American households are over $1 TRILLION in debt over their cars. This is a huge problem that can't continue to be swept under the rug.
It's not fair that I had to go into debt just to get a reliable form of transportation. Now I'm starting life $30,000 in the hole. I'll never be able to afford a house. How is this legal?
The high price of cars doesn't reflect the rising cost of tuition and books -- err.. I mean, cost of gasoline... uh...FREE CARS FOR EVERYONE!
fuck off ragelord
>tfw I make $18/h and my co-workers all drive brand new cars
You can sell a car at any time. It's an asset.
You can't sell a degree you fuckin idiot.
You sell a degree every time you write it on a resume
I cant sell it therefore give it to me for free
Can your debtor take your degree as payment? No, the closest is either garnishing your pay if you ARE employed
The other way would be debt slavery.
Can always repo a car, it has to be fully insured and registered and taxes paid, all income streams for as long as it was borrowed
You buy a P.O.S. for your first car, or get a hand me down from your folks. You don't buy a new fucking car.
Car loans are the kryptonite to the middle and lower class.
A car lease to a wagecuck is like an ugly fat white woman to a black man. Irresistible
>buying a car
get a bike or move to a city with decent public transit or rent a place right next to work.
>debt
who would have guessed that americans who love buying shit but aren't getting pay raises are fucked.
are whole post-Fordist economy is based off of debt.
Op brings up a good point that I've been looking at for a while. The average length of a car loan these days is like 63+ months. Ford itself has $95 billion in receivables for these loans. A large percentage of that has to be worthless. The loans they take out to finance all of this is around 127 million. What do people think about shorting it? The second a recession hits Ford is going to sink.
Yes, so what is your point? Why should college debt be forgiven and not auto debt?
My point is auto debt isn't really "forgiven" an asset is collected, that even if destroyed, had to be insured. The bubble created by auto defaults will be just that.
Students are not fully insured, the bubbles gonna be worse, I approve of debt slavery for pic related, but honestly a useless slave isn't much of an asset
Cars are liabilities
Schiff is right again. Prepare for the recession my friends.
>Most of the creditors are foreign companies such as Toyota and Honda
>Implying getting busted on their incompetent financial decisions is something we should worry about
Their loss, not mine
>Get car loan
>Pay 40k total for a car worth 25k
>Boast about it
They're idiots. A car is a tool to get from A to B, a well preserved used car for 5k will serve you well without raping your bank account.
>Not knowing most companies offer 0% interest rate
There is nothing dumb about taking full advantage of the offers from desperate auto manufacturers. If you couldn't make a payment on due date, they are the ones who are getting screwed.
What if you could gain from their loss?
Absolutely you should go for it. I always advise my clients that they should take full advantage of some car manufacturers' financial offers. The companies are basically taking the risk for you to move their stocks.
the only time you can buy a car really is when it's no more than 25% of your salary
Just bought a 2016 jeep for 45k. Ended up putting 12k down and got great rates for the rest. I kinda feel like shit buying a new car, but it's for the wife/kids. I don't even have a personal vehicle. 150k income. Mixed feelings.
Lmao show this to that debtawareness.com cuck
ASSET INFLATION NIGGA
ASSET INFLATION
JANET YELLEN MADE YOU HER BITCH
TAKE THOSE NEGATIVE INTEREST RATES BITCH BOI
You make 150K a year and you couldn't afford to purchase a car outright?
>tfw I make $18/h and my co-workers all drive brand new cars
>change $18 to $11.25 and people still somehow drive around brand new cars.
>change $11.25 to "broke college students" and people still somehow drive around brand new cars
>work in the auto business
>people that can't afford to buy a shitty car outright for $500 buy $25k garbage piles that lost 80% of their value in 5 years
>meanwhile you could have bought a $20k Ferrari 308 10 years ago and sold it for $85k now, or a $40k Testarossa and sold it for $120k now
Take it from a pro, ALWAYS buy Ferrari. If you need a commuter get a Mondial or 400i, costs the same as a Corolla and you will make money on it.
Who said anything about starting $30,000 in the hole? my first car was $5k, next one was $4.2k then bought a new corrolla for $16k got 200k miles out of it with no mechanical problems at all other than normal wear and tear. Sold it for 5k and just bought a used luxury car with 44k miles for $16.8k because I make good money now and I drive often enough that I want to enjoy it. You shouldn't spend a lot unless you make a lot. You're meant to start small and as you make more get better cars.
Considering all my other expenses? No. Kids are insanely expensive, especially the early years.
Pretty much this, but it's my employees and they make $16-25/hr.
>Paying for something that will cost only 50% by the next year.
There is no awarenes to rise, just dumb people.
I disagree on your point.
If you borrowed 30K at 0% to buy something that losses 10% of its value every year, is that really that much smarter than everyone else who might pay 2-3% interest to buy the same thing ?
Used cars are where its at, you buy a nice used car that is 4-5 years old, no major defects, still feels new, lots of life left and costs 1/2 (or less) what the original owner paid for it.
Granted you can down further down the scale and spend 15/10/5 thousand, but of course at some point you're just going from one beater to another..
My biggest concern on used cars is how do you know the previous owner didnt abuse the fuck out of it.
>redlining every gear all day every day
>hard cornering, smashing potholes and speedbumps etc.
>doing proper routine maintenance
Yeah all used cars are dolled up before being sold so it's nearly impossible to tell
This!
My wifes last few cars have been:
>2008 Bought a 2001 Infiniti I30 for $5000
>2012 Sold I30 for $3500 bought 02 VW Passat for $4000
>2015 Sold Passat for $3000 and bought 2007 Caravan for $5500
We have 3 kids so a van was becoming a must and its fricken awesome on trips.