The average car loan today is $48,000
- Thread starter odie
- Start date
Nothing like that 28.99% loan on a Sentra.
Not exactly shocking, not since the average price of a car is now in that area.
TBH, a decade or so ago, when things cost half as much, I wonder how many of us here decried cars that cost more than $20k, and demanded that sub $10k vehicles come back. Yet we know inflation is a real thing.
Now if you want to compare median car price to median household income, and show that the ratio has been changing over the decades, now that would be an interesting statistic.
TBH, a decade or so ago, when things cost half as much, I wonder how many of us here decried cars that cost more than $20k, and demanded that sub $10k vehicles come back. Yet we know inflation is a real thing.
Now if you want to compare median car price to median household income, and show that the ratio has been changing over the decades, now that would be an interesting statistic.
It is truly amazing how quickly my money disappears. The replacement F150 was $66K out the door which is double the OTD cost of my old 2009 F150 Lariat. And they want $450 per year for hands free highway driving "blue cruise". I'm sorry but a subscription to use the equipment I've already purchased is nonsense. Not going to do that.
And of course, my insurance is now $8K per year.
And of course, my insurance is now $8K per year.
which is why the US is selling less new vehicles than pre-Covid, and at the same number as the mid-80's----even though we probably have 100 million more people living in the country.
The bizarro-world used car market and Toyota used car tax will not go away anytime soon.
https://fred.stlouisfed.org/series/ALTSALES
The bizarro-world used car market and Toyota used car tax will not go away anytime soon.
https://fred.stlouisfed.org/series/ALTSALES
Debtors prison for a car. Hard pass.
You are correct....but the problem is that in "the good ol' days" the 1st owners of cars could be lazy with their maintenance and the 2nd, 3rd owner might not even notice.
Will a 2022-era GDI turbo CVT getting a 10k OCI during its lease, then neglected during the ownership by the 2nd owner still hold up for its 3rd owner?
The buyers who are the 3rd, 4th owners of cars are going to get hammered by repair costs versus the same used car buyers from 15, 20 years ago.
Buy a new car then driving it for >10 years is the winning move. by far. in my opinion.
During the jurassic period, when I was in HS, kids who's parents couldn't afford to buy them the latest fashion clothes adopted the slogan, WWYG. 'Wear what you got' to combat their shame. Today the meme is DWYG. 'Drive what you got.'
It helps.
It helps.
That’s an insane rate! But what was the payment? And how did that payment compare to your income?
In the late 70's I had a job and zero credit history. I was 20 years old. I bought a new Datsun 210 sedan at an 18% interest rate. No cosigner, nothing. The rate was high but it established my credit history. I was then able to get (at the time) gas credit cards, then bank cards, etc.
Sometimes a less than idea car loan can make sense.
Sometimes a less than idea car loan can make sense.
It was $7,000 or less . Federal minimum wage was $3.80 at that time . Sold it not long after buying it . Was fairly young and learned a lesson .
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It was just 5 years ago at the end of 2019 right before the pandemic was getting underway. One of those GM end of year events where "everybody gets employee pricing" blah blah. I had my eye on a brand new 2020 Silverado 1500, Extended Cab Trailboss....$34k including tax!
Now its easily $20k more than that!
Now its easily $20k more than that!
As long as people are willing to finance that amount on a vehicle prices will remain high.
If the market as a whole just stayed away then average retail pricing would decline.
I mean, it's transportation, not a lifestyle nor a statement of anything more than gullibility.
If the market as a whole just stayed away then average retail pricing would decline.
I mean, it's transportation, not a lifestyle nor a statement of anything more than gullibility.
This should be mandatory . Wish I had this when in Jr.+Sr. high school . Could've saved $ and peace of mind . Might have more hair as well . 
https://www.empower.com/the-currency/money/high-school-finance-news
https://www.empower.com/the-currency/money/high-school-finance-news
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Too many people buy more vehicle than they need. We should be able to buy what we want. I've lived on acreage since 2017 and have made due with 4 door cars and renting a truck from the Home Depot and U-Haul when needed.
That blue cruise is a constant thing I see on ROs wanting a diagnosis for it not working.
Listen. I have sat in a dealership for a few minutes. You can blame the market or the economy or the financier.
I personally choose to blame the buyer.
I personally choose to blame the buyer.
And it's none of our business what others buy. And yes.
