321
Americans Are Falling Behind on Their Car Payments
(www.fool.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 20 Nov 2023
321 points (95.2% liked)
News
36628 readers
586 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious biased sources will be removed at the mods’ discretion. Supporting links can be added in comments or posted separately but not to the post body. Sources may be checked for reliability using Wikipedia, MBFC, AdFontes, GroundNews, etc.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source. Clickbait titles may be removed.
Posts which titles don’t match the source may be removed. If the site changed their headline, we may ask you to update the post title. Clickbait titles use hyperbolic language and do not accurately describe the article content. When necessary, post titles may be edited, clearly marked with [brackets], but may never be used to editorialize or comment on the content.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials, videos, blogs, press releases, or celebrity gossip will be allowed. All posts will be judged on a case-by-case basis. Mods may use discretion to pre-approve videos or press releases from highly credible sources that provide unique, newsworthy content not available or possible in another format.
7. No duplicate posts.
If an article has already been posted, it will be removed. Different articles reporting on the same subject are permitted. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners or news aggregators.
All posts must link to original article sources. You may include archival links in the post description. News aggregators such as Yahoo, Google, Hacker News, etc. should be avoided in favor of the original source link. Newswire services such as AP, Reuters, or AFP, are frequently republished and may be shared from other credible sources.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 2 years ago
MODERATORS
I'm in Austin, TX. It BAFFLES me how many folks own these huge trucks and SUVs. My wife and I bought a used Ford Fiesta for $12k, payments are about $225. Even that's tough to swing sometimes. Still, it's been worth it for the gas mileage alone. Currently sitting at about 34mpg. I can't imagine what some of those huge trucks get. Not to mention that I don't understand how they're practical to drive much of anywhere in. Just so damn huge and unwieldy. I'm happy with my tiny car. Would be happier with a train.
My buddy was just bragging to me how he just bought a brand new Sequoia with all the bells and whistles and only had to do was take out the equity on his home and he paid cash for the whole thing... Somehow I couldn't get him to understand how fucking stupid it was to take the equity out of his home to buy a fucking fancy car.
“All I had do to was take money out of the thing that appreciates and put it into the thing that immediately depreciates 20% after I drive it off the lot!”
*depreciates 20% the moment the money changed its owner. Another 20% when you get the key and another 20% when you use the key for the first time to unlock it
My accountant does that because home mortgage interest is tax deductible and car interest is not. But he can afford his luxury car.
Holy shit, that's so stupid lmao.
Holy shit, what a dumb way to spend the equity from your home. My wife and I have a HELOC and it all goes back into the house in the form of improvements.
I'm sorry for your loss.
Reduce value in an asset that increases to buy an asset that decreases in value... brilliant!
You do understand that mortgage interest rates are often half that of a car loan, right?
Not right now they aren't...
34mpg is 6.92l per 100km in non savage units.
Pretty unimpressive economy actually.
Yes. Cars have gotten more fat throughout. I used to drive for less than that on an 80s corolla. 90s ford got to 5.something. My NA v6 Mercedes even got 7-9 in "daily" use.
It’s better than the 8mpg I was getting in an old truck I had inherited. Hated driving that thing.
I'm in southern California. Been wanting an old truck to enable a woodworking hobby, but it's hard to find listings for 20 year old trucks with standard bed for under 10k. 20 years old...
Germans love trailers for their cars, seems like a viable solution
I've considered it, but my driveway is steep, and I'm dubious about my ability to back up with a trailer.
I just rent a truck from home Depot or turo when I need it and it's not often. I have a roof rack on top of my car that handles 99% of larger buys. I hope you know of Bonhoff lumber in Vernon, they've always hooked me up with scraps.
34mpg that's like 14.5km/L....that's really not very good, it's a bit poor actually for that size of car.
It’s a lot better than the 8mpg I was getting in the truck I had inherited before it died.
The 34 is also an average, on the highway it’s closer to 50-60.
That's quite high for a Ford fiesta. My hyundai of the same size gets 42 mpg, but it's a european model.