American Debt: Auto Loan Balances Hit Record $1.6 Trillion in Q3 2023
American Debt: Auto Loan Balances Hit Record $1.6 Trillion in Q3 2023
Consumer auto loan debt has continued to rise, a result of increased demand, less supply, and higher prices.
If you people could stop buying new vehicles every five years as a status symbol it would be great. I don't think I should have to pay for your bailout.
It always struck me as odd people buy cars so often. My first car I drove into the ground (quite literally at the end!), and my current car has been chugging along for over a decade with no end in sight. A car loan is one of the larger expenses the average household has, and it is one of the expenses that can be reasonably paid off within just a few years.
I knew a couple who drove their vehicle into the ground. The moment when it shit the bed? Deep into the middle of the crazy market of the pandemic, with chip shortages and supply chain issues and all that, so used and new cars were all ridiculously expensive. It's not just a matter of being smart with your money.
Don't worry, it's peanuts compared to the FEDs cheap loans they've been doing to banks who'd go under.
Increasing cost with shrinking wages and no savings produce over reliant on debt. The things that wealthy like for the people. There is always more than simple answers
Right so maybe stop buying a new car every five years. I make in the six figures and do does my wife. We have a Honda Civic from 2008. Meanwhile I know multiple people making a marginal amount over minimum wage driving a pickup truck that never hauls anything except their fat ass.
Enough with the fucking status symbols and stop blaming the rich for your penis compensation device.
We rely on those people to create a robust used market for everyone who can't afford new cars
Don't forget the subscription fees to use the heater.
Add me to the list. My 20 year old rust bucket was costing me more and more money to maintain every year, so now I'm $30k in debt 😂
To be fair, that is a quite reasonable period of time to replace a car in.
Provided you didn't get it as an 18 year old rustbucket.
Yeah, it's fine I guess. I'd totally try to go car free with my ebike, but when it's below 0F being on a bike is miserable (and also the cold saps the battery). I can commute to work and get groceries and go to appointments in the summer, but fuck that when it's -20F with blowing snow lol
[awkward yay]
Yeah because 28% APR 72 month loans are totally a good idea for the consumer.
Record profits
Record debt
Record interest rates
So highhhhhh
Bought my last car in 2007 because I like not having a car payment more than I like built-in bluetooth (or whatever other fancy data harvesters they've built in these days).
Similar here, bought car in 2011 and will drive it till it dies. I'm happy with an 3.5mm port.
But for those that do feel like Bluetooth etc are must have features. You can buy head units, with touch screens and Android auto and Apple CarPlay for only a few hundred dollars, and often support connecting rear cameras etc.
I will keep my 20+ year old honda with 236k miles running as long as I can. This is insane. I know a girl 20k underwater on an electric Hyundai that she's letting the bank repossess...I wonder how many others are in her position.
Auto loan debt has become a significant financial burden for many Americans, highlighting a critical issue within personal finance. The rising costs of vehicles, combined with often high-interest rates, contribute to this growing debt. Consumers should be aware of the long-term implications of auto loans from places like Speedy Cash and consider alternative options such as purchasing less expensive vehicles or saving for a larger down payment to reduce the amount borrowed. Financial literacy and careful budgeting are essential to manage and mitigate the impact of auto loan debt effectively
What is an Auto loan, is it an automatic loan the bank grants without you asking? Or is it maybe a CAR loan?
WTF do they call it Auto loan???"I'll common knowledge for $300, Alex.... What is a category for all vehicles that includes cars, trucks and SUV?"
" What is a Automobile "