But for there to be used cars, there needs to be new cars… How do the people that buy new cars pay for them?
Comment on Based on a true story
belastend@slrpnk.net 20 hours agoYeah, u buy a used one for like 2,000 - 3,000€. Or you lease. But taking on a loan with 16.9% interest would not cross my mind.
dan@upvote.au 20 hours ago
helpImTrappedOnline@lemmy.world 16 hours ago
You take that 10k you were going to drop on a crap used car, use that as down payment on a new car. Get a longer loan with lower interest and keep monthly payment lower. The larger the down payment, the lower the monthly will be, and now you have 10 years to set aside money for the next new car or “out of warranty” repairs.
There are still new cars that have a sticker less than 30k, after warranties and any desired upgrades, probably closer to 35k-40k for anything not a truck, EV, or sport car.
There’s also people who lease, they pay lots of money to rent a car for around 3 year, after that they trade in for a new car and the old car gets sold as used.
Allero@lemmy.today 20 hours ago
Those are older/richer people that saved enough money to buy new.
fluffykittycat@slrpnk.net 8 hours ago
True. The entire car market from new to beater is gonna get fucked up by tariffs pretty soon
belastend@slrpnk.net 19 hours ago
Either company cars, leased cars or someone has the spare 30k for a car.
And of course people take out loans for cars too, but thats less common. And not really necessary in the cities.
Cocopanda@futurology.today 18 hours ago
I spent 55k and bought my midlife crisis sports car. Most expensive thing I have ever spent money on and I just finished paying it off after 6 years 718$ payments. Now to buy a home. One day.
Lv_InSaNe_vL@lemmy.world 13 hours ago
What’d you buy?
Cocopanda@futurology.today 6 hours ago
Optioned out Mustang GT. 5.0 with the performance package and all the other additional features. It’s amazing how fast and nimble the car can be. The only thing I didn’t get on it was the magnetic suspension. I couldn’t find one with that added on when I purchased.
endeavor@sopuli.xyz 11 hours ago
You can get solid suzukis for 1.5k that last forever. If you can find porn for your weird fetishes you should be able to find a single goddamn guide on how to buy a car used. Every single bit of info on how to buy, maintain and fix vehicles is online. For free. For everyone. If you can’t live without a car at least spend 20 minutes googling it before buying a money pit.
Bassman1805@lemmy.world 9 hours ago
Nobody with financial sense is taking out a 16.9% loan on a car. 5% is pretty typical right now for people with a decent credit history.
Whether or not that’s reasonable, is certainly up for discussion.
uuldika@lemmy.ml 18 hours ago
it’s extremely rare to find such a cheap used car. my partner spent $8k on one that lasted a year. also, you might be surprised to learn that driving isn’t optional in most of the US - it’s literally impossible to live without a car. I live in a suburb. it’s several miles of dangerous roads to get to a grocery store. there is no nearby public transit. even large cities like LA were completely designed around cars. zoning and urban planning here completely screwed us.
yes, it sucks, yes I’m aware, yes I’d love to live in a walkable European city with commuter rail and cafes on the street corner, no I don’t have a choice.
belastend@slrpnk.net 17 hours ago
I know about american circumstances, thats why i added that part in parentheses.
In the european countryside, car dependency is definitely on the same level as in America.
On the topic of prices: the first car my brother and i shared was a 2008 ford fusion. We bought in 2019 for 1.5k.
skulblaka@sh.itjust.works 10 hours ago
😭
American, I bought a 2005 Honda Civic in 2020 for $7,500
uuldika@lemmy.ml 4 hours ago
America: third world country, first world prices.