Has nothing to do with the cost of a Corolla. Your dollar is worth 22% less. That’s what happens when you print too many.
The average car loan today is $48,000
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That’s a different topic. “Should be cheaper” maybe - but there also mandated to include a lot more stuff than they were in 1980. The car will last longer also, in 1980 they weren’t even using treated steel.
Relative to average incomes economy cars seem to be one of the few things that have held steady.
supply and demand, there are crazy incentives because they haven't been selling....yes, as the video stated, EV ownership to save us all!
Maybe for a Corolla, that doesn't look too far off of inflation. But if you look at something like a base mode full size pickup, the increases are way beyond inflation. I bought a Titan XE (base) crew cab in 2004 for under $23K, with a $27K sticker. I could have gotten an F150 XLT with the 5.4 for about the same price, but I liked the Titan better. Knowing what I know today about reliability and longevity, a Chevrolet would have been a better option in 04 with a non-AFM 5.3, but that's neither here nor there.
What the the local dealers are offering now, is nowhere near an inflation adjusted $23K in value for something equivalent. It will have a lot more tech, but, said tech is a lot cheaper to implement now than it was in 2004. I mean a bluetooth chip probably costs the manufacturers less than $5.
But anyway.
Watched this earlier . $900+ a month and many defaulting. Starts @ 2:27 in video .
Sometimes people need to learn the hard way.
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Watched this earlier . $900+ a month and many defaulting
This is a double edged sword they had the money credit and resources going into the auto loan so where did it go wrong job loss they just don’t want to make the payment any more? Or are the banks at fault people can lie on the credit app if they have the credit but not the income. Maybe the banks need to do a better job looking into these things
People are the ones that sign on the line and agree to the terms. My inability to pay according to the terms that I agreed to is not the bank's fault.
It's a contract with risk/rewards, so the bank takes its chances if it doesn't check out the borrower well enough. Looking from an objective as I can viewpoint.
I ask that question of numerous people often. My coworker is quite transparent about his finances. He’s got a 2018 and 2019 SUV and compact car. His wife doesn’t work, and he’s got a big 2800 sq ft home. He makes about the same I do. He has barely any savings at all, yet he’s in his 40s.
The funny thing is, his wife pressures him to buy way more than he wants. She wants the safer, big SUV. She wants the new home to avoid home repair problems. He says he wants peace in the home, so he just does what she wants.
It’s kinda hilarious to me. My wife is much more respectful of my decisions to buy older vehicles and cheaper housing. My coworker’s family dynamic just makes me
It takes a LONG time before repairs cost more than a monthly payment these days. I suppose that is for us on this forum, and your everyday person who takes their car to a shop may argue it costs more for them.I ask that question of numerous people often. My coworker is quite transparent about his finances. He’s got a 2018 and 2019 SUV and compact car. His wife doesn’t work, and he’s got a big 2800 sq ft home. He makes about the same I do. He has barely any savings at all, yet he’s in his 40s.
The funny thing is, his wife pressures him to buy way more than he wants. She wants the safer, big SUV. She wants the new home to avoid home repair problems. He says he wants peace in the home, so he just does what she wants.
It’s kinda hilarious to me. My wife is much more respectful of my decisions to buy older vehicles and cheaper housing. My coworker’s family dynamic just makes me
I do know of someone who trades cars every other year and gets a new house every 5 years, but he has the money to do it. He makes the exact same argument as your coworkers wife.
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I have a friend like that. On the one hand he has a wfh job where he is able to get a second wfh job so he has a lot of money coming in, with his bonus last year he got a new Traverse right away then an Infiniti. Yet he rents a house like mine for $2800 which he thinks is cheap (yes if you have DC NYC or Boston standards that’s dirt cheap).I ask that question of numerous people often. My coworker is quite transparent about his finances. He’s got a 2018 and 2019 SUV and compact car. His wife doesn’t work, and he’s got a big 2800 sq ft home. He makes about the same I do. He has barely any savings at all, yet he’s in his 40s.
The funny thing is, his wife pressures him to buy way more than he wants. She wants the safer, big SUV. She wants the new home to avoid home repair problems. He says he wants peace in the home, so he just does what she wants.
It’s kinda hilarious to me. My wife is much more respectful of my decisions to buy older vehicles and cheaper housing. My coworker’s family dynamic just makes me
You noticed what I said above? A lot coming in. More than my household. But he has even more going out. I told him I now look out the window and houses start with a 7 and one that I can see a 9. He literally said what are sellers thinking they just add $200k to the price and buyers are supposed to come up with it? He said he qualifies for a 600k mortgage but hasn’t any money to put down. I have no clue but it would seem that $100-$200k cash is needed, and at age 40, there would be multiple ways to do it.
Who’s better off, he, or I who earns less money but have very low expenses really only utilities and taxes. There are times I would say he is.
What are the times you would ever say that he is better off? Throwing away all his money on rent and car payments and no money left over? Sounds like he doesn't actually own a single thing.
A housing market crash that leaves a mortgage holder very up-side-down and a need to get out of it?
or
Owning this house in a place like NC, where floods washed out everything, and those folks had no flood insurance. Everything was washed away, land included. Renters can walk. Folks with a mortgage have decisions to make.
My wife and I currently have car loans, but combined are less than the average single loan. Our current situation allows us the luxury of having vehicles we want, but if we need to, we could further downsize.
I'm constantly shocked at new car pricing, which isn't a surprise as I crest middle age, but the real crazy stuff is the obvious predatory lenders like the car loans for life. I don't know if these are just for entertainment on YT, or real (which I suspect), but people sign up for car payments for life to afford a high end car. Newish Land Rovers, Mercedes, Chargers, etc. All the hot cars for the kids that are going to make millions as influencers. $1200/ month for life!
I'm constantly shocked at new car pricing, which isn't a surprise as I crest middle age, but the real crazy stuff is the obvious predatory lenders like the car loans for life. I don't know if these are just for entertainment on YT, or real (which I suspect), but people sign up for car payments for life to afford a high end car. Newish Land Rovers, Mercedes, Chargers, etc. All the hot cars for the kids that are going to make millions as influencers. $1200/ month for life!
