6 ms·

> The brand-new white Hyundai Elantra was $17,000; her monthly payments, $262. Wow, that's more expensive than the car I bought (and felt guilty about) as a ne

• arcanus 9y ago
  Seriously. Until last year I drove a car that was 1/3 the cost. And while not new, it was a nice car!
  • bordercases 9y ago
    My younger cousin bought a (low-class) sports car for about a third of that price and modded it out to 200 horsepower. Any time I hear a price go over 10k I cringe.
    • valesco 9y ago
      Miata Is Always The Answer, à la GNU.
  • mod 9y ago
    I'm almost middle-aged and I've never owned a new car. My current car cost me $2,000 a few years ago. I can't imagine paying $17k for a Hyundai, of all things. I'd have to be seduced by some kind of sexy rare classic. I have another running car, a hideous Subaru, that I bought for $100. That's my backup.
• wnevets 9y ago
  For a brand new car that's not the a lot, the problem is she bought a brand new car. Americans are being groomed to think in monthly payments rather than the total cost which leads to silly decisions like buying a brand new car instead of a getting a used car.
  • mod 9y ago
    Not only the new car (I will never own one), but bought it before she had the job. And then didn't get the job.
  • tabeth 9y ago
    It's a myth that a brand new car is a bad deal. Brand new cars are way superior to used (1-2 year old). However, this is only true if you own it until it no longer works. This is where most people go wrong. If you don't own it for its entire working life (~20 years) you're better of buying a 5 or 6 year used model and saving ~40%.
    • jackmott 9y ago
      I'm going to need to see a spreadsheet or something for that claim. 1 year is about 19% depreciation. but only ~5% of life of car
      • tabeth 9y ago
        I'd have to dig it up, but it's the warranty that makes the difference.
        • jackmott 9y ago
          I see. I imagine that math is going to depend a lot on brand/model and one's skill at identifying and fixing problems themselves.
          • tabeth 9y ago
            Indeed. I only mention the original post because Hyundai's warranty is better than average and their cars are cheaper than average (for new, anyway). Even though Hyundai's depreciate faster than say, Honda, the depreciation curve is a little different anecdotally, e.g. a one year depreciation for a Hyundai is a little less than a Honda in raw price since the car is already cheap, however a 5 year difference will favor Honda greatly.
• twblalock 9y ago
  Financial counseling should be required in high school. It would benefit the poorest the most. I'm not surprised about the new Elantra. People who grow up poor are not socialized to make good financial decisions. (People who grow up rich often make bad decisions too, but they don't suffer as much from them.) Unfortunately, we have a system where poor college students are able to dig themselves into massive debt. Huge student loans are given to people who have no chance of repaying them, and it's possible for someone in dire financial straits to finance a new car. It's a miracle we haven't had a mass default bring down the entire student loan system yet.
  • daxorid 9y ago
    > It's a miracle we haven't had a mass default bring down the entire student loan system yet. Low unemployment will do that. Just wait for when U3 creeps toward 7% or so, when the prospects of employing the sociology, theater, and gender studies majors for "college graduate salaries" becomes untenable for employers. Then you'll probably see it pop. Or not. Markets can remain irrational surprisingly long times.