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.
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.
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.
Buying used cars is even more eco friendly. Much of the car pollution in the lifetime comes from creating it. Ideally you should use it until it dies on the streets to be eco friendly
That’s simply not true, but I am guessing you will continue to regurgitate it as if it is fact.
I think that you shouldn’t finance a car in the first place. If yoy can’t afford new buy maybe a couple years old but a car is think not worth financing. Especially because it loses value so quickly
I agree that you shouldn’t finance a car, but unless you’ve got ten grand saved up you can’t afford one, and most people in the US need them to get around due to our shitty public transit.
Public transport is shitty in Belgium too but 10K for a simple car? People who can’t afford a new car should imo buy a used shitbox and not fonance something(unless it’s some rare car/oldtimer as investment).