It’s a recession. I agree, people need cards and cell phones, so they pay the bills if they can. But why would anyone who doesn’t have the cash buy a car they can’t afford? They should never take out car loans, just buy what they can afford.

Showtalk said...

But why would anyone who doesn’t have the cash buy a car they can’t afford? They should never take out car loans, just buy what they can afford.

When they took the 5-year car loan out in 2020, they were able to afford the payments.

Then, in 2021, gas prices rose and inflation started to kick in. 

Followed by Biden removing the tax breaks that Trump had implemented.

Then, the price of everything continued going up in 2022 and still continues going up in 2023. 

And thus, what they were able to afford in 2020 is no longer affordable.

Did you think inflation would be this bad in 2020? I don't think anybody did!

FWIW

Confirmed: Alex Soros Held Several Documented Meetings at the Biden White House

By Jim Hoft
Apr. 8, 2023 9:45 am

Confirmed: Alex Soros Held Several Documented Meetings at the Biden White House | The Gateway Pundit | by Jim Hoft

FWIW

No, but why take out a car loan at all? People are forced to take out home loans because of the huge costs, but people pay cash for cars all the time. They buy what they can afford.  

So the son will take over his father’s cause and it will continue for another generation.

Showtalk said...

No, but why take out a car loan at all? People are forced to take out home loans because of the huge costs, but people pay cash for cars all the time. They buy what they can afford.  

Do you have an extra $25,000 ~ $30,000 laying around to buy a car with cash? Many people don't have that kind of money laying around. Those living paycheck to paycheck can only purchase a car by taking out a loan... even for a cheap second hand car.

FWIW

Showtalk said...

So the son will take over his father’s cause and it will continue for another generation.

That's the way it seems. Soros has been training his son and introducing him to all the deep state operatives that Soros has been dealing with including Pelosi among a dozen others.

FWIW

Then they should buy what they can afford. When you buy a house, the money you pay on principal goes back to you in the form of equity. When you buy a car it loses value the minute it’s driven off the lot. Dave Ramsey tells people buy used and don’t ever buy a car on credit.

How Can I Get a Car Without Financing?

Here’s a little piece of advice: If you can’t afford to buy the car right now with cash, you can’t afford the car. And no matter where you’re from, cash is king. That’s where delayed gratification and saving (like it’s your job) comes in.

Did you know the average person who has a car payment is not a millionaire? (Makes sense, right?) In fact, the average person who buys new cars isn’t, either.

In Everyday Millionaires, we found that “the average millionaire drives a four-year-old car with 41,000 miles on it. And eight out of ten millionaire car buyers drive it away debt-free without carrying a car payment behind them.”

https://www.ramseysolutions.com/debt/the-truth-about-financing-a-car

If Biden has his way and we are forced to buy and drive electric cars the cost will be astronomical. A car loan will become like a mortgage loan and require a long term loan. Even if you can afford to purchase the electric car, heaven help you if you have to have a new battery or other repair work.

Absolutely.

The $25,000 ~ $30,000 I mentioned was for a new fossil fuel car.

If you want a hybrid, that will jack the price up to $40,000 ~ 50,000.

And if you want to go full EV, that will knock you back by $65,000 or more depending upon the model.

Not to mention the battery replacement after 6 ~ 10 years which will probably run you $20,000 more or less depending upon the model.

Even considering all the hay required, a horse drawn buggy would be much much cheaper. Not quite as fast, but more affordable. (* CHUCKLE *)

FWIW