An Auto Loan Debt Crisis Looks Imminent
Car loan debt has ballooned, delinquencies are still rising, and major lenders are leaving the market. Is an auto loan debt crisis coming soon?
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People should stop buying 40k vehicles and get the shitty econbox then 🤷♂️
Yes, it sucks you can't get a free loan and stretch your $700 to 6 years.
Shitty econboxes don't exist anymore
*in the US, because we've all got tiny-penis trucks
Shitboxes are the bread and butter of car companies in modern countries
Shit, entry-level cars still run you $20k or better in the US, and that's without any options. I just had to price a new car last year and literally nothing new was on the market in my area for less than $25k. Your old Toyota Tercel that you bought for $6k in the 80s doesn't exist anymore. That brand-new Camry that'll run for 30 years and only costs $12k is now double that, at least.
$6000 in 1980 is equivalent to over $23k in 2023.
https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=6%2C000.00&year1=198001&year2=202309
I got a 2023 Hyundai Elantra Limited with all the options for $27,000 earlier this year and that was brand new. The standard/base Elantra was several thousand less. There was another model below the Elantra for even less. I also didn't haggle and took the price as marked, so who knows. Perhaps someone more charismatic than myself could have done better on it.
I still over paid, don't get me wrong. The same car with all the features before Covid would have probably been around $22-23k.
the last gen Aygo was 10K€ new.
the current gen Aygo "X" crossover SUV replacement is 16K€.
i would have bought one.
sad to see toyota of all companies to stop making small cars.
This is just an anecdote, not a defense or counter argument by any means. Somebody around me has figured out how to import what I think is a Suburu Sambar. It's a micro suv/truck, and I've seen more than three around my area suddenly. I've also seen a couple of right hand drive skylines all of a sudden, so I don't know if something has changed, but maybe importing is an option
You can import cars 25 years after they've been released.