Lease a brand new car on PCP or PCH – give it back after 2 years, walk away. Renting a car effectively. £3,600 for 2 years. It's better than a £3,600 sh1tbox…and you never have to service it or maintain it.
So if the client can't pay and the bank repossessed the car, it would be depreciated in value and the bank can't recoup the losses. A stupid idea for banks to do this
ladies and Gentleman. Get a 1990-2000 Toyota Camry in Good condition. Yes you might have some Oil leaks that will cost a pretty penny to fix. But it will outlive what ever Tesla is producing.
There is also this thing where people trade their "old" car in with money still owing, and the dealer rolls the amount owed on the old car into the loan amount for the new car, increasing the amount owed and the length of the loan.Saw one the other day where it was 8 years on a second hand Lexus.
We used to have a show on Australian TV called "Money", and it was basically showing people how to handle money and overall costs and pitfalls of mortgages, loans etc.
Best financial decision for buying a car: Get a beater for $3k, drive it for a year, sell it, repeat. The money you would have spent each month goes to getting a house.
When planned obsolescence makes sure you have to either buy a new car every 5 years or pay the car's retail value in repairs in the same time frame, yeah, not everyone can afford to "save up" for a new one…
And people are desperate nowadays. Can't trust people who sell their cars person to person. Yeah, you'll get a car that is 1/5 the cost of the same used car at a dealership, but it'll need 10k in repairs within the first year…
Having done it myself, I can attest to the fact that buying a new car, especially when you’re young, is one of the dumbest financial decisions one can ever make. Did I really need that Trans Am? Did I?
A lot of people are so susceptible to shiny & new & play right into the hands of car manufacturers & lenders. I often remind my kids as they are getting older what a complete waste of money cars are.
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44 respostas para “Grow up. #finance #debt”
I once bought a car that was half of my yearly salary, thanks car loans
Lease a brand new car on PCP or PCH – give it back after 2 years, walk away. Renting a car effectively. £3,600 for 2 years. It's better than a £3,600 sh1tbox…and you never have to service it or maintain it.
This is a very smart scenario 👏
Who's buying a Merc for $50k ? Maybe this was the 80s.
The end is near. We are not gonna make it.
So if the client can't pay and the bank repossessed the car, it would be depreciated in value and the bank can't recoup the losses. A stupid idea for banks to do this
ladies and Gentleman.
Get a 1990-2000 Toyota Camry in Good condition.
Yes you might have some Oil leaks that will cost a pretty penny to fix.
But it will outlive what ever Tesla is producing.
When I have a 0% loan 😂
It's one of the best things they did, sell a depreciating asset at it's top of value with a high rate loan..
Amazing what social validation does to us
Bankers should be all held liable for their bullshit
Lol too accurate
Just like Houses, the person signing the contract had the choice to not sign.
So the fault still lays with the buyer, for if there was no one willing to get the loan, there would be no loans
And that's why you take the financing, and then pay off the loan…. you goet a discount and the dealer gets screwed …Stop funding billionaires!
Well the entire auto industry is built upon debt. They couldn’t charge anywhere near the prices if people had to pay cash vs getting loans
Debt CAUSES inflation
Well, you can always cont on that a stupid person wakes up somewhere.
Most people don’t understand cars and trucks are basically pretty packages built over unsightly mechanisms.
Yeah "Americans"…
We live in a country where the bulk of the public are consumption junkies! They have got a monkey on their back!
There is also this thing where people trade their "old" car in with money still owing, and the dealer rolls the amount owed on the old car into the loan amount for the new car, increasing the amount owed and the length of the loan.Saw one the other day where it was 8 years on a second hand Lexus.
We used to have a show on Australian TV called "Money", and it was basically showing people how to handle money and overall costs and pitfalls of mortgages, loans etc.
I work at a major tech firm. Some people are now buying $300 items on finance terms. Its insane
And now you understand the immigration – new debt for the banks
See, that's the beauty of an anti-consumerist mindset…you don't want a new car.
Best financial decision for buying a car: Get a beater for $3k, drive it for a year, sell it, repeat. The money you would have spent each month goes to getting a house.
The average car monthly payment in the US is $1000 a month while 60% of Americans don’t have $1000 for an emergency. 😱
As Ramsey says, it's car debt that keeps the middle class the middle class.
"save up?, what are you six years old?"
Loans or not, buying an expensive but depreciating asset is just not smart, unless you have more than enough money to throw away.
When planned obsolescence makes sure you have to either buy a new car every 5 years or pay the car's retail value in repairs in the same time frame, yeah, not everyone can afford to "save up" for a new one…
And people are desperate nowadays. Can't trust people who sell their cars person to person. Yeah, you'll get a car that is 1/5 the cost of the same used car at a dealership, but it'll need 10k in repairs within the first year…
"Cuz YOLO!!!!!" – Then they find out that they keep living another day, another week, another year, then what?
That's not how it works, what about money value depreciation.
Sound like their problem when you stop making payments.
Having done it myself, I can attest to the fact that buying a new car, especially when you’re young, is one of the dumbest financial decisions one can ever make. Did I really need that Trans Am? Did I?
I remember hearing that Ford's finance arm is more profitable than its building and selling cars arm.
Damn, excellent. And you made me feel sad xD
Dude, no bank has ever financed me for a vehicle they weren’t positive I could pay for.
Aah, Reality. The best comedian of all.
This one is crazy
This is the absolute truth. Car loans are disgusting but buying cars out of your tax bracket is insanity.
A lot of people are so susceptible to shiny & new & play right into the hands of car manufacturers & lenders. I often remind my kids as they are getting older what a complete waste of money cars are.
As long as you make more money off owning the car than you pay for the car, it's an investment.
I prefer the social engineering way, "let somebody else buy you the car". You would be suprised how much money other people have for you.
Can you save $50k? Can any normal person?
cult don't care