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7 million Americans are 3 months behind on car payments
05-19-2019, 06:11 PM
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#181
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Originally Posted By MikeLowrrrey⏩
I suspect it's not the boomers missing their car payments.How many boomers had big houses, cars, TV's, all of which where on credit?
You guys continue to point fingers and ignore the big picture. The cost of living is too damn high. But yes just "Pull yourself up by the bootstraps." Amirite?
You guys continue to point fingers and ignore the big picture. The cost of living is too damn high. But yes just "Pull yourself up by the bootstraps." Amirite?
05-19-2019, 06:16 PM
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#182
Originally Posted By ANumber1⏩
Fuark man I can't imagine making 45k a year. I make more than double it and I don't feel like it's much. I feel comfortable basically as a single guy no dependants.Misleading, since it includes part-time jobs held by students and retirees.
The median adult with a full-time job makes $45k. BLS provides the data, and is the source for both claims.
The fact is that two adults earning $20/hr full-time have a household income of $80k. It's more than enough to buy the median home of 2,400 square feet and live comfortably in it while saving for retirement and to help your kids with college.
The median adult with a full-time job makes $45k. BLS provides the data, and is the source for both claims.
The fact is that two adults earning $20/hr full-time have a household income of $80k. It's more than enough to buy the median home of 2,400 square feet and live comfortably in it while saving for retirement and to help your kids with college.
Pretty impressive if that's what the housing market is like in your area. Where I live 900 square foot houses from the 70s with no renos are going for 300k in decent neighborhoods.
I'm saving to build because to build a new place it's about 350.
What I really wonder about is when all the boomers go to sell their houses for 450 and 500 who are going to be the ones buying? Right now the people buying them are the ones who rode their houses from 60k to 300k over 15-20 years and are upgrading based o. their equity. The kids who are graduating with student loan debt and poor job prospects won't be picking up the slack or shopping in that price range.
We are in a very interesting transitional period.
05-19-2019, 06:35 PM
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#183
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Originally Posted By arod204⏩
Not transitional- we are basically at the top of the high leverage period in the economy. There seems to be a fuk ton of money around EVERYWHERE because each dollar has been loaned out 2-3x if not more hence there is technically 2-3x the amount of money in the "system" as there are actual dollar bills to pay for everything. Anyone and everyone is leveraged to the teats either trying to "live their best life" or trying to scale up their businesses/buy more properties or what have you. Buying assets right now is stupid- most people aren't aware of this and think the prices of homes/other assets can continue to go straight up for years to come. This is false. I personally have been de-leveraging furiously trying to get rid of any loans and get as much into cash as possible for the potential buying spree I think we could be seeing in the next few years. Borrowing still isn't that expensive currently, but really is there anything worth borrowing for right now outside of a home if you are renting?Fuark man I can't imagine making 45k a year. I make more than double it and I don't feel like it's much. I feel comfortable basically as a single guy no dependants.
Pretty impressive if that's what the housing market is like in your area. Where I live 900 square foot houses from the 70s with no renos are going for 300k in decent neighborhoods.
I'm saving to build because to build a new place it's about 350.
What I really wonder about is when all the boomers go to sell their houses for 450 and 500 who are going to be the ones buying? Right now the people buying them are the ones who rode their houses from 60k to 300k over 15-20 years and are upgrading based o. their equity. The kids who are graduating with student loan debt and poor job prospects won't be picking up the slack or shopping in that price range.
We are in a very interesting transitional period.
Pretty impressive if that's what the housing market is like in your area. Where I live 900 square foot houses from the 70s with no renos are going for 300k in decent neighborhoods.
I'm saving to build because to build a new place it's about 350.
What I really wonder about is when all the boomers go to sell their houses for 450 and 500 who are going to be the ones buying? Right now the people buying them are the ones who rode their houses from 60k to 300k over 15-20 years and are upgrading based o. their equity. The kids who are graduating with student loan debt and poor job prospects won't be picking up the slack or shopping in that price range.
We are in a very interesting transitional period.
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05-19-2019, 06:46 PM
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#184
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Originally Posted By MikeLowrrrey⏩
I think you're getting paid about right, maybe a tad too muchAnother post to rip apart. This one is gonna be easy.
By your retarded logic, the Middle class should be happy with a cheap Ford Model T. I mean why not? Who needs air conditioning, power steering, powered seats, and a radio? Anything more and you're too materialistic. A Honda Civic is way way too expensive and only rich people should be able to buy cars made in 1970+
A house with no Central Air? You're right silly me. Heat isn't needed either, why have a furnace when you can chop wood and throw it in the fire place? Amirite?
Anybody against affordable 2019 standards is a Communist and should be thrown out the country, plain and simple
By your retarded logic, the Middle class should be happy with a cheap Ford Model T. I mean why not? Who needs air conditioning, power steering, powered seats, and a radio? Anything more and you're too materialistic. A Honda Civic is way way too expensive and only rich people should be able to buy cars made in 1970+
A house with no Central Air? You're right silly me. Heat isn't needed either, why have a furnace when you can chop wood and throw it in the fire place? Amirite?
Anybody against affordable 2019 standards is a Communist and should be thrown out the country, plain and simple
05-19-2019, 06:48 PM
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#185
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Originally Posted By arod204⏩
Sure, but put the pieces together. Median housing prices in your area are above the national median, but so is your salary. It more or less washes out in most areas, except for a few really distorted places like Manhattan.Fuark man I can't imagine making 45k a year. I make more than double it and I don't feel like it's much. I feel comfortable basically as a single guy no dependants.
Pretty impressive if that's what the housing market is like in your area. Where I live 900 square foot houses from the 70s with no renos are going for 300k in decent neighborhoods
Pretty impressive if that's what the housing market is like in your area. Where I live 900 square foot houses from the 70s with no renos are going for 300k in decent neighborhoods
Even there, I wouldn't say there's an "affordability problem". Not every neighborhood is going to be accessible to every income level. There are reasonable middle class neighborhoods nearby.
Personally, I've got the best of both worlds in some respects, a six-figure salary from a high-end market in a low-end market where you can pick up a decent starter home for under $150k. $45k is actually probably more than most people earn locally - and it's suffering net population loss for that reason. It never feels like "much", but it's plenty and way beyond what any reasonable person would expect "middle class" to mean.
Nah, fukk that. I’m not doing that.
05-20-2019, 10:51 AM
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#186
05-20-2019, 10:55 AM
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#187
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But, but, but... the economy is the best it's ever been under Trump! Must be fake news.
It's probably closer to 10-15% of all car loans that are about to default.
Originally Posted By Future24⏩
You forgot to account for people over the age of 18 and probably younger than 45. And then account for the percentage of that actually have a car loan, vs own their cars vs leasing.7 million? Thats pretty low. Thats 2% of the population.
It's probably closer to 10-15% of all car loans that are about to default.
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05-20-2019, 10:59 AM
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#188
Originally Posted By pondus_levo⏩
people are irresponsible for their debt cause orange man badBut, but, but... the economy is the best it's ever been under Trump! Must be fake news.
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05-20-2019, 11:03 AM
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#189
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Originally Posted By messomi⏩
Yeah they did... It is in adjusted real wages...nobody in this thread even accounted purchasing power which is in a super heavy decline.
which is not in decline...
The real decline in purchasing power is that you want your chit to be nicer, do more, and be bigger... You can still buy 1970's equivalents and come out ahead.
You are trying to compare an average 1965 900 square foot house and then say that you can't buy a 2000 sqft house in 2019 at the same price... No chit.
05-20-2019, 11:05 AM
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#190
Originally Posted By Austanian⏩
that's not what purchasing power means.Yeah they did... It is in adjusted real wages...
which is not in decline...
The real decline in purchasing power is that you want your chit to be nicer, do more, and be bigger... You can still buy 1970's equivalents and come out ahead.
You are trying to compare an average 1965 900 square foot house and then say that you can't buy a 2000 sqft house in 2019 at the same price... No chit.
which is not in decline...
The real decline in purchasing power is that you want your chit to be nicer, do more, and be bigger... You can still buy 1970's equivalents and come out ahead.
You are trying to compare an average 1965 900 square foot house and then say that you can't buy a 2000 sqft house in 2019 at the same price... No chit.
05-20-2019, 11:07 AM
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#191
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just lmao @ flexing with a car you haven't straight up bought with cash
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05-20-2019, 11:09 AM
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#192
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Originally Posted By messomi⏩
Yeah it is...that's not what purchasing power means.
Purchasing power is the amount of goods and services that can be purchased with a unit of currency. For example, if one had taken one unit of currency to a store in the 1950s, it would have been possible to buy a greater number of items than would be the case today, indicating that the currency had a greater purchasing power in the 1950s.
That is why the inflation adjusted average wages is tied to the Consumer Price Index...
AKA the average of what people make compared to what it can buy.
05-20-2019, 11:14 AM
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#193
Originally Posted By Austanian⏩
yeah no **** sherlock holmes but the wages are supposed to increase too that's the whole point inflation doesn't cover it by a long shot these days hence purchasing power.Yeah it is...
Purchasing power is the amount of goods and services that can be purchased with a unit of currency. For example, if one had taken one unit of currency to a store in the 1950s, it would have been possible to buy a greater number of items than would be the case today, indicating that the currency had a greater purchasing power in the 1950s.
That is why the inflation adjusted average wages is tied to the Consumer Price Index...
AKA the average of what people make compared to what it can buy.
Purchasing power is the amount of goods and services that can be purchased with a unit of currency. For example, if one had taken one unit of currency to a store in the 1950s, it would have been possible to buy a greater number of items than would be the case today, indicating that the currency had a greater purchasing power in the 1950s.
That is why the inflation adjusted average wages is tied to the Consumer Price Index...
AKA the average of what people make compared to what it can buy.
05-20-2019, 11:19 AM
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#194
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Originally Posted By messomi⏩
yeah no **** sherlock holmes but the wages are supposed to increase too that's the whole point inflation doesn't cover it by a long shot these days hence purchasing power.
It actuallyhascovered it, almost precisely, and, of course, doesn't account for the increase in features and luxury as economies of scale change the nature of the products that are indexed. (Ex. 2019 Toyota Corolla LE vs. 1908 Model T being roughly the same price in real dollars.) What's your source for this alleged "super heavy decline"?
Nah, fukk that. I’m not doing that.
05-20-2019, 11:22 AM
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#195
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Originally Posted By Kapetan⏩
When the avg salary for a full time worker is barely 45k dollars before taxes. When you have bills, kids, etc it will take an extremely long time to save up 15k dollars. Like years. When I was making **** money I did not have enough after everything was paid for. I would have barely 100 dollars to my name and I had to ration that out just in case something happened. Most people on a low income do not have the funds to save up a large down payment for something.I don't understand Americans. How hard is to save $15k and buy a car. Why are you even thinking about monthly payments? Are those cars not good enough for you?
https://www.carmax.com/cars?price=15000
https://www.carmax.com/cars?price=15000
I know we have a lot of idiotic people (me at one time) buying stuff that is out of their means, but there is also a group of people that are just getting by while doing the right thing. Jobs have came but the wages haven't moved at all while the cost of EVERYTHING goes up. That being said I would never buy a car that was more than 25% of my income and I would even hesitate on that until I had more of my debt paid off.
05-20-2019, 11:31 AM
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#196
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Originally Posted By messomi⏩
That is why inflation adjusted average wages was tied to CPI dip chit.yeah no **** sherlock holmes but the wages are supposed to increase too that's the whole point inflation doesn't cover it by a long shot these days hence purchasing power.
For fuk sake if you are gonna run your mouth at least have a basic idea of what you are talking about.
Originally Posted By Beararms⏩
There is some truth to that. I can't fault someone making 45k taking out a car loan on a 15k car. What I can fault is someone making 45k taking a loan on a 30k car...When the avg salary for a full time worker is barely 45k dollars before taxes. When you have bills, kids, etc it will take an extremely long time to save up 15k dollars. Like years. When I was making **** money I did not have enough after everything was paid for. I would have barely 100 dollars to my name and I had to ration that out just in case something happened. Most people on a low income do not have the funds to save up a large down payment for something.
I know we have a lot of idiotic people (me at one time) buying stuff that is out of their means, but there is also a group of people that are just getting by while doing the right thing. Jobs have came but the wages haven't moved at all while the cost of EVERYTHING goes up. That being said I would never buy a car that was more than 25% of my income and I would even hesitate on that until I had more of my debt paid off.
I know we have a lot of idiotic people (me at one time) buying stuff that is out of their means, but there is also a group of people that are just getting by while doing the right thing. Jobs have came but the wages haven't moved at all while the cost of EVERYTHING goes up. That being said I would never buy a car that was more than 25% of my income and I would even hesitate on that until I had more of my debt paid off.
The simple truth is that financial education for people is horrible and people think they "deserve" what they want. People don't learn how to play that game and then claim the game is rigged when the lose.
Kind of sad. However, I have tried to teach multiple people how to budget. The percentage that stick is sad.
05-20-2019, 11:38 AM
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#197
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I only have sympathy for the ones who bought an older car and then have unfortunate circumstances such as loss of job or medical payments.
The ones who buy the newest cars just to flex and satisfy their ego can **** off.
The ones who buy the newest cars just to flex and satisfy their ego can **** off.
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05-20-2019, 11:46 AM
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#198
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Originally Posted By MikeLowrrrey⏩
The problem is the 1960 people didnt let themselves be fuked up the ass while you didPeople in 1960 were living to 1960 standards
So whats wrong with people in 2019 living to 2019 standards?
So whats wrong with people in 2019 living to 2019 standards?
can you taste it trickling down yet boyo?
05-20-2019, 11:55 AM
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#199
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Originally Posted By Austanian⏩
Yea that is really dumb. What I've seen with people constantly buying new is that they like the idea of buying a used car. They also think that a used car will break down more than newer one. That warranty is nice but I rather deal with little stuff breaking than a monster car note for the next 5-7 years. My credit is so jacked up I had no choice but to buy used too. It sucks big time but I also see it as a positive (I know dumb) because it forced me to buy something that is well within my range that I can afford very comfortably. That extra money is sent to other debt that needs to be paid.That is why inflation adjusted average wages was tied to CPI dip chit.
For fuk sake if you are gonna run your mouth at least have a basic idea of what you are talking about.
There is some truth to that. I can't fault someone making 45k taking out a car loan on a 15k car. What I can fault is someone making 45k taking a loan on a 30k car...
The simple truth is that financial education for people is horrible and people think they "deserve" what they want. People don't learn how to play that game and then claim the game is rigged when the lose.
Kind of sad. However, I have tried to teach multiple people how to budget. The percentage that stick is sad.
For fuk sake if you are gonna run your mouth at least have a basic idea of what you are talking about.
There is some truth to that. I can't fault someone making 45k taking out a car loan on a 15k car. What I can fault is someone making 45k taking a loan on a 30k car...
The simple truth is that financial education for people is horrible and people think they "deserve" what they want. People don't learn how to play that game and then claim the game is rigged when the lose.
Kind of sad. However, I have tried to teach multiple people how to budget. The percentage that stick is sad.
05-20-2019, 11:57 AM
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#200
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In my experience I have encountered numerous people who make between 40-50k, with debt and kids who buy cars like BMW 3 series, Audi A4s, big Lexus SUVs and **** instead of Civics. They're simply buying **** they can't afford.
05-20-2019, 12:02 PM
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#201
Originally Posted By SirDerpington⏩
and it will never changeIn my experience I have encountered numerous people who make between 40-50k, with debt and kids who buy cars like BMW 3 series, Audi A4s, big Lexus SUVs and **** instead of Civics. They're simply buying **** they can't afford.
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05-20-2019, 12:05 PM
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#202
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Sorry economy brahs, but 7 million tards buying a ride they can’t afford is not a red flag in my eyes.
Brb make 14 dollars an hour, buy a brand new Silverado with a 650 dollar payment.
Falls behind onoayments , finance gurus be like ... welp guess the economy is taking a dive...
Not serious
Brb make 14 dollars an hour, buy a brand new Silverado with a 650 dollar payment.
Falls behind onoayments , finance gurus be like ... welp guess the economy is taking a dive...
Not serious
05-20-2019, 12:07 PM
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#203
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You know driving down the road when you see a bunch of 40-50k vehicles that people can't afford them.
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05-20-2019, 12:11 PM
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#204
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Imagine how much the economy would shrink of people weren't buying chit they can't afford, revenues would be so much lower. It's an interesting cycle when you think about it
05-20-2019, 12:50 PM
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#205
05-20-2019, 01:11 PM
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#206
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Originally Posted By nm1891⏩
Exactly. With great credit you can get super low or zero apr financing and put that cash into investments that will provide you a return vs dumping a massive lump sum into a depreciating asset.You do realize most wealthy people still finance, right?
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05-20-2019, 01:13 PM
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#207
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Originally Posted By 5x10⏩
Please point out where I blamed trump? But since we are going there....people are irresponsible for their debt cause orange man bad
Who was in charge the last time there was a lending bubble and did nothing about it? Who fixed it? Who's letting it happen again?
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05-20-2019, 01:29 PM
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#208
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Originally Posted By BigTimeOperator⏩
Eventually, that'll grow to become a real annoyance regarding a growing amount of people taking on more car loans than they can afford. The false ballers and fake stunters will be all over the place and flossing on guys who look like they poor but have a lot more money than expected.^ better to let others support the economy with endless consumerism and you be one of the ones who lives frugally and fly's under the radar.
How does one dodge these morons in the first place? They're digging their own grave financially while dragging everyone near them as well.
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05-20-2019, 01:46 PM
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#209
Originally Posted By pondus_levo⏩
look at your last post where you bring trump into a conversation about consumer debt habitsPlease point out where I blamed trump? But since we are going there....
Who was in charge the last time there was a lending bubble and did nothing about it? Who fixed it? Who's letting it happen again?
Who was in charge the last time there was a lending bubble and did nothing about it? Who fixed it? Who's letting it happen again?
This is nowhere near the subprime lending bubble, not even close
Keep on reeeee’ing
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05-20-2019, 01:51 PM
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#210
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Ha! Bunch of losers!
Get a used car if you can't afford a new one! :P
Get a used car if you can't afford a new one! :P
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