ksss wrote:
According to my commercial salesman, largely the only people that walk in and buy a 70K plus diesel pickup are farmers (on the good years) and contractors. The average person making an average wage with average credit are buying used. There is no question that the prices have over shot the rise in wages.
If they are buying used why are the sales reaching new records almost every month? I see people buying new outrageously expensive cars and trucks because they view them as a status symbol of which few can really afford. See 1-2 year old loaded trucks on dealer lots that were traded in on newer more expensive vehicles. Guy posted on Facebook the other day wanting to sell his 2017 Ford King Ranch because he wanted a 2018. Insane. Those average persons of average wages and average credit can buy anything they want and finance for 72-76 months and no payments for 90 days. They then tire of it and wake up one morning wondering how they are going to pay for it.
A credit rating of 580 will get you the home of your dreams with little down. I see homes being for sale that have been sold previously 6-12 months ago. I envision another housing crisis and MOST of these buyers are millennials. They want it and they want it NOW!
