More Than 80 Percent Of Americans Can’t Afford New Cars
Experts say you should earn $100K before buying a new car so you don’t spend more than ten percent of your monthly income on payments
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Then why don't you just buy used? Anyway the argument used is problematic and misleading. I could easily poke holes in there argument
Good thing the supply of used cars can never be low leading to crazy high used car prices as well.
If they are to high just sell what you have. I can't imagine an average used car costing anywhere near 40,000 USD
Sorry, this sounds weird to me. If I need a car, but cars are too expensive I should sell mine to buy another? So if I have a beater on its last legs, I should not have a problem buying a working beater because my broken one will be worth more?
Try this same argument with houses, unless you don't plan on living in one the math does not work.
First time car buyers don't have any car to sell.
True but that's not the majority. Anyway you can always buy something cheaper. I would go for something that's hail damaged or messed up cosmeticly as the price for those will be much lower
... And then spend twice or thrice the buying price fixing random things that break in a car that spends most of its time parked at the mechanic.
Or don't? I would go for a car with a solid engine.
Solid engine costs extra. That's the entire point.
how much do you think one of those costs in 2023? I'll give you a hint, it's not $500 OBO anymore
If they sell their current car first, what do they use in the interim? Most places in the US do not have any public transportation to speak of, and those that do are not reliable or frequent enough to get anywhere on time.
Prices are still up and quality down in the used market. They’re not near the absurd level they were two years ago, but you’re getting a car with a lot more miles and abuse for way more money than you would have paid pre-covid. Problem is that a lot of these car resellers like Carvana are offering more than dealerships for used car trade ins, then re-sell them for higher prices and have way less hassle than trying to sell your car via private sale. So that convenience drives up all the prices for used cars and reduces dealer and private sale used inventory.
So “just buy used” isn’t the fix you think it is. Sure, it will be less, but you’re getting less car and a car closer to problem mileage markers.
It fixes it for me. I just go to the local car shop and see what they have. I work on my own car to maintain it and it has lasted me a long time.
where do used cars come from? storks? no, from new cars. if 80% of Americans can't afford a new car what do you think that's gonna do to the used car market?
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