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You can't get an older, function car - with sales tax and registration fees - for less than $2000. >50% of Americans have less than $2000 in savings: https://w

You can't get an older, function car - with sales tax and registration fees - for less than $2000. >50% of Americans have less than $2000 in savings: https://www.federalreserve.gov/publications/2025-economic-well-being-of-us-households-in-2024-savings-and-investments.htm https://www.federalreserve.gov/publications/2025-economic-we...

deleted 1y ago
[deleted]
selimthegrim 1y ago
I paid $1300 and another $320 in fees for a 20 year old car but this is New Orleans where no one maintains anything so there was further down the pike in short order.
- onlyrealcuzzo 1y ago
  If that passed the functioning test, then great for you! Statistically, the vast majority of buyers would prefer to buy a nicer car and finance it. The reality is - unless you know a lot about cars - more times than not - you're going to spend WAY more money on a 20 year old car with >150,000 miles - then you are on financing a car 4x the price - and, especially, you don't need the $1520 that those people don't have to begin with. >30% of Americans wouldn't even have the $1520 you paid. Either you get ripped off at the point of sale (the car is totalled from any sane valuation) or you'll eventually get ripped off by mechanics. Again, if this doesn't apply to you - then great - but it's not really surprising why people ignore the age-old adage to buy a car in cash when interest rates were negative in real terms for a generation.
  - selimthegrim 1y ago
    I ended up spending about $3000 more on top of the $1620 to fix it up (160k mi) fully so while that was within my means, I am now free of a car payment for the foreseeable future so it really is kind of a Sam Vimes’ boots problem. I do know a fair amount about cars as do my friends.
ethbr1 1y ago
There's ample financing for used car purchases. E.g. 4.54% at 36 months https://www.penfed.org/auto/car-buying-service https://www.penfed.org/auto/car-buying-service
- selimthegrim 1y ago
  And they need doubtless a verified pay stub for six months or a W2. How many service industry people are going to have that?

deleted 1y ago

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selimthegrim 1y ago

I paid $1300 and another $320 in fees for a 20 year old car but this is New Orleans where no one maintains anything so there was further down the pike in short order.

onlyrealcuzzo 1y ago
If that passed the functioning test, then great for you! Statistically, the vast majority of buyers would prefer to buy a nicer car and finance it. The reality is - unless you know a lot about cars - more times than not - you're going to spend WAY more money on a 20 year old car with >150,000 miles - then you are on financing a car 4x the price - and, especially, you don't need the $1520 that those people don't have to begin with. >30% of Americans wouldn't even have the $1520 you paid. Either you get ripped off at the point of sale (the car is totalled from any sane valuation) or you'll eventually get ripped off by mechanics. Again, if this doesn't apply to you - then great - but it's not really surprising why people ignore the age-old adage to buy a car in cash when interest rates were negative in real terms for a generation.
- selimthegrim 1y ago
  I ended up spending about $3000 more on top of the $1620 to fix it up (160k mi) fully so while that was within my means, I am now free of a car payment for the foreseeable future so it really is kind of a Sam Vimes’ boots problem. I do know a fair amount about cars as do my friends.

ethbr1 1y ago

There's ample financing for used car purchases. E.g. 4.54% at 36 months https://www.penfed.org/auto/car-buying-service https://www.penfed.org/auto/car-buying-service

selimthegrim 1y ago
And they need doubtless a verified pay stub for six months or a W2. How many service industry people are going to have that?