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this post was submitted on 25 Dec 2024
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Let's look at the new average cost of a car. Roughly 50k. The average loan amount for new cars is right over 40k. (Meaning they are paying 20% upfront by either trade-ins or down payments. The average car loan interest and length are 6.84% at around 67 months.
So that would mean the average person pays $8,235 more than a rich person.
So it really makes out to be that there is a 120% charge on the 40k they borrowed.
Note: car insurance costs are based off the area you reside in, and your credit score. So you will pay more to have it as well.
Poor people pay more on everything. And when you compare how much money someone makes it isn't direct like many people view it.
Someone who makes 40k vs 50k isn't a "well they don't make that much more"
If the cost of living in the area is 35 a year. One has $13.69 /day spending money. The other has $41.07 /day spending money. $178/day if you made 100k in that area.
So someone making 40k if they spent money on nothing else, could buy that car outright in 10 years... 100k doing the same could buy it in October, of that same year (271ish days)
Drastically different living/saving possibilities between them.
Thank you. Does your job involve explaining things this clearly? Are you a teacher?
Im actually usually quite terrible with sentence structure and such, but I spent most of my career in IT so far. Which anyone in IT can tell you that the difference of good documentation and bad documentation on support for products, is often the difference between keeping those products or employees around. Nothing is worse than "Brian set this up 7 years ago and hadn't worked here in 5"... And no documentation exists. Fixing a home computer, no issue. Managing 60,000... Everything has what seems to be way to many procedures.