return2ozma

$1,000 car loan payments are on the rise, stressing household budgets

https://lemmy.world/post/43619546

$1,000 car loan payments are on the rise, stressing household budgets - Lemmy.World

Lemmy

Feb 26 at 11:58pmWeb
Show threadreturn2ozmaFeb 27

A record share of Americans — more than 20% — agreed to pay more than $1,000 per month for a new car loan at the end of the year, according to car sales site Edmunds.

Show threadBluegrass_AddictFeb 27
fuk… that’s absurd. I felt bad agreeing to 300/month. I’d laugh at the dealer, call em drunk and never return if they tried that shit
Show threadroofuskitFeb 27
Yeah, my car payment is $250 and I hate paying that much.
Show threadTodayFeb 27
That’s outrageous!!
Show threadLawnman23Feb 27

The lady bought a $51k Acura and the dude bought a $80k Ram.

These aren’t exactly “just trying to get by” vehicles. These are financially stupid people not wanting to work within their financial means for a vehicle. They wanted a too expensive for them “looks good so people don’t think I’m poor” vehicle and now are getting bit in the ass by it.

The article is making it out to be they are just trying to get by in life. Uh no.

Show threadroofuskitFeb 27
In fairness 51k ain’t even luxury prices anymore. Low end cars start at 30k now.
Show threadhemkoFeb 27

I’m not sure how it goes with tariffs, conversation rates and whatnot but in last I checked the low end cars in Europe started from way under 20k, Kia picanto for example is 18k

And that’s brand spanking new cars, that are always a bad deal. Few years older and you can drop half the price for basically still a new car

Show threadroofuskitFeb 27
The US is almost devoid of subcompacts. Because when gas prices go down stupid people decide they don’t need them and buy bigger vehicles. And most companies have stopped making them or importing them.
Show threadSaveTheTuaHawkFeb 27
And they burn $3-5K less gas, and cost less to insure. This is the 5 year math everyone should do but nah, people buy cars on childish impulses.
Show threadroofuskitFeb 27

Not justifying these people but there are legitimate reasons some people can’t buy the cheapest possible car, like family size and capacity needs.

I own a subcompact because we’re a family of 3 with a small to mid sized dog. We live in a very urban area so the smaller car is definitely a boon in most cases.

We also have access to decent to very good public transport and a relatively bike friendly area.

Show threadSaveTheTuaHawkFeb 27

Bullshit. I raised three kids in a small car. No one needs a V8 pickup or SUV for an 8lb baby.

It’s just an excuse to consume.

Show threadroofuskitFeb 28
It’s almost like that’s not what I said.
Show threadjacksilverFeb 27

It was $51k for a used car.

If it was new I could understand, but that much for a used car is crazy. I’m guessing she had to buy when used car prices were almost the same as new, but I feel like that’s still a lot.

Show threadroofuskitFeb 27
I got my car when used car prices were up because I had no choice, so yeah there’s no excuse for that shit.
Show threadWoodScientistFeb 27
We bought a new 2025 Corolla for $24k.
Show threadroofuskitFeb 27
Impressive, was it toward the end of the month?
Show threadWoodScientistFeb 27
I don’t think so. That’s just the normal price for a basic new Corolla.
Show threadroofuskitFeb 27
So it is, maybe my memory is when things were at their worst, if I inflated it even more.
Show threadOceanFeb 27

And the price will always go up until there is an alternative to curb demand. There won’t be an alternative until people in this country start to demand regional rail in their states, stop acting like public transit is something that can only exist in a major city, and actually invest in the public transit in their cities. “BuT I LiKe DrIviNg!” then drive to your girl’s house or the grocery store. But you should have the OPTION to use the bus or light rail or whatever to get to work/school.

edit: I also want to add that this is a disability/accessibility issue as well. We should consider it unreasonable that the elderly/disabled are required to drive or have modified vehicles just to get around their community. If you support taking away a senior’s driver’s license then you should also support walkable neighborhoods and public transit.