Why is financing such a thing in young people?

I just went on a uni exchange trip to San Francisco and I was shocked by how many people I talked to were financing new cars. So many people talked about owning a first car like it was this massive hurdle of debt they had to clear.

Is this just an American thing? On top of that, the cars the wanted were things like Golfs, Audi A4s and and Mazda 6s. What is with this obsession with people absolutely must having a current year model car and paying through the ass to get it?

A persons first car should just be a banger that is cheap and easy to maintain. Why did I see so many people talking about and DRIVING things like bmws and benzs when they’re only in university?

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Its all about keeping up appearances. Which is very important if they want to land a job. You can't just be better qualified than the 178 other people who also applied, you have to be cooler and more politically correct to hire.

My first few cars were $400 dollar beaters. I think a lot of these kids are worried about the social implications of driving a normie car, like a 2001 civic. Maybe they just think that old cars are bad and won't be reliable. Try to remember those car stereotypes you may have followed before you were a car guy.

Building credit is important. It affects everything from buying or renting a home to getting a job.

I'm putting a spreadsheet together now comparing the total cost of ownership of various brand new vehicles (financed), slightly used (financed) or shit boxes. Taking into account taxes, depreciation, ins, gas, everything I can think of. The vehicles I'm looking at hold their value much better than most. The time range of useful life for a new or slightly used vehicle in my analysis is 15 years because that is my goal and what I've done in the past. Your time range might vary. But ballpark findings so far is the premium paid on a reliable vehicle is surprisingly less than a shitbox. It's about $9k cost of ownership in the first year for a 4Runner vs $4-5k for an older Civic, but it gets to be within about $1k by year five and at that point you need to be prepared to replace the shitbox if you haven't already.

Tl,dr I'll be buying a new vehicle (financed) when my shitbox dies and drive it until it dies.

This. Because of rampant conservatard ideologies throughout America, Americans are basically slaves to this invisible and arbitrary figure called credit.

How does it affect getting a job?

If your employer sees your bad credit history, they won't hire you because they'll be afraid you won't be able to pay your taxes/union dues/401k/etc.

They cannot afford a house, so in the eventuality of having to live in their car, the youngsters are splurging out. If you were homeless, would you want to sleep in an old shitbox that smells of twenty year old farts or a brand new car that smells of fresh machinery and German sweat?

For €400 a month you can drive an S-Klasse Mercedes. And you get ta new model every 5 years.

Leasing makes sense.
Financing a depreciating asset is stupid.

Americans that go to universities are stupid

All Americans are stupid honestly

gee i wonder why
get fucked there was more wealth for previous generations to go around we're the poorest gen since the great depression

They want a warranty. Very people know anything about cars and are fearful anything outside of a warranty will break down and cost thousands of dollars to fix.

>Tl,dr I'll be buying a new vehicle (financed) when my shitbox dies and drive it until it dies.
god how miserable

Employees run credit checks on candidates.

>Which is very important if they want to land a job.
This is BS, if you have a desirable skill you will be hired.
T. Software engineer with a very event filled credit history that drives a total shitbox.
>your employer sees your bad credit history, they won't hire you because they'll be afraid you won't be able to pay your taxes/union dues/401k/etc.
Have you ever had a job?

>employees
Fucking hell. I meant employers run them on job candidates before hiring.

No one said it wasn’t possible to find a job if you have shit credit, just that it will have an impact. Some (((employers))) credit check their job candidates, so you might not land a job with any of them if yours is worse than the guy next to you.

It is all part of the game that herds people toward a wagecuck lifestyle.

Leasing only makes sense if you don't drive a lot. Mileage penalties are a bitch.

That's not the (((reason))) buddy

You need to be 500 or lower for it to have an impact on a job. I mean really really shitty credit. A history of chronic defaults and chargeoffs etc.

It all comes down to having a desirable skill, if you don't have one then yes you are.pretty screwed, but then if you don't have anything to offer society why are you even a part of it and waisting resources.

>unifags
>rich parents
People there are jealous egoistic narcisstic assholes by nature. You expect them to drive some beater? Youd look like loser, they dont even care if its new corolla, golf or bentley. New is new, no matter the make

depends on the job desu, anyone surfing Veeky Forums it doesn’t apply obviously but if you’re handling/exposed to high level shit (ie ssn, company/govt info, financial jew stuff, border agent, etc) they want someone who has their life somewhat in order and won’t be AS susceptible to bribery/payoffs to leak info, smuggle some shit, look the other way, or just flat out steal shit for themselves or for corporations/governments/high influence individuals, etc

it’s not a valid method for determining someone’s trust but that’s the thought process

leasing is mostly suitable for companies bc it keeps equity up
plus they gett better fleet conditions and tax deductable spendings
private leasing is a meme, dont get a car you could not afford otherwise
i know many people who got into the leasing spiral.

You're not a car enthusiast, or even a hobbyist, if you don't drive a car you bought new. Buying used cars doesn't support the industry. You lament the death of manual? You hate how cars look? Well too bad, you have no right to complain. Auto makers need to make money and so they make cars people buy. While you were buying cheap old Honda Civics, people were financing crossovers. While you were driving around your 1995 Miata, people were leasing automatic sedans. I'm financing a new car right now because I want my money to go to the people who deserve it. I want the industry to see me, I'm saying look, look at me, I bought an expensive manual rwd car. I exist and I want to buy your car so please continue making them. Used cars are the cancer of the automotive industry.

Just as I started reading this my coworkers started talking about buying new cars and about how they need a new car because a 2000 Corolla is soooooo old, despite it working perfectly

>new cars don't meet your interests
>it's your fault even though you voted with your dollar against the new car trend

>Building credit is important. It affects everything from buying or renting a home to getting a job.

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This is what an idiot looks like.

Seriously do you really think everyone can afford to buy new? That people are just too cheap?

You really think that if you like cars you have some kind of moral duty to buy a new and probably overpriced vehicle from a dealership?

That's not how the world works, that's not how any of this works.

How out of touch are you? How the fuck do you even interact with people?

Man i wish I had your money cause i'd try to buy you some common sense.

>Its all about keeping up appearances. Which is very important if they want to land a job.
I didn't know that showing your car to the hiring committee was part of the interview process

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I'm not saying everyone in the world absolutely has to drive a new car but if you claim to be into cars and you don't buy new then you oughta kill yourself. It's like claiming to like a band but never buying their cds or seeing them in concert or anything. You just pirate their shit and then wonder why they broke up. If you can't afford a new car then that's one thing but either way money talks, and if you don't have money, your don't get to talk.

I took out a loan to buy my car which had a much lower interest rate than finance from a dealer. Basically it means I pay £300 a month over 4 years to drive a fairly new 5 series with a warranty and a service package. I didn't have the capital up front to buy it outright, but £300 is a tiny portion of my monthly salary so I barely notice it. Plus I own the car and don't need to hand it back, so total cost of ownership won't be that much. And there is no mileage limitation.

Up until now (25) I have driven cheap shitboxes which are fine, but now I make a decent salary and also use my car for work I wanted something decent, and I can afford it, so why not? What I don't understand is my colleagues paying the same, if not more, to lease a brand new Fiesta / A3 / Golf etc which they don't even own.

they get convinced by their parents or the new car lobby or whatever that old cars are money pit garbage heaps

you're fucking retarded, dude. Cars and music albums are not even remotely the same thing.

>20k usd for a used bmw

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Ausfag here;

I'm quite young and the only guy I know who financed a car has had a full time job for the last 6 years and got fed up with his shitbox failing constantly.


I have a friend considering it, but he has about 10k to throw at a car as of now and also works a full time job. When he gets off his p's (another year) he wants to buy a nice car. He'll likely end up havinng 15k plus whatever his current car goes for (probably another 3) so he may not even need to finance.


Anyway, my point is, the only young people doing it here I know have large cash reserves built up and a stable job. Everybody else just buys 3rd hand shtboxes, or goes the same route as me and restores an even shottier shitbox.

It's exactly the same thing. It's about supporting the things you care about, whatever it is. If you're into music, games, cars, bikes, whatever, if you choose not to support them with your money then you don't have a stake. Whatever choices they make and whatever directions they go is decided ultimately by their customers, and if you're not their customer, then you can't complain.

How much do you pay for a 4 year old 530d with 50k on it in burgerland out of interest?

except if you want to influence a company, you don't buy their product, you buy their stock. The product will get put out no matter what, that's the company's job.

i don't know
i don't live in burger land

cringe

>except if you want to influence a company, you don't buy their product, you buy their stock. The product will get put out no matter what, that's the company's job.
I'd like to introduce you to a dozen different brands that went out of business or were cancelled because no one bought them. And you're flat out wrong about the stocks. Not that that doesn't support the company, but buying their product is ultimately more important when it comes to influencing the market. I'll use the recent Ford Fiesta as an example. Ford is in no way struggling financially, and the Fiesta is a very popular car, people love it and buy it in droves... in Europe. They gave it a shot in America but the market just wasn't interested, so they pulled it from their domestic lineup. Now whether or not you or I own or even care about the Fiesta aside, pretend someone was a big super mini fan, and claimed to love super minis, and even claim to love the Fiesta, but they never bought one. This hypothetical person can't complain about the decisions Ford made in their cancellation of the Fiesta. Now if they couldn't afford one, then that sucks for them, but ultimately the market can't and won't cater to people who don't buy things.

Now you're talking about catagories (music, games, cars bike etc) and trying to say that's the same as supporting a specific band.
>if you're not their customer, then you can't complain
How do those boots taste?

Gotta gloat on Fecesbook about your new toy daddy bought you.

Americans need cars
Americans have money
Americans are lazy and hate going to a mechanic even if they are saving 10k buying a used car
Americans are self conscious, they need to be driving new cars with the others

true. For the most pert, we are a very vain group of people

Wow okay Mr Pedant, instead of "music" let's specifically say "Post Hardcore" and instead of "cars" we'll say "rwd coupes" and instead of "games" we'll say "roguelikes", does that make the comparison specific enough to suit your arbitrary standards for what constitutes a comparison? By the way, this makes it obvious that you know you're in the wrong because instead of arguing the point, you shift your focus towards how I'm forming and conveying my point and not the point itself.

530d wasn't sold in burgerland. The 535d from that year is 27-35k depending on miles and options

>Buying a used car is piracy
This bait is unreal

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How far do you take this philosophy in life? Do you have no opinions on anything you are not personally involved in?

>San Francisco

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You don't have to lease expensive cars. You can lease a fully loaded affordable-but-fun car for like $200-250 a month and that's pretty affordable to guarantee you always have a new car. 3-4 year leases are good because cars start having problems at that 4-5 year mark.

Of course. Why would you think you get a voice in anything you're not involved in? For example, I have never bought food from McDonald's, so I don't care if they cancel an item or raise their prices. Imagine someone who's never bought a Whopper being upset that they cancelled it.

Driving a car passed 10 years and your guaranteed to have to replace those axels soon. Not worth it at all. I'm just now out of debt at 27 from my previous car that fell the fuck apart on me at age 20-21. I financed my fiat 500. My credit is in the low to mid 700s now. I'm debt free and my car is in perfect shape and up to date and paid off.

There are several factors
>they don't even consider it, they think buying new from a dealer is the only option
>they believe old cars are unreliable and break down constantly
>they want to be in a new car because it feels better
>they want to show off to other people
That about covers it, I think

Sure I overpayed in general but i only had to pay for the charge over time. It made it affordable by the month. I was paying over 200 a month average in repair bills. Why not just get into a new car instead?

In theory I could have kept my CL with brand new axles and an oil system repair that was over a grand. But I doubt it would still be kicking at 290000 miles lol.

Imagine not caring about 6 million dead Jews, because you aren't a Jew.

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You base that 500 on what? There is no agreed upon or legislated limit, so different employers read it differently. I assure you there are companies in the US who will hire one candidate with a 700 over another with 600 if they are similarly qualified.

>comes down to having a desirable skill
The issue is that you don’t likely have some unique desirable skill so you are competing against other people who can do what you can do. Everywhere I’ve worked I kicked ass but every resume and every candidate says that same thing.

I’m upset about that lie even though I’m not a Jew.

They're seen as "safer" because they are new
They don't care dick that manufacturing practices and companies cheaping the fuck out on things can cause problems even on new cars

obviously as cars get older the things that wear out need replacing

To these people, cars are magic boxes that go when you press the peddle

which means 100% of work done to them will have to be paid for to be done by a mechanic when it does need changing

a lot of people here can buy a $500 shitbox and have it be a suitable daily because we have the knowledge of when things might break, when they need changing. we have the ability/tools/resources/knowledge to do the work ourselves for the price of just the parts

Not knowing these things means cars are an unavoidable financial kick in the nuts

>why do you think you get a voice
who's going to stop me? If I think it's stupid, I'll yell it from the roof until I'm blue in face.

Conservative ideologies are not the reason Americans are taking on more debt. I seriously hope you’re joking.

Take some economics and finance classes. Western society is built on debt out of necessity. Credit is not arbitrary. If you’re going to blame someone, blame the financial system.

That’s just spoiled rich kids.
I remember when I was in Utrecht there were student houses with BMW’s and Mercedeses parked outside. It’s how the children of rich parents roll

jobs involving the government, financial institutions, anything to do with handling money or peoples sensitive information will most likely require a credit check.

Dont even bother with European imbeciles pretending borrowing money only happens in the USA. The thing is: Europeans are worth shit so nobody is going to give them credit for a car.
t. European

This
The majority of cars at universities are used cars or dealer purchased pre-owned cars. Only rich parents buy new cars for their kids
>San Francisco
A city full of rich white or asian pricks which probably explains all the new cars

id like to harass her.

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>Veeky Forumscucks are car """"""""""""enthusiasts"""""""
>chimpout when someone buys a car that isn't' a 10 year old ugly asian cuckbox

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DELETE

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Maybe 20% of my class came by car, and they all drove their mothers shitbox(some had to leave early because their mom needed the car back on time).
The amount of expensive cars at the parking lot was maybe 5% total.

To europoors just having a car before having a full-time job is luxury.

>encouraging stealership jewry

Having social status is important to being considered for hiring in the first place.

If you are expecting to work at a reputable firm and will be visiting clients it matters - doesn't have to be expensive but turning up in a beaten up old shitbox makes a bad impression.

How are you this fucking delusional you entitled piece of shit

>You base that 500 on what?
I base that on the kind of behavior they are looking for. They don't just look at the score and throw it in the garbage if x. A low score we be a flag to look at the full credit report. Is your score low because a short credit history.. o.k. is it low because if a bankruptcy, if so what kind. Probably ok. Is it low because you continually default on loans.. well that isn't o.k.

As far as a desirable skill, you don't have to unique or great but just have something in demand. Certified nurse, you got a job. Know Java, you got a job. Welding or plumbing, probably.

>Driving a car passed 10 years and your guaranteed to have to replace those axels soon
Don't neglect ripped CV boots and an axle should last forever.

basically a new car is a sign of success in their eyes. You buy a new car and it looks like you got your life together. Take out a loan and buy something you otherwise cant afford. Second most expensive thing you're going to buy next to a house so look like a baller even though the bank owns the car

Probably because they're upper middle class and their parents know how useful building credit now will be later in life, and that financing a car is one of the few ways into credit left these days since card companies are more strict than they used to be and student housing is so expensive that their metrics are off.

CC companies use income vs housing to guess whether you can pay your bills but they don't realize students will just live on less, so you don't even get past the preliminary guess on whether or not you can pay for food.

I'm doing this. Financed a 2016 certified used civic for $200 a month, 100k mile warranty and good on gas and only $99 insurance a month... I feel OK

what's a common, great handling reliable car from the 00's that OP would suggest would be good for a first time driver with $2200

My first guess is MX5 NB but are there any other options?

As an American, my first car was a 2003 Crown Victoria Police Interceptor I bought for $3500 in 2011. Great car, easy to fix, and pretty reliable.

Now three beater cars later I'm working a career in IT and going to be financing a 2018 Mustang GT Premium with every performance option available.

I don't view a car as an investment though, while some people do.

Not particularly great at handling, but a Mustang or Crown Victoria from the early 2000s will be reliable and common for cheap parts.

>Fuck leasing
youtu.be/t1NaDucAXIg

save your money my dude. serious.

stop voting with your dollar for no benefit for yourself

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I'm in the second highest credit score bracket and I'm half way to entering the first highest. Didn't need to finance no car for that

what is financing?
t. brainlet

I'm 21 in burgerland and nobody i know finances their cars. They either dont have a car or get them used.

Yeah, I'm in central Europe and very few folks buy their cars "cash". Even wealthy people would rather try to get a good lease than outright buy a vehicle.

Not true in my experience. I've done well and have always driven a 15+ year old shitbox. I own that shit.

Same as loan, except loan sounds big and bad due to the negative connotations. Financing sounds savvy and light.

You can get a fico score in the 800's purely from credit cards while paying zero interest. Ask me how I know.

True dat.

21 and just bought a new car

was previously driving a beater around and i am now paying the same amount of money i was spending on maintenance a month, on a brand new vehicle that will last me a lot longer

any firm with a reputation worth that would provide a rental vehicle/vehicle stipend, otherwise they can get fucked.

bad credit is a pretty available indicator of how you have bad foresight/impulses and don't plan your finances (a pretty important part of your responsible adult life) correctly. given how easy it is to just pay your bills on time and pay no interest with some self restraint, they can take it as a good indicator of your general behavior that may translate over to the workplace.

>le credit maymay

it's current year, in aus you dont need a credit score to get a house loan,etc. you just need to show that you can save for x amount of months by chucking a few bux into an account every week.

Most young working people don't have much of a concept of saving money. They have unrealistic expectations of what their futures will be. They all believe they're going to land the top job for whatever they're studying, and at that point their debts won't matter.

Realistically they should be stowing away some of their earnings, but instead they choose to spend it all and live paycheck to paycheck. They also typically rent their own place instead of renting with others, which eats an even bigger chunk out of their paycheck. I mean fuck, my buddy who makes around the same a year as me (but also does Uber on the side) was telling me the other day how his account went into a negative balance... First of all, how is that even possible? Second of all, I'm a year younger than him and I have over 40k saved, yet I think I'm poor. The difference is I drive a cheap car that's paid off and live with roommates. He finances a car for what I'm paying in rent and pays for his own one bedroom apartment.

It's just a lack of foresight, living in the now and not thinking ahead. That's what made savage societies the way they are and civilized ones the way they are. Always prepare for winter.

Makes more sense to finance a used 2014< car with low miles. Better parts that last longer. Pay it off in 5 years with less than 2000$ in interest and never have breakdowns or have to replace a part. And you get to drive something new and nice.

Thread should've ended here. SF is a shit hole in everything. People make 90k a year and have to live in a 900sq ft apartment with 4 other people just to have a place to stay. It goes without saying that they have to finance everything.