I'm in the process of purchasing a house. The current resident used a loanshark to buy the house for her as she could not qualify for traditional financing. After a few years she still could not get traditional financing and the loanshark wants to sell the property. The current tenant is a little upset at me as she views me as stealing the house from under her.

Part of why she can't afford the house and I can is that she drives a Cadillac escalade and I drive a tiny 5 speed hatchback car.

Would be nice if house payments (general cost of a home) was around that. At this point the only obtainable thing is a vehicle if someone chooses to have one.

Have to assume that its for 2+ cars because 28% of Texas definitely ain't driving around in luxury vehicles... although I guess these big ass trucks really are up there in price these days... But still...

And most of these assholes are leasing and pay penalties for over milage.

That's nearly half my mortgage in one of the highest COL counties in the country...

poor states with lower average income will spend a higher percentage of income

But the graphic uses an absolute USD value of 1000, so percentage of income isn't represented. It seems more like the big ass trucks are an issue in more swaths of the great plains than just in Texas.

Lot of poor folks driving around expensive ass Chargers, 300s, Escalades, Mustangs, etc well beyond what they can afford in the South. Then parking them in front of a trailer park or shittiest house you can imagine, with kids playing in the dirt around it.

you have to drive at least 30 min to go anywhere

If you're going to spend that much time on the road, best be comfortable, eh?

I have visited family out there and this is depressingly true.

I know you’re right but gonna ramble a bit…

People still make stupid mistakes buying used because the issue is people wanting / buying far more vehicle than they can reasonably afford. Like you make 30K…maybe a 9 year loan on a 70K vehicle is a bad move.

I’ve had this conversation a handful of times with people that ‘like driving fast cars’ but aren’t really car people. They want to buy that used 50K M series BMW or AMG Mercedes 5-10 years later cause it ‘use to be a 120K+ car’. They then find out that the maintenance/parts costs are still that of a 120K+ car. Not to mention the reason it’s being sold now is it needs a 15K turbo replacement or the like.

Last year I bought a motorcycle and asked the dealer what’s the longest loan term they’ve ever got approved…15 years. For a powersport dealer! I didn’t even know that was within the realm of possibility. They don’t sell anything but toys.

Seems so nonsensical to me. Even if you're someone who drives every day there are perfectly serviceable used cars out there for $5000 whos remaining useful lifetimes outlast the repayment period of a new lease or loan.

My rent was less than that in 2018!

My mortgage is less than that today.

(Although TBF, that's because I bought during the Great Recession -- I wouldn't be able to afford to re-buy the same house today.)

There are people in my hometown that have car payments higher than their mortgage payments.

It is likely representative of the statistics that form the graph, so how about instead of randomly inventing an entirely new representation we stick to color coded percentage buckets.

small dick trucks

FTFY

;)

fr just work less, spend less money, more free time to enjoy life