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Although, I can't stand that smarmy guy Chevy is using, along with the rube "real people" in their ads.
Now that I look at my owner magazine, it's "Find New Roads". I interpret that as sort-of "try something different" (instead of the mainstream).
https://www.youtube.com/watch?v=mRqLV_SGBG0
This dealer had their 50th anniversary a few years back. Execs from Japan visited and gave them a Samurai sword as an anniversary gift.
The Caribbean my friend sold survives in Denmark.
"You aren't going to let this deal go over $500, are you?"
Yes, I am, and I'll ask you the same thing...
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But, Italy switched to the Euro along with the rest of the continent.
I'll guess around $25-50K per vehicle.
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2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4
E.G.
colored safety belts --$800
leather armrest for transmission tunnel -- $550
colored brake calipers -- $1500
parking cameras -- $3500
Average add-ons, per car = $70,000
Profit per car -- $80,000
Porsche? About $20K per car
BMW & Mercedes? About $10K per car.
Maserati -- About $6K per car
Bentley --- currently, a loss of about $20,000 per car
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
https://jalopnik.com/gm-knows-this-is-cadillac-s-last-chance-1831926384
https://theweek.com/speedreads/823475/record-7-million-americans-are-90-days-behind-car-payments
A little more information here, but still not a lot.
https://www.bankrate.com/loans/auto-loans/auto-loan-delinquencies-rise/?bsft_eid=e9e04152-ba9f-9e95-88b8-21b7712c0a86&bsft_pid=3c35f3ba-c7f3-48e5-83ea-54e1ceb7fb05&utm_campaign=newsletter_weekly&utm_source=email&utm_medium=email&bsft_clkid=5685b446-8438-47f4-b2bf-4dd2a811a75a&bsft_uid=40c8fbd7-f9f2-4cf0-9588-da1805464a0f&bsft_mid=8cc77168-d66e-44a7-ab86-4a9fbfc3c09d&bsft_pp=4&pid=email&brid=9011602
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The bank says more than 50 percent of auto loans go to subprime borrowers with credit scores less than 620. Mark Hamrick, senior economic analyst at Bankrate, notes that these buyers end up paying more to finance their rides.
“Many borrowers who aren’t well qualified, meaning they have low credit scores, have been paying higher interest rates on their auto loans, making it additionally challenging for them to not only pay off the loan but capture equity in the vehicle,” says Hamrick. “There’s something about the allure of automobiles that prompts too many buyers (and borrowers) to fail to sufficiently shop around for the best loan as well as a better deal on a vehicle.”
4 years ago, the wife and I bought a 2015 Subaru Outback 3.6R. We rolled in something like $3500 of negative equity, and we added an extended warranty as well as GAP insurance.
Because we live in Colorado, the depreciation was not like a rock, but more a feather. I received a buy bid a week or two ago that showed we have close to $6000 in positive equity, were we to sell.
What has good (read: low) depreciation? I'd say most Toyotas and Hondas, pickup trucks of all brands, Subaru in the Mountain West, Pacific NW and New England. There may be others (Lexus and Acura?), but finding the right vehicle with the right loan should help minimize the possibility of being upside down.
As far as budget goes, folks want to have the newest, flashiest, most loaded version. A $22,000 Accord will be just as reliable as a $32,000 Accord, and is likely to depreciate slower.
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2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4
Stagnant wages and lack of economic mobility, rising new car prices, lack of financial education all can align for a storm. But a small storm compared to the mortgage fiasco.
The wage thing I completely agree with. Lack of financial education depends on the individual. My son, who barely was able to graduate HS, has managed to keep himself out of serious debt as he approaches his 30th birthday. Just bought his first car with payments attached to them last year, but is only spending $350/mo.
I've seen signs that the lessons learned a decade ago may not have completely sunk in; exotic mortgage products are making a comeback.
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2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4
I think financial education in reality comes from parents. Schools don't teach it. My parents weren't spendthrifts when I was a kid, and I saw the drama when bills were due. Because of this, I live below my means in some ways so I can enjoy other things. Some may cringe at even what I spend on a sweetheart lease, but the way I see it, these are the good old days. However, some may not be aware enough to learn financial lessons from family. Schools should be doing a lot more to teach basic financial literacy, but with the test-based system now, teachers haven't the time, and not to be a conspiracy theorist, but I think the banking and finance industries approve.
I haven't seen any data that we are close to 2006, yet anyway. There are some zero down programs out there, but not the general malfeasance, nor the bubbles in some areas where local jobs don't support it (Atlanta, Vegas, inland CA, etc). Anbd if it does happen again, maybe this time the FIRE sector will have to actually pay a price. Yeah right.
Also, cashing out equity by refinancing is difficult. And, HELOC interest is no longer deductible.
We are nowhere near a financial crisis. Even so, not a big fan of rolling back regulations on the banks.
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doing the taxes this weekend. Can't wait to see what other surprises I uncover.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
'17 Chevy Volt Premiere
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
'17 Chevy Volt Premiere
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
On balance, less overall tax paid with the new tax cuts. Not itemizing is okay, but I still have the same record keeping, because the standard deduction for our state is around $3000. So, I itemize there.
I won't get into the macro-economic impact, due to our forum rules.
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Anyone want to buy a slightly used TLX? A kidney? Sadly the kids are no longer minors so I can't sell them...
I could have sworn I went in and had extra taken out last year to make sure. Guess not.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
We'll be using a CPA this year, due to the new LLC and the expenses associated with it we incurred in 2018.
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2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4