What's up with people having 84 month long car loans?

Discussion in 'Mayberry Lounge' started by 13 others, Apr 4, 2019.

  1. 13 others

    13 others Brown Belt

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    It's crazy. A lot of people have this and they end up in an upside down loan after 5 years max. When did people become so bad with finances? Everyone is up to their eyeballs in debt and they don't know why. Living in an apartment and driving a Benz <45>
     
  2. MoparOrNoCar

    MoparOrNoCar Black Belt

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    Everyone thinks they're entitled to having nice shit without actually doing anything to deserve it and creditors will make that dream come true for the small price of enslaving yourself to them for years or possibly the rest of your life.
     
  3. TardStrong

    TardStrong Purple Belt

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    The guy in the apartment down the street from me had like a $40k Benz lol.... If he paid cash he is an idiot, if he financed he is an idiot.

    Subprime auto loans are in the tanker right now even more so than durimg the recession.


    It is no problem when the loan is 84 months they just trade it in on a new one and tack on what they still owe lol


    I know that most people are living paycheck the paycheck and Gas prices are going to put a hurting on people this summer. I am waiting on the start of the next recession
     
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  4. Graves

    Graves ******WTF Belt****** Platinum Member

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    consumerism, bruh
     
  5. Headkicktoleg

    Headkicktoleg Steel Belt

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  6. 13 others

    13 others Brown Belt

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    Yes. It also seems to be because of a lack of financial knowledge. People don't realize how much wealth you could build in your lifetime if your simply invested those car payments into anything with a decent steady return of 5% or higher of compound interest. I know of quite a few people who had a year left of car payments and they traded in ther vehicle for something brand new worth 40k or more.. lol? It just makes no sense.
     
  7. Cole train

    Cole train Purple Belt

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    Gotta get that g class mercedes
     
  8. BillytheFish

    BillytheFish Brown Belt

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    Lol alot of naysayers in here. I am not in the aforementioned position. But I have certainly blown through an insane amount of money in the past decade.

    Do I want to save and scounge so I can own a family jaguar when I am 55? Or do I want to be 23 (I am not 23 lol, hypothetical here) years old with a fucking cool car/motorcycle and enjoy my life because I might not be alive tomorrow.

    I have a friend who obsessed over getting a Nissan GTR and he bought one cash- for 6 months then sold it at a loss- just so he could have his dream car in his life.

    Obviously there has to be a balance somewhere, but still...it is nice to have nice shit sometimes in a world full of misery.
     
    Last edited: Apr 4, 2019
  9. TardStrong

    TardStrong Purple Belt

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    7 million Americans are delinquent their car loans compared to 6 million in 2010.


    Why is this worrisome??? Well the economy was bad in 2010 so yeah peolple are gonna fall behind when jobs are not out there but currently the is strong
     
  10. KONG-D'SNT-TAP

    KONG-D'SNT-TAP Titanium Belt

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    That’s why you lease
     
  11. rearnakedchoke

    rearnakedchoke Suck it!

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    At what interest rate?
     
  12. TardStrong

    TardStrong Purple Belt

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    I agree with you on it is nice to have nice things but prioritize first. Did your friend own a home already? He must have if he bought it cash what did he use the money for after he sold it? There is nothing wrong with that unless he was renting and blew the money on the car when it could have beem down payment money

    Spend money, I am all for it but live within your means and save money for a rainy day also
     
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  13. Sakurabaism

    Sakurabaism Blue Belt

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    They know they're not going to change the world or becomes famous and probably die in 20-30 years without anyone to take care off their corpses, so nothing to lose there.
     
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  14. 13 others

    13 others Brown Belt

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    I've wasted a lot of $ too in my lifetime. I'm not talking about saving to buy something later. I'm talking about building wealth for retirement and giving your kids a big head start on their life. Or making sure you're family will be okay when you're gone. A ton more people are living to old age than those who aren't. My old man didn't save shit and he's 55+ working his ass off. Trust me when I say that he wishes he had been wise with his money to afford retirement at this moment.

    Still, you do have a point.. but you can still splurge throughout your life time and be wise with your $.
     
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  15. BillytheFish

    BillytheFish Brown Belt

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    Nope, he was working in Iraq. There are plenty of situations where it is better to 'live in the now' versus planning for your retirement when you are 28
     
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  16. MoparOrNoCar

    MoparOrNoCar Black Belt

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    They don't even need to invest though. They can get by perfectly fine by just not taking out loans and being patient until they save up. Problem is they can't save money because that piggy bank for their car fund will be broken into for some other stupid shit they think they need to keep up with the Joneses. People think they deserve flat screen tvs and new phones and all this shit like it's some sort of right to be able to have it.

    I've never bought a new vehicle. I look at the mix of cheaper used vehicles and find one that I personally think is cool and then go get that one. It might not be as nice as the shiny brand new one but I can shine it up myself and be perfectly happy with it. Most people don't make that type of sacrifice.

    It applies to anything. It's why a lot of people are fat. They simply can't sacrifice the things in their diet that they love for similar things that aren't quite as good. They might feel fantastic while they're eating that cheeseburger or driving in their brand new car but they feel like shit the other 23 1/2 hours of the day when they're fat and poor.
     
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  17. dildos

    dildos Yellow Card Yellow Card

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    they are poor.
     
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  18. 13 others

    13 others Brown Belt

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    I don't understand what you're trying to say .. all these people with 84 months car loans aren't really enjoying their life touts maximum. They're living pay cheque to pay cheque struggling to put food on the table with a 40k$ car in the driveway.
     
  19. 13 others

    13 others Brown Belt

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    I agree with you 100 percent. It's all about immediate satisfaction rather than prolonging it. I think there are hundreds of great books on this subject.. but who has time to read when I could be shopping.. amirite?
     
  20. BillytheFish

    BillytheFish Brown Belt

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    Building wealth for retirement is still saving for something that is later. If you had a father who was dying at 45 and been saving all his money each paycheck without luxury vacations or items he wanted but didnt need, then your story would be different.

    Not poking you personally- my point is merely that those here calling people 'idiots' are being a bit closed minded to the various amount of situations where realistically it would be better to splurge some.

    With my own kids I will be raising them to be independent and self reliant as possible- if there is any more for me to give to them when they reach adulthood I will help, but I sure as fuck won't be spilling any tears because I can't buy them a car or something, they can go out and earn it like I did.
     
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