this post was submitted on 07 May 2024
614 points (98.4% liked)
Technology
59192 readers
2807 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
It made sense to me when I could take advantage of a tax credit for EVs in 2017. Now that car companies/dealerships simply jack up prices to eat that discount, it doesn't make sense even in that case.
Buying a new car never really made sense to me even when you could afford it. 2 - 3 year old model is effectively brand new but a lot cheaper. Why pay more if you can pay less?
I've always heard this, but where is this actually true? When I bought a Camry like a decade ago, I could get a brand new one for $19.5k or used ones with 50k miles on them for....$18k. so yeah I paid the extra 1.5k to not have to deal with potential random shit.
When my wife bought her car a few years ago it was a similar situation. The only used cars that were "a lot cheaper" had like 100k miles.
Mostly social signalling
Fuck social signaling.
Yes
Yeah rates alone have made financing a new car pretty stupid. Save as much cash as possible and spend within your means
Total new vehicle sales has remained roughly static for a little less than two decades. So yes, people can afford new cars.
For most, they can afford to finance them, but the rates aren’t looking too good lately
https://www.statista.com/statistics/290673/auto-loan-rates-usa/
Well yeah, they follow the prime rate.
People are buying new cars. I'm guessing it's mostly leasing.
Also mind that soon these new cars will be used cars with the same bullshit.
People who have a college education and well paying jobs.
With my last raise I'm over 130k a year and I still don't buy new cars. My 2010 Audi is still running just fine.
That's probably a sound decision
That's great, but the question from that OP was "are you able to" and your answer should be yes. I make less than that and I definitely am able to. But I'm waiting on the market to correct first
Though it also depends on how you define "able to". Like I could fit a car payment in my budget but it would eat up most of my disposable income and I'm not willing to give that up, even if new cars weren't so enshitified. I bet there's a lot in this "technically capable but it would be a stupid financial move" group.
I have a college education and a well paying job the monthly payment on a new car has doubled since I bought my last one in 2020. No way am I buying a new car at these prices/rates.
Fair enough
✅ well paying job
✅ Dropped out of college and went full time
back in my day Spock had small hair