In 2019 I was in a Bass Pro shop looking at the fish with my toddler. Walked around the store to the boat section and was astounded, they were offering 240 month payment plans on new boats! I still shake my head at that, haven't been back lately to see if they are still offering those terms.
Now 15 years on a car loan guarantees someone will be upside down when it comes time to sell, or the car just doesn't last that long. Then they can roll the balance into a new 15 year loan.
Brilliantly evil, but I'm sure people much poorer than I am will live out their lives in far more luxury than me... My paid off car will be 10 years this winter. No plans to change it Lord willing.
Brilliantly evil, but I'm sure people much poorer than I am will live out their lives in far more luxury than me... My paid off car will be 10 years this winter. No plans to change it Lord willing.
You know who does the best with debt slavery loans? Ghetto black people (heh) because they don't care about debt, or in many cases the concept of "tomorrow."
The only way to "win" under these terms is to act like George Floyd.
Someone I knew got into a car accident leaving the dealership, and totalled the car. The insurance said because the address of the accident was the dealership it was not the drivers car. The dealership said, the driver left the lot, the value went down, and the driver didn't by gap insurance so the driver owed money on the totalled car. I can't remember more than it had to be litigated, but I remember learning we as customers will never own a ," new " car.
If it's ours, it a used car. It's only new to the dealership.
I love pulling up in my 2000 Honda Accord and looking like the poorest guy around. That thing will run til Jesus comes back. Not falling for the car scam feels like breaking out of the Matrix.
I worked with someone who couldn't show up to work half the time because the dealership turned their car off. At first it was odd reasons, and then it was because they couldn't keep up with the payments because they couldn't get to work. The dealership took that car back, and sold it to someone else. That's their SOP, it makes them more money.
In 2019 I was in a Bass Pro shop looking at the fish with my toddler. Walked around the store to the boat section and was astounded, they were offering 240 month payment plans on new boats! I still shake my head at that, haven't been back lately to see if they are still offering those terms.
Now 15 years on a car loan guarantees someone will be upside down when it comes time to sell, or the car just doesn't last that long. Then they can roll the balance into a new 15 year loan.
Brilliantly evil, but I'm sure people much poorer than I am will live out their lives in far more luxury than me... My paid off car will be 10 years this winter. No plans to change it Lord willing.
You know who does the best with debt slavery loans? Ghetto black people (heh) because they don't care about debt, or in many cases the concept of "tomorrow."
The only way to "win" under these terms is to act like George Floyd.
You're always upside down when you sell a car. New cars lose half their value as soon as you drive off the lot, this just makes it worse.
Cars are generally always a depreciating asset... It always blows my mind that people don't look at these things as a net loss.
Very very few models can actually retain value due to enthusiast.
I always take the view when purchasing a vehicle of how much money am I expected to lose per year to minimize loss.
Someone I knew got into a car accident leaving the dealership, and totalled the car. The insurance said because the address of the accident was the dealership it was not the drivers car. The dealership said, the driver left the lot, the value went down, and the driver didn't by gap insurance so the driver owed money on the totalled car. I can't remember more than it had to be litigated, but I remember learning we as customers will never own a ," new " car.
If it's ours, it a used car. It's only new to the dealership.
I love pulling up in my 2000 Honda Accord and looking like the poorest guy around. That thing will run til Jesus comes back. Not falling for the car scam feels like breaking out of the Matrix.
I worked with someone who couldn't show up to work half the time because the dealership turned their car off. At first it was odd reasons, and then it was because they couldn't keep up with the payments because they couldn't get to work. The dealership took that car back, and sold it to someone else. That's their SOP, it makes them more money.