Buying a car in this economy (1 Viewer)

[efil4stnias]

People are in a lot of debt.

That is really the only explanation here.

a LOT.

I cant imagine purchasing a car that comes with a note equivalent to a small home AND that you wont be "right side up" on Loan to Value until year 4 or 5 of a 6 or 7 year loan.

I keep thinking "well im 53, so im gettin all 'boomerish' regarding finances " and im sure thats partly the case. But then when i was mid 30s, i was still earning very very well and never once crossed my mind to dump even $60,000 on an SUV that my wife was going to drive into the ground within 7 years shuttling kids to school, trips, practices etc etc.

Our first "nice" SUV was 2006-Chevy Tahoe- Banner Chevrolet LT2 package - $36,000. out the door. That equivalent level today is mid $60s. Half the car now is computer/chips/sensors and cameras-

I cant imagine having a young family and saddled with a monthly car note like that. And as those kids get older, my goodness, they are expensive.

Just had one make cheer team and i had no idea there was a COST to CHEER for HS. I have to pay the SCHOOL in order for her to be on cheer squad. Oh and if they go on to competition/nationals, add another $2500 lolol. im like wait,wut?!

it is insane how much is passed on these days

 

[bigdaddysaints]

i thought the $600 note i have was a lot, i couldn't imagine double that...

 

[SaintRob]

I continue to drive my 2010 Honda CRV with 119,000 miles. I upgraded to a touch screen / Apple CarPlay stereo and replaced the air conditioner last year. I'm hoping to drive it until at least 2030.

Get off my lawn.

 

[zeetes]

Hope you get part of the new licensing too

cries in having to move to hyper-v

we'll probably be migrating to hyper-v too. fork i hate scvmm.

 

[bigdaddysaints]

I continue to drive my 2010 Honda CRV with 119,000 miles. I upgraded to a touch screen / Apple CarPlay stereo and replaced the air conditioner last year. I'm hoping to drive it until at least 2030.

Get off my lawn.

I have a 2011 Nissan Rogue with 215k on it. I'm gonna drive until the wheels fall off. Someone ran into the back of me 4 months ago. dented up the back drivers side quater panel pretty good. I replaced the tail light assembly, wired back the plastic piece underneath to keep it from rubbing the wheel. The insurance Co totaled it, i am keeping it and just taking the $4k, get my buddy who owns a body shop to pull the dent out mostly straight, but i'm gonna keep on keeping on with it..
I got one of these Wile E Coyote decals to put on the dent once i pull it out:

 

[Zztop]

I saw this

Why Did Cars Get So Expensive?

The cost of insurance is up 40 percent over the past two years.

www.theatlantic.com

and makes me wonder if something like the volvo car-as-a-subscription model might start to become more appealing to people in the future

https://www.volvocars.com/us/financial-services/subscription/

I think it starts around $700/mo (depends on the vehicle you choose) includes the wheel and tire protection package, insurance (through liberty mutual) + GAP coverage, roadside assistance, all scheduled maintenance. Can get a new vehicle every 2 years or option to purchase. Can cancel after 5 months and/or pick a different vehicle after 5 months. 15k miles a year - this all seems more flexible than a typical car lease

What is 'Care by Volvo?'

Some automakers are now offering consumers a more innovative approach to the new-car shopping experience: subscription. To that end, Volvo's "Care by Volvo" program allows customers to enjoy a new vehicle with all-inclusive benefits, without any of the long-term commitments of ownership.

www.jdpower.com

 

[Mr. Blue Sky]

I continue to drive my 2010 Honda CRV with 119,000 miles. I upgraded to a touch screen / Apple CarPlay stereo and replaced the air conditioner last year. I'm hoping to drive it until at least 2030.

Get off my lawn.

No, YOU get off MY lawn because ill do you one better .


My plan is to keep my 2012 Jeep for however many years i have left to drive on this Earth .. maybe 30 or 40 yrs, good health willing and the creek dont rise.. in the meantime, ill probably buy a beater vehicle (as i think i mentioned earlier in the thread ) just to use for work, or maybe a succession of beater vehicles- thereby keeping miles off my Jeep as the years go by.. all this assumes that some jerkwad doesnt come along texting and driving behind me and ruin my plan… the goal is to never, ever have to finance a vehicle as long as i live, and only buy older work cars for $5k or $10k…. Another wrinkle that might change my plan is that i may relocate to an overseas locale for a few years to escape the insane cost of living here, since I honestly feel like i am being priced out of America.. if that happens, ill just store the Jeep and use it for the month or so i visit home every year.. then if i ever return to live here when i get older, it should still be a low-mile-ish vehicle.. and lastly , one of these days , once EV conversions become more common and affordable- id like to convert it to an EV if possible.. but that’s likely many years away .

 

[Mr. Blue Sky]

I saw this

Why Did Cars Get So Expensive?

The cost of insurance is up 40 percent over the past two years.

www.theatlantic.com

and makes me wonder if something like the volvo car-as-a-subscription model might start to become more appealing to people in the future

https://www.volvocars.com/us/financial-services/subscription/

I think it starts around $700/mo (depends on the vehicle you choose) includes the wheel and tire protection package, insurance (through liberty mutual) + GAP coverage, roadside assistance, all scheduled maintenance. Can get a new vehicle every 2 years or option to purchase. Can cancel after 5 months and/or pick a different vehicle after 5 months. 15k miles a year - this all seems more flexible than a typical car lease

What is 'Care by Volvo?'

Some automakers are now offering consumers a more innovative approach to the new-car shopping experience: subscription. To that end, Volvo's "Care by Volvo" program allows customers to enjoy a new vehicle with all-inclusive benefits, without any of the long-term commitments of ownership.

www.jdpower.com

To me , what you described sounds EXACTLY like a lease…. Right down to the yearly mileage limit, which was always the biggest issue i had when i leased cars when i was younger.. If i have a car, i like to be able to drive it whenever and wherever i want , not always be worried about exceeding the miles as if i was on a cellphone plan circa 2001 and could only call people after 7pm , lest i go over my minutes .

 

[DaveXA]

People are in a lot of debt.

Heck, I'm in a lot of debt and don't even have a car, lol.

 

[DaveXA]

That is really the only explanation here.

a LOT.

I cant imagine purchasing a car that comes with a note equivalent to a small home AND that you wont be "right side up" on Loan to Value until year 4 or 5 of a 6 or 7 year loan.

I keep thinking "well im 53, so im gettin all 'boomerish' regarding finances " and im sure thats partly the case. But then when i was mid 30s, i was still earning very very well and never once crossed my mind to dump even $60,000 on an SUV that my wife was going to drive into the ground within 7 years shuttling kids to school, trips, practices etc etc.

Our first "nice" SUV was 2006-Chevy Tahoe- Banner Chevrolet LT2 package - $36,000. out the door. That equivalent level today is mid $60s. Half the car now is computer/chips/sensors and cameras-

I cant imagine having a young family and saddled with a monthly car note like that. And as those kids get older, my goodness, they are expensive.

Just had one make cheer team and i had no idea there was a COST to CHEER for HS. I have to pay the SCHOOL in order for her to be on cheer squad. Oh and if they go on to competition/nationals, add another $2500 lolol. im like wait,wut?!

it is insane how much is passed on these days

Public school is absolutely not free. They nickel and dime you to death for everything, particularly for sports and band. Certain classes you pay for materials, lab fees, field trips etc. You can get a lot of it waived if you're low income tho. With 4 kids, it was rough lol. I'm glad they're all grown now.