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Apparently I am the only one who actually watched the video the thread is about.
These were not people who had a car and just wanted a newer one, these were people who had no car and wanted one to get a real job. How are they supposed to save up $7k with no job and no car to get a job?
The car dealers are specifically targeting and preying upon a group that is most vulnerable to this type of deception because to some a car is hope for a better job and a better life.
And for the rest of the posters who obviously didn't look at the piece, these were not luxury cars. thr main example was a used Ford Taurus which went on to get sold nearly a dozen times in the same scheme. Not exactly too much car for anyone.
You're talking about shyster dealers. People go to those because it's the ONLY place that will deal with them. In house financing. Those guys literally financially rape people. There were a bunch n OC that got busted
Personally, I will never go longer than 48 months on a loan and always look for the bargains. Late model, common (inexpensive to repair), and practical. Someday, if the income gets to a point where there I burnable money, I'll go buy a dream car for cash.
That's how I acquired my two newest cars- a 2012 Mazda CX-9 GT and a 2015 Volvo V60 R-Design. For the Mazda, I waited until the 'facelifted' 2013 version was released, then went to buy a leftover 2012 a few months later. My CX-9 stickered for $38,985 and I paid $29,706 plus sales tax and tag/title fee. $6k of that was in rebates, $4k on the car plus a $2k loyalty incentive since I owned a 2006 Mazda3.
The Volvo was a little different. It is the high-performance version of the V60 Wagon and it was a service loaner with 6200 miles on it. The car stickered for just over $50k, but someone failed to order it with heated seats....so the dealer couldn't get rid of it! I ended up leasing it for 36 months with only my first payment due at signing ($374) and $374/mo for three years. It includes maintenance and the warranty covers the car the entire time, so I'm happy with it.
But in both cases, I waited until the right time and went for the vehicle they had the most motivation to sell....and it worked out well for me!
I could buy new vehicle cash,what a waste of money,I am happy and well served with my '99 Tacoma SR5 in excellent condition with 204,000.
To match my current truck with a new 16/17 model I'm looking at 64,000 bucks. That's not counting the custom flatbed and other things. Top of the line could run 76,000 depending on some options.
19% IS nuts, but be aware that a $3k beater is not something that everyone can realistically live with. So you got that 20 year old Civic with no A/C, mechanical problems, visible damage... etc. But yet you work 30 miles away, in Florida, and have 3 kids to pick up from school after work. Never mind the fact that you need to drive your beater to corporate meetings, where on top of being drenched in sweat, your beater-mobile will give your company a TERRIBLE impression.
You can find cars at $3000 and below that will work fine and have functioning A/C. We bought one last year for a single mom that was less than that. Spending more for an impression when you are broke is just foolish.
You can find cars at $3000 and below that will work fine and have functioning A/C. We bought one last year for a single mom that was less than that. Spending more for an impression when you are broke is just foolish.
Who said anything about being broke? And some jobs DO expect you to have a nicer vehicle for just that: impression. Not to mention all of the other factors I included. $3000 beater may be fine if one's commute is short distance; I've had my share of those in the past. But when one has to pile at least 100 miles per day between work, kids' activities and other errands, you're going to end up with lots of issues pretty quickly.
Who said anything about being broke? And some jobs DO expect you to have a nicer vehicle for just that: impression. Not to mention all of the other factors I included. $3000 beater may be fine if one's commute is short distance; I've had my share of those in the past. But when one has to pile at least 100 miles per day between work, kids' activities and other errands, you're going to end up with lots of issues pretty quickly.
As to your question, if you follow the conversation, you will see that oh-eve recommended a $3000 beater until a person can afford something better. You then responded that a $3000 vehicle would have issues (mechanical, no A/C). Thus my response. Understand???
Unless you are driving people around (like a chauffeur), you don't need to make an impression. Virtually every workplace has cars that don't look all that great. There is no need to impress anyone with what you drive. There are plenty of cars out there that can handle any commute as well as kids activities, etc. If you are someone else needs a cheap car and you don't know how to find a reliable car, then find someone that knows how. It really is not that hard and is done every day. You can even find plenty of information on line to help you with a search such as this.
The issue is that most places with good public transportation, have exorbitant housing cost. Probably the difference in housing cost, could be absorbed by a car payment in a less expensive housing area, with no public transit. Such areas are often rural, where high interest car loans and credit challenged customers are a fact of life. No car, and the individual will have no job. So there's little alternative.
Lots of other options. For instance one could get a scooter, or circumvent the high housing cost issue by splitting it with roommates. Of course this will be much easier if you are single w/no kids.
I bought my camry with 0 down 0% interest 5 year loan. I did put down a 5000 down payment though. But i also have an 820 credit score.
Best way to go if you ask me. You still have use of most of your money for the time frame and can use it for something else.
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