Respectfully-it's STILL none of your business. You are going to get very tired "Bashing people over the head" if you thought it would do any good.....even if others cared what you thought about their buying decisions.
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The average car loan today is $48,000
- Thread starter odie
- Start date
I agree, ever since DPF and GDI I don't like the odds of buying used.
100% !!!!!
I'm sure many of us here have a hard time trusting previous owners. Of course a CarFax report that shows good maintenance goes a long way. I purchased my 2017 F-Type Jaguar used because it had a CarFax that showed almost excessive service, as the owner went by calendar instead of miles. It took me 3 years to find that car.
Every other used vehicle I've purchased was TERRIBLE. They were all traded in for valid reasons I was unaware of. From a chassis shake that could not be dialed out, to engine problems, transmission problems, differential problems and so on. Even the beautiful 28,000 mile Honda S2000 I purchased instantly lost a trans, diff, valve train and more.
The 'savings' has rarely been worth it. Especially when considering the time I spent repairing other people's problems.
Yes but you saved so much money! Certainly the "cost" of your time and aggravation, well that can't have a dollar price put onto it, therefore it doesn't matter.
Our time is free, right?
Really nice choices exist. And many new vehicles drive quite well. I agree CVT's are not for me. But that's not too hard to work around. Direct injection is pretty much a non issue and I truly love a quality turbocharged engine. Sure, there are some low end vehicles that have a bad name, but also some epic good ones.
I recently purchased a 2024 F150 with the 5.0 V8. It drives like every other F150 ever made, which is to say, pretty darn nice. Love the engine, the updated 10speed trans is also really fun.
My new car costs through the years (used prices not included):
1991 Ford Explorer Sport $15k
1997 Ford F150 XLT $26k
2002 Nissan Maxima SE $26k
2013 Mazda CX-5 GT $27k
2023 Nissan Frontier Pro-4x $45k
Reasonable car prices jumped the shark after 2020.
1991 Ford Explorer Sport $15k
1997 Ford F150 XLT $26k
2002 Nissan Maxima SE $26k
2013 Mazda CX-5 GT $27k
2023 Nissan Frontier Pro-4x $45k
Reasonable car prices jumped the shark after 2020.
Wrong.
Cars are one of the most efficient ways to dig a financial hole. Not much else in life is as expensive as a car while eventually depreciating to $0. Done incorrectly, they can be one of the biggest financial mistakes in life.
That said, in the end, the responsible always end up being the bag holders for the irresponsible's mistakes. The irresponsible F around, the responsible find out. Every single time.
That makes it at least a little bit everyone's business.
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I disagree. I have told my relatives that they’re spending too much on cars. They mostly ignore me by rationalizing away why they need a new car and big SUV for two kids. I tell them this because I want them to be better set up for future success, not because I want to win an argument. If I just go along with your line of reasoning, and say nothing, they might not have anyone helping them consider financial responsibility. If they don’t listen, I stop lecturing them, but I will say something if I see destructive financial habits.
If your relatives are making terrible financial decisions, you don’t say anything because it’s not your business? I see that as uncaring.
There is some truth to this. These sort of things are why democracies have some major cons.
If 51% of the population starts spending money recklessly, and then experience financial ruin, their voting power can cause terrible problems for the 49%. If the 51% vote for politicians that promise them free goodies, those “free” goodies have to come from somewhere, and usually it’s the 49%
That $15k 1991 Explorer was $35k in today’s dollars. The 1997 F150 was $51k. I’m sure their equivalent versions today are what, 25% more? but back in the day I would have called those expensive all the same. Maybe because I was a teen back then and everything was expensive.
So long as the federal reserve controlled FDIC banks can make car loans while being underwritten by the treasury, then he has the right to his opinion. IMHO. And I agree with it. We also bailed out GMAC three times in the GFC I believe? The gains are private but the losses are public.
If your using your own cash, or borrowing from private credit, then I do agree with you - buy whatever you like.
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The problem with living above one's means is that when the stuff hits the fan family and/or the greater society has to pick up the pieces.
Having said that, it's still better to be able to give a little than to need a little. Don't ask me how I know.
Having said that, it's still better to be able to give a little than to need a little. Don't ask me how I know.
Without legislative changes-which will never happen-the system is what it is-and goes real deep when it comes to access to borrowed money. I would tell one like you to voice it to your politicians-but you would be wasting your time.So long as the federal reserve controlled FDIC banks can make car loans while being underwritten by the treasury, then he has the right to his opinion. IMHO. And I agree with it. We also bailed out GMAC three times in the GFC I believe? The gains are private but the losses are public.
If your using your own cash, or borrowing from private credit, then I do agree with you - buy whatever you like.
I always borrow money for vehicles (credit union) even tho I could always pay cash. It's far easier to borrow money than to ever replace the lump sum a vehicle costs-at this stage in many of our lives.
No- I don't. And if I understand your post-your relatives mostly ignore you. I would personally anticipate the same results.
Completely dead on. Even the low miles used cars I bought had bad history that was hidden. My 2004 GTO purchased in 2005 had been wrecked, repaired, and not disclosed. It didn't come up on a CarFax. It showed up on the history at a GM dealer where it was fixed with 9 miles on the ODO according to GMVIS.
The GTI had a bunch of hacked up and redone wiring harnesses hiding deep in the engine bay that I didn't find until I was looking for the N82 coolant valve since I didn't have any heat the first winter I owned it. It was fixed under warranty though and was a heater core. The funny thing is this car was certified preowned and some wires were put together with butt connectors and some male to female connectors. I don't know what the repair was for or if the car had a JB4 tuner on it at some time, but I don't think a JB4 requires any wires to be cut.
From now on it's new so the only one to blame is the manufacturer. People do weird stuff.
I see your point, and basically agree.
But the corollary is, is you can't "comfortably" pay cash, can you really afford it? I say this because, if you want or need a new car (or whatever) start saving now; pay yourself the interest expense.
Fiscal discipline is hard. One thing I know is, if I get into trouble, I have exactly one person to blame and it sure ain't my friends, family or the government. Hard lessons should be the best.
Jeff,
I could pay cash no problem. But I have have a bigger problem giving a car dealer 60 large CASH than just borrowing the money. It's not a financial issue-but an emotional one.
It's like this-I never borrow money I REALLY NEED.
Hope this helps.
One method or another, it seems most here ARE fairly responsible, living within their means. I think these discussions are more about the broad population, which we don't necessarily represent. We all are disagreeing because we are all the exception and are somehow trying to relate the topic to ourselves. Round and round in circles we go.
I'm confused also. Borrowing vs. cash only made sense when very low interest car loans were available.
