Look around at the amount of 35K+ cars you see on the road. Auto loans are pretty standard. The average cost of a new car in the United States is currently over 47K.
I’ll be the first to tell you about all the idiots I know that have new cars or trucks that cost as much as their annual income. It’s incredibly common. I wouldn’t be surprised if we see bank troubles with all these high-risk auto loans frankly. If you’ve ever bought a car, you know the dealership will basically find a loan for anyone.
I know someone that currently owns a car that costs way more than his yearly income, and his car payments are more than his rent. That dude is so fucked. All he does is work, play video games, complain about having no money, and drive around. He literally sleeps on a mattress on the floor. But he sure loves his car.
Nothing new. In the 90s, I worked at luxury auto dealers in Lake County, IL. I heard from more than one person (porters driving people to/from home, mobile service vehicle, third parties who did work for people in the area) that there were a surprisingly large number of people who lived in crazy expensive houses in highly desirable zip codes and drove $100K+ cars (in 1990s dollars), where the inside of their house was just empty. Plastic lawn chairs and a table, cheap mattresses on the floor, that’s it. They’d sunk every dime they had into appearances.
Look around at the amount of 35K+ cars you see on the road. Auto loans are pretty standard. The average cost of a new car in the United States is currently over 47K.
I’ll be the first to tell you about all the idiots I know that have new cars or trucks that cost as much as their annual income. It’s incredibly common. I wouldn’t be surprised if we see bank troubles with all these high-risk auto loans frankly. If you’ve ever bought a car, you know the dealership will basically find a loan for anyone.
I know someone that currently owns a car that costs way more than his yearly income, and his car payments are more than his rent. That dude is so fucked. All he does is work, play video games, complain about having no money, and drive around. He literally sleeps on a mattress on the floor. But he sure loves his car.
Nothing new. In the 90s, I worked at luxury auto dealers in Lake County, IL. I heard from more than one person (porters driving people to/from home, mobile service vehicle, third parties who did work for people in the area) that there were a surprisingly large number of people who lived in crazy expensive houses in highly desirable zip codes and drove $100K+ cars (in 1990s dollars), where the inside of their house was just empty. Plastic lawn chairs and a table, cheap mattresses on the floor, that’s it. They’d sunk every dime they had into appearances.