Auto loan craziness article

[quikag]

https://apple.news/AoTmBEHNUR86gBUFPL0gNqw

Pretty interesting read.

[Nash B.]

1. Do brake pads really last less than 7 years? I've never actually paid attention to how often I change mine
2. You have to pay to read the full article about how people can't afford new cars lol

[Craizie]

1. Do brake pads really last less than 7 years? I've never actually paid attention to how often I change mine
2. You have to pay to read the full article about how people can't afford new cars lol

I'm going on 5 years and 40k miles on mine!

[jammeejamm]

bro, let us have some copy and pasta over here.

[Mach1]

Incomes have risen at a sluggish pace in the past decade, but car prices have grown rapidly. New technological and safety features, such as larger and more sophisticated multimedia displays, have made even the most basic cars more expensive. U.S. consumers have also veered toward pricier rides such as sport-utility vehicles that tend to dominate auto showrooms. The result is that consumers are seeking bigger loans than ever to purchase a car.

[Big A]

Incomes have risen at a sluggish pace in the past decade, but car prices have grown rapidly. New technological and safety features, such as larger and more sophisticated multimedia displays, have made even the most basic cars more expensive. U.S. consumers have also veered toward pricier rides such as sport-utility vehicles that tend to dominate auto showrooms. The result is that consumers are seeking bigger loans than ever to purchase a car.

Let's not forget government over-regulation, such as requiring backup cameras.

[IHaveAMustang]

This is why I buy used and I buy Toyota/Honda. Save money, lasts a realllly long time.

Wife's MDX is knocking on 150,000 and I haven't had anything major go out on it that wasn't planned.

[Big A]

This is why I buy used and I buy Toyota/Honda. Save money, lasts a realllly long time.

Wife's MDX is knocking on 150,000 and I haven't had anything major go out on it that wasn't planned.

Sounds so exciting and fun to drive.

[inline 6]

My personal speculation about the auto loan industry is that it will trigger the next recession. My G /F works for one of the big manufacturers and is privy to some of the financial information for the company like total outstanding loan $$ compared to years past in relation to the economy and various other factors and let me tell you its staggering what the American people owe on vehicles. The scarry part is that when placed on a graph it's no longer linear or in balance with the other factors and has been on a near vertical upswing for many years now pulling itself so far out of balance I dont see how its correctable without crashing other parts of the economy. Its not like people are going to stop buying cars they cant afford with how easy they are making it.

[Craizie]

My personal speculation about the auto loan industry is that it will trigger the next recession. My G /F works for one of the big manufacturers and is privy to some of the financial information for the company like total outstanding loan $$ compared to years past in relation to the economy and various other factors and let me tell you its staggering what the American people owe on vehicles. The scarry part is that when placed on a graph it's no longer linear or in balance with the other factors and has been on a near vertical upswing for many years now pulling itself so far out of balance I dont see how its correctable without crashing other parts of the economy. Its not like people are going to stop buying cars they cant afford with how easy they are making it.

A guy I work with has bought a new car, every year for 7 years now. He just keeps trading in the old car and upgrading to something newer. I can't even imagine how upside down he is.

[Nash B.]

A guy I work with has bought a new car, every year for 7 years now. He just keeps trading in the old car and upgrading to something newer. I can't even imagine how upside down he is.

Has he ever heard of a lease?

[Big A]

A guy I work with has bought a new car, every year for 7 years now. He just keeps trading in the old car and upgrading to something newer. I can't even imagine how upside down he is.

He may be doing something like swapalease, and not coming out too bad. I've not looked into the details, but the premise looks to be a good way to do exactly that.

[ram57ta]

I've never purchased a new car or truck. It's not that I can't afford it..I just refuse to take the depreciation hit the second I drive it off the lot. I was looking at a used Chevy lot last week while getting my company truck serviced..and they are asking 25-35+k for 2 and 3 year old Colorado's and 50+ for used Silverados and Sierra's with no warranty. That's fucking retarded.

[Ruffdaddy]

1/3rd of auto loans are OVER 6 years. That's pretty damn crazy...I thought 6 years was pushing it already.

But I know loads of people that are smart and make decent money who just cant resist stretching themselves way too thin on this.

[Ruffdaddy]

I've never purchased a new car or truck. It's not that I can't afford it..I just refuse to take the depreciation hit the second I drive it off the lot. I was looking at a used Chevy lot last week while getting my company truck serviced..and they are asking 25-35+k for 2 and 3 year old Colorado's and 50+ for used Silverados and Sierra's with no warranty. That's fucking retarded.

With some trucks buying used isnt a better deal. You can get huge markdowns from MSRP on new trucks and actually get the truck you want.