84 Month Car loans? (selling, driver, cost, Hyundai)
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What magical car do you have? It might have a high resale value now. But in 2-3 years it may not. Consumer demand is fickle. What's hot now in 3-4 years might be a proverbial albatross. And who knows what's in demand in 7 years. Very very few times does a car loan for 9 years make sense. Truthfully very few if any cars maintain their value over that time period especially when you're starting to stretch to 9 years territory. Unless you put a good amount of money down most people are upside down for pretty much 1/2-2/3 of their loan length maybe more. Most people trade those shiny rides at 4-5 years and usually get screwed on the trade in. By the time 7-9 years rolls around the average buyer is tired of the car and with today's instant gratification society those cars will be dumped. The balance will roll in the new loan.
Let's face it people shop on monthly budget. I make x I owe a monthly amount of z I have y leftover so i can afford y car payment. A dealer will tailor the length of loan to get the payment in your budget range.
The guy that I guess "wins" in a long car loan term is the guy who buys new and keeps the car for 15-18 years. Which very few do. Long term car loans are not good for most consumers IMO.
The Magical Car is the Jeep Wrangler Unlimited Rubicon.
Here in Jeep-crazy Utah, a seven year old copy of the same vehicle with 100K+ miles is easily gonna cost north of $20K (and far more with certain mods), belive it or not. Jeeps have also been popular since the 1940s, so "fickle consumer demand" is not gonna be a problem. I paid $36K for mine last year, BTW.
Granted this vehicle is the exception, not the rule...
No, I just asked how you know all these people are making bad decisions and are going to wish they hadn't come retirement and you have no answer. But now you think your crystal ball mental abilities are working on me in that you think it upsets me. You're wrong. No need for the passive aggressive BS apology.
Again, I'm sorry you have an issue with people posting opinions on boards that don't agree with yours.
But you know, this is the Internet. It happens.
No need to take it personally.
Anyway... I know a few millionaires. I love to buy their cars when they're done with 'em. They're always well cared for.
What they didn't do was have long car loans. Actually, their cars weren't even that expensive.
They also held onto them. By the time I got them they were 7-9 years old.
That's one of the ways they got to be millionaires, by not overspending on cars.
Again, I'm sorry you have an issue with people posting opinions on boards that don't agree with yours.
But you know, this is the Internet. It happens.
No need to take it personally.
Anyway... I know a few millionaires. I love to buy their cars when they're done with 'em. They're always well cared for.
What they didn't do was have long car loans. Actually, their cars weren't even that expensive.
They also held onto them. By the time I got them they were 7-9 years old.
That's one of the ways they got to be millionaires, by not overspending on cars.
You presented your opinion as a fact. Now that you can't back it up, you've retreated to this snide passive aggressive spiel that is neither clever nor entertaining. The funniest part is, my initial post wasn't even directed to you. But you took it personally and here we are.
I know a few millionaire too. The average working person taking out a long term note is in no danger of becoming a millionaire just by choosing a shorter term. Buying 7-9 year old luxury cars is a whole challenge of its own.
06-08-2015, 04:49 PM
i7pXFLbhE3gq
n/a posts
The only one who seems to be taking anything personally is you, Tourian.
Why are you so upset and angry about someone else's thoughts on whether or not such loans are generally a good idea?
No one is saying every single person who chooses one of those loans is getting in over their head. But you're seriously deluded if you think the extremely long term auto loans aren't being used mostly by people who want more car than they can reasonably afford.
No one is saying every single person who chooses one of those loans is getting in over their head.
Yes he did, right here:
Quote:
Originally Posted by eaton53
Well, obviously people do it.
If people want to blow all their money on things they can't afford that's up to them.
When it comes time to retire, they may wish they hadn't.
Quote:
But you're seriously deluded if you think the extremely long term auto loans aren't being used mostly by people who want more car than they can reasonably afford.
Prove it. Show me everybody's financials that have taken out an "extremely long term auto loan." Or at least a large sample of them.
06-08-2015, 04:59 PM
i7pXFLbhE3gq
n/a posts
Quote:
Originally Posted by Tourian
Yes he did, right here:
I don't see "all" in there anywhere. You're the only one pretending that was a blanket statement about everyone.
Quote:
Prove it. Show me everybody's financials that have taken out an "extremely long term auto loan." Or at least a large sample of them.
You're asking for the impossible since I obviously don't have access to everyone's financial details. I'll just say Experian is on record saying these loans exist mostly to put people into cars they can't afford under traditional financing. It is also a fact that the average new car sales price has been climbing pretty dramatically, just as longer term loans become more commonplace.
It doesn't take a genius to put two and two together. Many people are spending more on cars than they should, and they're using long term loans to keep the payments manageable, even if that means they wind up underwater on the loan.
You presented your opinion as a fact. Now that you can't back it up, you've retreated to this snide passive aggressive spiel that is neither clever nor entertaining. The funniest part is, my initial post wasn't even directed to you. But you took it personally and here we are.
I know a few millionaire too. The average working person taking out a long term note is in no danger of becoming a millionaire just by choosing a shorter term.
Well, I guess some people just can't accept an apology.
Unfortunately, I can't make you accept it.
Anyway...
I opined that I didn't think one should do such a long loan and gave reasons such as concerns about what could happen in such a long time frame.
No one knows what tomorrow will bring... could bring fortune, or misfortune. But I also clearly stated that "I don't care what those people do".
That is about as unambiguous as a statement can get. I'm not telling anyone what to do, it's entirely up to them.
I don't see "all" in there anywhere. You're the only one pretending that was a blanket statement about everyone.
I didn't see anything about any other possibilities either, so they must not exist in his mind.
Quote:
You're asking for the impossible since I obviously don't have access to everyone's financial details. I'll just say Experian is on record saying these loans exist mostly to put people into cars they can't afford under traditional financing. It is also a fact that the average new car sales price has been climbing pretty dramatically, just as longer term loans become more commonplace.
It doesn't take a genius to put two and two together. Many people are spending more on cars than they should, and they're using long term loans to keep the payments manageable, even if that means they wind up underwater on the loan.
You could say that all financing is for people who can't afford it and can't pay cash. WTH, are you serious? Who gets to decide what is "traditional?" Do you draw the line at 60, 48, or 36? Or do you call all people who finance cars unwise for getting in over their heads?
Do you think they are handing out these long term loans on just any vehicle, to anybody? Like say, someone with a 590 beacon who wants to roll in 6000 negative equity from a Kia sportage on to, say, a Chrysler 300?
No. They don't. They give them to well qualified buyers on select vehicles and they won't overallow a whole bunch.
Do you seriously think that's what's going on here?
I don't care what these people do, just like I won't care when they cry poor down the road.
No one made them sign on that dotted line.
I still think 60 months is excessive.
My last 4 cars have been 60 month loans, at anywhere from 0.0% to 0.9%.
I would have taken 1000 month loans at 0% if I could!
My last 4 cars have been 60 month loans, at anywhere from 0.0% to 0.9%.
I would have taken 1000 month loans at 0% if I could!
Me too!! I love free money.
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The average working person taking out a long term note is in no danger of becoming a millionaire just by choosing a shorter term. Buying 7-9 year old luxury cars is a whole challenge of its own.
