Auto loans could pose a bigger threat to young Americans than student loans. For the first time, the outstanding volume of auto loan debt just surpassed student loan debt.
Auto loans could pose a bigger threat to young Americans than student loans. For the first time, the outstanding volume of auto loan debt just surpassed student loan debt.
You're viewing a single thread.
What, thats crazy. I bought my car certified pre-owned, fully paid it off, and have been driving it for 8 years with hopefully another 8 more to go. I know car prices have been going out of control though, whats going on?
Harder and harder to do that. My goal was to buy a used car then finally a new electric car.
My 2012 pre-owned car was paid in cash for $7k about five years ago. And my goal was to save $25k cash, and trade this one in for a newish car.
My 2012 exact car can now be bought for $9k. And newer cars are now in the $40k range. AND they have shitty subscriptions for features.
It's wild when I was looking to do something similar and instead ended up buying a newish electric vehicle because it was about the same price as what I'd otherwise have gotten.
This is exactly what happened to me.
Near the start of the pandemic, all the car rental agencies sold off a bunch of their cars because the cars weren't making money. And with the pandemic in swing, car companies were making less cars, because of health restrictions as well as supply chain issues. As the pandemic slowed down, car manufacturers weren't able to keep up with demand for new cars, and prices on used cars soared. Now manufacturers have decided they like the money flowing in like that and they've hiked their prices and are making fewer of the entry-level cars many people bought.