/biz/ - Business & Finance

My car loan is at 1.38%. I could've paid the $55k cash, but at the rate it's literally free money.

>>49709633
I am now rich and I drove an inherited '92 oldsmobile after high school until the wheels literally fell off.
Very comfy bench seats.
Floated like a boat.

Nice cars are for losers in all cases.
After reliability it's all just a waste for the sake of vanity.

Own my care and pay $80/month in insurance. Imagine paying $712/month. What the fuck.

My sister

>double-degree in late 2000s - $100k debt
>decided she didn't want to do the job with those 2 degrees - got a 3rd degree in another field - $100k debt
>world traveled in 2012 after university - $50k spent
>married in 2015 - $100k spent
>had kids in 2018/2019 and wanted new huge soccer mom 4X4 car for "kids safety" - $100k spent

Now she complains that she cant afford a house in 2022 and bitches to her husband that he doesn't earn enough.

what the fuck
can't they just buy used
now that I say it, I get to buy used because of these people

>>49710288
Oh and, no, she doesn't invest other than what her job pays into a retirement fund.

>>49709633
my latinx friend finished college and got a job making like $50k a year and immediately got a loan for a $30k car and a new xbox

>>49709633
Five years ago, I bought a 16' eco mustang for $22k with 14k miles. Today, I can get $25k for my car, so tempting.

>>49709633
i make $95k a year and my car payment is $220 a month, and i still feel that's too much. i have no idea how normalniggers do it.

>>49710449
>loan for a new xbox
Latinx and their boxes I swear

>>49710288
Could be worse. She could be childless like most of us.

normalfags gonna normalfag

>>49710449
>and a new xbox
lol

>>49710961

>>49709633
no goy you can't let go of luxury oops necessity that is the car oftentimes
>>49710288
>summarizes the modern woman
what a dumb bitch
bitch

>>49710449
>latinx

kill yourself

>>49710340
the price reduction for used is pretty much nothing these days so you might as well buy new. I just got a minivan, a two year old model with 40k miles on it was $2000 less than a new one, not worth it at all. Given the rate of inflation vs the rate of the loan I'm actually gaining money on the thing, we live in fucked times.

>>49709633
Nothing there says that the loans are all for new cars. A 3 year old car is the same price as a used one, go to a dealership if you don't believe me. Only difference is new can be financed at a better rate

>>49709633
Btw this will correct hard in a few months when the recession really hits.
They’re charging 3-10k premiums now since their inventory is short but now chip suppliers are unable to sell their inventory and these companies will be sitting on tons of 2023 vehicles that they can’t sell by December.
Of course interest rates will keep going up so payments won’t get that much cheaper but for cash buyers you’ll save like 20% buying in 6 months vs now.

>>49710340
Median used car price was $29k last year. You save pennies buying used right now and miss some of the warranties/service agreements.

>>49710780
No you cant
Just because people put dreamer ads on Craigslist doesn’t mean they actually sell, ever
Postings like that stay up for years no sale
Same thing with people who think some old guitar is worth 50k… sure bro except there is maybe 1 buyer in the world for it every 10 years

>>49711836
See>>49711822
unless you’re willing to buy some beat to shit shitbox with 900,000 miles that will require $5000 in repairs every year, used cars are in extremely high demand.
Any kind of crossover, 4x4, or jap car with under 100k miles and less than 8 years old is selling probably 10% below MSRP of a brand new one, if that.

>>49711168
So normies used their stimmies to take out car loans in 2020? Now their debt is creeping back up to GFC levels.

>>49709633
I hate expensive cars.
They're literally just a massive waste of money for people to wave their dick around and pretend they have tons of money (which they often don't because they got it on a damn loan).

I honestly can't even comprehend the mindset of buying some 80 thousand dollar car on a massive loan just because its shiny and new when a much cheaper car you could buy out of pocket for a few thousand would work just as well.

>>49712643
The only cars that sell for less than 10k in this market will literally explode on the freeway while you’re driving.
Suburban wine moms pushed the price of those reliable cheap shitboxes sky high cause they all believe their kids need a 200k mile civic or corolla as a starter car and are paying $15k for them.
They could just buy new but then it they’d feel bad when their dumb thot daughter gets a fender bender trying to film a tiktok video while driving. They’d rather just have an old car that is meant to be trashed by a teen even if they have to pay double what it’s worth.

I'm 26 and have never spent more than 3k on a car

I just buy cheap shit on Craigslist then get it fixed by freelance mechanics. Just bought a house. Carbrains are retarded

>>49710101
I own a fortune 25 privately held commodity firm and I lease a new car ever two years

>>49714229
Grats you're in the 1% who should be actually considering new cars

Top kek. Rent average is 2000. Food and gas prices going through the roof. Now with interest hiking mortages are at 6%, credit card debt (which is high in the US) expensive, car prices are crazy, payments for cars going up extremly.
health care education is expensive as hell.

you really get double and triple fucked in this country on a daily basis.

how is this going to end? only way I see is a revolt or civil war

>>49712643
>Paying for your car using your cash upfront instead of taking a sub 3% interest loan dragged out as long as possible
It's incredible how you fucking retards think parking your money up front into a car is "smart"

>>49709633
I work at shitty IT support job for fast food restaurant point of sale systems. The Hispanic female on the phone was talking to another employee about financing a Dodge Hellcat. I can completely understand why the Jews want more Mexicans in this country

>>49710340
I can sell my used car for what I bought it for three years ago

>>49714411
>sub 3% interest loan
it's funny when low IQ NEETs try to act like they're smart or experienced.

we'll unironically have to wageslave for the rest of our lives, won't we?

>>49712521
I think that's mainly the GDP contraction that quarter.

>>49710780
Inflation 101

>>49709633
I've owned by car for 15 years

I don't understand people who don't own their cars

My neighbor told me the other day she went to trade in her 2019 Acura SUV to lease the bigger version.... they quoted the payment at $730/month.

I thought she was full of shit but I guess not

>>49715169
>Doesn't refute anything
>I'm smart and you're not
Great response dumb fuck

>>49712910

Funny, I see sub 10k shitboxes on the road everyday and theyre doing just fine, including mine. Is this the result of an entire generation unable to fix things with their hands, and opt to get fucked in the ass by corporations at every turn?

>>49709633
my rent is 5/7th of their car payment. and my car is paid off. imagine.

>bought a used car
>still pay $300/month for insurance with a clean driving and insurance record

Fuck Canada.

>>49710101
I drive an '04 Corolla with 400k miles on it
I will not buy a new car until it literally explodes or geta totalled
Simple as

tell me seriously whats the WORST thing that can happen? If it crashes then everything and everyone else crashes with me - so technically I haven't crashed, I've just leveled out with all the others. If I'm still spending and buying now, at least I get to live and enjoy myself. Fuck yeah I'm buying a car

I whippin in da bentley nigga. Looking 4 da ops

>>49710449
>latinx

>>49710449
>Latina friend bought an abox
>Latino friend bought an obox
which is it

>>49710449
>latinx
Its goblin or goblina

>>49716232
edwardina la shoquaious double dread of gangbang district 69 aka big crack aka wayciss ville will keep getting money fo dem programs while you slave the fuck away and watch your standard of living descend to the depths of hell

YUPPIE YOU'RE A FAGGOT

>>49710101
As much as I agree cars, as well as watches, your physique and how you dress determine how others will think of you and how you will be treated in average life situations. If they treat you 10-20% better it also means they are 10-20% more likely to meet your demands which can make the difference you need.

>>49719967
>If they treat you 10-20% better it also means they are 10-20% more likely to meet your demands which can make the difference you need.
t. tiktokbrained retard
no one is looking at your car you faggot

>>49710288
did she get the job on her own or did someone help her get the job?

>>49716151
question is will you get a 2024 corolla, a 2014 corolla or another 2004 corolla?

>>49710288
Nice try Lee Watts, I know it's you.

>>49710340
Eh. In my case it was like $20k for a used car with 80,000 miles or $30k for a new Mazda, with interest rates at 2% and inflation at 8%.

Factor in expected maintenance costs, the extra ~6 years of life in the newer car, etc. then the line starts to blur.

I still feel bad about buying new but fuck it, it’s not like it’s a BMW or a gas guzzler.

>normie notices that their money isn't going as far as it did
>hmm, time to rack up loads of debt

what the FUCK is their problem

>buy new diesel truck
>get Denali package
>get loan for 100k
>don't haul shit just daily drive it
>15mpg
I pay 60 cents for every mile I drive.

do people really buy a car in order to go to work and work in order to pay the car?

this is capitalism?

>>49721183
I kind of want the new gr corolla but my intuition tells me not to trust fancy new cars. They make everything way harder to fix than they used to.
And I dont want a god damn touch screen either

>>49709633
Bought a 2007 prius 3 years ago for 3k and its still running fine as a daily driver. Just bought a 1988 dodge ram for 2k and an ebike 1.5k. Idk why people buy cars they can't afford, there's plenty of other options. It's easy to spot a poser driving an audi

>>49709633
I used to drive an AMG GT. Proper 2 door variant, not the stupid 4 door PoS of the same title. Sold and bought cheap beater in cash. If beater's engine and tranny both explode tomorrow, I can replace both for less than 1 paycheck.

>>49721800
its either than or spend 3+ hrs a day on public transit (unless you live in the city core)
i live in a major west coast city and public transit is almost always more expensive than driving ....

>>49721494
If you are certain to keep your income stream then that's obviously not a bad move if everything keeps going the Weimar direction. The question is whether it's plumbers taking these loans or the head of the diversity committee at an unprofitable startup.

>>49721800
>this is capitalism?
no, this is america.
being forced to buy a car for transportation is somehow freedom

Yeah. It has hit a record high and who knows what is still gonna happen?
Even the fact that this is happening while the crypto world is dip in lows is another issue. But notwithstanding, My portfolio with keep increasing especially where Syscon is concerned, the bulls will return pretty soon.

>>49715169
he's right, if your car loan is lower than the inflation rate over the time you have the loan you're literally them back with dollars that are worth less and less every year.

paying everything upfront is stupid unless you either cannot get a good rate on a loan or you dont own any growing assets

>>49719967
If they think any of these things determine who I am then I don't think they're people worth speaking to in the first place. Besides it's better when they underestimate and slowly find out they ain't hot shit.

>>49722782
Any income stream is not certain, you could take an injury and become temporarily disabled from one day to the next and now you're out of a job and late on your payments, with the bank either threatening to sue you or asking you to renegotiate your debt in a way that fucks you over.

>>49723364
you aren't getting a 3% car loan today. i have an 820 credit score and the best i got 3 years ago was 4.4% from a local credit union. that's my point -- that he's a dumb nigger.

>>49721987
>ebike 1.5k
what did you get

>>49723513
I could fuck my bosses wife on video in front of a Nazi flag, walk into his office and shit on his desk, hand him the video tape and walk out, and it would probably take like 3 months before I even stopped getting paid.

And if I just do marginally okay at my job and don’t massively fuck anything up they can’t get rid of me.

>t. Government employee

>>49723594
kek i got a 1.3% loan back in february, gonna hold this car until the wheel rusts off

>>49723594
765 here and I got 2.1% back in February.

>>49714411
Idk where you live, but in Ontario you will be lucky to get 5% or 6% rate right now.

>>49715191
That's the reason you live, goy

>>49719967
Is this how all Millennials think? Or is this guy just particularly autistic?

>>49721800
Cars are a necessity in order to live in a suburban area, and suburban areas are necessary to avoid the dramatic loss in quality of life that would result in living around minorities in the city.

How do I short car loans?

I always borrow from my 401k-you pay yourself 7% that goes back into your account. A way to put more in than the max allowance.

>>49711992
Buy an older car owned and maintained by an elderly couple who never put miles on it. You have to keep your eyes open, opportunities are literally all around you every day.

>>49723871
What you call a city really isn't. Don't flatter yourself.

>>49721134
Pic related's sister

>>49717691
k3kekeK

>>49712910
>>49715659
Yeah its not for everyone but until yesterday ive driven sub $1200 cars/trucks since 2008. I have multiple cars and 200 mile AAA service. If im not beating on something, i get about 1 tow a year and its usually just a quick after work couple hour dicking around fix.
My daily commute is 1.5 hrs, ive driven cross country back and forth maybe 6-7 times. Drove from NJ to Alaska. I wouldnt mind a brand new car but its not worth it for me. I bought a cheap house a few years ago and could buy land for the price of a new car.

>>49714352
Inflationary recession and then we will go into a deflationary depression when everyone is out of work and no one can afford anything.

>>49716151
You also won't have sex.