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this post was submitted on 01 Oct 2023
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Auto loans are terrible and I always pay them off as soon as I can, but they will never really be that big a threat because you CAN sell your car and buy a substantially cheaper one, in most cases. Sometimes you can sell your car and just use public transit or bike/walk.
Used cars literally cost more now than the 3/2 townhome I bought in 2012. I don't understand how most people survive in this economy.
When I was a kid auto loans would be for 2 years or 4 years maybe, now. They'll give you a 10-year loan on a car.
Interesting. But if everyone sells their car soon as the economy brings the pain then they won’t be able to sell their cars right?
People still need cars, usually. So people who owe $50k on a car can sell and buy a $20k car while people with $20k cars are selling to that person and buying a $5k car or whatever. People are in different ranges based on their situation with income and needs.
If you owe $50k on a car you deserve to drown in debt anyway lmao