![]() 04/04/2020 at 16:03 • Filed to: None | ![]() | ![]() |
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![]() 04/04/2020 at 16:07 |
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Financial Literacy, starting at the high school level is desperately needed in this country.
![]() 04/04/2020 at 16:13 |
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I know average isn’t median and all that. But I’m just looking at that figure: $533 bucks a month on a car, not including insurance, fuel, etc. ... Absolutely incredible.
![]() 04/04/2020 at 16:17 |
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And for 70 freaking months!
![]() 04/04/2020 at 16:19 |
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Oh well. I often envy those that can just buy a new car without batting an eye. I've still never even financed a car...
![]() 04/04/2020 at 16:20 |
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True. The added benefit of that is perhaps workers would also finally realize how properly we, collectively, have been fucked and start demanding fair wages so that ~$550/month for a car loan isn’t such a hardship.
![]() 04/04/2020 at 16:26 |
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Wait, you mean spending money I don’t have on stuff I don’t (necessarily) need is a bad idea?
(Yes, I know people need reliable vehicles. But reliable doesn't always have to be expensive.)
![]() 04/04/2020 at 16:28 |
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Right? I like how suddenly we have trillions of dollars to just dump into the economy.
![]() 04/04/2020 at 16:35 |
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Makes me feel less dumb about leasing - at least when I get bored after 3 years I can effectively walk away instead of being massively upside down - as the typical 70 month note taker will be deep in the red at that point.
![]() 04/04/2020 at 16:35 |
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I was giggling at the $500 threshold... that’s basically “my price” on used D2 A8s that I buy and fix up for the kids. Just above scrap value, but a darn nice ride once you fix the transmissions and the fuel pumps.
At the average, that’s like buying 70 of my “standard” used car purchase. Man I don’t understand why ordinary folks buy new cars...
![]() 04/04/2020 at 16:36 |
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Just because purchasing power probably peaked around 1970 doesn’t mean anything is wrong now. Just pull up those bootstraps, build something yourself, and bask in the trickle down.
![]() 04/04/2020 at 16:36 |
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Don’t envy them. It’s a completely irrational thing to do, even for the wealthy.
Although I’m glad they do it so we get nice used cars to tinker with for pennies on the dollar a few years later.
![]() 04/04/2020 at 16:48 |
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Best part - the trickle down is warm too!
![]() 04/04/2020 at 16:50 |
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That’s an excellent point.
There is a significant number of people who don't really want the public to be financially smart.
![]() 04/04/2020 at 16:53 |
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Seriously. I didn’t like the $475 I was paying on the Volvo and yet I have friends that both paid more for their cars and make substantially less than I do. Either I’m doing something very wrong, they’re doing something very right, or they’re doing something very wrong haha.
![]() 04/04/2020 at 16:58 |
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I mean, if you can fit it in your financial plan and not worry about struggling with payments, go for it.
![]() 04/04/2020 at 17:45 |
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It’s a big mistake unless you’re getting zero percent interest and you keep cars for even longer. At that point why not?
![]() 04/04/2020 at 18:00 |
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Exactly, most of the people are stretching out repayment terms to make it fit. Over leveraged, not fiscally prudent.
![]() 04/04/2020 at 18:28 |
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A lot of people are in for a rude awakening when they go to trade in their cars after 3 years.....
![]() 04/04/2020 at 21:34 |
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cheap and easy money... works great until zombie virus shows up
![]() 04/05/2020 at 00:01 |
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If you can afford it, nothing. If you are spreading out those payments to buy a car you couldn’t afford otherwise, you’ll be in for a world of pain once the car gets out of warranty (and maybe even with scheduled maintenance costs).
![]() 04/05/2020 at 00:02 |
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They’ll just roll it into a new 96- month loan.
![]() 04/05/2020 at 08:01 |
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Sorry, but I don’t like getting pissed on. Far be it from me to kink shame anyone, but I am not into golden showers. There are however a great many people who seem to be very enthusiastic about this though.