An increasingly large number of Americans owe more on their auto loan than their car is worth

Yet another reason why car-focused transportation is a hilariously dumb idea.

Build some transit already

@roofuskit@lemmy.world
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32h

Alternatively: “Car prices higher than ever, wages not keeping up with inflation.”

I bought mine cash, used Peugeot 308, 10k€. I feel like every car in US needs a real-estate-size loan to afford it

Feels good to be completely debt free on the cars. Yes it meant when my work car started showing issues, I had to review my expectations when going electric and couldn’t get the van/large car I thought I needed and we downsized to a hatch back instead, but truthfully I think that was a kick in the nuts I needed to realise I was getting pulled into a weird spiral of thinking I always need more, when really 99% of the time I’m fine in a small vehicle (and it’s so much nicer to drive and get around in). For these few times stuff won’t fit I’ll use our older ICE which is a bit more spacious, and when that’s not enough I’ll rent a van and bill it to the client!

How else can I buy the newest Ford “own the libs” truck with the lift kit and coal-rolling accessories?

@Fosheze@lemmy.world
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1315h

I’ve only ever bought like 20 year old used cars. I can’t even comprehend how anyone has enough money to afford a new car. It’s not even the price of the car itself, which is always absurd anyways, but the cost of insurance on a car that new and registration is also just insane. A friend of mine recently bought a car that was only 5 years old and their payments including insurance and everything are still almost as much as the mortgage on my house. It’s no wonder everyone is under water with their car loans.

Where did you find that cheap-ass house?

The 90s

@Fosheze@lemmy.world
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612h

Nope. 2021. It just looks like a place where people turn into missing persons and it’s in a fairly low COL city. I am also just barely scraping by on the payments until the PMI drops off.

Fair enough. Was being cheeky. Hopefully things loosen up for you soon 🤞

@Fosheze@lemmy.world
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412h

Picked myself up a crack den (not literally but might as well be) like 8 years ago. My dad built houses and taught me how to do most of the work so I bought a cheap place I knew I could eventually fix. Also in a fairly low COL area. So a shit house in a fairly cheap city in a cheaper housing market. It was either that or just accept never owning a house so I jumped on it and just barely scrape by.

My mortgage payments cost me just as much as renting a slightly nicer house in my area so the point still stands that my friend is paying nearly as much for their vehicle per month as most people here pay in rent.

Well, it’s not exactly fair to compare a crack house in crackville - which I’m picturing as Mantua, OH - to the average house, let alone any place in an urban area. But congratulations all the same.

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