Middle-class families getting priced out of new American cars

Started by joesixpack, November 25, 2019, 04:41:17 PM

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Solar

Quote from: ConservativeInCT on November 26, 2019, 07:07:54 AM
I'm confused. Nowhere in this article does it say that the rising car loan prices are due to all the technology that you spoke of in your original post. After reading this, there are ways to lower it that, most people are taught in high school personal finance classes. It seems to me like informing yourself on the correct vehicle to buy and doing proper research is a way to combat these high prices.
The hidden costs go back to the Obozo admin when he made a deal with auto makers to go electric. There is still a grip by the left in this industry who wants to see the leftist Green idea come to fruition, so people buying new vehicles are subsidizing the costs of failed electric cars.
I remember reading this a few years back so I have no idea how to search it out.
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ConservativeInCT

Quote from: joesixpack on November 26, 2019, 07:17:43 AM
You simply asked for the average price of a new loan...if you search you may be able to find a more detailed analysis that answers your other questions.

If you do, please add it to the thread, I'm more you're not the only one wondering those things.

https://www.supermoney.com/buy-car-cash-loan/

This article sums up my overall point here. I am not disputing that car loan can be expensive, your last link showing that to be true. My question o you is, why not save up your money and just buy a car outright? If you don't want to deal with the loan and the interest over time, just save up and buy the car outright? It foregoes the entire point here. Call me old fashion, bit I do not take out loans. I have seen what that does to people, and it is not something I do.

While I would love to have a brand new car, I know it is not in the budget for me. This goes to further points I have been trying to make over the course of my time, that people often spend money on things they can not afford. It is simply the way my generation has been raised. There are plenty of cheap cars you can buy that are good on Cost to own and overall price value for your money. I see the point you are trying to make with this, but I simply do not see why saving up money to pay cash is such a hard thing to do.

A good way to avoid all of this is not to get into a loan in the first place.

joesixpack

Quote from: ConservativeInCT on November 26, 2019, 07:28:21 AM
https://www.supermoney.com/buy-car-cash-loan/

This article sums up my overall point here. I am not disputing that car loan can be expensive, your last link showing that to be true. My question o you is, why not save up your money and just buy a car outright? If you don't want to deal with the loan and the interest over time, just save up and buy the car outright? It foregoes the entire point here. Call me old fashion, bit I do not take out loans. I have seen what that does to people, and it is not something I do.

While I would love to have a brand new car, I know it is not in the budget for me. This goes to further points I have been trying to make over the course of my time, that people often spend money on things they can not afford. It is simply the way my generation has been raised. There are plenty of cheap cars you can buy that are good on Cost to own and overall price value for your money. I see the point you are trying to make with this, but I simply do not see why saving up money to pay cash is such a hard thing to do.

A good way to avoid all of this is not to get into a loan in the first place.

We agree. Any purchase is best made using sound financial knowledge.

Used cars are always the way to go if you don't have the cash outright.

Oh, and to you last point, typical Americans a terrible savers.

QuoteThe median transactional account balance for those under 35 years old was $2,600. During the years between 35 and 44, balances grow significantly. The median for 35-year-olds to 44-year-olds is $3,800.

https://smartasset.com/checking-account/savings-account-average-balance

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a system of government by the whole population or all the eligible members of a state, typically through elected representatives.

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Quote from: joesixpack on November 26, 2019, 07:17:43 AM
You simply asked for the average price of a new loan...if you search you may be able to find a more detailed analysis that answers your other questions.

If you do, please add it to the thread, I'm more you're not the only one wondering those things.
What price for a new car would you like to see for the low end?

Sick Of Silence

They need to get rid of the car salesman, and the car sales model.
With all these lawyers with cameras on the street i'm shocked we have so much crime in the world.

There is constitutional law and there is law and order. This challenge to law and order is always the start to loosing our constitutional rights.

Frauditors are a waste of life.

supsalemgr

Quote from: Sick Of Silence on November 26, 2019, 10:39:40 AM
They need to get rid of the car salesman, and the car sales model.

You can always try Carvana ans see how the car vending machine works.
"If you can't run with the big dawgs, stay on the porch!"

Sick Of Silence

How do you test drive?

They deliver on glorified rollbacks.


Reminds me of this.
With all these lawyers with cameras on the street i'm shocked we have so much crime in the world.

There is constitutional law and there is law and order. This challenge to law and order is always the start to loosing our constitutional rights.

Frauditors are a waste of life.

T Hunt

Quote from: joesixpack on November 25, 2019, 04:41:17 PM
https://www.youtube.com/watch?v=nRAJwaLV-iU



Buy used cars, my friends. No need to break the bank

No one in my family or close circle of friends has ever bought a new car and we dont ever plan on it. It is a horrible investment as a new car loses a large chunk of value just driving it off the lot.

My most expensive vehicle was also my first and I still have it now 10 years later. A stick shift 2001 dodge dakota. I bought it for 8 grand while in the army so I had most of it on hand and my parents just loaned me the rest with no interest, which I paid before I got out.
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Solar


If you are struggling the last thing you want to do is buy new. Buying new has its place, be it business, or write off. I buy new, because I can.
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walkstall

Quote from: Solar on November 27, 2019, 09:53:07 AM
If you are struggling the last thing you want to do is buy new. Buying new has its place, be it business, or write off. I buy new, because I can.

I did not buy new until I was 45.  At that time I could pay cash for a new car for my wife.  Then at 65 I paid cash for my new Dodge Ram.  I don't like bills.   :lol:
A politician thinks of the next election. A statesman, of the next generation.- James Freeman Clarke

Always remember "Feelings Aren't Facts."

supsalemgr

Quote from: Solar on November 27, 2019, 09:53:07 AM
If you are struggling the last thing you want to do is buy new. Buying new has its place, be it business, or write off. I buy new, because I can.

I bought new when I was working as the depreciation could be written off. Mrs. Sup likes 2-3 year old BMW's with less than 25K miles. You would be surprised how many of those there are as many BMW owners trade every couple of years regardless of mileage. She is currently on a 2014 model with less than 30K miles.
"If you can't run with the big dawgs, stay on the porch!"

Solar

Quote from: walkstall on November 27, 2019, 10:10:38 AM
I did not buy new until I was 45.  At that time I could pay cash for a new car for my wife.  Then at 65 I paid cash for my new Dodge Ram.  I don't like bills.   :lol:
Exactly!!! That's why I bought a Dodge Cummins 4x4, I knew it would be the last vehicle I'd ever buy.
Though I thought the Subaru I bought Toy with cash would be her last car, but, Noooo, she likes the new Subaru's coming out and said she'll trade hers in for a new one and pay cash for it too.
At our age, not having to deal with bills is a huge plus. It's one stress no one needs.
Now, if I could just buy a small nuclear reactor, I'd be set. :lol:
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