4 ms·

It's not merely an issue of obtaining materially desirable consumer goods though; lots of folks get car loans because they can't afford to buy a car, even a ch

It's not merely an issue of obtaining materially desirable consumer goods though; lots of folks get car loans because they can't afford to buy a car, even a cheap car, without one. So it's either, don't get a car and give up a lot of opportunities or hope you live in a place with decent public transit (which is not a given in many places in the US)

rekabis 1y ago
> lots of folks get car loans because they can't afford to buy a car, even a cheap car, without one. Then they shouldn’t get a new car, full stop. Older used cars can be perfectly serviceable with some research into lemon patterns and a pre-purchase inspection by a trusted mechanic. I have found the vlogger Car Wizard to be particularly accurate in his assessments of which used vehicles are great buys and which ones you need to stay the hell away from. None of my cars are less than two decades old, and none of them cost me more than a new one would, even after the purchase price and all repairs, maintenance, and fuel are added up. If you manage to choose wisely, it is unlikely that you would ever pay more on a used vehicle, even over literal decades, than you would with a new car. Now sure, you will never be able to own a new shiny. You will never be able to peacock around in a brand-new vehicle. But trying to impress people via copious displays of wealth is a fool’s errand. Intentional attempts at external validation always are.
- orev 1y ago
  They didn’t say “new car”, just “car”. You can get a loan for a used car as well. In almost all places in the US, a car is a requirement for daily living. You cannot go to work, get food, or do anything else without one. None of this is about “a new shiny” (what an awful phrase by the way), it’s about being able to survive at all.
namdnay 1y ago
I think as a proportion of the total amount loaned, the people using car loans to bu 10-15k used Toyotas because they have to is quite low :(
alerighi 1y ago
You can always get an used car for practically any amount of money. A lot of time an used car is even more reliable than a new shiny car full of useless electronic components. To me buying new cars is just throwing away money, simply because at the moment you brought the car out from the dealer the car just is worth 3/4 of the price you payed it, and when you have to resell it in 10 years it is worth almost nothing.
- b00ty4breakfast 1y ago
  >You can always get an used car for practically any amount of money. sure, but you'll quickly make up the difference in repair costs when the bucket of bolts you paid ~1k for starts breaking down every 3-4 months. And, of course, you'll have to make arrangements to get to work to pay for those repairs while the car is in the shop. Which may have it's own associated costs if you're using uber or a taxi or whatever. Better hope little Timmy has a way to get to soccer practice as well. And hopefully there's no other appointments that have to be accommodated for. It was pretty difficult getting time off to get that bum tooth checked out...
  - rekabis 1y ago
    > you'll quickly make up the difference in repair costs when the bucket of bolts you paid ~1k for starts breaking down every 3-4 months. A lack of adequate maintenance and a failure to identify lemon patterns when choosing the vehicle is always something that can be trivially avoidable. I’ve had vehicles for over a decade where the repairs on it amounted to a hundred or so a year, at most. Right now I’m swapping out a CV shaft on a 2001 Mazda 626 that has seen ZERO major work done on it in its entire life. Do the oil changes at twice the recommended cadence, keep on top of every tiny problem, and any vehicle whose entire model line has never demonstrated systemic issues will continue to be highly reliable and low cost to operate. For example, many years of the Crown Victoria fall into this category. The 1997 and 2007 models, in particular, were absolutely bulletproof if maintained correctly. Even when purchasing a used vehicle, there are many vloggers out there that can help you avoid lemon lines - entire model years that should be avoided - in favour of vehicles that will stand the test of time. Car Wizard is one of my more favourite ones, despite disagreeing with some of his more blanket opinions (European cars, for example).

rekabis 1y ago

> lots of folks get car loans because they can't afford to buy a car, even a cheap car, without one. Then they shouldn’t get a new car, full stop. Older used cars can be perfectly serviceable with some research into lemon patterns and a pre-purchase inspection by a trusted mechanic. I have found the vlogger Car Wizard to be particularly accurate in his assessments of which used vehicles are great buys and which ones you need to stay the hell away from. None of my cars are less than two decades old, and none of them cost me more than a new one would, even after the purchase price and all repairs, maintenance, and fuel are added up. If you manage to choose wisely, it is unlikely that you would ever pay more on a used vehicle, even over literal decades, than you would with a new car. Now sure, you will never be able to own a new shiny. You will never be able to peacock around in a brand-new vehicle. But trying to impress people via copious displays of wealth is a fool’s errand. Intentional attempts at external validation always are.

orev 1y ago
They didn’t say “new car”, just “car”. You can get a loan for a used car as well. In almost all places in the US, a car is a requirement for daily living. You cannot go to work, get food, or do anything else without one. None of this is about “a new shiny” (what an awful phrase by the way), it’s about being able to survive at all.

namdnay 1y ago

I think as a proportion of the total amount loaned, the people using car loans to bu 10-15k used Toyotas because they have to is quite low :(

alerighi 1y ago

You can always get an used car for practically any amount of money. A lot of time an used car is even more reliable than a new shiny car full of useless electronic components. To me buying new cars is just throwing away money, simply because at the moment you brought the car out from the dealer the car just is worth 3/4 of the price you payed it, and when you have to resell it in 10 years it is worth almost nothing.

b00ty4breakfast 1y ago
>You can always get an used car for practically any amount of money. sure, but you'll quickly make up the difference in repair costs when the bucket of bolts you paid ~1k for starts breaking down every 3-4 months. And, of course, you'll have to make arrangements to get to work to pay for those repairs while the car is in the shop. Which may have it's own associated costs if you're using uber or a taxi or whatever. Better hope little Timmy has a way to get to soccer practice as well. And hopefully there's no other appointments that have to be accommodated for. It was pretty difficult getting time off to get that bum tooth checked out...
- rekabis 1y ago
  > you'll quickly make up the difference in repair costs when the bucket of bolts you paid ~1k for starts breaking down every 3-4 months. A lack of adequate maintenance and a failure to identify lemon patterns when choosing the vehicle is always something that can be trivially avoidable. I’ve had vehicles for over a decade where the repairs on it amounted to a hundred or so a year, at most. Right now I’m swapping out a CV shaft on a 2001 Mazda 626 that has seen ZERO major work done on it in its entire life. Do the oil changes at twice the recommended cadence, keep on top of every tiny problem, and any vehicle whose entire model line has never demonstrated systemic issues will continue to be highly reliable and low cost to operate. For example, many years of the Crown Victoria fall into this category. The 1997 and 2007 models, in particular, were absolutely bulletproof if maintained correctly. Even when purchasing a used vehicle, there are many vloggers out there that can help you avoid lemon lines - entire model years that should be avoided - in favour of vehicles that will stand the test of time. Car Wizard is one of my more favourite ones, despite disagreeing with some of his more blanket opinions (European cars, for example).