Miscellaneous Discussion Thread II

Car prices went up 50% or more during the last few years and only recently started to slowly decline. New cars aren't selling so there's no trade-ins either. The auction lots are filling up with re-poed cars that have excess wear and damage. Add the 10% or more interest rate on typical car loans and even banks are saying no loan for you. Not to mention car insurance prices are going up 50% to 200% this year because of car inflation and climate change destroying cars nationwide. That $25/hr minimum wage ain't gonna be enough to drive to work AND pay rent.
Some of these manufacturers are selling defective cars with recalls coming out every week and they may not last 10 years or 100,000 miles.
Average car loan payment is over $500/month for a $30K car loan over 5 years and may be topping $1,000/month for a $60K car loan over 5 years. Of course parking in NYC may be more expensive than that, but they're rich.
Cars are getting more Smart and by 2026 people may run away from new cars because of their new mandated features.

Quote: tuttigym

Just read this a.m. that the average NEW car price is $47K+, and the average USED car price is $27K+. That is crazy!! I see ads on TV showing certain new vehicles selling for ONLY $84k. Your kids and grandkids better start learning and getting in shape to peddle to work or play. Good luck to all.

tuttigym
link to original post

I'm looking to replace my 2016 Mazda CX5, and many cars are in the $35,000 and under category. I'm looking for a crossover or SUV and have not looked at the basic economy cars. My car, in May of 2016, was listed for $26,000. The 2024, with many more features and a better sound system, is listed for $33,000. That is roughly a 25% increase in seven model years—less than a 4% a year increase.
The new car prices are skewed by the $100,000 plus Escalades and Navigators, as well as the top-end Teslas and pickups.
I'll be ecstatic if inflation stays at 4% or goes lower. I built my portfolio based on 5% long-term.
Tell your grandkids to stay in school or find good-paying jobs to support you.

Quote: tuttigym

Just read this a.m. that the average NEW car price is $47K+, and the average USED car price is $27K+. That is crazy!! I see ads on TV showing certain new vehicles selling for ONLY $84k. Your kids and grandkids better start learning and getting in shape to peddle to work or play. Good luck to all.

tuttigym
link to original post

I'm looking to replace my 2016 Mazda CX5, and many cars are in the $35,000 and under category. I'm looking for a crossover or SUV and have not looked at the basic economy cars. My car, in May of 2016, was listed for $26,000. The 2024, with many more features and a better sound system, is listed for $33,000. That is roughly a 25% increase in seven model years—less than a 4% a year increase.
The new car prices are skewed by the $100,000 plus Escalades and Navigators, as well as the top-end Teslas and pickups.
I'll be ecstatic if inflation stays at 4% or goes lower. I built my portfolio based on 5% long-term.
Tell your grandkids to stay in school or find good-paying jobs to support them. .

My wife still gets her 10 year old car serviced at the dealership and when they change her oil, because it's 10 years old and only has 70,000 miles on it she gets bombarded with phone calls and emails wanting her to trade it in on a new car. They obviously want the 10-year-old car so they can resell it because of the mileage. I told her to never sell it it looks brand new inside and out and so far absolutely nothing has gone wrong with it. She drives even less now so in another 10 years she might have 100K on it. Should be the last car she ever owns.