New cars cost what a house used to cost. 7 year loan is wild.
New cars are the house
Yeah, and pay hasn’t gone up for over 20 years
CEO pays have. Everyone else … not so much.
In the future instead of renting an apartment you will rent a parking space and P.O. Box so that you can sleep in your car. The laundromat and showers might be included or they might be pay per use.
you need an address to rent a PO box
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I mean if I get a decent mobile I might as well
It’s like every car salesman next to a military base spread to the whole country like an invasive species…
But only 1 retains it’s value. 10 years in and that car is worthless.
My prius cost nothing when I got it and it’s still worth shit
HOLY SHIT.
84 months!
We are going to continue to drive our 16 year old car and 8 year old car around for a while longer, I hope. I cannot imagine paying for a car for 7 years, damn.
They’re bundling and selling these loans off just like they did real estate up until 2008. When it all exploded in their faces.
I’m jacked, jacked to the tits.
My previous car I did 60 months at 0%. They were offering, I knew I’d drive it that long, so why not.
And for a solid five months I had no car loan to pay!
You don’t have to get an 84 month loan. We just did a 48 month loan on my wife’s new car. The trick is, buy within your means and don’t roll negative equity into your new loan.
Yes, that’s so true. I remember coming into a small amount of money and had been saving a little bit, and had just paid off a ridiculously long car loan on a used car - still one of the dumbest financial decisions I had made in my youth - 5.5 years on a used car, WTF was I even thinking, LOL.
Anyway, I was itching to buy some new car possibly, as I had never bought new. Someone handed me a book about finances and the author reiterated what my parents had always tried to drill into my head - about the only worthwhile debt is real estate.
For cars, he had this notion of “paying yourself” the car payment once you pay off a car. Do that for many years, and use that savings for your next car, preferably used, about 2 or 3 years old, after which the depreciation has had the steepest drop.
So I skipped buying something new or used. For so many reasons, I am glad my co-worker lent me that book at that particular time.
Mine’s 18 years old. Aside from some clear coat chips, she drives great. No need for a new car. I plan to drive this car til the wheels fall off.
HOLY SHIFT.
If they’re offering 0% for 132 months, I’m doing it.
Especially as cars do come with 7 or more years of warranty, like KIA.
If you give me 0% for more than 5 years? Sure, I’ll take it. Our EV is 2021 model, I’m in no rush to sell it. I’ll reach the mileage warranty unfortunately before the timed one.
What’s the name of that US built car that lasts 84 months…?
People buy new cars?
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Used car? $3000
New car? Sell three children and keep a monthly payment plan.
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You’re kidding. I have never paid more than $3300 for a used car.
South Mississippi. It’s not even hard yo. I got a 1995 GMC truck for you for like $400, it just needs new keys, a new battery, and maybe some gasoline.
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I guarantee you can go on Craigslist for your area right now and find cars that run for like $1k or less.
Probably all hoopdie ass shitboxes, but wait a couple months and keep an eye and you’ll find something that runs from the 2000s that’s not a total piece of shit for like $3k, with around 300-350k miles.
Are they great? No. Cheap as hell to insure? Yes. Cost the same price as 5 months of a car payment, and last for years with basic maintenance costs and worse gas mileage? Very likely yes.
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Can everyone quit giving me shit?
I got a 1995 GMC Sonoma for sale right now, only asking $400
Yeah it needs a little work, it needs a new battery and new key+ignition lock.
Fuck, where the fuck you people getting used vehicles for $10K?
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Where can you find a used car for $3k?
Craigslist. Local auction. Random crap for sale at the curb in neighborhoods.
Apparently not. Apparently they rent them, just like their homes.
I’m nursing a 23 year old VW along. 1.8T 5mt Jetta; it’s still fun to drive, though I really do need to go through it when I have time and replace all the ancient rubber components. But it still runs fine. Fantastic city car too, because it’s easy to park because it’s so small, and old enough that I don’t really care if someone bumps into it a little bit.
You need to have the tapered oil plug re-drilled and replaced.
Please trust me on this advice, as VW totally fucked up when they designed tapered oil plugs.
Wait stop don’t.
-Willy Wonka
That’s a crazy decision to make. I own my car outright thankfully. In the future once my car is used up and completely in the green as an investment to commute to work, I’m going to consider leasing a very modern electric vehicle for 2 years.
No sympathy for modern car buyers. There are almost no limits on size at the moment. Things have gone way out of reasonable limits. We need to strike down vehicle size limits by a huge amount.
To elaborate on the no sympathy part, most new vehicle on the road are oversized. For example, SUV death wagons, and the odd clown truck bringing their 6 wheeler for a lettuce and bread trip to whatever other spot dealing with their misery.
Under 3% I’ll take the longest loan I can… It’s free money. Above 6 it’s a perpetual loss. 4 or 5 is borderline.
