|
|
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
10
|
11
|
12
|
13
|
14
|
15
|
16
|
17
|
18
|
19
|
20
|
21
|
22
|
23
|
24
|
25
|
26
|
27
|
28
|
29
|
30
|
31
|
|
|
8 registered members (twaldrop4, Turkeyneck78, Tree Dweller, 1bamashooter, Doeslayer44, Captain Howdy, mauvilla, Longtine),
845
guests, and 0
spiders. |
Key:
Admin,
Global Mod,
Mod
|
|
|
Vehicle Ownership and Financial Stability...
#4107009
03/26/24 06:33 AM
03/26/24 06:33 AM
|
Joined: Dec 2013
Posts: 22,700 Lickskillet, AL
Irishguy
OP
a.k.a. Dingle Johnson
|
OP
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,700
Lickskillet, AL
|
Interesting article popped up on my new feed yesterday... https://usa.streetsblog.org/2024/03...eping-americans-from-financial-stabilityI fell into this mindset for a long time in my life and my father sure did. He always had to have a nice new car and always had to keep my mom in one too. As far as I know my Dad always had a car payments until the very end when he was living in our house in Trussville and I pretty much made him get a nice used car that was paid for. We as Americans in general view automobiles as more a status symbol than an appliance that gets us from point A to point B. (Me included) We typically don't invite our friends into our houses to show off our washing machine or our fridge, but we will sure as hell pull up in our Mustang 5.0 or F-150 Raptor and stick our chest out like we built the damned thing with our own hands, despite the fact that we don't even own it... The bank does. Back in the day before WWII I don't think that most people lived their whole lives making payments to large companies for the privilege of living somewhere or driving somewhere, but one everyone moved off the farm, went to work in factories and businesses and moved into suburbia, we were all sold this lifestyle that we had to have what everyone else had and we had to have it now. And the way to so that was the supposedly easy road of financing. Mrs. Irish told me the story of how her parents financed a set of encyclopedias back in the '70's. She doesn't even know what happened to them. You see with financing the seller wins twice, and the customer loses twice. The seller has the upper hand on both transactions. The buyer can fool themselves into thinking that they got a good deal on both the price and the finance terms, but it is a false economy. Sure you have a nicer truck to drive around than Joe Tightwad, but you are a slave to the finance company . A few quotes from the article: Ten percent of surveyed drivers, meanwhile, estimated they spent 30 percent of their take-home pay on car payments alone, while more than 12 percent "found themselves living paycheck to paycheck due to the financial strain of their cars," the report authors wrote. Close to 17 percent of the survey respondents say they'd gotten a second job specifically to afford their vehicle."Car ownership is deeply ingrained in the culture and is often viewed as a symbol of independence, success, and social status," data journalist Ricardo Rodriguez, who worked with MarketWatch Guides on the report, told Streetsblog. "As a result, there is societal pressure to own a car, regardless of one's financial means. This expectation can influence individuals to prioritize car ownership over other financial responsibilities, even if it means stretching their budget."The average price of a car, meanwhile, has ballooned in response to a surge in inflation and a raft of supply chain issues, with the average amount U.S. consumers borrowed to buy cars skyrocketing 50 percent between the first quarter of 2020 and the last quarter of 2022.
And because predatory auto lending is so poorly regulated, many borrowers have found themselves trapped in huge loans they can't afford and car-dependent landscapes that make driving non-negotiable.
Last edited by Irishguy; 03/26/24 06:36 AM.
|
|
|
Re: Vehicle Ownership and Financial Stability...
[Re: Irishguy]
#4107020
03/26/24 06:51 AM
03/26/24 06:51 AM
|
Joined: Jan 2005
Posts: 14,309 Hoover
Fattyfireplug
Booner
|
Booner
Joined: Jan 2005
Posts: 14,309
Hoover
|
True Story.
My son fell into this mindset when young. Just couldn't wait to earn money and get nice vehicles. He's 26 now. He has a house and a car payment. His fiancé has a car payment. He will be completely debt free, including the house, by the end of next year. He will be debt free, with the exception of the house within 6 months from today. Probably closer to 4 months if he doubles down hard.
I couldn't be more proud of him. He's realized debt is indentured service.
Character is not developed in moments of temptation and trial. That is when it is intended to be used.
|
|
|
Re: Vehicle Ownership and Financial Stability...
[Re: AU7MM08]
#4107042
03/26/24 07:14 AM
03/26/24 07:14 AM
|
Joined: Aug 2018
Posts: 5,276 Georgia and Missouri
Semo
12 point
|
12 point
Joined: Aug 2018
Posts: 5,276
Georgia and Missouri
|
Average new car payment is $750, 20% of buyers have a payment greater than $1,000 per month For that I would buy a rental house.
|
|
|
Re: Vehicle Ownership and Financial Stability...
[Re: Irishguy]
#4107050
03/26/24 07:24 AM
03/26/24 07:24 AM
|
Joined: Jan 2005
Posts: 2,467 Guadalajoover
joe sixpack
10 point
|
10 point
Joined: Jan 2005
Posts: 2,467
Guadalajoover
|
I hate car payments, haven't had one in years. Have almost generally always bought used or bought cars from my mom and step-dad when they were ready for new cars (they had the means to pay cash and got new cars about every 3 or 4 years. Now that my mom is a widow I'm trying to break her of that habit) except when it made more sense to buy new. Example - my 2013 Hyundai Genesis bought new, we were looking for something sensible like a used Sonata or Camry but Hyundai had a thing on new Genesis, they had a $5,000 bonus for trading in a competing luxury model (Benz, Lexus, BMW) so I traded up from the 2000 Lexus I had bought from my mom it was cheaper than anything late-model used. And allowed me to get rid of a 13 year old Lexus with a blown head gasket for way more than I could have got for it anywhere else.
Motor blew out on wife's Hyundai Santa Fe (known connecting rod bearing defect that Hyundai refuses to warranty) so in a bind went out and bought her a new store-bought Ford Edge (fairly reasonable vehicle) using the ford X-plan partner through work (get to buy at dealer invoice), sucked not having a trade in but we had a little money left from her dad's life insurance for a down payment and got zero percent financing, so the first car payment I've had in no telling how many years is not too bad.
In a separate post I'll tell stories from the 2 weeks I spent selling cars lol.
|
|
|
Re: Vehicle Ownership and Financial Stability...
[Re: jmj120]
#4107052
03/26/24 07:28 AM
03/26/24 07:28 AM
|
Joined: Jul 2011
Posts: 34,555 Boxes Cove
2Dogs
Freak of Nature
|
Freak of Nature
Joined: Jul 2011
Posts: 34,555
Boxes Cove
|
I’m pretty sure my Daddy never had a car payment. Mom did. I know for a fact , mine didn't . He'd buy the absolute cheapest truck on the lot, didn't care what color or if it even had a radio , pay cash . When he got ready for a new one , you didn't want the old one, it was worn out and beat up pretty bad.
"Why do you ask"?
Always vote the slowest path to socialism.
|
|
|
Re: Vehicle Ownership and Financial Stability...
[Re: Irishguy]
#4107073
03/26/24 07:49 AM
03/26/24 07:49 AM
|
Joined: Jan 2017
Posts: 3,573 Lower Alabama
Andalusia
10 point
|
10 point
Joined: Jan 2017
Posts: 3,573
Lower Alabama
|
There was no way I could afford a car without a loan when I was young and starting out in life. I also needed reliable transportation and purchasing a later model vehicle was what I wanted if possible for reliability. Seems like I had car payments through my schooling and early in my married life. I think the last car I financed was a new "demo" mini-van to have a reliable/safe vehicle for my wife to drive our family around in and also for road trips to see family etc. I always tried to pay off the loan as quickly as possible.
So when I see a large percentage of folks with an auto loan it is not surprising. Even used car prices are very high and if you work away from home you got to get there. Glad I am past the point where I need to finance and with getting new cars I haven't had a breakdown with the exception of a few flat tires in probably 25 years and that is almost priceless!
"If you are the smartest person in the room, you're in the wrong room"
"How you do Anything, is how you do Everything"
"It is the mark of an educated mind to be able to entertain a thought without accepting it"
|
|
|
Re: Vehicle Ownership and Financial Stability...
[Re: Fattyfireplug]
#4107113
03/26/24 08:44 AM
03/26/24 08:44 AM
|
Joined: Dec 2013
Posts: 22,700 Lickskillet, AL
Irishguy
OP
a.k.a. Dingle Johnson
|
OP
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,700
Lickskillet, AL
|
True Story.
My son fell into this mindset when young. Just couldn't wait to earn money and get nice vehicles. He's 26 now. He has a house and a car payment. His fiancé has a car payment. He will be completely debt free, including the house, by the end of next year. He will be debt free, with the exception of the house within 6 months from today. Probably closer to 4 months if he doubles down hard.
I couldn't be more proud of him. He's realized debt is indentured service. I know you are proud. That's an awesome story.
|
|
|
Re: Vehicle Ownership and Financial Stability...
[Re: Semo]
#4107115
03/26/24 08:45 AM
03/26/24 08:45 AM
|
Joined: Dec 2013
Posts: 22,700 Lickskillet, AL
Irishguy
OP
a.k.a. Dingle Johnson
|
OP
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,700
Lickskillet, AL
|
Crazy. I have a friend like that. He gets real pissy with me that I dont care about new vehicles. I'm happy with my old truck. I havent had a payment since 2010. IMO (unless used for business) vehicles rob more americans of wealth than anything else.
Average new car payment is $750, 20% of buyers have a payment greater than $1,000 per month For that I would buy a rental house. No kidding.
|
|
|
Re: Vehicle Ownership and Financial Stability...
[Re: Irishguy]
#4107134
03/26/24 09:18 AM
03/26/24 09:18 AM
|
Joined: Jul 2020
Posts: 8,505 Chelsea
Lockjaw
14 point
|
14 point
Joined: Jul 2020
Posts: 8,505
Chelsea
|
I am 57 and have only bought 1 vehicle new. I have an 02 Tundra that my son drives that is approaching 400K miles. My 05 Tundra DC has about 170K on it. When I was looking for trucks when I bought the 05 about 6 years ago, $25K didn't buy you much as far as a used truck with 4wd. I hate making a car payment.
And the truck market frustrates me now anyway. Buy a GM and you deal with transmission issues, and the whole cylinder deactivation headache. Fords, have phaser issues, and I don't think I like the idea of an aluminum bed. If I buy a midsize, the only real benefit is its smaller, they really don't get any better mileage. Diesels are expensive and require DEF. I don't like this 0w-16 or 20 motor oil. That is to thin. I don't like low tension piston rings either. Both those cause excessive oil consumption in my opinion.
It used to be you could have a clean and uncluttered engine bay. Engines used to look like a work of art. Now they are a jumble of hoses and wires. They put big plastic covers on the engines so you can't see the mess, and the cover just holds heat in under it, cooking everything they want to cover up. Not to mention, its just more crap you have to take off to get to the engine to work on it.
|
|
|
Re: Vehicle Ownership and Financial Stability...
[Re: Lockjaw]
#4107139
03/26/24 09:23 AM
03/26/24 09:23 AM
|
Joined: Dec 2013
Posts: 22,700 Lickskillet, AL
Irishguy
OP
a.k.a. Dingle Johnson
|
OP
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,700
Lickskillet, AL
|
I am 57 and have only bought 1 vehicle new. I have an 02 Tundra that my son drives that is approaching 400K miles. My 05 Tundra DC has about 170K on it. When I was looking for trucks when I bought the 05 about 6 years ago, $25K didn't buy you much as far as a used truck with 4wd. I hate making a car payment.
And the truck market frustrates me now anyway. Buy a GM and you deal with transmission issues, and the whole cylinder deactivation headache. Fords, have phaser issues, and I don't think I like the idea of an aluminum bed. If I buy a midsize, the only real benefit is its smaller, they really don't get any better mileage. Diesels are expensive and require DEF. I don't like this 0w-16 or 20 motor oil. That is to thin. I don't like low tension piston rings either. Both those cause excessive oil consumption in my opinion.
It used to be you could have a clean and uncluttered engine bay. Engines used to look like a work of art. Now they are a jumble of hoses and wires. They put big plastic covers on the engines so you can't see the mess, and the cover just holds heat in under it, cooking everything they want to cover up. Not to mention, its just more crap you have to take off to get to the engine to work on it.
This is why I bought a 1996 F-150 4x4 300ci inline 6 manual transmission for my project - retirement - haul stuff - run to Lowes - truck. Probably going to put my "nice" 2018 Ram 1500 up for sale and make my 2013 Rubicon my daily driver in retirement.
|
|
|
Re: Vehicle Ownership and Financial Stability...
[Re: Lockjaw]
#4107141
03/26/24 09:24 AM
03/26/24 09:24 AM
|
Joined: Dec 2014
Posts: 3,361 FL
daylate
10 point
|
10 point
Joined: Dec 2014
Posts: 3,361
FL
|
I am 57 and have only bought 1 vehicle new. I have an 02 Tundra that my son drives that is approaching 400K miles. My 05 Tundra DC has about 170K on it. When I was looking for trucks when I bought the 05 about 6 years ago, $25K didn't buy you much as far as a used truck with 4wd. I hate making a car payment.
And the truck market frustrates me now anyway. Buy a GM and you deal with transmission issues, and the whole cylinder deactivation headache. Fords, have phaser issues, and I don't think I like the idea of an aluminum bed. If I buy a midsize, the only real benefit is its smaller, they really don't get any better mileage. Diesels are expensive and require DEF. I don't like this 0w-16 or 20 motor oil. That is to thin. I don't like low tension piston rings either. Both those cause excessive oil consumption in my opinion.
It used to be you could have a clean and uncluttered engine bay. Engines used to look like a work of art. Now they are a jumble of hoses and wires. They put big plastic covers on the engines so you can't see the mess, and the cover just holds heat in under it, cooking everything they want to cover up. Not to mention, its just more crap you have to take off to get to the engine to work on it.
The marvel of govt regulation at work.
|
|
|
|