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I see a lot of sub-$10k vehicles. Many probably have high interest rate buy-here-pay-here "loans".
Cash for Clunkers did away with a lot of 'beaters' (unfortunately).
That said- there are a lot of people who will sacrifice living conditions for a nice car. Enter the $1k/month leased Escalade parked in front of a $900/month apartment in Miami.
Wish I could rep you again. I see OP's point and definitely have observed the same, but from what I saw in this video, there were plenty of cheaper cars shown, too.
Of course, many folks who live in rougher areas will have roommates or live in multi-generational homes and, so, have more money to spend on things like cars, etc. Is that the wisest decision to make for their money? I'd argue not, but that's me.
Then you have people who live in the hood who aren't poor. My family was one such case, though our neighborhood in Brooklyn is no longer considered the "hood" due to mass gentrification.
Some people seem to put more priorities in their cars so instead of living a couple levels higher in a nicer area and driving a beater they drive a nice, newer vehicle and live in a dump!
30 years before the Moon landing engineers could design fighter planes that could do 400 mph. So here we are half-a-century after the Moon landing and auto companies keep redesigning automobiles that roll along the ground at less than 100 mph.
Notice that our brilliant economists do not talk about the annual depreciation of the consumer trash.
People buy the stuff for ego and status. If car companies made really GOOD cars they would probably make less money.
30 years before the Moon landing engineers could design fighter planes that could do 400 mph. So here we are half-a-century after the Moon landing and auto companies keep redesigning automobiles that roll along the ground at less than 100 mph.
Notice that our brilliant economists do not talk about the annual depreciation of the consumer trash.
People buy the stuff for ego and status. If car companies made really GOOD cars they would probably make less money.
Do you not understand why putting an Allison V-1710 in a car so that it can do 400+ mph on the freeway might a) not even work, b) be bizarrely impractical, and c) be a very bad idea?
Back in the early 90's, I was an appraiser for LA County. I used to go to some iffy neighborhoods in Inglewood. I noticed that while the houses often were not very nice, the cars in the driveway were often nice and there were sometimes a few of them. Also, they tended to be crammed full of large furniture. Not sure why.
Are they "poor" hoods or higher cost of living hoods where the price of a car, which tends to be more or less standard nationwide where real estate and housing is not, will not get them to an even higher cost of living hood?
Same reason why the line at louis vuitton was a mile long after the stimulus checks were released. Using a wide brush here but the people in the hood have no idea how to manage money, and that's why they live in the hood.
Doesn't the old saying sound something akin to:
"If you want to create more poor people, give them money!".
Being poor truly is a mindset, and yet another failure of our educational system; which doesn't teach students basic principals of cash flow.
Even my idiot of a neighbor, who has $; wastes it on overpriced and poorly made Jeeps and Harley's.
When they could have bought classic cars a few years back, and made more re-selling than most stocks.
1) Status symbol: You'll see young guys fronting with a nice car, still live with mom.
2) Leasing: Some car companies have extremely cheap leases that let younger people get behind the wheel.
3) Older luxury cars with much lower than new value due to high repair costs..... BMW is a common example.
4) Work related: I know a guy that drives a company truck, he's otherwise broke....or they need a truck for work so that's their business\office etc. too.
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