Pete Posted June 17, 2022 Share Posted June 17, 2022 These numbers are staggering yikes Automotive research firm Edmunds reported that consumers' average monthly car loan payment hit a record of $656 for new vehicles and $546 for used vehicles in May. The average annual percentage rate for new vehicles hit 5.1%, the highest level seen since March 2020, and the average loan term for a used vehicle hit a record of 70.8 months. https://www.foxbusiness.com/lifestyle/ford-car-loan-delinquencies 1 Quote Link to comment Share on other sites More sharing options...
sleepybrew Posted June 17, 2022 Share Posted June 17, 2022 we have folks financing an 80k denali . 950 for 84. that would cause me to lose sleep 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted June 17, 2022 Platinum Contributing Member Share Posted June 17, 2022 Damn....those are friggen mortgages. Have only bought a couple brand new cars in my lifetime. Usually buy a couple years old, and let the original owner take the hit but used is still pricey these days. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted June 17, 2022 Platinum Contributing Member Share Posted June 17, 2022 27 minutes ago, sleepybrew said: we have folks financing an 80k denali . 950 for 84. that would cause me to lose sleep Goddamn…insanity. Quote Link to comment Share on other sites More sharing options...
Gold Member 800renegaderider Posted June 17, 2022 Gold Member Share Posted June 17, 2022 25 minutes ago, sleepybrew said: we have folks financing an 80k denali . 950 for 84. that would cause me to lose sleep Ya I work with one of those guys bought it last year new a 3500 Denali he said his payment was 900. The average new car price in the USA is 47k which is what ??8-900 for a normal 5yr loan just freakin crazy. I’ll run my paid for junk into the ground. 2 Quote Link to comment Share on other sites More sharing options...
snoughnut Posted June 17, 2022 Share Posted June 17, 2022 20 minutes ago, ViperGTS/Z1 said: Damn....those are friggen mortgages. Have only bought a couple brand new cars in my lifetime. Usually buy a couple years old, and let the original owner take the hit but used is still pricey these days. Those type of people have the "look at me" personality until it all goes sour. Then it turns into the "now look at you" personality. 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted June 17, 2022 Platinum Contributing Member Share Posted June 17, 2022 2 minutes ago, 800renegaderider said: Ya I work with one of those guys bought it last year new a 3500 Denali he said his payment was 900. The average new car price in the USA is 47k which is what ??8-900 for a normal 5yr loan just freakin crazy. I’ll run my paid for junk into the ground. I swung into the local Jeep dealer just to look around and they have a new Grand Wagoneer on the lot…looks loaded and it’s the “woody” version….109,000 smackers for that thing…holy hell!🤣 Quote Link to comment Share on other sites More sharing options...
sleepybrew Posted June 17, 2022 Share Posted June 17, 2022 sadly have guys buying a duramax when they don't need it. then the crying starts Quote Link to comment Share on other sites More sharing options...
sleepybrew Posted June 17, 2022 Share Posted June 17, 2022 Just now, Jimmy Snacks said: I swung into the local Jeep dealer just to look around and they have a new Grand Wagoneer on the lot…looks loaded and it’s the “woody” version….109,000 smackers for that thing…holy hell!🤣 no fiat worth that. holy shit. but those gladiators are 50k for a loaded one. 1942 technology here today... 1 Quote Link to comment Share on other sites More sharing options...
Gold Member 800renegaderider Posted June 17, 2022 Gold Member Share Posted June 17, 2022 6 minutes ago, Jimmy Snacks said: I swung into the local Jeep dealer just to look around and they have a new Grand Wagoneer on the lot…looks loaded and it’s the “woody” version….109,000 smackers for that thing…holy hell!🤣 😂 crazy ain’t it. I did the same thing few weeks back. I saw a new gladiator I thought looked cool. The dealer added lift wheels/tires some other crap. I was like man I’m gonna buy this if it’s like 30-40ish. I walk up to the sticker and turn around laughing at my wife and say yup nevermind. 1 Quote Link to comment Share on other sites More sharing options...
racer254 Posted June 17, 2022 Share Posted June 17, 2022 LET'S GO BRANDON Quote Link to comment Share on other sites More sharing options...
snoughnut Posted June 17, 2022 Share Posted June 17, 2022 13 minutes ago, Jimmy Snacks said: I swung into the local Jeep dealer just to look around and they have a new Grand Wagoneer on the lot…looks loaded and it’s the “woody” version….109,000 smackers for that thing…holy hell!🤣 Cmon pull the trigger, you'll just have to heed the advice from the cop in First Blood.................."cmon Leroy, sling that paint boy" Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted June 17, 2022 Share Posted June 17, 2022 Moody's is reporting payments of over $700 per month. You gotta wonder what goes through someone's head when they sign up for a $700 a month payment on a depreciating asset at 5%+ APR. Quote A report from Moody's Analytics found that typical monthly car payments hit a record high of $712 in May. Kelley Blue Book data found that new vehicle prices averaged $47,148 in May, the second highest on record. 1 Quote Link to comment Share on other sites More sharing options...
sleepybrew Posted June 17, 2022 Share Posted June 17, 2022 but they all got raises... Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted June 17, 2022 Platinum Contributing Member Share Posted June 17, 2022 57 minutes ago, snoughnut said: Those type of people have the "look at me" personality until it all goes sour. Then it turns into the "now look at you" personality. Bought my 1980 Toyota pickup new when I was fresh outta high school...Dad made me make every payment and on time. It was a good learning experience on how to manage money responsibly. Then bought a 1985 Iroc new, also never missed or was never late on payments, it was a great way to build up credit but the 323.00 (a lot for back then)a month payment got old real quick. Never been late or missed a payment on anything from mortgages to credit card payments...reward is an 822 credit score and the availability to get a loan in a flash if needed. I have never bought a new car since that IROC and certainly not in the market at this time.....most of my used cars have now appreciated with these crazy prices. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted June 17, 2022 Platinum Contributing Member Share Posted June 17, 2022 58 minutes ago, snoughnut said: Cmon pull the trigger, you'll just have to heed the advice from the cop in First Blood.................."cmon Leroy, sling that paint boy" Fuck…even if I could sling that much I sure as hell wouldn’t drop a Buck ‘09 on a Jeep!🤣😜 2 Quote Link to comment Share on other sites More sharing options...
awful knawful Posted June 17, 2022 Share Posted June 17, 2022 1 hour ago, 800renegaderider said: 😂 crazy ain’t it. I did the same thing few weeks back. I saw a new gladiator I thought looked cool. The dealer added lift wheels/tires some other crap. I was like man I’m gonna buy this if it’s like 30-40ish. I walk up to the sticker and turn around laughing at my wife and say yup nevermind. Yep. Saw a stock one at dealer. $85000 Canadian Quote Link to comment Share on other sites More sharing options...
Pete Posted June 17, 2022 Author Share Posted June 17, 2022 In 1970 a new car was about 28% of household income. 2022 it’s 57% 1 Quote Link to comment Share on other sites More sharing options...
Pete Posted June 17, 2022 Author Share Posted June 17, 2022 31 minutes ago, ViperGTS/Z1 said: Bought my 1980 Toyota pickup new when I was fresh outta high school...Dad made me make every payment and on time. It was a good learning experience on how to manage money responsibly. Then bought a 1985 Iroc new, also never missed or was never late on payments, it was a great way to build up credit but the 323.00 (a lot for back then)a month payment got old real quick. Never been late or missed a payment on anything from mortgages to credit card payments...reward is an 822 credit score and the availability to get a loan in a flash if needed. I have never bought a new car since that IROC and certainly not in the market at this time.....most of my used cars have now appreciated with these crazy prices. I paid about $16,000 in 1990 for a brand new mustang LX. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted June 17, 2022 Share Posted June 17, 2022 31 minutes ago, Pete said: In 1970 a new car was about 28% of household income. 2022 it’s 57% And that……is the issue. Wages haven’t kept up. Quote Link to comment Share on other sites More sharing options...
J. Jackson Posted June 17, 2022 Share Posted June 17, 2022 In 1982 when I got in the car business interest rates were 18-20%. Chevrolet came out with the Cavalier and it was about $7500. GMAC came out with 48 month terms and people were going out of their minds thinking that 4 years was forever. $200 a month was about the breaking point for payments. Times have changed!! Quote Link to comment Share on other sites More sharing options...
Pete Posted June 17, 2022 Author Share Posted June 17, 2022 Fortunately I do own a vehicle that appreciates. That’s a rarity lol Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted June 17, 2022 Platinum Contributing Member Share Posted June 17, 2022 47 minutes ago, DriftBusta said: And that……is the issue. Wages haven’t kept up. Moto will be your best friend now 13 minutes ago, Pete said: Fortunately I do own a vehicle that appreciates. That’s a rarity lol Yeah, you got one of the ole school gems...right? My Vipers have nearly doubled in price over the last 2 years on Ebay...whether or not they are actually selling, not sure but looks to be an investment at this point, no matter what. Thought the EV push may hurt the IC engine but apparently not. Quote Link to comment Share on other sites More sharing options...
Pete Posted June 17, 2022 Author Share Posted June 17, 2022 (edited) 3 minutes ago, ViperGTS/Z1 said: Moto will be your best friend now Yeah, you got one of the ole school gems...right? My Vipers have nearly doubled in price over the last 2 years on Ebay...whether or not they are actually selling, not sure but looks to be an investment at this point, no matter what. Thought the EV push may hurt the IC engine but apparently not. Yeah 1969 Nova SS EV may eventually be mainstream for the younger generation but still a lot of youngins into old school iron. Vipers are wicked. Nice cars Edited June 17, 2022 by Pete 1 Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted June 17, 2022 Share Posted June 17, 2022 1 hour ago, Pete said: I paid about $16,000 in 1990 for a brand new mustang LX. My 86 gt was 13 Canadian. 1 Quote Link to comment Share on other sites More sharing options...
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