10-03-2019, 08:05 PM | #1 |
enthusiasm > practicality
4031
Rep 2,245
Posts
Drives: 987 CS | G35x
Join Date: Oct 2016
Location: Chester County, PA
|
The average car loan length is 69 months
Interesting article regarding American consumers and their auto loans
https://www.caranddriver.com/news/a2...ensive-longer/
__________________
FSI 3.8L Stg II|6MT|SOUL|IPD+GT3 TB|Numeric Racing|KW|Tarett|Rennline|Raceseng|APEX|Recaro|7.3 lb/hp
VQ35HR|5AT|Stillen|FI|UpRev tune 8k rpm|TransGo|Hotchkis|Whiteline|H&R|Z1|Corbeau|R1 Concepts|10 lb/hp Left lane campers, GTFO! |
10-03-2019, 08:50 PM | #2 |
Lieutenant General
18979
Rep 11,128
Posts
Drives: M4 CS. Former G82, x2 F82, F80
Join Date: Nov 2010
Location: Jacked out of my mind
|
Exploding costs, stagnant wages, and the never ending lust for expensive items. Something's gotta give.
My favorite doom article this week put the average family cost for health insurance now at $20k per year. All of this is absolutely sustainable by the way, debt is awesome. |
Appreciate
2
IllSic_Design2125.00 Delta03117481.50 |
10-03-2019, 08:59 PM | #3 |
Colonel
2125
Rep 2,759
Posts |
Doesn't surprise me considering all I ever see during my commute is new(or newer) cars on the road every day. We all know most of these people shouldn't be in new(er) cars. Everyone's gotta have the newest car, and be the first to have their butt touch that seat. How dare anyone drive a car that someone else first farted in lol.
|
Appreciate
0
|
10-03-2019, 10:02 PM | #5 |
drunk poster
6608
Rep 3,649
Posts |
69...nice.
|
Appreciate
5
|
10-03-2019, 11:14 PM | #8 |
Brigadier General
5477
Rep 3,292
Posts |
Not everyone buying a new car is being fiscally irresponsible. If one holds on to the car long term, this discussion about car depreciation doesn't really enter the picture.
For me I've purchased mostly new cars. I have purchased one used car. I know how I am. i don't change cars as I would my underwear. I make sure the vehicle I purchase is something I can live with long term. I've never dumped a car shortly after purchasing it because I can't stand driving it. One of the reasons I buy new is to eliminate the uncertainty of how the previous owner treated the car. There are no guarantees even with a PPI (although a PPI can minimize the risk.) |
10-03-2019, 11:37 PM | #9 | |
Brigadier General
5042
Rep 3,859
Posts |
Quote:
|
|
Appreciate
2
unluky7669.00 paliknight2196.00 |
10-04-2019, 12:40 AM | #10 |
Banned
1579
Rep 1,024
Posts |
Will be interesting to see whether those getting those extended loans actually drive them until payoff or whether they’re selling at year 5 or less. I usually finance for up to 5 but tend to pay off around year 3. 5yr loan is more about limiting impact to monthly expenses/lower payment. Combine with a good finance rate and it’s a pretty good play. Drive them until 100k plus/8-10 yrs and then sell to private party since they usually aren’t worth much for trade in. Makes a new car sale so much easier not haggling over trade in value :
|
Appreciate
1
Pauldunlop13425.00 |
10-04-2019, 01:36 AM | #11 | |
Brigadier General
5042
Rep 3,859
Posts |
Quote:
|
|
Appreciate
2
AlpineWhite_SJ1579.00 clee1982802.50 |
10-04-2019, 01:46 AM | #12 |
Captain
672
Rep 602
Posts |
Suprised its not higher. When we got the wifes highlander in May the dealer asked if we would like a 96 month loan term and when I responded with "I didnt even know that was an option" His response was "we do it all the time"
__________________
|
Appreciate
1
clee1982802.50 |
10-04-2019, 02:11 AM | #13 |
Brigadier General
6460
Rep 3,806
Posts |
This is why you can never tell how much someone makes by just looking at their car. I saw places offering 144 month loans on mclarens lol. Call wheels boutique and you can finance a set of HREs.
__________________
2018 Porsche GT3 6MT Previous: Ferrari 458 | R35 GTR | F80 M3 | F87 M2c | E46 M3 | E36 M3 | Scion FRS |
Appreciate
3
|
10-04-2019, 02:19 AM | #14 |
Enlisted Member
23
Rep 33
Posts |
And here I thought my 48 month loan was long. Could’ve done 36 but didn’t want my after gas monthly to be higher than what I paid for the Chrysler 200 I had.
Holy cow though...70+ months? What do they do if they’re out of warranty and something major gives out while still paying a high monthly. |
Appreciate
2
Pauldunlop13425.00 IllSic_Design2125.00 |
10-04-2019, 07:16 AM | #15 |
BXR
577
Rep 636
Posts |
I think some folks are forgetting how low interest rates on new cars are. Throw 1.9% at $30,000 into some loan calculators. The difference between 48/60/72 months isn't that significant. Some places are offering even lower rates depending on the car.
My truck loan after down payment was about $30,000 and I did a 72 month loan because at my interest rate, it was a difference of a few hundred dollars over the life of the loan. (assuming I take the full loan term to pay it off, which is atypical) It makes me a lot more flexible with my money.
__________________
2012 135i M Sport Alpine White
|
10-04-2019, 07:26 AM | #16 | |
Lieutenant
248
Rep 561
Posts |
Quote:
|
|
Appreciate
2
Pauldunlop13425.00 IllSic_Design2125.00 |
10-04-2019, 08:19 AM | #17 | |
BXR
577
Rep 636
Posts |
Quote:
__________________
2012 135i M Sport Alpine White
|
|
Appreciate
0
|
10-04-2019, 08:48 AM | #19 | |
Brigadier General
2071
Rep 3,793
Posts |
Quote:
People who are making $40k a year should not be financing $60k+ vehicles.....and it happens all the time. |
|
Appreciate
3
|
10-04-2019, 09:28 AM | #21 | |
Brigadier General
2071
Rep 3,793
Posts |
Quote:
And if you don't have enough in savings to cover unexpected emergencies....you don't need to be buying a new car that you can't afford anyways....
__________________
2007 335i, BMS DCI, BMS Chargepipe w/Tial BOV, ARM Catless Downpipes, silicone inlets, Bilstein B12 Prokit Suspension, Whiteline subframe bushings, Front/Rear M3 control arms, G-Plus FMIC, Stage 2 LPFP, Custom E40 tune by Justin (V8Bait), xHP stage 3 transmission flash, RB Two Turbos....10.90 @ 128mph
|
|
Appreciate
1
NickyC18979.00 |
Post Reply |
Bookmarks |
|
|