83% OF AMERICANS CANNOT AFFORD A NEW CAR.

[FrancSevin]

Car insurance has also gone through the roof. At least for someone with a 19 and 21 year old driver on their policy.
I have to buy a new(ish) car for one of them and I'm not looking forward to the insurance costs.

Auto insurance is up 50% under Biden. Has nothing to
do with young drivers. It's because of the increase in uninsured and un-licensed drivers now on the road because of the increase in resident illegals. More accidents and more theft exposure.

 

[NorthernRedneck]

There's absolutely 0 zip nada chance or desire for me to trade in my truck right now. I paid 38,500 Canadian back in 2018 when I bought it used. Back then, list price was 65k plus the government share. Fast forward to 2024. Our local dealership had a 2017 f150 same basic truck as mine but with the smaller 2.7l engine listed for 38,500. And new trucks the same spec as mine are starting at 85k plus. Even if my truck is still worth 30k. Tax on 85k puts me up close to the 100k mark. I can buy a lot of parts for 70k for my truck.

 

[musclemom]

Just saw this Q4 auto loan info..

	New car	Used car
Average monthly payment	$734	$525
Average loan amount	$40,927	$26,248
Average interest rate	6.84%	12.01%
Average loan term	68.48 months	67.41 months

 

[musclemom]

Also 1 in 5 Americans have no emergency savings, those that do, the average is $600.

 

[musclemom]

And fore retirement:

Age	Have retirement account	Retirement savings on track
18–29	45%	26%
30–44	65%	34%
45–59	74%	38%
60+	77%	45%

 

[FrancSevin]

Also 1 in 5 Americans have no emergency savings, those that do, the average is $600.

When the crap hits the ventilator, it goes quickly. This no matter the amount put away.
Personal story.

 

[musclemom]

When the crap hits the ventilator, it goes quickly. This no matter the amount put away.
Personal story.

$600 is nothing for car, medical

 

[FrancSevin]

$600 is nothing for car, medical

We had 50 times that amount set aside. When our company suddenly folded under Covid, it was not enough.

 

[Melensdad]

I financed my 2022 Honda Ridgeline because the rate was 2%, but put down about 70% and financed the remainder for 48 months, rates were so low I just thought it made sense to finance. I have a small mortgage on the house, 2.35%, and 90% equity, rate is too low to pay off. I bought my 2023 Toyota Venza and paid cash because financing rates were high. We try to live at/below our means and have always done that. Too many seem to live and spend on borrowed time. We have friends who have double our income, live in a small house after filing bankruptcy, spend with reckless abandon, and never saved for their kids colleges.