . Don't use A.C. or cruise control that much . As for cosmetics , can go without alloys . The less đź’˛the better . Try to get payment under $300 and a low rate ( <1% through auto company ) for 3 > 4 years and pay more towards the principal to get loan paid off around 2 years earlier .
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There's a better way. Save up the money by making those payments to yourself and go in with cash. Then you can get a better car for the same price. Double win cuz you don't pay interest, you earn it.
 
IndyIan said:
For lots of people, the crown vic is the smart play financially. Or its some cheap entertainment that saves them money too?
I don't know why rich guys like to come on the net and khrap on people? I guess its makes them feel better about themselves?
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Well...it works both ways. Guys who buy beaters who tell new car buyers what a bad financial decision it is-
You know one of the unofficial mottos of this forum?

BITOG-where financial decisions of others are none of your business until you disagree with them......
 
ecotourist said:
My wife and I were both raised in houses that were probably 800 - 900 sq ft. Both were made from 2 shacks pulled together and fixed up to be pretty nice (if small) houses. No-one else's house was any nicer.

When we built our first house, I was the general contractor. That house was 1150 sq ft and quite well appointed (very high quality carpet, oak cabinets, tiled entry, etc). One of my family's friends from my home town came to visit us and said, "This is your house." It was probably the nicest house she had ever seen. The mortgage rate was around 11%. We paid off the mortgage in 5 years.

Today's ideas of what a house needs are totally out of touch with what is actually necessary. If you can afford a large, luxurious house, that's fine. But then don't complain about your monthly payments.
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The problem here in the US is that builders mostly build large homes...more than people really need because it is more profitable. The only smaller homes being built are in retirement communities where they are very close to each other.
 
Many in my area look at a car as a status symbol. A car Is a tool to me. Why buy snap on when harbor freight works fine?

Now my dream car I will never see a 68 Chevelle would be more of a status thing and I get the reason for that .

But the people that buy a MB or BMW to commute to their $18/hr Amazon job are silly.
 
The entire auto industry is based on selling people things they can't afford. And the leisure and entertainment industry. And the housing industry. And the banking industry to finance it.

Globally. Thats how we got 350% of global GDP in debt.

When all these people are finally forced to live within there means it will suck for the rest of us also. We may no longer be employed.
 
I don't think I'll ever buy another new vehicle. Maybe I'm getting old but I just can't see it. I don't really like the new cars coming out these days. Don't like the gadgets they have, the CVT transmissions, small turbo GDI engines, styling ... Don't even get me started on electric cars.
 
odie said:
During 35+ years of buying new cars have purchased the base model 95% of the time , even if it meant no A.C. or cruise control . Don't use A.C. or cruise control that much . As for cosmetics , can go without alloys . The less đź’˛the better . Try to get payment under $300 and a low rate ( <1% through auto company ) for 3 > 4 years and pay more towards the principal to get loan paid off around 2 years earlier .
.
Click to expand...

The more basic the model the better.
 
loneryder said:
The problem here in the US is that builders mostly build large homes...more than people really need because it is more profitable. The only smaller homes being built are in retirement communities where they are very close to each other.
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Blame it on John Jureit who invented the infamous grip plate which allowed for the development of the attic truss. The attic truss enables the exterior walls to carry the roof load as well as easy to build roofs. It also reduces the amount of lumber needed to build roofs of large homes.
 
BMWTurboDzl said:
Blame it on John Jureit who invented the infamous grip plate which allowed for the development of the attic truss. The attic truss enables the exterior walls to carry the roof load as well as easy to build roofs. It also reduces the amount of lumber needed to build roofs of large homes.
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Plain old plywood gussets were allowing the use of trusses before this connector existed.

The connector did not cause the demand for larger houses.
 
loneryder said:
The problem here in the US is that builders mostly build large homes...more than people really need because it is more profitable. The only smaller homes being built are in retirement communities where they are very close to each other.
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The vast majority of retired people DO NOT WANT TO DEAL WITH YARD WORK. Hence-the small yards/lots.
 
emmett442 said:
Plain old plywood gussets were allowing the use of trusses before this connector existed.

The connector did not cause the demand for larger houses.
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Sure but they were site built correct? This connector allowed for factory built trusses. Which is cheaper, faster, safer, and consistent. I'm kinda joking with regards to the impact to the size of houses but if you look at homes built before and after widespread adoption of attic trusses you'll see truss built homes are larger in size.
 
IndyIan said:
Perfect! I need more people like that to increase supply in the used market.

So $58k, and the 1.9% interest rate is nice.
I guess it depends on your lifestyle, age, other financial commitments, but spending more than 20% of our gross yearly pay on a vehicle seems crazy, given we have two kids doing some sports and plan to go to post secondary school, and we want to retire early.

Pre- covid inflation we were looking pretty good, new decent cars were cheap enough, and used cars were a great buy, sports were cheap, travel, food, was all pretty good. Now its a bit tighter and the kids are getting nearer to university!
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Only about 10-11% a year on a truck payment
 
CKN said:
Well...it works both ways. Guys who buy beaters who tell new car buyers what a bad financial decision it is-
You know one of the unofficial mottos of this forum?

BITOG-where financial decisions of others are none of your business until you disagree with them......
Click to expand...
I personally would be ecstatic if the US had too many people buying cheap crown Vic’s rather than too many people buying $48k cars. Come on now, are you going to tell us that people aren’t spending enough money on cars? Yes, it’s not someone’s business what others do with their money, but to ignore the overwhelming evidence that people are spending too much money on cars is downright unhelpful. I think people need others to bash them upside the head. I’m not saying you personally, but many many people do need some tough love.
 
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