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Average auto loan now over $30k

BoxsterCy said:
You're good since Iowa is the epicenter of Buick ownership in the known universe of cars. I swear there are more Buicks per capita than anywhere else.

And more good news for you, the average age of Buick buyers has dropped to 57, from 64 five years ago! :rolleyes:
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I still can't figure out why GM dropped Olds and kept the Buick division.
 
BoxsterCy said:
You're good since Iowa is the epicenter of Buick ownership in the known universe of cars. I swear there are more Buicks per capita than anywhere else.

And more good news for you, the average age of Buick buyers has dropped to 57, from 64 five years ago! :rolleyes:
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That's because all the 90 year olds keep dying, and the cars naturally are inherited by 17 year olds.
 
Cyclonesince78 said:
Yes, people have negative trade equity as a down payment, so they end up borrowing more then the purchase price of the vehicle. Then they take out 6+ year loans, and have the same issue on the next car.
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My SIL did this. Twice. She works really hard and doesn't have $5 of disposable income.
 
KnappShack said:
Your house cost less than $60k? Sometimes I really miss the Midwest
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Ever drive through a trailer park? A nice one, not the really scary ones. Every other vehicle is a late model truck or SUV that costs more than the trailers do.

Wife's friend lives in a nice park, and she has a $25k car and a $15k trailer. I would say that is probably typical of the residents there.
 
And just to go for the obsessive poster award, one final thought:

NOTHING destroys your money and net worth like a big shiny brand new car. It is about the worst thing you can do for your financial health.
 
Acylum said:
I still can't figure out why GM dropped Olds and kept the Buick division.
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Olds wasn't as shocking of a drop as Pontiac. I didn't necessarily care for Pontiac but it served a price point and half of us probably drove one in high school (and the power windows were giving out).
 
Bought a new Honda Fit in 2012 for 17k or so and its been great for my family of five (we have an older minivan too). I'll never understand spending a lot on a vehicle when money is tight.
 
besserheimerphat said:
So, it's communism/socialism to control what people are allowed to buy, but totally acceptable to ostracize them when they buy something you wouldn't? Can someone explain to me what business it is of mine how much someone else spends on a car (or anything else for that matter)?
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Are there a lot of private toll roads in Washington? Because Socialism is where people drive vehicles freely on public roadways. Just want to point that out.
 
besserheimerphat said:
So, it's communism/socialism to control what people are allowed to buy, but totally acceptable to ostracize them when they buy something you wouldn't? Can someone explain to me what business it is of mine how much someone else spends on a car (or anything else for that matter)?
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Just remember, you're on CF... IN JUNE!!! nonsense, nosiness, and non sequitur run rampant.
But if you are living above your means and are broke AF, the we have every right to judge you or whomever is that stupid.
 
StClone said:
Are there a lot of private toll roads in Washington? Because Socialism is where people drive vehicles freely on public roadways. Just want to point that out.
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I (generally) understand the differences between communism and socialism, but I threw them together because most people do. And in case you're wondering, the only toll roads I'm aware of in the Seattle area are the Hwy 520 floating bridge that crosses Lake Washington and a stretch of I-405 on the east side (but only during certain hours).
 
I love cars and do a lot of late night driving in sometimes remote places and need reliability. I just traded a 07 with 130K miles on it for a used 15 Sonata SE (Base Model) with 35K on it. Financed about 12K for about 200/mo for 48 months. I think that is reasonable and I can afford it. Buying new is insane.
 
TOFB4ISU: Financed 12K for 200/mo. for 48 months. Sounds like an unbelievable deal!
 
TOFB4ISU said:
I love cars and do a lot of late night driving in sometimes remote places and need reliability. I just traded a 07 with 130K miles on it for a used 15 Sonata SE (Base Model) with 35K on it. Financed about 12K for about 200/mo for 48 months. I think that is reasonable and I can afford it. Buying new is insane.
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It's sad that you apparently don't even know the details of the loan you took out.
 
Wanted a nice SUV without price, found a 2008 Lincoln Nav 1 Owner with 74K Miles and all records year ago. Paid $15K cash and very happy. Wife puts on 7-9K miles annually. To hell with new, took time and found what I wanted although preferred to go with 2010 model or newer but this was great. People purch from bought a new Nav and said they will call me in 7 years when they sell this one.
 
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