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I'm actually 42 and my work is related to the fishing industry out of Seattle... Alaska...
People gotta eat right?
Yup. They do. But hot dogs are cheaper than swordfish or crab legs. But I dont care what you drive. I wouldn't mind a Challenger SRT in my driveway. But the sensible side of me knows I'll use that go pedal and get myself I trouble.
The JPMorgan Chase CEO says "someone is going to get hurt" as financing for autos has flourished in the U.S.
At more than $30,000, the average auto loan for a new car is also at an all-time high, according to Experian. Also, at more than $500, the average monthly auto loan payment is at a record.
For threads like how are so many people driving new luxury cars and spanking brand new cars. Well, simple. Signs everywhere at car dealerships says "Bad Credit, OK!" "Show your paycheck and we approve"
If it's true that we may see an economic slowdown within 24 months then it's very likely a lot of people will lose their job and then these luxury cars will be flooding the used car market.
Jamie is a real smart guy. But guess who is going to be hurt, the taxpayers. Wall street will come looking for another bail out. With the returns being earned, the appetite in the capital markets has been healthy. Could be another securitization nightmare. Fortunately the terms on most loans don't exceed 84 months.
I'm dying to replace my old lemon of a Corolla with something larger and more fun. Got this crate used and have put thousands into it, and now it needs a couple thousand more. But to leverage myself for $30K+ for the next 36-48 months? That just sounds foolhardy in these uncertain times.
Anything can happen; you can become injured and unable to work, you could be sued and have crushing legal bills, have to care for a sick relative, etc. The stock market could crash and take your livelihood and your retirement fund with it.
Not a good idea to be in debt. Folks, don't listen to some voice on a chatboard telling you how great life is with a $600/month car payment. Hold onto that clunker for another year or two and at least save up for a larger down payment. Work a second job if you have to. Your future self will thank you for your sudden onset of common sense.
When the repos flood the market, the prices will go down, even for the non-repos.
Don't forget that jobs will be lost in the auto sector as factories idle lines due to gluts and the ripples go from there on down to the local grocery stores.
Yup. They do. But hot dogs are cheaper than swordfish or crab legs. But I dont care what you drive. I wouldn't mind a Challenger SRT in my driveway. But the sensible side of me knows I'll use that go pedal and get myself I trouble.
Ps. Is that you doing that burn out?
No... Just a pic I pulled up. I value my tires.
Quote:
Originally Posted by blisterpeanuts
I'm dying to replace my old lemon of a Corolla with something larger and more fun. Got this crate used and have put thousands into it, and now it needs a couple thousand more. But to leverage myself for $30K+ for the next 36-48 months? That just sounds foolhardy in these uncertain times.
Anything can happen; you can become injured and unable to work, you could be sued and have crushing legal bills, have to care for a sick relative, etc. The stock market could crash and take your livelihood and your retirement fund with it.
Not a good idea to be in debt. Folks, don't listen to some voice on a chatboard telling you how great life is with a $600/month car payment. Hold onto that clunker for another year or two and at least save up for a larger down payment. Work a second job if you have to. Your future self will thank you for your sudden onset of common sense.
No offense taken LOL...
I never said how great life was with a car payment... What I said was
Quote:
Originally Posted by ChloeC
I don't live my life in fear of the next economic crash and/or layoff. I spent some money and bought a nice car that I make payments on... you enjoy not having a car payment... and I enjoy a kick ass ride.
Both are just fine.
Cheers.
Now you get back to worrying about what might happen in a year from now on Wall Street while you are standing in line at AutoZone buying your next part for the Corolla. Try not to trip over the curb on the way out you might break your leg and be out of work for 3 months.
I'm gonna run down to the car wash and enjoy the sunny day driving my car that is still under warranty for another 2 years and 20k miles.
But your're right... Driving a beat up POS that you are putting thousands into because you are cowering in fear of what the future might bring is much better than having peace of mind with a reliable vehicle while living in the present...
I never said how great life was with a car payment... What I said was
Now you get back to worrying about what might happen in a year from now on Wall Street while you are standing in line at AutoZone buying your next part for the Corolla. Try not to trip over the curb on the way out you might break your leg and be out of work for 3 months.
I'm gonna run down to the car wash and enjoy the sunny day driving my car that is still under warranty for another 2 years and 20k miles.
But your're right... Driving a beat up POS that you are putting thousands into because you are cowering in fear of what the future might bring is much better than having peace of mind with a reliable vehicle while living in the present...
"Reliable vehicle" does not mean you need to spend $39k that you don't even have. Rationalize on, or simply admit that you want it NOW (instant gratification) and that's the end of it.
My 2015 Challenger was $39k with $0 down... The payment is $630 a month @ 4% and being the single person with no overhead that I am... I can afford it.
I'm fully aware that I could have gotten a 2.4L Kia for $20k... but cars aren't any different than anything else. You get what you pay for.
A no brainer, really.
Sure, you need to validate your big expenditure by assuming a $40k Challenger is twice as good as a $20k Kia...let's look at resale value, upkeep, fuel costs and all the rest.
Now, I have to argue that if your financial situation was as good as you assume it is you'd have gotten a car loan for 2% or less....not an outrageous 4% - you paid a premium because of poor credit...either that or you're just plain...naive...ahem.
Too bad you're not putting that money aside for a house or retirement.
I never said how great life was with a car payment... What I said was
Now you get back to worrying about what might happen in a year from now on Wall Street while you are standing in line at AutoZone buying your next part for the Corolla. Try not to trip over the curb on the way out you might break your leg and be out of work for 3 months.
I'm gonna run down to the car wash and enjoy the sunny day driving my car that is still under warranty for another 2 years and 20k miles.
But your're right... Driving a beat up POS that you are putting thousands into because you are cowering in fear of what the future might bring is much better than having peace of mind with a reliable vehicle while living in the present...
No problem living in the present and the future, I live by that mantra myself (although my sweet new car is a Toyota Sienna Minivan), but is $100/week enough towards retirement going to have you meet your goals?
I never said how great life was with a car payment... What I said was
Now you get back to worrying about what might happen in a year from now on Wall Street while you are standing in line at AutoZone buying your next part for the Corolla. Try not to trip over the curb on the way out you might break your leg and be out of work for 3 months.
I'm gonna run down to the car wash and enjoy the sunny day driving my car that is still under warranty for another 2 years and 20k miles.
But your're right... Driving a beat up POS that you are putting thousands into because you are cowering in fear of what the future might bring is much better than having peace of mind with a reliable vehicle while living in the present...
You don't necessarily need to drive a pos. I have older vehicles and they seem to be running just fine. And most of the "repairs" are wear items. Brakes tires belts. Hey if you can swing a 650 dollar car payment more power to you. I choose not to have a payment. The yearly costs of maintenance for all three my vehicles is maybe 2 moths of your car payment. And I'm being very very generous with that number. . Most of what people consider "repairs" are nothing more than wear items replacement.
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