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An Auto Loan Debt Crisis Looks Imminent
(www.automoblog.net)
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this post was submitted on 08 Nov 2023
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You're buying bad cars, but that aside there's a big range between your $500 shitbox and an overpriced $50,000 penis-extension.
Fyi, beaters can usually be sold for what you paid for them. Buy a beater for $1000, save for better car. Sell beater for $1000, and get $5000 good car.
Any used vehicle has the potential to be poorly maintained and unless you have the time and experience to thoroughly inspect every car you buy, there's a chance that the $4k 2004 Toyota Camry with 130,000mi you bought ends up with a piston rod through the bottom of the block.
On paper it looks like a steal, but you didn't know that it had an oil leak while it was sitting in the garage not being driven for months. Mom and Dad passed away and now it has to be sold along with all their stuff, so the family drove it to their property to make sure it runs. They noticed the oil was low when the light came on so they drained it and added new oil. Now you come along don't see any obvious signs of damage and buy it, but the cylinder wall is warped and it slips a bearing 3 months in. Engine needs a rebuild or you deal with the hassle of selling a car that no car enthusiast is wanting to rebuild an engine in, no dealer wants because it doesn't run, and no highschool kid can use because to get it to run they need to spend $3k on a drop in replacement for the engine.
The scenario you're painting is an infinite money glitch that doesn't exist.
Lol. You're buying bad cars.
Okay, and your average person doesn't have the knowledge to buy 'good' cars. Google can only take you so far, and RNG will still fuck a significant number of people even with knowledge. If your system requires people to have fairly in-depth knowledge in a field they don't work in just to not get absolutely fucked, then your system is shit.
Your failures are your own.