+1
Additionally, I can’t quite figure out why anyone would assume that “strong credit buyers” are going to buy used cars. I buy only new cars–as do all of my friends and relatives–but I don’t assume that everyone does this.
There was an old saying, something along the lines of…
When you assume, you make an ass out of you and me.
They do buy used cars (I am one of those) but you can’t assume that they will. I don’t think you can broadly group those 2 together.
They are looking for your soft spot @bing. And occasionally they likely find it but apparently you are at the lonely edge of the SUCKER bell curve.
Ah come on. I want a car with a long warranty, that the wife likes, is black, don’t have to worry about on a long trip, etc. What? I’m 'spose to buy a ten year old Toyota or something just so I don’t feed those nasty corporate car makers and bankers?
Did I miss speak myself @bing. The lonely end of the SUCKER curve is where people with a growing net worth languish. A good buy is relative to financial position. You could likely afford to write a check for a Cayenne Hybrid but would you?
I also did not quite understand the phrase either .
I got it. Since a lot of people overextend themselves on credit, the sucker curve is crowded. Bing’s on the lonely end, where you pay cash or buy sensibly and pay the loan off quickly.
Not sure why I understood that wording. It must be that we are on the same MIssissippi wavelength, Rod. Or maybe the long term exposure to heat and humidity has affected our brains in a similar fashion.
Thanks @Scrapyard_John. I’ll make a note to keep in mind using the ‘heat and humidity’ and proximity to the VHF-9 tower as excuses for my “miss statements” that seem to be coming more often as I tear the pages from my calendar.
Heh heh, I guess I misunderstood or whatever-makes no matter. I blame it on those dang cell towers that seem to have ruined my radio reception and brain synapses. I’ve never been afraid of debt but have come to loathe credit card companies as vipers. At any rate, I got a notice from the credit union of 3.3% used car loans with another 1/2% discount using points. And with market returns anywhere from 7.5 to 15% lately, it really makes no sense paying cash, unless it makes you feel good. But we’ve had that discussion before. But yeah, people need to stay on an even keel and not worry about what others think.
Cell towers… Another great one @bing. I was somehow excused from speaking at the funeral of an old friend due to the long windedness of another friend. I felt lucky in not having the opportunity to lose track of dates and grand events from the good ole days. But on my patio talking with what’s left of the old crew from high school I could drink a few beers and run my mouth freely after seeing everyone else on their third beer. Funny I didn’t know there were Ubers in the area until that afternoon. They became the designated drivers of last resort. And they all drove mini vans.
There are two main problems with stories about rising car prices and horrible consequences. First, when adjusted for inflation, car prices are not rising. Second, the past month was one of the top months of sales in the history of the automobile in America. Car prices are not up. Car sales are not down. And by Car I mean vehicles in general. Here’s a story that offers a view based on facts. It is much less fun than the clickbait ones announcing the sky is falling (and here’s who is to blame!).
I was paying attention to car prices long before there was such a thing as ‘clickbait.’ You might consider these comparisons
https://www.farmersalmanac.com/a-look-back-at-what-things-used-to-cost-18228
Overall it seems prices rose 1,000% since 1965 while the minimum wage only rose 350%.
Forget the minimum wage, how about average per-capita wage?
Sure… Just forget minimum wage. And all the people who live in poverty. Things are much rosier then.
On average since 1978 wages haven’t kept up with cost of living. Engineering fields and a few others have, but mainly unskilled labor hasn’t. CEO wages have increased more then 90 times (9,000%) more then the average worker since 1978.
Okay. never mind the country, but what does that say about the percentage of poor versus rich?
If 8 persons are making - say - 15k a year and 2 are making 10+ millions, What would You consider the average to be? That, on average, people are doing good?
All quintiles but the bottom 20% have improved their wages, when adjusted for inflation, since the mid 60s. At least the bottom 20% have stayed even. Poverty rates are down since the 60’s. And that poverty line has a higher standard of living than it did in the 1960’s
Much like cars that cost $3000 in 1967, lasts 100K miles, had no AC, automatic or power anything (and is $24,4000 in 2019 dollars) while its replacement has all of those features and last 200K miles and pollutes FAR less.
+1
While some people long for “the good old days”, I prefer modern cars that last far longer, are–in almost all cases–more powerful and FAR more fuel-efficient, and are MUCH, MUCH safer. And, when adjusted for inflation and also taking far more standard equipment into consideration, modern cars aren’t really more expensive.
Interesting, but what percentage of the US population is within the lower three lines? They have - to me - not gained anything (from 49k to 61k during 40 years aint much) and the two bottom lines are even worse. Even line 4 from the bottom aint impressive.
If the majority is within the three lower lines, there is a problem.
That graph doesn’t say anything about percentages between the the lines.
Does quintiles mean 1 fifth, witch equals 20%.That doesn’t match 6 six lines.
The graph also shows that the difference between the well off and the “scraping the bottom of the barrel” is growing - fast.
I wonder when the gains the guy in the top five is recieving is gonna make the guy in the green line capable of buying a decent car!
Ok, let’s use median per-capita wage.
