banshee89
Elite Member
Well.... To sum it up... they are insane and I cant believe people are taking out 6 year loans to pay for $40,000 vehicles.
My wife and I make North of 6 digits... and there is no way in hell I would ever spend $40,000 plus on a car. I literally cant afford it. I cant even imagine the taxes and insurance on something like that.
I understand how people do it..... but the why is what I cant understand. According to calculations made using equations that have fallen out of favor in the past 10 years but were used for 50 years before............ If you make the Medium income here in the US you can only afford a $20,000 car.... and that's pushing it.
http://www.thedetroitbureau.com/2014/03/average-american-can-no-longer-afford-average-priced-new-car-or-truck/
So how long before people start needing a car bailout.? Just like I was saying about homes 20 years prior to the mortgage meltdown..... mark my words.... When you start seeing many people buying way beyond there means and the people selling using every gimmick and trick in the book to sell........ a meltdown is coming.
I know here in Connecticut they are changing the car tax laws and putting a cap on the mill rate for Autos. There was talk of there being a flat tax for all cars... but thank GOD that was squashed because it would have made people like myself who drive a old car pay the same as people who have high value cars.
I say these things because my wife's 2005 Kia Sedona is getting long in the tooth.
We checked out getting a new Kia sedona and I had a heart attack when I saw that a mid grade Kia Sedona minivan is going to run you about $35,000 . And they go up from there.
http://www.kiaofeasthartford.com/searchnew.aspx?model=Sedona&gclid=COL_xNSriscCFdYSHwodX80FmQ
we payed around 18,000 for ours back in 05.
Well... I guess its not all bad... the dealer said they would give us a $900 trade for ours and we could do a 6 year loan when he heard me say the price was insane.
Its a Kia.... a low priced economy car... I mean, what Happened?
Are people Insane? or do they just need that new car smell so bad that they get brainwashed?
My wife and I make North of 6 digits... and there is no way in hell I would ever spend $40,000 plus on a car. I literally cant afford it. I cant even imagine the taxes and insurance on something like that.
I understand how people do it..... but the why is what I cant understand. According to calculations made using equations that have fallen out of favor in the past 10 years but were used for 50 years before............ If you make the Medium income here in the US you can only afford a $20,000 car.... and that's pushing it.
http://www.thedetroitbureau.com/2014/03/average-american-can-no-longer-afford-average-priced-new-car-or-truck/
So how long before people start needing a car bailout.? Just like I was saying about homes 20 years prior to the mortgage meltdown..... mark my words.... When you start seeing many people buying way beyond there means and the people selling using every gimmick and trick in the book to sell........ a meltdown is coming.
I know here in Connecticut they are changing the car tax laws and putting a cap on the mill rate for Autos. There was talk of there being a flat tax for all cars... but thank GOD that was squashed because it would have made people like myself who drive a old car pay the same as people who have high value cars.
I say these things because my wife's 2005 Kia Sedona is getting long in the tooth.
We checked out getting a new Kia sedona and I had a heart attack when I saw that a mid grade Kia Sedona minivan is going to run you about $35,000 . And they go up from there.
http://www.kiaofeasthartford.com/searchnew.aspx?model=Sedona&gclid=COL_xNSriscCFdYSHwodX80FmQ
we payed around 18,000 for ours back in 05.
Well... I guess its not all bad... the dealer said they would give us a $900 trade for ours and we could do a 6 year loan when he heard me say the price was insane.
Its a Kia.... a low priced economy car... I mean, what Happened?
Are people Insane? or do they just need that new car smell so bad that they get brainwashed?