I’m refinancing this terrible loan and the bank person grimaced when they saw this.

  • dan@upvote.au
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    2 days ago

    But for there to be used cars, there needs to be new cars… How do the people that buy new cars pay for them?

    • helpImTrappedOnline@lemmy.world
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      1 day ago

      You take that 10k you were going to drop on a crap used car, use that as down payment on a new car. Get a longer loan with lower interest and keep monthly payment lower. The larger the down payment, the lower the monthly will be, and now you have 10 years to set aside money for the next new car or “out of warranty” repairs.

      There are still new cars that have a sticker less than 30k, after warranties and any desired upgrades, probably closer to 35k-40k for anything not a truck, EV, or sport car.

      There’s also people who lease, they pay lots of money to rent a car for around 3 year, after that they trade in for a new car and the old car gets sold as used.

    • belastend@slrpnk.net
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      1 day ago

      Either company cars, leased cars or someone has the spare 30k for a car.

      And of course people take out loans for cars too, but thats less common. And not really necessary in the cities.

    • Cocopanda@futurology.today
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      1 day ago

      I spent 55k and bought my midlife crisis sports car. Most expensive thing I have ever spent money on and I just finished paying it off after 6 years 718$ payments. Now to buy a home. One day.

        • Cocopanda@futurology.today
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          23 hours ago

          Optioned out Mustang GT. 5.0 with the performance package and all the other additional features. It’s amazing how fast and nimble the car can be. The only thing I didn’t get on it was the magnetic suspension. I couldn’t find one with that added on when I purchased.