I for one welcome this. I can't tell you the number of neighbors I have who've bought 200-300k worth of cars and I'm just like how the hell are you doing this?
I for one welcome this. I can't tell you the number of neighbors I have who've bought 200-300k worth of cars and I'm just like how the hell are you doing this?
I'm glad all my stuff is paid for!
I was talking to a friend over the weekend who said his step-son just bought some Challenger or Camaro for like $110,000. $1200 per month... and the kid delivers packages for Amazon as a contractor.
And this exact reason is why I sold everything I had at the height of stupidity for good profit. I'm rocking my 2001 Integra with now 225K miles on it till this stupidity stops. I figure it will be spring time and I've got winter tires for the teggy so it's all good.
triumph7 said:I'm glad all my stuff is paid for!
I was talking to a friend over the weekend who said his step-son just bought some Challenger or Camaro for like $110,000. $1200 per month... and the kid delivers packages for Amazon as a contractor.
The kid either put a ton down, the step father exaggerated the payment or they took the loan for something like 100 months... assuming 0% interest, it would take over 90 payments to pay off a 110,000 car.
ClearWaterMS said:triumph7 said:I'm glad all my stuff is paid for!
I was talking to a friend over the weekend who said his step-son just bought some Challenger or Camaro for like $110,000. $1200 per month... and the kid delivers packages for Amazon as a contractor.
The kid either put a ton down, the step father exaggerated the payment or they took the loan for something like 100 months... assuming 0% interest, it would take over 90 payments to pay off a 110,000 car.
Yeah, plus to pay $1200+insurance a month means he is grossing at least $75k/year delivering for Amazon. Doesnt add up.
Slippery said:ClearWaterMS said:triumph7 said:I'm glad all my stuff is paid for!
I was talking to a friend over the weekend who said his step-son just bought some Challenger or Camaro for like $110,000. $1200 per month... and the kid delivers packages for Amazon as a contractor.
The kid either put a ton down, the step father exaggerated the payment or they took the loan for something like 100 months... assuming 0% interest, it would take over 90 payments to pay off a 110,000 car.
Yeah, plus to pay $1200+insurance a month means he is grossing at least $75k/year delivering for Amazon. Doesnt add up.
is that the minimum you have to make for a bank to write a loan that large? $1200 a month is more than both of my german car payments combined (and both were purchased brand new)
Slippery said:ClearWaterMS said:triumph7 said:I'm glad all my stuff is paid for!
I was talking to a friend over the weekend who said his step-son just bought some Challenger or Camaro for like $110,000. $1200 per month... and the kid delivers packages for Amazon as a contractor.
The kid either put a ton down, the step father exaggerated the payment or they took the loan for something like 100 months... assuming 0% interest, it would take over 90 payments to pay off a 110,000 car.
Yeah, plus to pay $1200+insurance a month means he is grossing at least $75k/year delivering for Amazon. Doesnt add up.
It also doesn't add up because the most expensive versions of those cars top out around $70k new.
In reply to Tom_Spangler (Forum Supporter) :
Yes, but what if you are trading in your old car that you are $40K upside down in?
Roll it in!
bmw88rider said:And this exact reason is why I sold everything I had at the height of stupidity for good profit. I'm rocking my 2001 Integra with now 225K miles on it till this stupidity stops. I figure it will be spring time and I've got winter tires for the teggy so it's all good.
Smart. Repos are at 4x the rate of the last few years. Fire sale will happen soon.
Tom_Spangler (Forum Supporter) said:Slippery said:ClearWaterMS said:triumph7 said:I'm glad all my stuff is paid for!
I was talking to a friend over the weekend who said his step-son just bought some Challenger or Camaro for like $110,000. $1200 per month... and the kid delivers packages for Amazon as a contractor.
The kid either put a ton down, the step father exaggerated the payment or they took the loan for something like 100 months... assuming 0% interest, it would take over 90 payments to pay off a 110,000 car.
Yeah, plus to pay $1200+insurance a month means he is grossing at least $75k/year delivering for Amazon. Doesnt add up.
It also doesn't add up because the most expensive versions of those cars top out around $70k new.
its an unfortunate world we live in now where people are paying well over MSRP.
Almost 13% of new car buyers in June 2022 had monthly payments of $1000 or more (not sure how many total people that represents)
I am just amazed by how people sign up for stuff like this. The dealer I bought my wife's truck from was so confused when I bought it in cash.
STM317 said:Almost 13% of new car buyers in June 2022 had monthly payments of $1000 or more (not sure how many total people that represents)
Wow, awesome find. This...this isn't sustainable. I haven't seen any recent data from the past month but I know most people were running through their savings and are expected to bottom out at the end of this year. Either cutting back on expenses (payments) or cashing out retirement funds.
One of the craziest bits from the article you supplied was
Edmunds data reveals that 36.1% of consumers who financed a new car purchase in June 2022 opted for a loan term of between 73 and 84 months.
That's beyond nuts, it's condiments.
In reply to ClearWaterMS :
I might be off a little on the payment but he rolled in the balance on the old car and this was some really high end package with racing stuff involved (and no, he doesn't race).
In reply to triumph7 :
That definitely sounds like a young purchase. Flush with cash, short on responsibility. It'll be a buyer's market once the music stops playing.
$30,000, on a used car?!
I can kind of see it in the recent trends (no new ones to buy), but, ouch.
In reply to aircooled :
I paid $32k for a 9 year old Cayman S. I can't remember what my payment was supposed to be but I paid $1000/mo and paid it off about a year and a half early. I think it was a 5yr note.
Yikes. I bought when cheap loans were being given out like candy and even I paid it off early (less than 6 months lmao). I just didn't like the idea of paying more on interest.
Gettingoldercarguy said:bmw88rider said:And this exact reason is why I sold everything I had at the height of stupidity for good profit. I'm rocking my 2001 Integra with now 225K miles on it till this stupidity stops. I figure it will be spring time and I've got winter tires for the teggy so it's all good.
Smart. Repos are at 4x the rate of the last few years. Fire sale will happen soon.
Can confirm the repo situation. I rent a property to a repo company in Ohio. They have their normal space jammed full and are using an overflow agreement we have to use the other half of the property.
They probably have 70 cars on hand at any one time and 2 truck loads go out a week.
Find one in every car:
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