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I think “Idiot with a car loan”. As Dave Ramsey says, the auto loan is the scourge of the middle class.
by madengr 7y ago
I think “Idiot with a car loan”. As Dave Ramsey says, the auto loan is the scourge of the middle class.
- whenchamenia 7y agoMany people buy exotics as investments and loans end up smaller than the 'equity' in their 1960s ferrari, or even modern special edition lambo. Just because your kia is a quickly depreciating asset does not generalize to all cars.
- madengr 7y agoOh, I agree. I work with a guy who has his eye on a used Ferrari, and if he takes good care of it, it will hold or increase in value. He buys them at the bottom of the bathtub curve. However, 99.9% of luxury cars are not exotics. You will rarely see them on the road as they depreciate too much if you drive them daily.