6.3M Duhmericans late on their vehicle payments
https://www.washingtonpost.com/news/...=.60590b7e3a84
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Never had a vehicle that I had to barrow money to buy.
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Seems like the same problem we see here in Brazil, when certain folks get a car much more expensive that they could comfortably afford the monthly payments just to show-off. Well, I've already met some people who are actually rich but daily-drive simpler beaters that are fully paid-off and less expensive overall to keep running.
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Nowadays all 3 vehicles weren't even half that average car loan. Heck, not even if you add in the horse :-) |
I might be nearing $30k on all the vehicles I've ever owned in the past 20 years...could have done it cheaper, if I didn't get bored of 'em after 6 months.
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That's crazy. I have borrowed money for one car, my Miata. And I only borrowed the money for 24 hours from my little brother because my insurance payoff check was pending in my bank account. I hate owing money to anyone. And I hate paying interest even more.
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We only owe on one car right now, it's our third car loan with only a few years left on it. From now on I think I will be buying cheaper cars, maybe find ones that have more miles and nobody wants.
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I do the opposite. I tend to go with older cars, but find them with low miles.
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Payments aren't great, but they aren't bad if you don't get tempted by the flash and dash.
Good credit helps too. They lowered my payments by $20 a few weeks after buying my wife's van. The explanation was vague but apparently it was related to a revision of my risk assessment. Also I don't feel that very many people actually realize anymore what maintenance and repairs run. Just because you can afford the car, doesn't mean you can afford the car. A $15k BMW is a very different animal from a $15k Accord. |
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