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The trend is to buy expensive depreciating items to make themselves appear larger than they are. This pea cocking behavior should be outlawed. We have enough data on people now to identify their habits and prevent this from happening.
My life sure would be simpler if we could weed out the idiots and greedy from society.
Ugh. And then there's the 'holier then thou's'.
This is not a TREND. The VAST majority of people are not buying cars they can't afford... to peacock.
I don't get the whole leasing or financing angle to car ownership. Work to hard to have that much of my money depreciating in value.
Just buy, with cash, what you can afford. If thats a $3k car then so be it. I have a 2000 Buick Century we bought for $3k 4 years ago. Only replaced tires and wipers. A fantastic car.
If you are planning on paying $400 a month for a car, then just buy a used car but keep putting $400 a month into savings. The difference is your paying yourself. Then sell the used car and after 12 months you will have $8k for a better used car. Just do that again another 12 months and now you can get a $15k car. In two - three years you can buy outright a $20k car. No payments and the car will last ten years and your money appreciated rather then went to interest. I have done this over and over again.
There is a reason that banks are in larger buildings then your home.
Ugh. And then there's the 'holier then thou's'.
This is not a TREND. The VAST majority of people are not buying cars they can't afford... to peacock.
Ugh... I need to stop hanging out here.
I don't care if you come here or not, but there is plenty of evidence that indicates the auto industry subprime situation is equal to the 2008 housing subprime problem.
It's probably mostly people who bought more vehicle than they can afford (likely pickup trucks).
New trucks are now what I'd consider exotic toys for the uber wealthy.
The majority of those 7 million are subprime borrowers (credit score below 620). They obviously bought more vehicle than they can afford, or they wouldn't be behind on the loan, but the banks also extended credit to people who already had crummy credit and a history of not paying their bills on time.
Plenty of blame to go around, just as there was in 2008.
How is a blind spot monitor going to be obsolete in 3 years? Backup camera? Smart braking? Radar Cruise Control? Lane departure assist?
Some seriously uniformed people in this thread. Not to even mention 75K for 25K car guy.
I was mostly referring to the infotainment stuff that pairs with a smartphone, then in a few years people will have the latest new phone and that ‘old’ infotainment system will be dated. Time to trade for a new model.
Even with those things you mentioned, something better will come along that people want, it always does.
I was mostly referring to the infotainment stuff that pairs with a smartphone, then in a few years people will have the latest new phone and that ‘old’ infotainment system will be dated. Time to trade for a new model.
Even with those things you mentioned, something better will come along that people want, it always does.
Sure, just like the 8-track it will eventually become obsolete. But unlike the 8-track, Bluetooth, Apple CarPlay and Android Auto can be updated for many years without requiring a hardware change. As they are just a specification of a communication protocol. Can still update your phone no problem.
Yup! Life happenstances can occur when you least expect it.
I've been in that role of losing a car due to lost wages
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