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Americans Are Falling Behind on Their Car Payments
(www.fool.com)
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this post was submitted on 20 Nov 2023
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I had no idea the used market was this bad in the US. I've never paid more than 3000 Euros for a car here in central Europe and most were in pretty solid condition. Hell, one just cost me 100€ and I drove that thing for 4 years with zero issues.
They're primarily talking about cars from used car lots or dealerships. You can find cheaper cars all day on Facebook. The real cheap beaters are pretty much gone these days but cars are also a lot better built than they were in the 80s and 90s where those uber cheap beaters originated.
It's a covid thing, the lack of new cars caused a supply shock that made everythingmore expensive. The used market is getting better, but there's still really low inventory all around, which is causing higher prices.
I've seen them as low as £500 but never dead get one as I've always assumed that they're secretly some kind of final destination style death trap.
Some definitively are, which is why I do a thorough inspection before I buy. The one and only time I bought one without inspecting it first, it had a hole in one of the front control arms that I could almost stick my hand through...