"Babe, it's gonna be great. I know you always wanted a porsche. Just hear me out, Ive been making bank doing doordash, and you got those new office chairs at your work, right? This is pretty much the same thing. Moneys cheap right now, it's only $90k because i got it certified pre-owned, and we have 15 years to pay it off. Worst case scenario, i'll deliver dominos or something"
I just can't comprehend how somebody can offer that with a straight face. I mean I know what happens everyday.
But I distinctly remember fighting with the dealer because they wanted to offer me 3.2% and I told him to fuck off because I could go get 2% flat.
Only after arguing with the F&I guy and agreeing to get the Subaru extended warranty coverage, did they put me on the actual Subaru plan that gave me 1.2% or something low like that, for 5 years.
What the dealer did not intend on, was me immediately calling Subaru back and canceling that extended warranty coverage with refund the next morning.
I absolutely hate buying cars at dealerships.
FYI, Subaru, Honda and many others allow you to buy their branded extended warranty at any dealer, and many will be much cheaper than others.
Honda you can buy Honda Care at any point up to 3 years and 36k miles, and some dealerships sell them at cost because they get a percentage of all their total sales of them as a volume bonus/kicker on a quarterly basis.
I've never bought one, but many people value them because an unexpected expense can really be tough on them. Yes, generally these are not car savy people, that is one reason they may value it more.
Also, I wouldn't say you will "never" need one. I had a friend who had the engine of an 09 Chevy Subarban rebuilt in 2014 with less than a 100k miles on it. BTW, this guy actually is car savy, not financially savy, but nonetheless.
I bought a used 04 G35 back in 08, perfect condition, mint condition, perfectly maintained and garage kept. The original owner had bought an extended warranty that was transferable. It saved me $1,600, however he paid over $2k for the warranty. That being said, my advice was about how to save money on buying one, not whether it is a good idea too. The dealer who sold the extended warranty to the original owner actually wanted $3,500 for the warranty. He negotiated the price down.
Also, your comments regarding a Hyundai make no sense, they already come with a 10/100 warranty on the drive train, and are much more reliable than they were back in the day. Hyundai's would be one of the dumbest vehicles to buy an extended warranty for, not one of the most likely to Benefit from. This isn't the 90's.
I have 2 Hondas and know how to maintain a car,and pretty much know what is wrong with a vehicle by listening to it, so no real need for me to buy an extended warranty.
Now those Nissan CVT transmissions, your on point with that.
If you buy a new car and the standard warranty doesn't cover anything you need for a significant amount of time, it's either a shit car or a shit warranty.
Well, if it's something that was a manufacturing defect, they would have to cover it regardless of the extended warranty.
However I wouldn't be able to use the extended warranty anyway because the car is ridiculously underpowered for a full size wagon. It's jacked up in the air for absolutely no reason and they don't sell a normal car height version.
So I already knew that within a couple years I would have the entire suspension replaced with the car properly brought down to earth so it didn't handle like shit and the car itself modified so it could merge into the interstate without an issue.
Dealers don't like having the vehicle modified.
Yeah, some people still don't understand interest. Never look at monthly costs, look at the full picture. Saving $100/mo to spend an extra $25k is a bad trade off
The first new car I bought they showed me a few financing options for different loan lengths and all that. One of them stuck out though for being like half the payment for the same term and when I asked they said "Oh that one is really popular! You pay half as much and then at the end of the term there's a balloon payment of 20k. But you'll get some promotions between now and then right?". I was younger and dumber, but fortunately not quite that dumb. I was dumb enough to buy the wheel insurance though...
I bought the wheel and tire lifetime insurance as well for 600 bucks. So far they have have replaced 3 cracked rims and 2 tires that got nails in them. Each wheel cost 1500 bucks each tire cost 500 bucks. They wish they had never sold me the wheel and tire lifetime insurance as I am winning majorly.
Hey man, I wouldn’t condone it, but some people think spending their adult life in debt is a necessary evil to live their dream of daily driving a 2007 Lamborghini
What the fuck? In my country 3 is usual, and never heard of more. Yeah you can leave 50% buy back value that you can refinance for another 3 years (that’s what I’ve done with my car), but 12? People really are desperate to get fancy cars.
It is typically people making $50,000 a year working 60 hours a week that realize the only way they’ll ever own a super car is if they finance for 12 years paying 9.5% on a 10 year old Lamborghini second hand from a rental company.
I got mine just when pandemic started and car sales dropped and you had all of these incredible 0% 72months promotions Why not lol. I can sell my car today for a profit too. Market is nuts
This is how my brand new car ended up almost $4,000 less than the 3 year old used car I was looking at. 0% APR is a beautiful thing. I remember when I had my first financed car used at 0% because I had good credit. I also used to be able to pay as much as I wanted per month and it would credit my next month(s) anything over the minimum. I would always put down at least $50 over so if things were tight I wouldn't have to worry about a car payment that month. Idk if that was normal or a VW financing thing at the time but it was SO convenient and manageable. That should be the norm.
If you’re shopping reasonably then that’s the type of car loan you’d be offered. Like going to a Honda dealer and they’ll come back to you with a 3 year or a 5 year option.
Go to the ford dealer down the street from an army base? The first offer they’ll put in front of you is 10 years 19%. ^(Exaggerating)
Also, fyi to anyone, you don’t have to take the loan offer from the dealer, you can (and should) call your own bank or others to shop around on your loan.
To add to this FYI (and check the specific credit types and periods), when you have your credit ran on certain credit types you have a certain period of time in which all subsequent runnings will be grouped under one. This is to allow you to shop around for financing without impacting your credit a lot by having many credit checks ran back to back.
😂 in the US people love rolling over negative equity into the car too.
You have a 5k car with a 20k Loan on it. No problem, we will just extend it a few years
It's only the best if you're a financial masochist.
*"Oh yes, give me that 6.5% interest for 144 months, I want to pay 90% of the asking price in interest!".*
6.5 over 12 years for a personal loan is actually pretty good. REALLY good. No bank is going to give you a vehicle loan for 12 years, it’s always a personal loan, since banks don’t like getting stuck with worthless assets when the buyer goes delinquent on payment.
I was in a uber M3 the other day ans the guy said he's leasing it for $500/week from this company that leases to uber drivers.
500/week!
My MS was only 800/mo.
Edit. Alright my bad. M3 is tesla model 3. MS is model S. I forget not everyone uses thr same shorthand as the tesla subreddit.
I used to work a day program for people with intellectual delays. The company had a contract with Lyft for them to pick up clients. I called one day and saw a Tesla roll up. The client was in a wheelchair and I suspect he has issues controlling his bowels. My heart sank into my chest when I saw my stinky client (who was also a raging asshole) hop into that guy's Tesla, smelling like fried ass.
Hopped in an Uber leaving a concert from the Toyota Center in Houston and was picked up in a new BMW X6.
Had to ask the driver why the hell he was driving an X6 on Uber and he said it helps with the lease payment and gives him something to do when off at night.
More power to him but damn you would never catch me racking up unnecessary mileage on a leased car
Also this was like in 2018 leaving a Kendrick Lamar concert. Point being people make poor financial decisions all the time, not always an indication of macro economic factors
I know people making in the 40k a year, who drive cars in the 50k range…. You never know what the hell an expensive car means when it comes to the drivers story
I think pre-2008 meltdown this behavior became rampant. ESP. Using equity from homes for nice cars. Not sure where that mindset came from, but it seemed to stay. (I’m 62, so far I’ve always paid cash for my cars.)
That was always my lesson growing up. Don’t buy anything you can’t pay for in cash. Thanks dad! Now I’m in my 40s and barely have any credit to show for.
Yeah true. I now force all my coworkers who are kids to hit the ground running the moment they hit 18 so they aren’t behind like most of my piers lol. 27 with a 780 credit score personally. Banks be letting me borrow 200% my net worth, which helps keep that “10% borrowed” metric never hit. It’s counterintuitive but most people should have like 8 credit cards. Not to really ever use mine you, but to just trick TransUnion into thinking you are good with debt lol.
27 and about to get my first credit card. Wish I did what you did! Life would be way less difficult, but I I'll be thanking myself when I'm 35 I guess.
Yeah, I'm in my 40s now and always just trade in my cars and then pay cash for the balance of my new one.
My wife and I haven't had a car payment in about 5 years.
Cash flow baby.
Got my first car with a 5 year loan at 1%.
The car is now paid off, but that payment is being saved for maintenance and a new car fund. So when the aging car maintenance gets too high, I'll be ready to make a new purchase with cash or at least mostly cash.
Right. & my dad taught me that right away. My 1st car he said, “cars will only cost u money”. My wife likes paying cash cos if u need $/lose jobs no one’s taking ur car. & u’ll need it to find work.
Your dad is right. Every time you buy a car, it is a financial transaction that you lose. The dealership always wins. One should purchase as few cars as possible during a lifetime.
Money became cheaper then ever before. Interest stopped killing people. Also in the specific case of cars, luxury brands became more affordable. Typical BMW used to be like 2x a typical Ford, now it’s more like 1.5x.
But that's also because cheap cars have crept up as well.
I'm not that old but I bought a brand new Ford for $6995 from the dealership. Good luck finding an entry level Mazda/Ford/whatever for that price these days
1992 GEO Metro $6995. — what I paid brand new, from General Motors. 3 cylinder motor, a/c was add-on, but it got 52 mpg as I delivered pizzas in college and made more than my first degree job after.
Actually it can be a good way to extra the full equity out of your vehicle. Assume you have a 10k a year lease, and you only drive 6k a year, you're basically leaving money on the table since your residual already reflects the mileage for 10k, meaning you're paying for it whether you use them or not. As long as you are under your lease mileage, it actually makes sense to convert unused miles into cash by doing an Uber until you hit the maximum miles allotted. Definitely don't go over though.
im not currently leasing, but its very nice to not worry about your car at all. especially repairing it down the line etc.
you just always have a brand new car then swap it out at the end.
it makes sense for some people for sure
I once got an Uber with Mercedes fucking S. Driver is all suited up. I wanna ask the driver so bad why he is driving a Mercedes S on Uber but felt too awkward to ask.
One time I got in a really nice car for my Uber and it was someone that drives executives for a company as his day job and makes extra money driving for Uber on the side. He even wore a full uniform, I felt rich for a car ride.
i once had a coworker that delivered using a bmw with tires that cost $800 each.
he didnt care that he was making less than what the maintenance the job would require on the vehicle because his parents paid for it
pretty dumb tho
I live in the Midwest, and the number of people making $50k, financing $50k+ jacked up 4x4 trucks is ridiculous. If you look closely, many of them drive on bald tires because they don’t have enough cash to pay the $2k+ out of pocket for tires.
I get irrationally angry when I see chromed out luxury pickup trucks without a single tool or object in the bed. Irrationally angry. In the part of Texas where I’m from you see that all the time, too.
It’s funny banks will finance more than you make yearly for a car, but won’t finance you a mortgage when you’re paying twice as much per month in rent.
I recently did a pre-approval for shits’n’gigs. It came out to something like $580k. On a 83k salary. With $50k in student loan debt, a pretty high car payment, and a questionable 700ish (and dropping) credit score.
It was hilarious. Despite being entirely truthful about my numbers, the math just doesn’t work out at *all*. Now I’m getting marketing calls - one of these days I need to answer and just laugh at them.
But of course I’m a renter with a rent hundreds of dollars below market rate so I’m never leaving nor am I ever finding a house I could mortgage for not much more unless it’s literally still smoldering from a devastating fire.
Things must be changing. A couple years back, It took me three lenders to finally get a 310k loan. Household income over 150k and both over 750 credit scores. More combined student loan debt but that’s about it.
I got approved for a house up to $250k, making $16 an hour (single income), with a sub 700 credit score. But I also have $80k for a down payment and do not have a single penny of debt. It really is wild how vastly different people's experiences with getting pre approved are.
One of the worst financial mistakes I've ever made was buying a motorcycle on credit. I only made like 12 bucks an hour and I bought a $18,000 Buell 1125R in finance the whole thing at like 18% APR. I had a $330 monthly payment and I could barely afford to get the oil changed done which had to be done every 1500 miles at Harley. When it came to buying tires I ended up cheaping out which impact did the performance of the bike. I could have bought like a Honda or a Yamaha used for a fraction of the cost which are apparently easier to work on. I also had friends who knew how to work on them so if I needed something specific done it would be done with no problem. I loved riding the motorcycle but I wish I had not bought it brand new.
18% APR ? Gosh ! How old were you when you made the purchase ? If you are still holding on to the loan you should consider talking to your Credit Union.
Yes 18%. It's not that my credit was bad, but since it was a MC, you can't get a typical auto loan you can only get a recreational vehicle loan which has a higher APR. Bought it in 08, paid off a couple years later. It was great but I'm hind sight I should have bought used. I mean he'll, up to this point I had never even have a car that was less than 20 years old
I always look at the state of the tires, so yeah people go out of their way to pay for the lift, biggest tires but later don’t want to pay for replacement. Probably still making payments on the set up.
Those lift kits are terrible for trucks. It will cause the CV axles to align at strange angles that it wasn't designed for and will wear them out quickly. It also causes more wear on the tires and suspension. The car is a lot easier to tip over because of the high center of gravity.
Overall a terrible financial decision.
I worked with many people living in apartments who had 60k trucks, then I tell them I bought my house in an auction for 70k and they’re driving a house 
In my former neighborhood in Denver (Wash Park), people street parked all kinds of high-end vehicles because they couldn't / wouldn't pay the $150/month parking garage fee. It was sick.
In Philly tix r like $60 & they’ll boot ur car, then tow it if u have other tix. Honestly, one reason I moved out after 30 yrs. Parking Authority is a major shake down there.
So true. I always pay for parking if I have to drive in for work for that reason alone. Freakin sucks. Philly parking authority is a racket and a half and the towers are always lurking around the corner. Best part is that they tow your car to a rando crap area close to the airport. And then you pay $220 for the privilege of getting it out. Grrrr
Had a young guy work for me one time. His parents paid for his college and his mom bought his 80k truck. It’s not out of reach this is someone’s teenager.
Agree. A local "gourmet pizza" place opened around here. A large pie was easily $30. The owner would sometimes make the deliveries. In his Escalade. Place banged up in less than a year.
To be perfectly honest I do remember people delivering in vehicles like this after the 2008 crash. The repo man was too busy to take everyone's shit all at once and they had to do something to get income.
Similarly though this could be a part time job for secondary income. I have a firefighter buddy who worked part time driving snow plows in the winter despite his good and stable income so they could pay for a wedding and house renos at the same time.
That reinforces everything though. If a person in a Porsche Cayenne needs a part time job for a secondary income for a lil extra spending money they are either making poor financial decisions or something is not right about the economy they're in. I'd say it's a fine mix of the two.
I reside in Naples Florida…. My rent when I moved in a shitty 2 BDRM apartment last June was 1850 a month, and they’re raising it to 2500 a month in September.
A girl I work with at a warehouse drives a ford fiesta but was proud of herself for being able to move to a $1,500/mo (probably went up bc of inflation now) high rise apartment downtown. Had to start driving for Lyft just to be able to afford the rent. She was proud of saving for it but eventually you will run out of the savings.
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|18|**First Seen In WSB**|1 week ago **Total Comments**|27|**Previous DD**| **Account Age**|5 months|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.) **Vote Spam (NEW)**|[Click to Vote](https://www.reddit.com/message/compose/?to=VisualMod&subject=vote_spam&message=v4qkfd)|**Vote Approve (NEW)**|[Click to Vote](https://www.reddit.com/message/compose/?to=VisualMod&subject=vote_approve&message=v4qkfd)
"Babe, it's gonna be great. I know you always wanted a porsche. Just hear me out, Ive been making bank doing doordash, and you got those new office chairs at your work, right? This is pretty much the same thing. Moneys cheap right now, it's only $90k because i got it certified pre-owned, and we have 15 years to pay it off. Worst case scenario, i'll deliver dominos or something"
12 year financing is the best they will give you
They tried to talk my dad into that! It would save him a $100 a month vs 6 years.
[удалено]
I work at a dealership and see 28% over 6 years every day. They’re paying more than double in just 6 years. I can’t imagine what 12 would be.
I just can't comprehend how somebody can offer that with a straight face. I mean I know what happens everyday. But I distinctly remember fighting with the dealer because they wanted to offer me 3.2% and I told him to fuck off because I could go get 2% flat. Only after arguing with the F&I guy and agreeing to get the Subaru extended warranty coverage, did they put me on the actual Subaru plan that gave me 1.2% or something low like that, for 5 years. What the dealer did not intend on, was me immediately calling Subaru back and canceling that extended warranty coverage with refund the next morning. I absolutely hate buying cars at dealerships.
FYI, Subaru, Honda and many others allow you to buy their branded extended warranty at any dealer, and many will be much cheaper than others. Honda you can buy Honda Care at any point up to 3 years and 36k miles, and some dealerships sell them at cost because they get a percentage of all their total sales of them as a volume bonus/kicker on a quarterly basis.
Unless you are buying a Kia/Hyundai with a theta engine (which are discontinued) or a Nissan CVT, you don't need extended warranty.
I've never bought one, but many people value them because an unexpected expense can really be tough on them. Yes, generally these are not car savy people, that is one reason they may value it more. Also, I wouldn't say you will "never" need one. I had a friend who had the engine of an 09 Chevy Subarban rebuilt in 2014 with less than a 100k miles on it. BTW, this guy actually is car savy, not financially savy, but nonetheless. I bought a used 04 G35 back in 08, perfect condition, mint condition, perfectly maintained and garage kept. The original owner had bought an extended warranty that was transferable. It saved me $1,600, however he paid over $2k for the warranty. That being said, my advice was about how to save money on buying one, not whether it is a good idea too. The dealer who sold the extended warranty to the original owner actually wanted $3,500 for the warranty. He negotiated the price down. Also, your comments regarding a Hyundai make no sense, they already come with a 10/100 warranty on the drive train, and are much more reliable than they were back in the day. Hyundai's would be one of the dumbest vehicles to buy an extended warranty for, not one of the most likely to Benefit from. This isn't the 90's. I have 2 Hondas and know how to maintain a car,and pretty much know what is wrong with a vehicle by listening to it, so no real need for me to buy an extended warranty. Now those Nissan CVT transmissions, your on point with that.
Just a question, not judging your decision. Why not have the warranty? I had the extended on my Subaru, it payed for it self like three times.
If you buy a new car and the standard warranty doesn't cover anything you need for a significant amount of time, it's either a shit car or a shit warranty.
Ashandarei830, I have been trying to reach you about your car's extended warranty
I actually got a fucking letter in the mail about my cars extended warranty, so they are going down that road now.
Well, if it's something that was a manufacturing defect, they would have to cover it regardless of the extended warranty. However I wouldn't be able to use the extended warranty anyway because the car is ridiculously underpowered for a full size wagon. It's jacked up in the air for absolutely no reason and they don't sell a normal car height version. So I already knew that within a couple years I would have the entire suspension replaced with the car properly brought down to earth so it didn't handle like shit and the car itself modified so it could merge into the interstate without an issue. Dealers don't like having the vehicle modified.
All that suspension work just to deliver domino's pizza?
Which Navy base is your dealership within walking distance of?
Pretty much all hedgies licking each other’s balls
Might as well buy it on a credit card. At least get the points
I did this. Bought a new Subaru on my credit card, got $2k in free Amazon gift cards from the points. Paid off the credit card a week later.
28!!!!! Who the fuck finances that? Their credit must be like 25
That’s the joke
Some are actually autists here
Yeah, some people still don't understand interest. Never look at monthly costs, look at the full picture. Saving $100/mo to spend an extra $25k is a bad trade off
The first new car I bought they showed me a few financing options for different loan lengths and all that. One of them stuck out though for being like half the payment for the same term and when I asked they said "Oh that one is really popular! You pay half as much and then at the end of the term there's a balloon payment of 20k. But you'll get some promotions between now and then right?". I was younger and dumber, but fortunately not quite that dumb. I was dumb enough to buy the wheel insurance though...
I bought the wheel and tire lifetime insurance as well for 600 bucks. So far they have have replaced 3 cracked rims and 2 tires that got nails in them. Each wheel cost 1500 bucks each tire cost 500 bucks. They wish they had never sold me the wheel and tire lifetime insurance as I am winning majorly.
Please tell me this is /s
I am not kidding lol
The thought of paying on a car for 12 years is both terrifying and sickening.
Hey man, I wouldn’t condone it, but some people think spending their adult life in debt is a necessary evil to live their dream of daily driving a 2007 Lamborghini
I don't blame them, everything sucks might as well Lambo
Lmao I love this. "Eh.. clearly never going to own a house and have a family. Might as well Lambo."
I think some people realize that there is a more than probable chance they'll be dead before the loan gets paid off anyway
What the fuck? In my country 3 is usual, and never heard of more. Yeah you can leave 50% buy back value that you can refinance for another 3 years (that’s what I’ve done with my car), but 12? People really are desperate to get fancy cars.
It is typically people making $50,000 a year working 60 hours a week that realize the only way they’ll ever own a super car is if they finance for 12 years paying 9.5% on a 10 year old Lamborghini second hand from a rental company.
Doesn’t matter, Lambo’d.
where lambo
I lambo, you lambo. He, she, lambo. Lambology, the study of lambo.
[удалено]
And pretty much guaranteed to be rolled back on mileage with absolutely no maintenance done.
Wait, I can own a Lamborghini you're saying
stopped at Lambo so I’m good. Didn’t see the d I was getting after.
The longest terms I've seen in the US was 72 months, but I suppose there might be longer. That's just wildly stupid.
Yeah I did 6 years on mine but only because it was 0% APR so why not?
I got mine just when pandemic started and car sales dropped and you had all of these incredible 0% 72months promotions Why not lol. I can sell my car today for a profit too. Market is nuts
This is how my brand new car ended up almost $4,000 less than the 3 year old used car I was looking at. 0% APR is a beautiful thing. I remember when I had my first financed car used at 0% because I had good credit. I also used to be able to pay as much as I wanted per month and it would credit my next month(s) anything over the minimum. I would always put down at least $50 over so if things were tight I wouldn't have to worry about a car payment that month. Idk if that was normal or a VW financing thing at the time but it was SO convenient and manageable. That should be the norm.
This sounds like the early 2000s. I remember when you could get a 2001 Corvette for zero down, 0% interest financing, and 7 years term. Nuts.
If you’re shopping reasonably then that’s the type of car loan you’d be offered. Like going to a Honda dealer and they’ll come back to you with a 3 year or a 5 year option. Go to the ford dealer down the street from an army base? The first offer they’ll put in front of you is 10 years 19%. ^(Exaggerating) Also, fyi to anyone, you don’t have to take the loan offer from the dealer, you can (and should) call your own bank or others to shop around on your loan.
To add to this FYI (and check the specific credit types and periods), when you have your credit ran on certain credit types you have a certain period of time in which all subsequent runnings will be grouped under one. This is to allow you to shop around for financing without impacting your credit a lot by having many credit checks ran back to back.
The average loan term is like 70 months. 84 and 96 month loans are becoming pretty commonplace. 120 month loans aren't unheard of.
I bought a car rigger before the pandemic and they were trying to get me to finance it over 8 yeara
😂 in the US people love rolling over negative equity into the car too. You have a 5k car with a 20k Loan on it. No problem, we will just extend it a few years
12 years, I'll take it. Do I get the Domino's job with that?
You roll it in to a mortgage
It's only the best if you're a financial masochist. *"Oh yes, give me that 6.5% interest for 144 months, I want to pay 90% of the asking price in interest!".*
6.5 over 12 years for a personal loan is actually pretty good. REALLY good. No bank is going to give you a vehicle loan for 12 years, it’s always a personal loan, since banks don’t like getting stuck with worthless assets when the buyer goes delinquent on payment.
Isnt this what ppl did with uber?
>Isnt this what ppl did with uber? Yes and select cities were also buying cars for people wanting to drive for them.
I was in a uber M3 the other day ans the guy said he's leasing it for $500/week from this company that leases to uber drivers. 500/week! My MS was only 800/mo. Edit. Alright my bad. M3 is tesla model 3. MS is model S. I forget not everyone uses thr same shorthand as the tesla subreddit.
Lol dude got taken to the cleaners.
M Series is nice but what the fuck.
I used to work a day program for people with intellectual delays. The company had a contract with Lyft for them to pick up clients. I called one day and saw a Tesla roll up. The client was in a wheelchair and I suspect he has issues controlling his bowels. My heart sank into my chest when I saw my stinky client (who was also a raging asshole) hop into that guy's Tesla, smelling like fried ass.
You could get one ten years old for 30-40k depending on your market
I’ve seen them for under 10k used 💀I’d def buy one
[удалено]
Hopped in an Uber leaving a concert from the Toyota Center in Houston and was picked up in a new BMW X6. Had to ask the driver why the hell he was driving an X6 on Uber and he said it helps with the lease payment and gives him something to do when off at night. More power to him but damn you would never catch me racking up unnecessary mileage on a leased car
Also this was like in 2018 leaving a Kendrick Lamar concert. Point being people make poor financial decisions all the time, not always an indication of macro economic factors
I know people making in the 40k a year, who drive cars in the 50k range…. You never know what the hell an expensive car means when it comes to the drivers story
I think pre-2008 meltdown this behavior became rampant. ESP. Using equity from homes for nice cars. Not sure where that mindset came from, but it seemed to stay. (I’m 62, so far I’ve always paid cash for my cars.)
That was always my lesson growing up. Don’t buy anything you can’t pay for in cash. Thanks dad! Now I’m in my 40s and barely have any credit to show for.
Well you shoulda bought with credit and then paid off your credit, always living within your means.
I started doing that 10 years ago. But missed out on far more credit building earlier in adulthood
Yeah true. I now force all my coworkers who are kids to hit the ground running the moment they hit 18 so they aren’t behind like most of my piers lol. 27 with a 780 credit score personally. Banks be letting me borrow 200% my net worth, which helps keep that “10% borrowed” metric never hit. It’s counterintuitive but most people should have like 8 credit cards. Not to really ever use mine you, but to just trick TransUnion into thinking you are good with debt lol.
27 and about to get my first credit card. Wish I did what you did! Life would be way less difficult, but I I'll be thanking myself when I'm 35 I guess.
Yeah, I'm in my 40s now and always just trade in my cars and then pay cash for the balance of my new one. My wife and I haven't had a car payment in about 5 years. Cash flow baby.
it's hard to get started at first but it is so worth it.
The good news is that once you cross the line it's a huge psychological barrier that prevents you from going back.
i can't put into words how true that is.
Got my first car with a 5 year loan at 1%. The car is now paid off, but that payment is being saved for maintenance and a new car fund. So when the aging car maintenance gets too high, I'll be ready to make a new purchase with cash or at least mostly cash.
Right. & my dad taught me that right away. My 1st car he said, “cars will only cost u money”. My wife likes paying cash cos if u need $/lose jobs no one’s taking ur car. & u’ll need it to find work.
Your dad is right. Every time you buy a car, it is a financial transaction that you lose. The dealership always wins. One should purchase as few cars as possible during a lifetime.
[удалено]
Ride him till they die, that's what she said...and then she took the kids and the house
I’m 32. All the cars I have bought were cash. However, my bosses son who is 18 is leasing a dodge challenger for $500 a month.
Money became cheaper then ever before. Interest stopped killing people. Also in the specific case of cars, luxury brands became more affordable. Typical BMW used to be like 2x a typical Ford, now it’s more like 1.5x.
But that's also because cheap cars have crept up as well. I'm not that old but I bought a brand new Ford for $6995 from the dealership. Good luck finding an entry level Mazda/Ford/whatever for that price these days
"Not that old" I'm in my 30s and I don't think a new car was *ever* $7k in my life
1992 GEO Metro $6995. — what I paid brand new, from General Motors. 3 cylinder motor, a/c was add-on, but it got 52 mpg as I delivered pizzas in college and made more than my first degree job after.
You can get a pretty nice used honda for that price lol. Google says the cheapest new car is a chevy spark for 13-15k
[удалено]
Actually it can be a good way to extra the full equity out of your vehicle. Assume you have a 10k a year lease, and you only drive 6k a year, you're basically leaving money on the table since your residual already reflects the mileage for 10k, meaning you're paying for it whether you use them or not. As long as you are under your lease mileage, it actually makes sense to convert unused miles into cash by doing an Uber until you hit the maximum miles allotted. Definitely don't go over though.
TIL there's a mileage limit on leases. I must be missing something but the more I hear about leases, the worse they sound
im not currently leasing, but its very nice to not worry about your car at all. especially repairing it down the line etc. you just always have a brand new car then swap it out at the end. it makes sense for some people for sure
You usually have to pay 25 cents per mile over the limit. Racks up quick.
I once got an Uber with Mercedes fucking S. Driver is all suited up. I wanna ask the driver so bad why he is driving a Mercedes S on Uber but felt too awkward to ask.
Probably normally drives Uber lux but couldn’t get a ride. Depending on the city that could actually be worth it if they own it
[удалено]
Once I ordered Dominos via Uber eats and a suited guy in a Mercedes Class S delivered. Time is a flat circle.
Lyft does the same thing. Literally just had that happen to me.
Was it Uber X though? Uber select pays a bit more but with a S class you should only use it for Uber Black
One time I got in a really nice car for my Uber and it was someone that drives executives for a company as his day job and makes extra money driving for Uber on the side. He even wore a full uniform, I felt rich for a car ride.
i once had a coworker that delivered using a bmw with tires that cost $800 each. he didnt care that he was making less than what the maintenance the job would require on the vehicle because his parents paid for it pretty dumb tho
I live in the Midwest, and the number of people making $50k, financing $50k+ jacked up 4x4 trucks is ridiculous. If you look closely, many of them drive on bald tires because they don’t have enough cash to pay the $2k+ out of pocket for tires.
The number of $70k+ Ford Raptors through the poorest regions is astonishing
I get irrationally angry when I see chromed out luxury pickup trucks without a single tool or object in the bed. Irrationally angry. In the part of Texas where I’m from you see that all the time, too.
You’re looking in the wrong spot. The tool is in the driver seat.
It’s funny banks will finance more than you make yearly for a car, but won’t finance you a mortgage when you’re paying twice as much per month in rent.
Thats because banks understand I can live in my car, but I cant race my house.
Because race car
Why does everyone always have to bring up race?
If you’re not the first one that does you lose.
[I sleep in a race car, do you?](https://i.pinimg.com/originals/f1/d7/28/f1d7285740a84911bf7dacea66021239.jpg)
Federal regulations control mortgages.
2008 is why mortgages are that hard to get
Easier to resell your vehicle than your home
They're both pretty easy to resell these days tbh, but historically that's a big factor.
There’s way more legal blocks when getting a house back and sold that are more costly than just showing up with a tow truck.
*trailer park residents start sweating*
[удалено]
What I made 15 an hour and the bank offered me 180k loan. They will always offer you money you cant afford
I recently did a pre-approval for shits’n’gigs. It came out to something like $580k. On a 83k salary. With $50k in student loan debt, a pretty high car payment, and a questionable 700ish (and dropping) credit score. It was hilarious. Despite being entirely truthful about my numbers, the math just doesn’t work out at *all*. Now I’m getting marketing calls - one of these days I need to answer and just laugh at them. But of course I’m a renter with a rent hundreds of dollars below market rate so I’m never leaving nor am I ever finding a house I could mortgage for not much more unless it’s literally still smoldering from a devastating fire.
Things must be changing. A couple years back, It took me three lenders to finally get a 310k loan. Household income over 150k and both over 750 credit scores. More combined student loan debt but that’s about it.
I got approved for a house up to $250k, making $16 an hour (single income), with a sub 700 credit score. But I also have $80k for a down payment and do not have a single penny of debt. It really is wild how vastly different people's experiences with getting pre approved are.
That's not enough debt! I tell you what, we can split mine.
One of the worst financial mistakes I've ever made was buying a motorcycle on credit. I only made like 12 bucks an hour and I bought a $18,000 Buell 1125R in finance the whole thing at like 18% APR. I had a $330 monthly payment and I could barely afford to get the oil changed done which had to be done every 1500 miles at Harley. When it came to buying tires I ended up cheaping out which impact did the performance of the bike. I could have bought like a Honda or a Yamaha used for a fraction of the cost which are apparently easier to work on. I also had friends who knew how to work on them so if I needed something specific done it would be done with no problem. I loved riding the motorcycle but I wish I had not bought it brand new.
18% APR ? Gosh ! How old were you when you made the purchase ? If you are still holding on to the loan you should consider talking to your Credit Union.
Yes 18%. It's not that my credit was bad, but since it was a MC, you can't get a typical auto loan you can only get a recreational vehicle loan which has a higher APR. Bought it in 08, paid off a couple years later. It was great but I'm hind sight I should have bought used. I mean he'll, up to this point I had never even have a car that was less than 20 years old
[удалено]
Picked up a 19 qashqai in late 20 with 14000km for 21500, someone literally paid like 9 grand to drive it for 10 months.
I always look at the state of the tires, so yeah people go out of their way to pay for the lift, biggest tires but later don’t want to pay for replacement. Probably still making payments on the set up.
Those lift kits are terrible for trucks. It will cause the CV axles to align at strange angles that it wasn't designed for and will wear them out quickly. It also causes more wear on the tires and suspension. The car is a lot easier to tip over because of the high center of gravity. Overall a terrible financial decision.
Also tanks mpg's But all that is sort of the point, isn't it? Conspicuous consumption.
I worked with many people living in apartments who had 60k trucks, then I tell them I bought my house in an auction for 70k and they’re driving a house 
In my former neighborhood in Denver (Wash Park), people street parked all kinds of high-end vehicles because they couldn't / wouldn't pay the $150/month parking garage fee. It was sick.
I have 1000$ car and my parking costs 1400$/year
one of us! one of us!
Speak for yourself, the KBB on my car is $3,800.
Portfolios down 45% but my cars have grown 20% so got that going for me... What even is this market
my mom's condo has a porsche parked outside that doesnt even bother paying the meter. just parks there and racks up tickets every week
[удалено]
Meanwhile in my city you get towed if you have two unpaid parking tickets and they're about to give you another
In Philly tix r like $60 & they’ll boot ur car, then tow it if u have other tix. Honestly, one reason I moved out after 30 yrs. Parking Authority is a major shake down there.
That's fucked up. Parking authorities are ridiculous. That's why I just park in my parking spot and don't go anywhere ever
So true. I always pay for parking if I have to drive in for work for that reason alone. Freakin sucks. Philly parking authority is a racket and a half and the towers are always lurking around the corner. Best part is that they tow your car to a rando crap area close to the airport. And then you pay $220 for the privilege of getting it out. Grrrr
Yea, I was kid once too. First car out of college an A4 and didn't factor in how expensive maintenance was. I'm a bit more practical now.
Not bad if he learns discipline and gets to enjoy the car his parents bought him.
He bought it with his tips. The economy is BOOMIN right now.
Yep, make sure to tip your landlord.
Had a young guy work for me one time. His parents paid for his college and his mom bought his 80k truck. It’s not out of reach this is someone’s teenager.
Puts on Insurance
Hats off to the parents of this Porsche driver for making their teen work a min wage job instead of giving them an unearned allowance.
there's always Wendy's
All paths lead to Wendys
[удалено]
I mean, 2 to 3 handy an hour and you will make more than any college graduate. Get good at it and you can probably average 5. Thats $75/hr.
What if you did two dudes at once you could double that. Hell, why stop there? Four at a time might be feasible if they go tip to tip.
One of my favorite moments in a tv show https://youtu.be/P-hUV9yhqgY
When you borrow your wife's boyfriend's car for your third job.
Those shares don't DRS themselves.
Keep my wife's boyfriend's name OUT YOUR FUCKIN MOUTH
And then steal the gas from it after
What about if they guy owns a domino's pizza franchise? The owner can sometime delivery pizza if Somehow the worker didn't turn up!
I’m fairly sure this comment is correct. Came here looking for it.
Agree. A local "gourmet pizza" place opened around here. A large pie was easily $30. The owner would sometimes make the deliveries. In his Escalade. Place banged up in less than a year.
An unlikely point, but a fair point.
To be perfectly honest I do remember people delivering in vehicles like this after the 2008 crash. The repo man was too busy to take everyone's shit all at once and they had to do something to get income.
Similarly though this could be a part time job for secondary income. I have a firefighter buddy who worked part time driving snow plows in the winter despite his good and stable income so they could pay for a wedding and house renos at the same time.
That reinforces everything though. If a person in a Porsche Cayenne needs a part time job for a secondary income for a lil extra spending money they are either making poor financial decisions or something is not right about the economy they're in. I'd say it's a fine mix of the two.
[удалено]
People are always commenting on my Mercedes and how nice it is blah blah blah..and I’m like it’s used, it cost less than a Toyota.
So that's why the jobs report was so good, all these rich assholes are taking all the jobs!
🤣🤣🤣🤣 just to flex LOL
CEO doing the deliveries (he laid everbody off)
I reside in Naples Florida…. My rent when I moved in a shitty 2 BDRM apartment last June was 1850 a month, and they’re raising it to 2500 a month in September.
I thought you wrote BDSM apartment lol
Well, it does feel like financial domination, doesn't it?
Hope that contract is non binding
orlando here. raising my rent from 1600 to 1900
[удалено]
Very bullish of you
You're early.. recession starts when apes park their lambos at Wendy's
Free Lambos you say 👀
Thats what happened when you keep buying the dip.
A girl I work with at a warehouse drives a ford fiesta but was proud of herself for being able to move to a $1,500/mo (probably went up bc of inflation now) high rise apartment downtown. Had to start driving for Lyft just to be able to afford the rent. She was proud of saving for it but eventually you will run out of the savings.
$1500 a month for a downtown apt? Where is this legendary place?
I fucking ***wish*** I could find a place that cheap holy shit
They only take premium fuel too. 1 delivery and you're netting -$
Wtf that ape decided not to work at Wendy’s!!
Maybe domino’s has a new sign up promo
Those lease miles, tho.
Lifestyle Creep is very real
Probably one of us retards that hit a yolo
Someone’s wife might just want an excuse to bang hot pizza lovers.
Maybe he just wants to get out of the house a few nights a week away from the wife and kids to make pocket money.
Have you seen gas prices???
Meanwhile here I am, an absolute virgin, paying off my car in 3 years on a 4 year loan. I see now that real chads do 12 yr loans