71–80 of 95 posts
Here I was imagining actual explosives hampering repo efforts, when they merely speak of a rising rate of auto repos. OK. I fell for it.
Earlier quoted context omitted.
What was your loan origination cost? Usually, when the rate is that low, the catch is that you paid $1k to $2k for the loan. This really annoys me...like, the higher interest rate with the lower loan fee would be OK since I'm going to pay the loan off quickly anyways.
Further to that, was the price agreed to before the salesman knew how you would paying, cash or credit?
Why do people borrow money to buy a car? Why not save money, maybe invest in something safe(ish), and buy your car in cash, preferably used? I get it that people get emotional about cars, but good heavens, this impulse puts you in the hole for years. It's almost as bad as cheating on your wife (and far, far worse than cheating on a gf).
Obviously it's because they don't have the up-front down payment money, and maybe they get a new job that requires commuting by car.
Earlier quoted context omitted.
Yeah, I’m not buying it. It’s not a choice between having a tricked out 2022 Lexus that costs $70k and no car at all. It’s the choice between a 2005 beater Toyota with 200k miles on it and no car. Once you have that beater, you can start saving for something nicer. Find a make and model with decent reliability history that has hail damage or minor collision damage. It’s not hard to do. If you can’t scrape together $2…
Ever drive a car like the one you're describing? It's a rough situation to be in to have to put 1k into a car worth 2k to keep it going, or to have your car break down and force you to call out from work on short notice. That's far from free.
The problem is that people can't save. It'd be prudent to buy the car for $2k and save the remaining $3k somewhere to cover repairs instead of the 5k down payment.
Also, to be fair, what used to be a $2k Toyota was probably more like $5+k lately.
Earlier quoted context omitted.
Sales tax alone almost hits this number, at least in high-tax states like CA. The problem is that you're paying sales tax with each car purchase, so if you buy the three cars I mentioned, you pay $400, $800, and $1600 (sum: $2,800) in sales tax with those purchases. If you just buy one $18,000 vehicle, you pay $1,400 in sales tax. Factor in the time spent selling the vehicles (or getting screwed by the dealer on trad…
The whole point of buying the beater is so you can eventually get the car you want. It doesn’t make sense to buy multiple intermediate vehicles to get there. Remove the second transaction and the associated $800 sales tax and it’s basically a wash. Live in a state with sensible tax rates and it’s a no brainer.
As for moving to a state with sensible tax rates, I think the moving costs or proximity to family/jobs would probably swamp the tax benefit for most people. But in the long run, people will surely take these factors into account (and perhaps are already, given recent trends!).
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Obviously it's because they don't have the up-front down payment money, and maybe they get a new job that requires commuting by car.
The vast majority of people on hn seem to genuinely not be able to wrap their heads around the idea that this is a serious possibility. It’s super weird, but it also makes for some highly entertaining comments.
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good lord. do they refer to themselves as a “headhunting” company, or is that your wording? it’s sort of terrifying, to be completely honest.
I almost used the more PC term, 'executive recruiting'. But many/most people I know refer to them as 'headhunters'. At least some in the industry object to this term, but it is still widely used by people at large.
At least I'm not a "heavy user" at a fast food chain (also real).
Earlier quoted context omitted.
People cannot forgo having a car for the time it would take to save up the cash.
Yeah, I’m not buying it. It’s not a choice between having a tricked out 2022 Lexus that costs $70k and no car at all. It’s the choice between a 2005 beater Toyota with 200k miles on it and no car. Once you have that beater, you can start saving for something nicer. Find a make and model with decent reliability history that has hail damage or minor collision damage. It’s not hard to do. If you can’t scrape together $2…
Why do people borrow money to buy a car? Why not save money, maybe invest in something safe(ish), and buy your car in cash, preferably used? I get it that people get emotional about cars, but good heavens, this impulse puts you in the hole for years. It's almost as bad as cheating on your wife (and far, far worse than cheating on a gf).
Earlier quoted context omitted.
good lord. do they refer to themselves as a “headhunting” company, or is that your wording? it’s sort of terrifying, to be completely honest.
I almost used the more PC term, 'executive recruiting'. But many/most people I know refer to them as 'headhunters'. At least some in the industry object to this term, but it is still widely used by people at large.