Most Americans Can’t Afford a New Car: Report

[Wingnut]

Thanks, I needed that!

They are sisters.  fyi!

[InHeavenThereIsNoBeer]

Yesterday, I shot an elephant in my pajamas.
How he go into my pajamas, I'll never know......

I came home the other day and my wife met me at the door.

"Take off my dress," she said.  So I did.
"Take off my bra," she said.  So I did.
"Take off my panties," she said.  So I did.

"Now don't ever let me catch you wearing my clothes again!"

[The_Reader_David]

AutoGuide
Jason Siu
June 28, 2017

A new study shows a median-income household can only afford the average-priced new car in one of the 25 largest U.S. metropolitan areas.

The study, conducted by Bankrate, reviews incomes and vehicle costs in the 25 largest metro areas in the U.S. while following the “20/4/10” rule. For those not familiar with the 20/4/10 rule, it says a car buyer should aim to put down at least 20 percent of a vehicle’s purchase price, take out a car loan no longer than four years, and devote no more than 10 percent of annual income to car payments, interest, and insurance.

More... http://www.autoguide.com/auto-news/2017/06/most-americans-can-t-afford-a-new-car-report.html

Well, there's the problem:  seeing that new vehicles sold under Japanese and Korean brands easily last 10 years so the 20/4/10 rule should probably be replaced with a 20/6/10 rule, and they're only looking at the largest metro areas where people don't need average priced cars, since smaller, cheaper models are better in urban environments, the whole study is flawed.

[goodwithagun]

Rant on. And can we talk about phones? All of my coworkers have payment plans for them, and then get a new one when the old one is paid off in two years. Two year phone financing! To top it off, they make fun of my 4S and 10 year old Nissan Titan. I tell them I add another year to my next car purchase date every time somebody asks when I'm getting a new car. My husband and I do well, but that doesn't mean we spend everything we make fer cryin' out loud! Rant off.

[Smokin Joe]

Well, there's the problem:  seeing that new vehicles sold under Japanese and Korean brands easily last 10 years so the 20/4/10 rule should probably be replaced with a 20/6/10 rule, and they're only looking at the largest metro areas where people don't need average priced cars, since smaller, cheaper models are better in urban environments, the whole study is flawed.

Not to mention that 10% disposable income in major metro areas is more money than 10% disposable income out in the boonies, where there is no alternative to driving.

[Frank Cannon]

Audi A6, Quattro

Audi's are only good until the lease ends. Then you throw them away.

[Smokin Joe]

Audi's are only good until the lease ends. Then you throw them away.

LOL! THe neighbor's is a pretty blue. If it had a sunroof it's make a neat planter...

[Restored]

Audi's are only good until the lease ends. Then you throw them away.

It's a Volkswagen that is more expensive to fix.

[Fishrrman]

I bought my first car for cash after I got out of the Army in 1972 -- a '66 VW Campmobile, cost $1,600.

But when I got hired by the railroad in '79, I was down to about $40 cash in the bank, and the 13-year-old VW, which wasn't gonna make it with the amount of driving that would be required.

So I borrowed a few hundred $$$ from my mom, and put the down payment on a new 1979 Honda Accord.

Within 6 months, I had saved enough to pay off the loan.

Since then, I pay cash for all my vehicles (cars and motorcycles while I had them).

Then again, even though I generally "bought new", I've never bought overly-expensive cars, and I kept them as long as I could. For example, I bought a 1993 Acura Integra and kept it for 12 years, and sold it for $400 with 300,000 miles on it.

But when it came time to buy again in 2015, I decided to stop buying "new".
This time around, it was a Toyota Certified Used RAV4, saved about 5,000 from new. It had only 7,400 miles and was literally like new. The drivetrain warranty is longer on their certified used cars, too: 7 years or 100,000 miles, whichever comes first.

No more new cars for me.
Heh. I'm wondering if there are going to be any "more" cars, even so!

[Fishrrman]

Weird wrote:
"Good point but do you pay cash for your house?"

If I buy another one, I'll be paying cash, yeah.
But it won't be anyplace too expensive!

[Weird Tolkienish Figure]

I bought my first car for cash after I got out of the Army in 1972 -- a '66 VW Campmobile, cost $1,600.

But when I got hired by the railroad in '79, I was down to about $40 cash in the bank, and the 13-year-old VW, which wasn't gonna make it with the amount of driving that would be required.

So I borrowed a few hundred $$$ from my mom, and put the down payment on a new 1979 Honda Accord.

Within 6 months, I had saved enough to pay off the loan.

Since then, I pay cash for all my vehicles (cars and motorcycles while I had them).

Then again, even though I generally "bought new", I've never bought overly-expensive cars, and I kept them as long as I could. For example, I bought a 1993 Acura Integra and kept it for 12 years, and sold it for $400 with 300,000 miles on it.

But when it came time to buy again in 2015, I decided to stop buying "new".
This time around, it was a Toyota Certified Used RAV4, saved about 5,000 from new. It had only 7,400 miles and was literally like new. The drivetrain warranty is longer on their certified used cars, too: 7 years or 100,000 miles, whichever comes first.

No more new cars for me.
Heh. I'm wondering if there are going to be any "more" cars, even so!

That's the best time to buy. Right after leaving the lot. Supposedly they lose 10-20% after driving off the lot.