fx2tom wrote:
Grit dog wrote:
4x4ord wrote:
It would be interesting to know how many weeks income it takes of, say a school teacher, to equal the cost of a 4x4 crew cab pick up now vs in 2000. Regardless for many people the older they get the wealthier they get and the easier it is to purchase a vehicle. My first vehicle nearly emptied my piggy bank.
And part of the issue. Not everyone “should” be able to afford a new 4x4 crew cab pickup. But there sure are a lot of stout car loans out there….
We are going to buy a new Ford Ranger this weekend so we set up financing through our credit union. Credit Union offered the same rate from 37 months to 75 months (we are doing 36 months and hoping to pay off in 12 as it's our only debt). No wonder people can buy such pricey trucks when you finance them for over 6 years. I've seen dealers advertise 84 month low interest loans. That's why people keep buying them, you can get a mortgage on it!
Yup, the upper limits of loan amounts and terms are somewhere between irresponsible for the buyer and predatory for the lender.
Proj mgr that works for me, young guy who don't have $50k in cash laying around just yet but can afford a $50k truck no problem just bought a used Duramax.
2016 Loaded Dmax with 100k miles on it. He paid $50k (in this market, not so bad I suppose....??). Got 2.99% offer, took 1 minute to talk bank down to 2.5%. Bank would loan up to $60k on that truck for 96months!!!
He was stunned. He was putting about 50% down, so didn't matter to him, but the max offering on that truck is a guaranteed upside down loan situation waiting to happen.
