Why is no one calling bullshit on these numbers? 10%/mo of 100k/yr = $833 a month. That is a HUGE monthly loan repayment. That’s a $43,000 vehicle with nothing as a down payment. You can get a new car for less than half that. (And then on the next round you can trade in or sell your old one for more down payment.) Even if you figure that’s 100k pre-tax, you should still be left with roughly 70-80% of that, which is more than plenty for a basic new car.
I’m not arguing that inflation has been ridiculous, because it absolutely has. The bottom 90% of folks are getting fucked. But let’s use real numbers.
Except on that 43k you have tax and license and all the other bs fees…so you make your 8k down payment and end up financing the whole 43k and your payment is 800+/mo
Buying old will always be cheaper, I’m not trying to argue against that. But the numbers you listed are going to depend on where you live. Registration will happen every year, whether you buy new or old, but buying an older car will save some money on those registrations. I’m really just trying to say that the same point can be made, but with reasonable and accurate numbers that the average consumer can relate to.
Why is no one calling bullshit on these numbers? 10%/mo of 100k/yr = $833 a month. That is a HUGE monthly loan repayment. That’s a $43,000 vehicle with nothing as a down payment. You can get a new car for less than half that. (And then on the next round you can trade in or sell your old one for more down payment.) Even if you figure that’s 100k pre-tax, you should still be left with roughly 70-80% of that, which is more than plenty for a basic new car.
I’m not arguing that inflation has been ridiculous, because it absolutely has. The bottom 90% of folks are getting fucked. But let’s use real numbers.
Except on that 43k you have tax and license and all the other bs fees…so you make your 8k down payment and end up financing the whole 43k and your payment is 800+/mo
Ask me how I know…
Buying old will always be cheaper, I’m not trying to argue against that. But the numbers you listed are going to depend on where you live. Registration will happen every year, whether you buy new or old, but buying an older car will save some money on those registrations. I’m really just trying to say that the same point can be made, but with reasonable and accurate numbers that the average consumer can relate to.
To put a finer point on it: The average car buyer who has $0 down is not buying a $43,000+ car.