Why do people buy cars they can't afford?

>be black
>make minimum wage
>ayyy I can get dis whip if it on 72 momf loan
>30% apr

One week later

>lose job for showing up high too many times
>miss payment

Why dey repo my whip mane

And of course whites have no car loans and blacks have car loans amounting to $22,200 per capita including infants and elderly, or $57,222 per black household. Sure thing. Entirely more rational than car buyers of all ethnicities being irresponsible.

Black people are the easiest to dupe into taking a loan they can't pay off.

Yeah but that doesn't mean that whites aren't. Sure is easy to blame everything on the blacks, isn't it?

Well, I didn't say other ethnicities are perfect by any means, just that blacks are the worst in this regard. Why do you think they love Nissan so much?

Not really it's just that proportionally more of them fall into the subprime category which is always a gamble regardless of the borrower's skin colour.
Most need to borrow regularly just to make ends meet (payday loans etc) and really should not be lent to for anything more than a week's wages.
Really the lender should carry the can but they got bailed out last time so I can understand why they think they'll get bailed again.

>more people with car loans
>OP is surprised more cars are repoed
>buying a five-figure purchase with cash outright and not having the money on hand for any emergencies that happen

People don't have emergency money left after buying a car on loans either, they only get to drive it sooner this way. But they're still just as irresponsible and will spend their last dime on the down payment.

cbsnews.com/news/most-americans-cant-afford-a-500-emergency-expense/

They proportionally make up a larger percentage of the subprime category relative to their population precisely because they've ruined their credit by taking loans they can't pay back.

Don't want to start a new thread but help me out Veeky Forums

What's my budget for a car? I make 50k, pay 700 in rent and 250 in student loans.

It's a little bit more complicated than that but whatever.

Just get a 5k civic and stfu

Cars are seen as a status symbol now, not just to get from point a to b.

MUH CAR SOCIETY

buy a civic, shut the fuck up

>now

As someone who used to make $50k a year with a $790/month car payment, I wouldn't recommend more than $400/month. I was just able to net $500/month when I made $50k.

I think the problem is fundamentally much deeper than that.

Think about how American's are socialized and educated plus the kind of media that we are constantly bombarded with.

We internalize the ideas of what it means to be successful - you see it all the time even in everyday Veeky Forums shitposting. People calling each other poorfags or making all kinds of illogical statements of what you MUST own, drive, and understand about auto technology to be included in the "auto enthusiasts" club - otherwise you're excluded or a failure at being a car fan.

Republicans and Democrats both do this to average people, too. Democrats are patronizing and talk about how the deplorables need to be helped and aided - no one wants to be a charity case. Republicans, on the other hand, constantly harp about everything bad that ever happens to you ever is your fault for being a failure and making bad decisions - no one wants to be one of those, either.

So then you end up with joe schmoe (black, white, yellow, brown, doesn't matter the skin color) who's maybe lower middle class or just on the border of middle class/lower class who's just chugging through life and finding ways to convince others and, more importantly, THEMSELVES that they've "made it" and have a decent life. They end up really believing that they need to do and have all kinds of shit in order to avoid being a charity case/socioeconomic failure so they want that brand new car to feel like they're a part of the winning group and to distract from their daily hopelessness.

I sincerely believe that's why there are higher incidences of mass shootings and suicides in the U.S. too - at some point people can't cope anymore and they don't know how to deal with lie that they've been living so they just crack in the most catastrophic way imaginable.

Yeah, I'm making like $57k if I include my bonus and it makes me a hair uncomfortable financing a $29k WRX.

"Car should not be greater than half your annual salary" does seem to have some truth to it.

It's like that Asian chick who murdered both her parents - she'd been lying to them for years about getting into college and when the jig was up (graduation) she totally flipped and paid for a hit on her folks.

Try mentioning on Veeky Forums that public transport is generally a good idea for a lot of people, and that our planning is too spread out and car centric.

I don't disagree with what you said, but I feel like I can't really advocate for that position too hard because I like driving and I love cars...

I do think that if we could somehow do public transport really well (better than it is currently even in cities like Chicago and New York with robust public transit systems), then I could imagine a world where I'd switch between public transport and driving my own car - and maybe most people would do that as well. The net effect would be that traffic and parking is much improved while still allowing people who DO like driving to continue to do so.

That is retarded as fuck. Maybe if you plan to drive the car for just one year it shouldn't be more than half your salary.

You're buying a car it should easily last you more than 3 years or you'd lease.

It just makes you a cheap ass if you spend half your salary on a car - an arbitrary number from one years salary to the entire worth of a car lol

Because Obama though to revitalize the auto industry by creating an auto loan bubble and taking out perfectly good vehicles off the street.

I posted this in a similar themed thread so I'll post it in here as well:

"Radiohead put it best. You do it yourself, bah-dow-dow, and that's what really hurts.

Go, drive in your newly leased car, back to your newly-paid-off house. Lay on the bed and listen to the ticking of the clock, you'll break. You'll be back, begging for more greenbacks.

Paying off that loan was the only reason why you got up in the morning, wet to your job and said greetings to your working dullards. Existing with nothing to strive for is no existence at all.

A life free of debt? You naive fool. Debt is your life"

$50k/year ~= $3k/month after taxes
$3,000 gross/month
-$1,000 car payment and insurance
-$1,000 rent in not the ghetto
-$100 electricity
-$100 gasoline
-$50 phone
-$50 internet
-$200 food
-$100 health insurance

$400 net

I hope you don't plan on purchasing or doing anything in your life trying to budget more than 25% of your yearly income on a car.

How the fuck do people do that? Was this survey entirely in the ghetto or something? If you come from even a lower'middle class family you should be able to squirrel away a few grand as an emergency fund.

This would explain why Veeky Forums is always flooded with 17 year olds asking for advice on what car they should spend their 30k budget on.

>that one kid that kept making threads crying about how he can't return the CVT civic he bought

Why keep the money around when you could buy an ATV?

>ameripoors

got archive links to that?

Nah, probably would've saved the links if I knew how many of those threads he was going to make.

$1000 on car payment and insurance? The fuck.

I pay $600 month for BMW 4 series 2017 lease AND insurance.

Clearly you're special.

Keep driving your current car and fix it.

>not knowing the difference between leasing and financing

I don't have a current car. Busfag living in the city. My gf has a car that I borrow sometimes.

>not seeing it's a reply to a leasing vs buying argument

how i am suppose to get a 5k$ mustang GT if idiots stop buying cars they cant afford.
>one day you will be able to afford a 6th gen camaro ss

Just buy a Toyota shitbox under 100k miles for $10,000. There's no point to have a new car in a place where it will get damaged and rarely driven.

>hurr why is a car that he gets to keeps payment more than my long term rental

Lease payments are almost always cheaper than buying you dumb fuck.

Good advice. Though I'm looking at a Mazda3 shitbox instead of a Toyota.

Payments are cheaper, yes. But generally you get more fucked in the long run when you lease
>but that's a different argument all together.

Just get a 3k civic. No point in spending 10k either. You should consider a volt though. You wouldn't use any gas except for maintenance burn and you could get one for 15k if you have a place to charge it.

>people who make less than six figures

because people believe that
A: new cars are more reliable so they won't have to spend as much on maintenance.
B: they only see the Bi-weekly payments and think "I can afford that!" but they say the same thing to everything and end up with 1$ a month for living expenses and spend that 1$ on a fridge magnet.

TLDR: they can't manage money and have no common sense or logic.

Go S.T.E.M majors!

It might be, but at the same time it isn't.

In Denver, a monthly pass for public transport is about 120 a month. You can lease a brand new 16 Honda Civic for 89 a month for like 2 or 3 years. I mean even factoring in insurance, you're paying about 30-50 dollars a month more than the bus.

The benefit is that the tone you would spend in a commute is halved to quartered. The opportunity cost of sitting on a bus is massive. It's a waste of resources (time) for the user.

>Implying you make any money at all

>yfw nigs and beans are so dumb they finance rims for their financed car too

Also Nissan dealers have a 120 month finance plan, hence why you see so many blacks in them.

>implying I drive a miata or shitbox like the rest of (You)

>Implying you drive anything at all

Cumskins americans are just as dumb

>implying Denver's light rail system isn't dope af
>implying i don't bypass gridlocked I-70/I-25 plebs

>Car should not be greater than half your annual salary" does seem to have some truth to it.
Man, if this applied to my poor ass country we'd all be driving 30 year old golfs

Hurrrr durrrr buying a depreciating asset is so smart along with Killing your cash flow.

Buying is only worth it if you're in the market for cars with 1.) high residual value 2.) stay within the leasing miles 3.) plan to keep the car for less than 5 years.

If you fit those three categories you're better off leasing. Not everyone wants to drive a shitbox until it dies

People finance fucking RIMS?!

Jesus Christ.

people can and do fucking finance tires dude
this shit just reeks of a bubble thats going to pop some time soon

>It's like that Asian chick who murdered both her parents - she'd been lying to them for years about getting into college and when the jig was up (graduation) she totally flipped and paid for a hit on her folks.
this happened? damn

>implying my e60 isnt superior to all the v6 accords and miatas on this board

To drive to my work from South East Denver to off i25 and Arapahoe. Takes 20 minutes in the morning. To walk to the light rail, take a train, them walk to the office takes an hour. Minus 10 minutes of you have a bicycle. Over the course of a work year, that's 170 hours, or 7 while days spent in transport for the cost of around an extra 300 dollars a year. I could easily pick up a side gig to make that up in a weekend, I could drive Lyft to make up that money.

I hate this bullshit. Because of dumb people that fuck up their credit, lenders are more skeptical about handing out loans, especially to younger folk. Just yesterday I was going to finance something and the lenders asked me way too many fucking questions that they never asked before. Than they were surprised when I had a 744 credit score, they asked for proof of employement, and at least one past employment that I've been at for longer than 2 years, how long I've lived at my current address, and all kinds of irrelevant bullshit that doesn't even matter if your credit history checks out.

Financing tires isn't bad. Lots of places give you 6 months interest free. So you get to pay 100 dollars a month for 6 months instead of 600 up front.

>Implying you even have a license

One of us is going to get in trouble for shitposting.

When did that happen? The USA has had the world economy locked down since 1944.
They really need to stop whining about how hard they have it that they can only afford 3 cars instead of 4 because the Chinese want an extra bowl of rice.

yeah its going to be (You)

People don't have the balls to drive a shitbox as a general rule. Muh face saving.
>grow up local church of about 130 people
>like 5 could afford the new car every 6 years cycle
>everyone else in debt to their eyeballs
>like 5 people just drove shitboxes they could afford to run
People and their egos.

50cc scooter costs less than $30 a month to insure, gets like 100+ mpg and enables you to leave for work/school up to an hour later than busriders
>leave house at 8 to catch 8:10 bus (its sometimes 10 mins early or late)
>get off bus at 8:45 right outside of work, cant clock in for 15
vs
>know it takes 10 mins to get to work
>leave at 8:45
>still early

absolutely no excuses

t. Jamal on the bus because his 30s got repo'd

Dcooters are faggy

so is getting robbed on the bus

>new car every 6 years
Why would anyone do this? Just lease instead.

kek

I used to work at a wheel shop. We had a set of 30s that we "sold" about 5 separate times because people took loans out on them and couldn't make the payments about 1/4 the way through. List price on them was $35k

kek

>$35k for a fucking set of rims

Jesus fucking christ

>List price on them was $35k
what the fuck

Probably one of those idiots who think leasing is spending money and having "nothing to show for it at the end"

Because American kids are taught by their boomer parents that they can't be seen in with things that aren't brand new.
>buy brand new shitbox for full price
>won't even consider buying a car from 1 year prior with 10k miles for half the price and double the features
>has to be NEW
>if it's not new it won't have all the new features!

Why do you think they can sell a new iPhone every 6 months?

They were Asanti and it was when 30s were brand new and the biggest wheels you could buy.

Also, $35k was just for the wheel, tires not included, well the first time at least

i.e. this entire board.

Seriously, like 90%+ of Veeky Forums is financially illiterate but thinks they're clever because they advocate doing what poor people do.

How do we end racism on p/o/l

Explain how you wouldn't have more money """buying""" a car and then selling it 3 years later vs leasing a car for three years.

Fuck OFF kike

You're only paying for depreciation when you lease, which is what you would lose between buying and selling the car anyway. The difference is that the lease is a fixed cost and you aren't exposed to vagaries of the market. Another difference is that leasing often requires less of a down payment, which means you can keep money that would have gone stale as a down payment invested and earning for you. There are also tax writeoffs that a business owner can take on a leased vehicle that can't be applied to purchasing.

We need to geNOWcide cumskins

Soros has it checked out, dont worry

Fucking niggers!

>White girls fucking niggers!

Write the whole sentence bob

why dont people just buy outright
fucking poorfags piss me off so much

>-$200 food

Or you can just wait a year, buy that model you want used, and not fuck your wallet

> Asantis
> 35k
seems about right

>Why do people buy cars they can't afford?
Everything's a big pissing contest. You've got to have a shinier car than your neighbour, the missus needs to take the kid(s) to school in a bigger pavement tank than everyone else, and what will strangers think if they see you getting out of an older car? Finance, lease, whatever. It's easy to get your hands on a shiny new commuter now so your sign yours soul away for this brand new 3 Series.

>Jalopshit