Cars - For Car Enthusiasts

3955 readers

40 users here now

About Community

c/Cars is the largest automotive enthusiast community on Lemmy and the fediverse. We're your central hub for vehicle-related discussion, industry news, reviews, projects, DIY guides, advice, stories, and more.

Rules

Stay respectful to the community, hold civil discussions, even when others hold opinions that may differ from yours.

This is not an NSFW community, and any such content will not be tolerated.

Policy, not politics! Policy discussions revolve around the concept; political discussions revolve around the individual, party, association, etc. We only allow POLICY discussions and political discussions should go to c/politics.

Must be related to cars, anything that does not have connection to cars will be considered spam/irrelevant and is subject to removal.

founded 1 year ago

MODERATORS

BallShapedMan

RightHandOfIkaros

Millennials And Gen Z Can’t Afford Their Auto Loans, And It’s Only Getting Worse (jalopnik.com)

submitted 1 year ago by danhasnolife to c/cars

34 comments fedilink hide all child comments

On average, AutoNews reports that 3.58 percent of 18 to 29-year-olds and 2.62 percent of 30- to 39-year-olds have been late on their auto loans by at least 90 days. For some context, just 2.13 percent of all borrowers are late. Keep in mind, these numbers are overall. In the first quarter of 2023, 4.55 percent of 18- to 29-year-olds were at least 90 days late. 3.66 percent of 30- to 39-year-olds were equally late. We haven’t seen numbers like these since The Great Recession.

you are viewing a single comment's thread
view the rest of the comments

[+] Hazdaz -8 points 1 year ago (15 children)

Boo-fucken-hoo

The transaction price for new car purchases keeps on going up. All these young people think they deserve some $50k luxury SUV on their near minimum wage barista salary. No one wants to live within their budget.

Just over $48k is the average price of a new car right now. To realistically be able to afford that much car, you should be making well over $130k. Are you making that much money? So why the fuck do you think you can afford a nearly $50k car??

There are plenty of cars that sell for way less than $48k, but everyone these days thinks they deserve luxury thanks to brainwashing by influencers and FOMO.

[–] eneka 9 points 1 year ago (1 children)

I think a big part of it is also financial literacy. No eduction on how to manage your finances whatsoever and people make dumb mistakes when paired up with predatory dealers/financing.

[–] Hazdaz 5 points 1 year ago

I'm kind of sick of the excuses, quite honestly. Yeah, there is a lot of financial illiteracy out there, but there is also more importation out there to teach people than ever before. A simple google search of "how much car I can afford" or "car loan calculator" will pull a ton of sites which give you good, honest results for what you can REALLY afford. But people rather watch influencers with their rented out Bentleys than search for financial advise.

You can lead a horse to water but something something 30% APR something something.

load more comments (13 replies)