Why do people buy cars they can't afford? https://qz.c

>>16706501
People are kinda dumb.

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>>16706501
Because they are in college and think
New car=Best car

>>16706501
People are dumb.

Because people are woefully uneducated about the implications of misused credit.

People often forget that credit is something that you have to pay back with an absurd interest rate if you let yourself get fucked.

Credit is an amazing tool, but it's a tool that can easily fucking ruin you if you don't have the impulse control to use it correctly.

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>$1,200,000,000,000
>$3,697 per capita
>$4,639 per vehicle existent in the country
>$9,537 per household
>$31,763 per new car sold in the last five years
>STILL OUTSTANDING

>>16706555
your external debt is irrelevant when you issue the currency it's in

>>16706568
Sure, until everyone stops caring about the currency. And then you bomb half the world to enforce the petrodollar and everyone stops listening to you entirely.

Shady lenders preying on black and Latino communities are to blame.

http://jalopnik.com/john-oliver-eviscerates-shady-auto-lenders-1785289963/amp?client=safari

>>16706590
The minute I read the OP I knew it was going to be black people.

>>16706605
>be black
>make minimum wage
>ayyy I can get dis whip if it on 72 momf loan
>30% apr

One week later

>lose job for showing up high too many times
>miss payment

Why dey repo my whip mane

>>16706605
And of course whites have no car loans and blacks have car loans amounting to $22,200 per capita including infants and elderly, or $57,222 per black household. Sure thing. Entirely more rational than car buyers of all ethnicities being irresponsible.

>>16706614
Black people are the easiest to dupe into taking a loan they can't pay off.

>>16706618
Yeah but that doesn't mean that whites aren't. Sure is easy to blame everything on the blacks, isn't it?

>>16706626
Well, I didn't say other ethnicities are perfect by any means, just that blacks are the worst in this regard. Why do you think they love Nissan so much?

>>16706618
Not really it's just that proportionally more of them fall into the subprime category which is always a gamble regardless of the borrower's skin colour.
Most need to borrow regularly just to make ends meet (payday loans etc) and really should not be lent to for anything more than a week's wages.
Really the lender should carry the can but they got bailed out last time so I can understand why they think they'll get bailed again.

>>16706501
>more people with car loans
>OP is surprised more cars are repoed
>buying a five-figure purchase with cash outright and not having the money on hand for any emergencies that happen

>>16706662
People don't have emergency money left after buying a car on loans either, they only get to drive it sooner this way. But they're still just as irresponsible and will spend their last dime on the down payment.

http://www.cbsnews.com/news/most-americans-cant-afford-a-500-emergency-expense/

>>16706640
They proportionally make up a larger percentage of the subprime category relative to their population precisely because they've ruined their credit by taking loans they can't pay back.

Don't want to start a new thread but help me out /o/

What's my budget for a car? I make 50k, pay 700 in rent and 250 in student loans.

>>16706691
It's a little bit more complicated than that but whatever.

>>16706722
Just get a 5k civic and stfu

Cars are seen as a status symbol now, not just to get from point a to b.

>>16706763
MUH CAR SOCIETY

>>16706722
buy a civic, shut the fuck up

>>16706763
>now

>>16706722
As someone who used to make $50k a year with a $790/month car payment, I wouldn't recommend more than $400/month. I was just able to net $500/month when I made $50k.

I think the problem is fundamentally much deeper than that.

Think about how American's are socialized and educated plus the kind of media that we are constantly bombarded with.

We internalize the ideas of what it means to be successful - you see it all the time even in everyday /o/ shitposting. People calling each other poorfags or making all kinds of illogical statements of what you MUST own, drive, and understand about auto technology to be included in the "auto enthusiasts" club - otherwise you're excluded or a failure at being a car fan.

Republicans and Democrats both do this to average people, too. Democrats are patronizing and talk about how the deplorables need to be helped and aided - no one wants to be a charity case. Republicans, on the other hand, constantly harp about everything bad that ever happens to you ever is your fault for being a failure and making bad decisions - no one wants to be one of those, either.

So then you end up with joe schmoe (black, white, yellow, brown, doesn't matter the skin color) who's maybe lower middle class or just on the border of middle class/lower class who's just chugging through life and finding ways to convince others and, more importantly, THEMSELVES that they've "made it" and have a decent life. They end up really believing that they need to do and have all kinds of shit in order to avoid being a charity case/socioeconomic failure so they want that brand new car to feel like they're a part of the winning group and to distract from their daily hopelessness.

I sincerely believe that's why there are higher incidences of mass shootings and suicides in the U.S. too - at some point people can't cope anymore and they don't know how to deal with lie that they've been living so they just crack in the most catastrophic way imaginable.

>>16706799

Yeah, I'm making like $57k if I include my bonus and it makes me a hair uncomfortable financing a $29k WRX.

"Car should not be greater than half your annual salary" does seem to have some truth to it.

>>16706820

It's like that Asian chick who murdered both her parents - she'd been lying to them for years about getting into college and when the jig was up (graduation) she totally flipped and paid for a hit on her folks.

>>16706820
Try mentioning on /o/ that public transport is generally a good idea for a lot of people, and that our planning is too spread out and car centric.

>>16706858

I don't disagree with what you said, but I feel like I can't really advocate for that position too hard because I like driving and I love cars...

I do think that if we could somehow do public transport really well (better than it is currently even in cities like Chicago and New York with robust public transit systems), then I could imagine a world where I'd switch between public transport and driving my own car - and maybe most people would do that as well. The net effect would be that traffic and parking is much improved while still allowing people who DO like driving to continue to do so.

>>16706849
That is retarded as fuck. Maybe if you plan to drive the car for just one year it shouldn't be more than half your salary.

You're buying a car it should easily last you more than 3 years or you'd lease.

It just makes you a cheap ass if you spend half your salary on a car - an arbitrary number from one years salary to the entire worth of a car lol

>>16706501
Because Obama though to revitalize the auto industry by creating an auto loan bubble and taking out perfectly good vehicles off the street.

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>>16706501
I posted this in a similar themed thread so I'll post it in here as well:

"Radiohead put it best. You do it yourself, bah-dow-dow, and that's what really hurts.

Go, drive in your newly leased car, back to your newly-paid-off house. Lay on the bed and listen to the ticking of the clock, you'll break. You'll be back, begging for more greenbacks.

Paying off that loan was the only reason why you got up in the morning, wet to your job and said greetings to your working dullards. Existing with nothing to strive for is no existence at all.

A life free of debt? You naive fool. Debt is your life"

>>16706913
$50k/year ~= $3k/month after taxes
$3,000 gross/month
-$1,000 car payment and insurance
-$1,000 rent in not the ghetto
-$100 electricity
-$100 gasoline
-$50 phone
-$50 internet
-$200 food
-$100 health insurance

$400 net

I hope you don't plan on purchasing or doing anything in your life trying to budget more than 25% of your yearly income on a car.

>>16706678
How the fuck do people do that? Was this survey entirely in the ghetto or something? If you come from even a lower'middle class family you should be able to squirrel away a few grand as an emergency fund.

This would explain why /o/ is always flooded with 17 year olds asking for advice on what car they should spend their 30k budget on.

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>>16707137
>that one kid that kept making threads crying about how he can't return the CVT civic he bought

>>16707093
Why keep the money around when you could buy an ATV?

>ameripoors

>>16707184
got archive links to that?

>>16707194
Nah, probably would've saved the links if I knew how many of those threads he was going to make.

>>16707085
$1000 on car payment and insurance? The fuck.

I pay $600 month for BMW 4 series 2017 lease AND insurance.

Clearly you're special.

>>16706722
Keep driving your current car and fix it.

>>16707217
>not knowing the difference between leasing and financing

>>16707220
I don't have a current car. Busfag living in the city. My gf has a car that I borrow sometimes.

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>>16707226
>not seeing it's a reply to a leasing vs buying argument

how i am suppose to get a 5k$ mustang GT if idiots stop buying cars they cant afford.
>one day you will be able to afford a 6th gen camaro ss

>>16707227
Just buy a Toyota shitbox under 100k miles for $10,000. There's no point to have a new car in a place where it will get damaged and rarely driven.

>>16707237
>hurr why is a car that he gets to keeps payment more than my long term rental

Lease payments are almost always cheaper than buying you dumb fuck.

>>16707257
Good advice. Though I'm looking at a Mazda3 shitbox instead of a Toyota.

>>16707262
Payments are cheaper, yes. But generally you get more fucked in the long run when you lease
>but that's a different argument all together.

>>16707266
Just get a 3k civic. No point in spending 10k either. You should consider a volt though. You wouldn't use any gas except for maintenance burn and you could get one for 15k if you have a place to charge it.

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>people who make less than six figures

>>16706501
because people believe that
A: new cars are more reliable so they won't have to spend as much on maintenance.
B: they only see the Bi-weekly payments and think "I can afford that!" but they say the same thing to everything and end up with 1$ a month for living expenses and spend that 1$ on a fridge magnet.

TLDR: they can't manage money and have no common sense or logic.

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>>16707304
Go S.T.E.M majors!

>>16706858
It might be, but at the same time it isn't.

In Denver, a monthly pass for public transport is about 120 a month. You can lease a brand new 16 Honda Civic for 89 a month for like 2 or 3 years. I mean even factoring in insurance, you're paying about 30-50 dollars a month more than the bus.

The benefit is that the tone you would spend in a commute is halved to quartered. The opportunity cost of sitting on a bus is massive. It's a waste of resources (time) for the user.

>>16707304
>Implying you make any money at all

>yfw nigs and beans are so dumb they finance rims for their financed car too


Also Nissan dealers have a 120 month finance plan, hence why you see so many blacks in them.

>>16707441
>implying I drive a miata or shitbox like the rest of (You)

>>16707460
>Implying you drive anything at all

>>16707453
Cumskins americans are just as dumb

>>16707432
>implying Denver's light rail system isn't dope af
>implying i don't bypass gridlocked I-70/I-25 plebs

>>16706849
>Car should not be greater than half your annual salary" does seem to have some truth to it.
Man, if this applied to my poor ass country we'd all be driving 30 year old golfs

>>16707262
Hurrrr durrrr buying a depreciating asset is so smart along with Killing your cash flow.

Buying is only worth it if you're in the market for cars with 1.) high residual value 2.) stay within the leasing miles 3.) plan to keep the car for less than 5 years.

If you fit those three categories you're better off leasing. Not everyone wants to drive a shitbox until it dies

>>16707453
People finance fucking RIMS?!

Jesus Christ.

>>16707483
people can and do fucking finance tires dude
this shit just reeks of a bubble thats going to pop some time soon

>>16706849
>It's like that Asian chick who murdered both her parents - she'd been lying to them for years about getting into college and when the jig was up (graduation) she totally flipped and paid for a hit on her folks.
this happened? damn

>>16707467
>implying my e60 isnt superior to all the v6 accords and miatas on this board

>>16707476
To drive to my work from South East Denver to off i25 and Arapahoe. Takes 20 minutes in the morning. To walk to the light rail, take a train, them walk to the office takes an hour. Minus 10 minutes of you have a bicycle. Over the course of a work year, that's 170 hours, or 7 while days spent in transport for the cost of around an extra 300 dollars a year. I could easily pick up a side gig to make that up in a weekend, I could drive Lyft to make up that money.

>>16706501
I hate this bullshit. Because of dumb people that fuck up their credit, lenders are more skeptical about handing out loans, especially to younger folk. Just yesterday I was going to finance something and the lenders asked me way too many fucking questions that they never asked before. Than they were surprised when I had a 744 credit score, they asked for proof of employement, and at least one past employment that I've been at for longer than 2 years, how long I've lived at my current address, and all kinds of irrelevant bullshit that doesn't even matter if your credit history checks out.

>>16707490

Financing tires isn't bad. Lots of places give you 6 months interest free. So you get to pay 100 dollars a month for 6 months instead of 600 up front.

>>16707503
>Implying you even have a license

One of us is going to get in trouble for shitposting.

>>16706577
When did that happen? The USA has had the world economy locked down since 1944.
They really need to stop whining about how hard they have it that they can only afford 3 cars instead of 4 because the Chinese want an extra bowl of rice.

>>16707518
yeah its going to be (You)

>>16706501
People don't have the balls to drive a shitbox as a general rule. Muh face saving.
>grow up local church of about 130 people
>like 5 could afford the new car every 6 years cycle
>everyone else in debt to their eyeballs
>like 5 people just drove shitboxes they could afford to run
People and their egos.

>>16706858
50cc scooter costs less than $30 a month to insure, gets like 100+ mpg and enables you to leave for work/school up to an hour later than busriders
>leave house at 8 to catch 8:10 bus (its sometimes 10 mins early or late)
>get off bus at 8:45 right outside of work, cant clock in for 15
vs
>know it takes 10 mins to get to work
>leave at 8:45
>still early


absolutely no excuses

>>16707471
t. Jamal on the bus because his 30s got repo'd

>>16707538
Dcooters are faggy

>>16707694
so is getting robbed on the bus

>>16707527
>new car every 6 years
Why would anyone do this? Just lease instead.

>>16707665
kek

>>16707483
I used to work at a wheel shop. We had a set of 30s that we "sold" about 5 separate times because people took loans out on them and couldn't make the payments about 1/4 the way through. List price on them was $35k

>>16707725
kek

>>16707725
>$35k for a fucking set of rims

Jesus fucking christ

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>>16707725
>List price on them was $35k
what the fuck

>>16707705
Probably one of those idiots who think leasing is spending money and having "nothing to show for it at the end"

>>16706501
Because American kids are taught by their boomer parents that they can't be seen in with things that aren't brand new.
>buy brand new shitbox for full price
>won't even consider buying a car from 1 year prior with 10k miles for half the price and double the features
>has to be NEW
>if it's not new it won't have all the new features!

Why do you think they can sell a new iPhone every 6 months?

>>16707737
>>16707731
They were Asanti and it was when 30s were brand new and the biggest wheels you could buy.

Also, $35k was just for the wheel, tires not included, well the first time at least

>>16707759
i.e. this entire board.

Seriously, like 90%+ of /o/ is financially illiterate but thinks they're clever because they advocate doing what poor people do.

How do we end racism on p/o/l

>>16707759
>>16707846
Explain how you wouldn't have more money """buying""" a car and then selling it 3 years later vs leasing a car for three years.

>>16707850
Fuck OFF kike

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>>16707865
You're only paying for depreciation when you lease, which is what you would lose between buying and selling the car anyway. The difference is that the lease is a fixed cost and you aren't exposed to vagaries of the market. Another difference is that leasing often requires less of a down payment, which means you can keep money that would have gone stale as a down payment invested and earning for you. There are also tax writeoffs that a business owner can take on a leased vehicle that can't be applied to purchasing.

>>16707850
We need to geNOWcide cumskins

Soros has it checked out, dont worry

>>16707975
Fucking niggers!

>>16707987
>White girls fucking niggers!

Write the whole sentence bob

why dont people just buy outright
fucking poorfags piss me off so much

>>16707085
>-$200 food

>>16707910
Or you can just wait a year, buy that model you want used, and not fuck your wallet

>>16707766
> Asantis
> 35k
seems about right

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>>16706501
>Why do people buy cars they can't afford?
Everything's a big pissing contest. You've got to have a shinier car than your neighbour, the missus needs to take the kid(s) to school in a bigger pavement tank than everyone else, and what will strangers think if they see you getting out of an older car? Finance, lease, whatever. It's easy to get your hands on a shiny new commuter now so your sign yours soul away for this brand new 3 Series.

>>16706590
>Jalopshit

>>16708104
>or you can just let some normie abuse your car for a year before you get to drive it to dodge like $3k in depreciation
Some people have enough money to comfortably afford a new car and would prefer to not be the second owner.

>>16707524
Yeah, I doubt it, fag. I also doubt you have a job, car, license, or are even old enough to drive.

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>>16707725
>List price on them was $35k

>>16706590
>preying on
lolno, they're barely covering the insane default rates they have to put up with. payday lenders make significantly less margin at the end of the day than banks do.

>>16706613
pretty much this

>>16706590
>retarded blacks and latinos that don't know how to budget, or hold a stable job, or abstain from unprotected sex

>>16706590
I'm pretty sure they have to charge that kind of interest in order to make up for the constant repossessions they deal with.

If you have 5 guys buy a car and each one defaults after 3 months how much do you think they need to charge in order to come out ahead on repo costs?

Because of this news....

.... will used car dealers now increase their prices?

>>16708310
No, used car dealers already profit massively from selling vehicles, more than they do from selling new ones.

They'll give someone $5-7k for their tradein on a new vehicle and put it on the lot for $12-13k, and gradually reduce it down to maybe $10k if it sits on the lot too long before it sells.


I bought a car off a dealer for $10k, it sat there for 4 months and they reduced it from $12k. They only gave the lady $7k on her tradein, which was a 2010 accord coupe with 55k miles.

They definitely don't make $3-6k selling you a $15k civic.

>>16708342
Having sold used cars from a new dealership for a long time you are mostly right. 10 years ago 3-4k in profit was easily attainable on most cars we took in on trade. Now with the internet, most people trading in their car have internet and demand much closer to the retail value for their trade value. Even though KBB usually has a 2-3k spread between trade and retail value for the same car, everybody trading in thinks thier car is mint condition and wants full retail (which is all we can hope to get after doing all the paperwork, changing bald the tires, changing the broken windshield, cleaning the stained seats, attempting to get the disgusting smoke sell out, paying a detailer to attempt to get some of the scratches and dents out if it, doing all the recalls, and whatever else the government requires before we resell it. After that, IF we can get someone to pay even near retail there might be 1-2k in profit left. But of course the first thing 95% of every buyer does when they walk on the lot is look at the price and say "will you take 8k less than that."

I'm not saying there are not cases here and there where someone sells us thier car for far too little money and we can make 4 or 5k. But for every one of those we get 3 or 4 deals where we get near the point of 1k or less profit.

>>16708342
>>16708422
Cool. Thanks guys.

>>16708268
>he doesnt have unprotected sex with clean women

well shit you must be a virgin.

>>16708472
>clean women

lad...

>>16708472
>poor communities
>clean
>poor people
>having enough forethought to pull out or have a morning-after pill ready

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>>16706501
Because some people vastly underestimate the true cost of owning a car and/or vastly overestimate how much they make.

>>16708472
>dirty niggers and spics that get their cars repossessed
>clean

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>>16706590
Bingo
>rent a wheel exists
>is usually located next to a boost mobile and payday loans store on a strip mall

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>>16706799
>$790/month
>$50k a year
How much were your living expenses? What was your interest rate?

>tfw bought corvette for $14k, but had to immediately replace the clutch for $2k

>>16706722
>What's my budget for a car? I make 50k, pay 700 in rent and 250 in student loans.
what about insurance, food, utilities, phone, gas, etc?
how the fuck do you not know how to make a budget? you literally add up how much money you spend, and subtract that from how much money you make after taxes.

>>16706501

good post.

Probably because they have no chance of buying a house so a car is the first step in establishing one's self.
Also, much easier to save up a few thousand than to save a couple dozen to feel accomplished.

>>16708534
> rent a wheel

What in the goddamn? Is there really a fucking place where niggers can rent wheels instead of buying them? Shit, the owner must be a genius at this point.

>>16706590
>preying on

>>>/reddit/

Niggers and spics don't make their payments. You have to have high rates to account for default. If they didn't have high rates, then blacks and Latinos just wouldn't be able to get cars en masse. Is that better?

>muh poor minorities that are totally just as capable as you are targeted by muh evil finance people
>b-but they're not capable of entering voluntary contracts on their own! I totally don't think lowly of them and treat them as if they have no agency whatsoever.

Enjoy your pet minorities, liberal faggot

>finish uni debt free
>have less thank 5k saved because of this
>get good job in a different state
>cant take shitbox cavalier with 194k miles
>need something nice and reliable for work
>have good credit and want to build it higher to buy a house in a year or two
>implying financing a new car isn't the best option

>>16708658
or you could buy a $3k civic and pay off your credit card bills on time so that when it is time to buy a house, you don't already have $20k debt

>>16708658
>Put netflix/spotify/monthly amazon prime/whatever on a credit card
>set credit card to auto pay from your bank after statement but before due date
>pay no interest
>boost credit every month by showing responsible utilization of a few percent of limit

Don't waste money solely to improve your credit.

>>16706590
Don't you mean Latinx, my good sir?

>>16708668
>>16708712

I already pay all my bills on time, and I've had a credit card since I was 17, but financing a car unfortunately builds credit way faster. I hate the idea of credit scores and the whole system though. My rate isn't that bad, and I make money trading stocks at a greater return than my car loan interest rate
And I can't afford to have some shitbox break down on me before work, or have to deal with fixing shit all the time.
Not that a new car can't break or have shit go sideways, but I live 700 miles away from where I grew up. I like to be able to drive up every once in a while and it's nicer to do that in a new car. Plus I have a trip for work coming up soon that's 400 miles each way.
A new car is just better for me.

>>16707538
I dont typically care for social stigma when considering a vehicle, but in the case of scooters i cant help myself.

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>>16708534
>>16708637
.notherfuckers don't know about rent-a-rim

>>16708724
most of your score is age of accounts and payment history

>>16708534

The only reason I get annoyed at American stupidity is because I can't come up with ideas like this to take advantage of their stupidity.

If this business is actually able to stay afloat off this shit I am seriously fucking impressed. They would deserve an award.

>>16708819

http://www.rentawheel.com/

It's a fucking chain my man

The Raleigh NC location near me has been in business since the early 2000's.

>>16708724

>30 years old
>House
>Shitbox (about to get another)
>One family business
>one sole proprietor experiment that is doing well
>director on an NGO
>making way to establishing large agricultural business with strong export market on fucking lock down
>Tfw never even had a credit card

>>16708854
Mate I'm about to move into a job refinancing high interest auto loans. On a scale of 1 to potato how retarded are the people I'm about to deal with

>>16708910
They'll be about your level
i.e. never fixing oil leaks, unprotected gay sex with strangers, bad taste in vehicles

>>16708910
95% of your customer will fall between 8 to full potato. Also, brush up on your ethnic name pronunciation

>>16708924
kek'd

>>16706722
Getting a Civic isn't a bad idea like the other Anons suggested.

Alternatively, a Tacoma if you want something a little different, as those hold their value the best out of anything.

>>16708927
Noice. We filter by credit score and how upside down they are on their loan so we can weed out anyone below 650.

>>16708924
>Implying enjoying staunch, large American classic vehicles is bad taste

>>16708646
>still giving them the loan when you know full well they're going to default in the end but you can take their what money they have regardless
>not predatory

>>16706613
>Worked at a gas station years ago
>basketball american co worker buys a new escalade
>this exact scenario ensues

Fucking writes itself

>>16708712
>earn money
>pay for stuff with money I have
>have no credit rating literally because I'm responsible about money

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>>16708945
>weed out anyone below 650

Bwhaha, only people who are +650? That's not even that bad man. Get back to me when you're dealing with the real sub-prime loans

>yes, I got that guy approved on that application

>>16706618
Women too. They're like children when it comes to a new car.

>>16708970
That's nice, good luck getting a decent interest rate when you want to buy a house.

>>16708970
Yeah sorry. Get a rewards card and put anywhere up to like 30-50% of the limit on it each month. Only spend money you actually have. Protects your bank account for online purchases too. That way if your card number gets stolen you're not missing the money while the fraud investigation goes through.

>>16708973
>reading that sheet
huh, apparently credit scores go down to 250

makes 488 sound good lol

>>16708976
>tfw im in this scenario
>pay everything cash my entire life
>didn't get a credit card till 24
>800 credit score, but no credit history
>I'm a fucking realtor and I can't get a mortgage

At least I have no debt and a shitload of savings

>>16708975
gullibility power ranking

1.)Black people
2.)average white millennial
3.)women
4.)hispanic teenagers
5.)rednecks over the age of 45

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>>16708990
>800 credit score
Yeah sure whatever.

>>16708973
We refinancing, no one is going to get better terms with worse than 600

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>>16708924
gottem

>>16709014
It might not be THAT bad them, since you'll get people who have hypothetically gotten some of their shit together, but you'll still deal with some straight up potatoes

>>16709009
I had a 780 when I was 18 with no history for some reason.. Immediately corrected to like 640 when I got my first line of credit.

>>16708973
Fucking hell do you work at a Nissan dealership?
I worked at Honda in the past for about 2 years and my manager would kick out anyone with a credit score below 600 unless they finance through Capital One or Wells Fargo at high APR.

>>16709019
Yeah that's what it seems. Either way, I'm excited about moving to sales. I just hope the auto industry bubble didn't pop for a little while

>>16709005
>everone but straight white males

>>16709005
HOLY SHIT YOU'RE NOT DEAD

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>>16706858
You forgot to mention being stuck on the buses timetable, limited destinations and the niggers, pakis, and mentally fucked up people who you need to rub shoulders with. Not to mention the possibility of being the victim of a random fart rape. Public anything means the worst possible scenario (Eg. washrooms, transport, housing.)

>>16709055
nah, straight white males are mostly average on the gullibility scale, depends on the background

Non-gullibility power ranking
1.)asians
2.)older/americanized latinos
3.)older/americanized middle easterners
4.)butch lesbians
5.)most younger rednecks

>>16709032
lol that particular loan was approved at 28%

>>16709081
nope, just been busy as fuck lately

>>16706590
>preying

If you sign a shitty contract to get a shitty car because your too dumb to see a shitty deal that has red flags all over the place then you deserve what you get.

>b-b-b-but I want that pretty car!

Have some discipline, save up some money, buy a dead-reliable old Civic or Corolla, drive it gently until your financial situation improves like a non-retard would.

I am sick to death of idiots demanding that big daddy guvm'nt step in with a bunch of regulations just to save retarded assholes from being retarded.

How about grow the fuck up instead of burdening us with your stupid bullshit?

>>16709109
*you're

>>16706849
As someone who makes $90,000 pre tax and still hate myself for buying a $14,000 dollar brand new focus using X pricing and a discount from a local dealer for my industry/job I still feel like shit. I can't believe people finance more.

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>>16709055
See #2 shit for brains

>>16709134
>paying in cash for a car worth more than 20k
you're literally losing money buy paying in cash and tying up your money instead of investing it and getting far better returns than the tiny interest rate

>>16709155

Financing more than $20,000 dollars on an item that depreciates far below what you owe the minute you take ownership.

Having to get insurance because of this.

I have financed and do finance, I own property, motorcycles, few thousand in collectible firearms (vintage and custom).

Doesn't change the fact that walking out with even $15,000 in debt is painful. Buying stuff is bittersweet for a cheap ass like me. I guess that's why I have what I have and a half million in retirement savings and you must be living pay check to pay check with your sweet car that uses up half your paycheck.

>>16709204
The thing is, you can have 200 grand in the bank and still finance 20 grand. It's just nice to have the extra cash on hand without having to dip into money not set aside for a car.

>>16709217
Sure. I have financed zero or damn near zero % interest with the ability to pay it off immediately just to keep cash on hand. I understand liquidity.

I was referring to the guy making $50,000 and putting $0 down on a $30,000 car.

>>16709204
I'm fresh out of uni, have a new car, eat fresh fish and steak every day, and save over 1500 bucks a month, plus the 10% of my income that goes into my 401k.
I'm not the guy making 50k trying to buy a car I can't afford
I don't buy a car to sell it, so the whole depreciating asset meme is null, it's not a financial asset, it's a get me to work and pleasure reliably asset. And my car payment is only 10% of my after tax income

>>16706546
what the fuck

who drew this

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>>16709268
Me. I drew that.

>>16709268
Looks like someone with an asian tranny fetish who's never seen a pair of real tits in his life so I believe

>>16709343

>>16706590
AHAHA

WE
WUZ
KANGS

>>16709351
Looks like she's wearing a top under the watcoat.

>>16709362
Right?

Like, we wouldn't need probably, oh, 75% of the government if it weren't for KANGS.

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>>16706590
>http://jalopnik.com/john-oliver-eviscerates-shady-auto-lenders-1785289963/amp?client=safari

>John Oliver blames the white man for the stupidity and poverty of niggers and spics
>and he can't believe it's still happening
>in the current year

Someone throw this limey fuck down an elevator shaft already. So fucking sick of him.

>>16709109

>dindu
>spic

>self discipline

If they had this we wouldn't be faced with the insane rape and murder rates that we are.

>sheeeit das a nice white bish
>imma rape dat
>hey ese nice whip mane
>imma jack dat shit
>etc.

>>16709412
I'ma gonna not type up a book in reply, let's just say that we need some economic Darwinism until people fucking sharpen up.

Every time someone builds a legal safety net for dumbfucks, it just encourages more dumbfuckery because what's to lose?

And imo that's why dindus etc. fuck up. Because well-meaning but deluded people step in and wipe their ass instead of letting them sit in their own shit.

>>16709412
Crime rates keep dropping as America becomes more diverse

when you can get auto loans for under 2.5% interest rate (often, much lower), there's no reason to be buying with cash. you can invest that money and (in most cases) end up better off.

The problem is when the dindus are buying new cars every 3 years, and rolling the old loans into the new loans and all of a sudden they have a $40k loan on a $20k car.

I project a small car loan bubble burst in ~5 years. Hopefully we can all cash in on cheap relatively new cars people can't pay off

>>16709480
And yet nearly 50% of all violent crime in the country is committed by roughly 3% of the population, young black men. Crime goes down across the board as society becomes more advanced, but young black men are still far and away the worst offenders.

>>16709480
Because ~30% of the American Black male population is in jail.

Some people can't handle credit. America is full of friendy happy merchants that are more than willing to give out loans.

>>16709463
>>16709412

Oh look, it's the redneck militia.

Yeah mane, things were real fucking nice back when anyone who didn't have money starved to death and slowly died of black lungs while shoveling coal.

You retards crack me up - it's been the same damn thing since the days of slavery. The rich fuck oligarchs laugh all the way to the bank while they get poor white trash to defend their interests and die for them simply because they share the same skin color and "maybe" they might also get a little bit of the high-life themselves someday.

You guys like to harp on the "brain washed bleeding heart liberals" and laugh at fucked up black communities while defending your freedumb to work overtime for scraps while your monied overlords snort cocaine, fuck big-titted sluts and blast through your neighborhoods in 6-figure cars without having to lift a finger.

>>16709566
>>>/helicopter/

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>>16709566
$5 dollars you still mad you donated money to Bernie 'sell-out' Sanders

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>>16709582
kek

>>16709566
>my life sucks because some people are rich

Grow up, lrn2work, don't be dumb and make your own pile of money.

Maybe you'll never be a billionaire, but ffs, you can make a career out of a McDonald's job and have a comfortable living.

And don't tell me making Manager is hard. It isn't unless you're a lazy ass.

>>16709619
>unironically wage slaving

>tfw 80% of the time I ask someone what their interest rate is on their student loan or car loan is and they don't know; they only know their monthly payment
Jesus fucking christ people are hopeless. You take an interest rate > 4 - 5% at these federal reserve rates, then you're fucking stupid or you have bad credit and still shouldn't take the loan.

>>16709639
this is why people take 7 year loans on cars and are constantly underwater
>but my monthly payment is lower!

car dealerships discuss monthly payments, not total car sale value unless you tell them to do so.

>oh sure anon, we can get you that car for $400 a month [for the next 7 years] wtih $0 down!
>okay yeah that fits my budget!
>they drive off the lot in a base toyota corolla

>>16709662
Yea dude. I had the rep come at me with monthly payments and I back calculated that shit on my phone - 21% APR. I was like are you out of your fucking mind? Get me an accurate interest rate or I'm walking. Dude just looked at me like a deer in headlights.
Stupid, man. Decently happy with my 3.19% APR over 4 years, but damn. I wanted less :^)

>>16709632
>unironically collecting neetbux

>>16709699
>unironiclly implying unironiclly

>>16709707
>implying im being ironic with my unironic implications toward (you)

>>16706546
Old Japanese econoboxes are the best college cars since they are relieable, cheap on gas and cheap to inshure.
Also wear related items are cheap, new 14" prius disk tires are like 20-50 bucks, 18" performance tires cost more than 100 bucks.

>>16709109
>Implying that predatory lenders aren't selling that same sensible "old Civic or Corolla" to people who need a car immediately and can't afford to buy one outright

Most poorfags aren't NEETs who can afford to just wait as long as it takes to scrape together enough cash to buy a shitbox from a Craigslist seller. Shady car dealers exploit people who are desperate as well as stupid.

>>16709204
>Financing more than $20,000 dollars on an item that depreciates far below what you owe the minute you take ownership.
Depreciation happens the same regardless of how you pay for the vehicle. It's a useless point to make. Unless you're a collector, you're not investing in the vehicle's monetary value- you're investing in the utility that it will provide you. In other words, you're buying it to use (consume), not to resell.

The calculation that has to be made with respect to financing or not is whether the total additional cost of the loan interest (and potential insurance requirements) is worth obtaining and using the asset immediately vs having to save for it and wait. Obviously, this value proposition is going to play out very different for someone shopping for their only car that they need to get to work, versus an enthusiast buying a weekend car.

That isn't to say that it wouldn't be more financially sensible to buy something used and take out a smaller loan (or no loan), but that still has little to do with depreciation- it's merely a matter of obtaining that same utility at a lower price. It all comes down to staying within your means; depreciation has no bearing whatsoever on whether or not you can afford something.

>>16709668
If they actually tried to offer you a loan with a 21% APR you should not be financing a car.

>>16709268

Edit of an old Men's Adventure cover.

>>16707865
Explain how you wouldn't have more money after paying $150/month instead of $400/month for three years.

>>16706501
Uber
Im not even kidding, a lot of repod cars have the uber sticker on them. People hear about their friends making money on uber and think they can get in on it, uber offers to help them get a new car and they get something they can't afford.

>>16708658
This was me but I bought a home in 6 months instead

>>16708712
Credit card payments don't look as good as loans on credit reports.

>>16710458
not the guy you're responding to, but I'll answer

I'm assuming he expects to get at least a $250 return on every $400 spent if he wants to sell it right at the 3rd year mark

If not then you're right, he's losing more money

>>16710458
>$150/month

What car are you thinking of m8? A fucking Civic LX is 200/month.

>>16710674
someone posted corollas going for ~80/month in a lease thread a while back

>>16710667
basically after 3 years you can either have 9k in cash or a 9k car
works out the same

>>16710681
Fucking hell, no wonder there are so many driving around. I never understood why anyone would choose one over a Civic or Mazda 3 until now.

>>16708712
>What is debt to income ratio

>>16710696
Oh, and credit utilization

>>16710692
yeah most of those guys do not give a single fuck about the finer details of cars, they just want cheap reliable wheels to get them from a to b

>>16710356
>not having savings

Give me a break.

Poorfags are poor for a reason - constantly making bad decisions and not learning from them, and then wanting everyone else to step in and save them because shit happens (like it happens to everyone) but they can't plan ahead for shit....like children.

>>16710700
The reality is that for most people, that's all you need.

Thank God for car enthusiasts otherwise the roads would be filled with nothing but Semis, F-150's and Civics.

I'm a real practical guy myself and always consider exactly what I need before I buy, so I've pretty much had nothing but boring stuff for the last 20 years, but it's nice to look at cool cars. Maybe after I retire I'll get something cool myself, but right now that would be a waste of money.

>>16706613
Working near min wage at dealership. Car washing Co worker buys 16k former rent a car charger. U wot m8 half his money a month went to payments https://youtu.be/vZLd81IHGQw

>>16708741
I'm at 780 because I don't have an installment loan. Can't Crack 800 without one :(

>>16711027
Tfw closed savings account because my brokerage account earns more interest.

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>>16706613
>>16706618
Yeah...except I always see young white people in new cars, and hardly ever see black people in new cars

>>16709268
>>16709351
The kind of /pol/ faggots who we get now due to that stupid winterball.

>>16708637
I wonder what happens when they curb the shit out of them and have no money to pay the damages

>>16711120
they curb the shit out of your face

>>16711119
>hardly ever see black people in new cars

Doesn't take long to repo their cars. :^)

>>16708973
>4% are below
Oh dear.

>>16707085

>a hundred a month on gas

I burn a hundred a week, what the hell do you guys drive

My parents have bought me all my cars (two total, one in college and one after) with cash, no arguing with money lenders or usurers.

>>16711148
Are gas prices $10/gal where you live or do you work in a different country from where you live?

>>16711136
JUST

>>16711120

They just charge your card.

Doubt they would do a "RENT A RIM! NYUKKAH!" with out credit cards and contracts

>>16709662
>>16709668
I was informed what my interest rate would be and how much I'd be paying in interest over the length of the loan and told they'd understand completely if I didn't want to take the loan.

>>16706613
This is a prime example in Philly. See brand new E or S class AMG parked outside of crack house. Few weeks later see tow truck picking it up.

>>16706953
This is what losers with meaningless jobs and pompous artfags think.

>>16707453
Holy shit that completely explains why I see nothing but niggers in Altimas and Sentras. I constantly fucking see the most ghetto shit driving a brand new Nissan with leather seats.

>>16706953
>have cheapish car bought with cash
>have townhouse
>going to be debt free before age 35, probably even 30 if I jew hard enough
Just don't be stupid with your money.

>>16706546
>>16706546
what the fuck are you talking about?

>>16711027
>poorfags are poor for a reason
Because of the nature of capitalism and forced consumerism? I'm sure poor people would save if they could but the world doesn't work like that

Get out of your basement sometime fucking brain dead child

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>>16707085
>spending 24% of your income on a depreciating asset

>>16707085
What the actual fuck are these numbers, you don't live on your own at all, do you?

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>>16712916
Agreed, food should be $300 and health insurance should be $200.

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>>16709009
>>16708990

>He thinks credit score matters

credit scores are huge memes. Hurr durr buy shit on our card so we can give you better rates to buy more things you dont need. god forbid you live within your mans. but but i make my payments every month. wow who fucking cares so does literally ever other middle aged white person on earth"

>>16712891
>forced consumerism
lmao. just fuck off. Richie rich parents with wannabee 1%er snob "friends' here and I'm such a kike with my finances that I could be mentioned in Abraham's lineage. I literally haven't eaten fastfood or boxed food in 8 years since it's cheaper to make homemade meals. Had to buy a new pc for my phd program last week and my head nearly rolled when I found out they were going to jew me each year to use Microsoft Office.

Low willpower faggots need to fuck off and stop blaming others for trying to buy themselves out of their own insecurities.

why is there so much butthurt in these money threads

some people have more money some people have less

let's hold hands and be happy

>>16712978
I couldn't care less if someone makes more or less money than me.

What's annoying is seeing someone living outside of their means and spending a third of their after tax income on a car.

I make 60k and spend 530 bucks a month on car payment, insurance, and gas combined.

I save around 1400 bucks a month, plus another 10% 401k contribution, and I still sometimes feel I should have bought a cheaper car.

>>16712998
where do you live that you're saving 1400 a month on 60K???? i'm leaving LA and moving there

>>16713002
literally anywhere thats not LA.

>>16712932
>Rich parents
Then you have no room to speak on the matter
Come back when you've lived in poverty dude

>but poor people should work harder and spend less money then they won't have a problem
I'm sure they couldn't work any more than 60 hours a week
I'm sure they could spend less on canned food and powdered milk than they do
I'm sure they could spend less on horribly overpriced medication for their sick relatives they need to live with and support

Literally kill yourself

>>16713002
>can't even save 1.4k a month on 60k

Jesus fucking christ LA is a hellhole.

>>16713002
Georgia, about an hour outside of ATL.

I actually had an offer for my dream job in Palmdale, and would be making 66k, but taxes are probably more, and and cost of living, even in the desert out there wouldnt be too cheap.

Plus I found an apt 6 miles from work, so I fill my tank up once a month.

>>16712930
It does matter, if you want to borrow anything you'll need credit even for things like school, houses, cars, hell even personal loans

>>16713019
>dumb poor nigger can't read
>rich people have literally never experienced hardship or setbacks
lmao it's like pottery

>>16712930
good luck buying a house with no credit. You gonna save 200k in cash?

>>16713019
Im not the guy youre respond to but sound like a massive butthurt poorfag

>>16713030
Yes actually. You're going to save that plus another zero for retirement. Do you not know how saving money works?

>>16713036
>just save money
>save 200k
yea right, you're fucking dumb no one does this beyond the most wealthy even then they wouldn't drop 200k on a house if they were that wealthy regardless

>>16713033
Nah I have money im just not an ignorant piece of shit

>>16713042
Are you fucking retarded? Rhetorical by the way. Go see a financial advisor and sort your shit.

>>16713042
200k is the down payment on a million dollar home, which much these days

>>16713036
>what is the time value of money
200k goes a long way to just spend it all at once, instead of investing it and taking advantage of low interest rates.

But you need a good credit score to get good rates.

>>16713053
>go see a financial advisor to tell you to save 200k for 30 years
>you'll finally afford your house when you turn 50

>>16713064
>200k
>30 years
what's it like working at McDonalds?

>>16713067
200k over 360 months is 555 a month

>>16713074
>what is ROI

>>16713074
If you sock away cash in the closet like a coon.

>>16713080
What return on your investment is gonna generate 200k so quick like that in your mid twenties?

My credit is great, I can go out and buy a house right now and get a loan super easy and move in next week.

>>16713084
So how you gonna acquire the money for that house without a loan?

>>16713019
Dependency on cigarettes, alcohol, and other drugs eats most of their disposable income

Where I worked, people making $12 an hour would buy a $4 energy drink, a $2 soda, two $1.50 bags of chips, and then go out for a smoke every break for three breaks, streaming netflix on their brand new samsung phones.

>>16713074
$38 a week at 7% over 30 years is $200k though

>>16713103
So? you're still waiting 30 years to acquire a house

>>16713103
and it still takes 30 years to save the money..

>>16713101
same here. it was a real eye opener when I worked my master's. people making $8 an our ate out 3x a fucking day AND snacked at work AND all had brand new phones/cars.

>>16713107
>>16713112
i agree that buying your first house with cash is a bad idea, I'm just stating that previous figure was way

>>16713121
>the previous figure
Its 200k and the implied notion that without credit you'll have to somehow generate 200k for a house without any line of credit to use.

Its retarded to say stupid shit like "credit is just a meme" it comes from retards who don't know why or how to use credit for their own benefit.

>>16713113
To bee fair, eating out all three meals while working a 60 hour work week could be more efficient and economic if you eat off the dollar menu. $10 for a large combo is a bit ludicrous.

>>16712871
>have townhouse
You have absolutely zero right to call anyone else stupid.

>>16713138
why do you keep ;arroting the 60hr work week? sounds cool at a burnout rally but in the real world employers fucking hate paying OT and poor people are obese lazy slobs who can barely do 40. the only guys I've ever seen pull a legit 60 were oilfield guys on call and even then they were getting paid to sleep a few hours each pay period.

>>16713134
I am not the other anon just chiming in

I use credit for 99% of my purchases

>>16713152
one fulltime job and one part time job

>>16713160
lmao. sure. sure.

>>16713161
tons of guys did it where I worked. I was the odd single part time job guy.

>>16713164
>I did it that means every one can do it
>working 60 hours a week for 30 years just to get a fucking house

>>16713175
I didn't do it, I didn't have "four kids to house and feed while my wife looked after them".

One guy ran a landscaping business, and worked the extra hours to buy his kid a bimmer for his birthday.

Most didn't work more than 40 hours total, but some did.

>>16713187
>buy his kid a bimmer
imagine making that kid a millionaire at 40 with the same money. if only he wasn't a moron. shame the kid had a dumb dad who couldn't invest.

>>16713212
This is the dumbest fucking post I've read all day.

To your credit, I haven't read a ton of dumb posts today, but it was still p dumb.

>>16713212
Those guys were some of the most pessimistic people in regards to investing and trusting in banks. Most of them lost their nice $100k a year wireless telecom jobs when the market shat itself.

>>16713234
sure thing buddy. love that fleased status symbol ya got btw. you're soooo smart. luckily everyone but you is stupid and the auto industry isn't giving away free money to anyone but you, the one guy ho beat the industry.

>>16713253
You know anon, instead of lashing out, you should maybe try reflecting on what was wrong with your post.

>>16706501
#yolo
#fresh

>>16713152
What are salaried workers? Fucking retard, have you ever been in the workforce?

>>16711117
>hurr lookit me I'm rich

Nobody cares.

>>16707725
>We had a set of 30s that we "sold" about 5 separate times because people took loans out on them and couldn't make the payments about 1/4 the way through.
Did they all bring them back voluntarily, or do you guys have to actually repo the rims?

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>>16707453

>Financing a car for 10 (ten) years

>>16707702
Or getting decapitated and having your face eaten if you're Canadian.

>>16706501
Because banks give them money they actually don't have.....

>>16714042
look up rim repo on youtube for the lulz

>>16707538
If you live on the equator then a scooter would be great

>>16707304
be me almost done with pilot school feels real good

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What should you watch for when buying a second generation Impreza 2.0?

>>16709081
>worshipping a Hillcunt voter

>>16708534
>Tax time is wheel time
>Structuring business cycle around tax season

Fucking kikes Jesus Christ

>>16708658
i hear you, but really you should just finance a more lightly used car.

>>16708924
nailed it

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>>16706913
>implying only brand new cars worth 30~50k will last more than 3 years

Surely you jest

>>16712932
You can get Microsoft office for free mr PhD. Just google office student version. Not even pirate.

I kick myself thinking of bad car buying decisions when I was young. Probably why most guys here tell the young guys not to buy new.

It's a bad idea

Why do people buy houses they can't afford?