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The rise of the scammy car loan
(www.vox.com)
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this post was submitted on 11 Apr 2024
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I automatically think less of anyone who doesn't buy Toyota at this point. Used or new, no other maker comes close to the value. I don't even like their cars but I'd never claim that my personal flavor is better than Toyota's offerings outside of my own niche interests (and I've still got a Corolla I drive most days in the summer). $1,400 a month for a fucking Tahoe is ridiculous and I have a hard time having any sympathy for someone stupid enough to make that their "dream car" or worth taking out a $84,000 loan for.
I did the math for the interest rate since they didn’t bother to in the article. The article says she had paid $1400/mo for 3 years and had only paid 10,000 toward principal. Assuming that’s 36 months of payments, the interest rate would be around 15.5%. The payment term would have been 10 years and total payments would end up being $168k.
Predatory lenders and financial illiteracy; a perfect match made in hell.
While whoever did that to her really ought to be in jail, she does need to take some responsibility
Unless she willingly went into this because she used to have higher income, I do t see how she could claim complete ignorance
That kind of interest rate indicates she was a bad credit risk, either because she made the same mistake before, or she couldn’t afford it. If she’d already made the same mistake, will she ever learn? If she just plain couldn’t afford it, yeah, a lot of that is on the scummy salesman
You mean Toyota, the same company that has spent years lobbying against emissions standards in Australia and dragging their feet on EVs?
I don't see why it's a big deal that they're dragging their feet on EVs in classic Toyota style. This is what they do and why they're so reliable. Other companies jump headfirst into projects often with disastrous results.
Not to mention Toyota was first with the hybrid and hybridizing a good chunk of their fleet so its not as if they're selling a bunch of gas guzzlers like Dodge/Chrysler.
I don't agree with the other guy that people are stupid for buying any other brand, but Toyota is consistently the best bang for your buck in most categories.
If you're a financially strapped consumer looking for a car, you'll find no better deal than one of Toyota's models, excepting some special scenarios. Their slow progress towards EV adoption doesn't negate that.
Toyota has raised their prices inline with inflation since 2021 (~24%). Nissan and Suburu have been under inflation in that period (~20%). Stellantis (Dodge etc.) have raised their prices ~50% in that period and Kia/Hyundai have gone up ~40%. People should look at which companies have been price gouging and avoid them.
Sticker price is only one part of the equation. Toyota cars are more reliable (read: consumer friendly) than any of their competion and have been for several decades now. If you want to save 4%, go for the car that's almost garaunteed to blow a head gasket within its first 120k.
It's the big 4 Japanese brands for me: Toyota, Honda, Mazda, and Subaru.
Mazda's been on a roll recently, I'll admit, but Subaru has had issues forever and Honda cars are overvalued to hell.
I agree. Nissan was the solid #2 Japanese company until getting in bed with Renault.
I'll defend the KA24 as being equal to or better than the 22R every day of the week, but that's a good Nissan motor; the hardbodies never came close to the overall construction quality of Toyota P'ups
I do own a Toyota, which I am happy with, and I still think that's a shitty attitude.
So congratulations, you got me to think less of you.
Blind loyalty to a brand is extremely dangerous.
It isn't blind. As soon as Toyota breaks their decades-long streak of making the best valued cars, I'll never recommend them again. But for now, recommending people concerned with money/value buy only Toyota is based on current facts.
I've been very happy with Mazda over the years. I had intended to get a Toyota at one point, but the local dealership by me was scummy and kept trying to force me into buying specific models I wasn't interested in which pissed me off. I went to the nearby Mazda dealership as my second choice and I've never regretted that decision.
I was very happy with my Mazda 3. It just didn't work once I moved out to the country. The thing is like 3" off of the road.
It's almost like some people have different needs for their cars than you do? No, that can't be it. They must be dumb for not choosing what you like.
I guess I'll go buy the small Toyota EV... nope, can't. I guess I'll go buy the small hybrid Toyota truck... nope, I can't. Or maybe I absolutely hate the entertainment system software that feels like it was designed 10 years ago.
Toyota has one of the most diverse product ranges out of any automaker. Notice I said the brand and not a model? They make cars to fit 99% of people's needs.
You can run a Prius in EV mode.
No you won't lol. If you're seriously concerned with that, get a manual transmission Tacoma (the only mid-sized truck with one) that gets better MPG than a hybrid Maverick. Then sell your Tacoma for 90% of what you paid for it and buy a hybrid truck when they're the first to make one worth buying in the first place. Otherwise, have fun being a beta tester for Ford/GM.
Skill issue, iPad baby, etc.
You're kind of a moron.
The Tacoma with a manual gets worse MPG than the automatic Tacoma and WAY worse MPG than the hybrid Maverick. The manual Tacoma is estimated 18/23/20 MPG, while the Maverick I currently own long term averages around 37 MPG, gets 36 MPG on road trips and around 40 MPG on my commute to work. As far as selling a Tacoma for 90% of what you paid, my Maverick could be sold today for more than I paid for it and a 2022 Maverick Hybrid is currently worth 91% of the MSRP of a 2024 Maverick Hybrid.
And while you can run a Prius Prime in EV mode for up to 44 miles, that's a far cry from an actual EV that can do both a 60 mile round trip work commute and a 200 mile road trip in full EV mode. And don't argue that I don't need that full range, because my entire point is that everyone has different needs and maybe I actually do (I personally don't, which is why I got the Maverick; but I've owned in the past both a 90 mile range Toyota Rav4 EV and a 240 mile range Bolt EV so I understand what each is like).
Yes, Toyota has a diverse range of vehicles. Yes, Toyota has very high quality. No, they don't fit every use case. No, they don't look all that great, which is both personal preference and also important for many people.