Timmo! wrote:
Brandon the Traveler wrote:
Timmo! wrote:
L but entry level for consumers buying a new TT is really out of reach for many "common folks".
They just finance them for 12 years or longer. A TT that was @ $20K 18 months ago is now @$35K or more, and banks are lending towards them. Let the inflation continue including the ever rising cost of fuel and watch this house of cards come crashing down. When these inflated prices, actually values drop, it will be ugly.
IMO, when the amount financed exceeds FMV at the very beginning, then the entire deal will always be "underwater".
When a person makes a deal based on "how much is my monthly payment", and not on "how much does it cost", then it is proof positive that we have a generation of people that are absolutely "financially illiterate". (shakes head)
How many know that charging their credit card $5 for a Starbucks cup of Joe and then paying for it over 10 years at 25% interest...the real cost is $13.65. But it's only costing you 11 cents a month.
Financial illiteracy at it's finest.
My RV loan I took out last year is at 3.5%, inflation is currently 5.4% so as long as any investment I made instead of paying cash is at least keeping up with inflation I'm well ahead, and they are. But I did a normal 60 month loan knowing that I'll be trading up to a 5er about a year or two after that so I didn't want to have anything left on this one (going part time on the road after I get the younger one through college).
