What people? The imaginary people in your head? You don't know what random people make when they drive by you so who are you talking about exactly?

I know it's not anyone in here because we all make 8 figures/year

Ya it turned a lot of people in to 80 hour a week boot lickers on salary that thank their overlords for the opportunity.

Always pay cash crew. Don’t give a single fuk if I don’t have a nice classy expensive car.

Financial health & peace of mind > fancy car

We've talked about this extensively in the past, but it's absolutely possible for one man to support his family to typical 1960s standards.

1,000-1,500 square foot home for the entire family, no cell phone, no internet, no cable television or streaming, one television, one car, maybe a window air conditioning unit if you're feeling ritzy. About 1-in-5 households had no car at all, compared to fewer than 1-in-10 today.

Going out to dinner will be a special thing that you get dressed up to do a few times a year, not a weekly "date night". You will drink whatever pre-ground coffee is on sale at the supermarket, you will make it by the pot, and you will like it.

As for college, you don't need to worry about how you'll pay for that. Your kids aren't going. For kids of that decade and their parents, it was 50/50 if they even completed high school. Going on to college was not an ordinary thing like it is now. We're talking 10% with degrees, compared to 35% today.

lmao you think you're going to retire? That's cute

Been on both ends. Used to lease a Range Rover for $1154 a month plus insurance. I’ve always had nice cars and car payments. Can’t do that anymore so now I drive a 12 year old Toyota daily and have the Supra in my parents garage.

Make more = spend more

Make less = spend less

Pretty simple.

Your car is parked and does nothing 95% of the time. Consider this fact when deciding how much to spend on a car.

its not that hard if you buy used and have more than a $2000 to your name...

ok, lets do some research

-averageHOUSEHOLD income is $59,039 in the us, ya thats household, not per person

-average monthly payment for a new car is $523, not including insurance/gas/ maintenance fees

-average amount borrowed for said car is $31,453

these are all time highs, people are clearly borrowing more than before

you can buy a brand new 2019 corolla hatch for 20k cad so like 14k usd so its not like all cars are over 50k now

op's article states 7 million Americans haven't paid in over 90 days.

according to cnbc only 40% of americans can pay an unexpected $1k expense. so using some common sense this would obviously mean the lower income percentile of Americans cant pay a random 1k bill. But yet the amount of people getting car loans increase every year. So clearly those people are making the wrong financial decisions, when they should be buying used cars and saving money.





https://www.newyorkfed.org/medialibr...HDC_2017Q4.pdf
https://www.cnbc.com/2019/01/23/most...emergency.html
https://www.cnbc.com/2018/05/31/a-52...ar-buyers.html

meanwhile most americans don't even have 500 bucks in case of an emergency but hey let's all believe the economy is booming and people have it better than ever when everything indicates the exact opposite.

the amount of collective delusion on the misc is amazing.

I would like to beg to differ and say used Car Sales is vastly higher than New Car sales.

The numbers you post could very well be skewed by those making $100k+

Lol at the peasants ITT that own nice cars and probably don't even own any rental properties

Here is the thing a lot of retards in this thread don't understand, when you say people need to spend less and live with in their means.. if consumer spending goes down our system basically begins to crash. People are leveraged to the max and look how the economy is doing WITH all of the current excess spending.

^ 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.

Capitalism in its current iteration needs a complete overhaul. If you research long term projected interest rates you'll see they arent going up anytime soon. The borrowing standards are so lax and the rates are low because they need spending to persist.

I feel like we are at the margins of real growth and at this point we are doing everything we can do to keep growth going. It's the reason the average American has no money in their savings or for retirement, it's the reason debt levels are at an all time high, it's the reason people are defaulting on houses and car loans.

The Western world has been milked almost to death. the next 30 years are going to be bonkers with automation displacing 30% of the work force. You're going to lose 30% of people paying taxes and have 30% more people to support. When all the boomers start selling their houses that have tripled in value over the last 20 years and no one can afford to buy them the market will begin to crash. All of those who are depending on their McMansions they bought with the increased value of their old places will be screwed. The ones who get out too late will be crushed.

America may be fuarked boyos.

I live on a ranch in the middle of no where taming and breaking horses. I would love to see how the capitalists are going to insert their mega dong into Mericas loosening poosy.

If you aren't a retard that racked up six figure debt on a worthless liberal arts degree it isn't that hard to plan for retirement provided you have a little sense about money.

A significant problem here: your chart includes all auto loans.

That average monthly payment, from CNBC, is for new cars only.

I doubt that, on average, the accounts that are three months behind are the same accounts where people are buying $500/mo new cars. Instead, it's probably the subset of borrowers who need a loan to buy a cheap used car because they can't scrape together $1,000.

It's also notable here that the percentage of households that actually own a car is dropping a bit. People who don't need cars are trending toward getting rid of them.

My expectation would be that delinquencies are concentrated in parts of the country where going carless is not possible, which often overlap with places where there are few sources of steady income to begin with. It being geographically concentrated would explain why it doesn't fit with the larger strong economic picture.

(Our deficit spending is a disaster that we'll pay for later, but itdoespump up the economy in the short term to hide other policy failures, and is.)

This article tends to confirm that, cited in the OP's article, leans that way:

https://www.bankrate.com/loans/auto-...quencies-rise/

It says that while the overall credit quality of auto loan borrowers is improving as more people buy new cars, more than half do still go to borrowers with scores under 620, and that seems to be where the delinquencies are stacking up. My guess is that this is not an issue of people who are trying to live beyond their means buying new cars for appearances, but who are just bouncing along the bottom of the economy and are dodging the payments on their 2012 Rustmobile.

This. I wouldn’t want to anyway. I’d get way too bored way too fast and I don’t want to sit around and figure out just how many pennies I can spend per day so that my meager savings wouldn’t run out before I die. I know people that live like that and it looks miserable. Unless you’re filthy rich you never have enough to stop working completely.

They’ll tell you about how happy they are that they retired while simultaneously worrying about paying for their meds and funeral one day. F that. I’ll probably fall over dead doing something to make money and I prefer it that way.

Men need a purpose. The day you give up and just sit in a recliner you might as well just die then.

"Never Retire" is a good mantra, but that doesn't mean always work for someone else.

Repped. No one seems to realize this^

My grandpa saved the bicycles my mom used to ride as a kid for us to ride lmao. He didn't hop on amazon and buy all new chit.

This gotta be a troll post. I'm not talking about 1960 standards, I'm taking today, as in the year 2019. Let's pick apart your post, because apparently you think only rich people should have everything in life.

-I understand no new Cellphones, but what planet do you live on where average people in a 1st world country can't get internet? Internet used to apply for jobs, used for school

-No TV? We getting our news from the morse code now? Or is Morse Code too expensive? How about Carrier pigeons? That should do the job right?

-No air conditioning in humid 90° weather? I'm not gonna waste my time arguing this retarded viewpoint

It's hilarious you think like this. Only rich people can have the pleasures in life LOL.

What the hell is the purpose of being a Democracy then? Can you answer that question? Essentially you're ok with people being forced to live a communist life style. Truth be told, might as well move to Russia at that point with those standards, there's no difference. That's your exact thought process, a filthy communist swine.

So much truth here. I genuinely don’t understand the desire to retire early and probably will never fully retire, I want to be contributing my skills/expertise until the day I fukn die. The day I’m no longer useful is the day I may as well be dead anyways

Only rich people have enjoyed luxuries since the beginning of time

You need to use the internet? Get your library card and go use the computers at the public library. You can of course use public transportation to get there, or maybe a cheap bike off Craigslist

People never used to have A/C, they had wall units if anything. Oh you think you are entitled to A/C huh? Lol

News? You can get your news from the computer at the public library like we spoke about earlier. Or buy a cheap used radio.

Your standards of what every person deserves / are entitled to are laughable

Exactly.

Meanwhile, in 2019, Apple lets you subscribe to financing to get a brand new iPhone every year. The percentage of people with personal smartphones is roughly the same as the percentage of peoplewho had a telephone in their house at allin 1960, and they didn't even own them: you had to rent them from AT&T.

"Oh, look at the pictures of my trip to Iceland." LOL, people were lucky if they got to take a big trip to Europe once when they retired.

dumb ass post like most in this thread even the worst developing countries have internet these days and people in ****ing wakanda all have smart phones while they still live in wooden shacks.

Almost every person in the US has a smart phone as well. The point people in this thread are trying to make is that there are a lot of things that people don't need that they feel entitled to

You can live on minimum wage and get everything you need

that's not the point we were making at all like I said there are people living in wooden shacks that probably wipe their asses with stones still but they have internet and smart phones.

so how is this even being compared to 19fukking60

If you don't think the middle class deserves those things you're Communist swine, all that needs to be said. The gist of this thread is that miscers are essentially ok with people working for the bare minimum in a 1st world country.

At that point there is no reason for the U.S. to be a Democracy. People have moved to the U.S. for better opportunities but it seems they're better of staying in their Homeland

They had 1 tv and a 900 sq/ft 3 bed one bath. Their house was on credit, maybe their 1 car, but probably not.

The big picture is that your "needs" have increased to include 1000 smart phone every two years 80 per month cell bill, new car....
I see a lot of people going to car lots and buying new cars. Regardless of make and model you are going to take a big hit. You can go buy a 3-4 year old used Camry or Civic for 13k with low miles.

You are comparing inferior chit with modern chit and then whining that you can't afford it...