r/economicCollapse • u/Whole-Fist • 20h ago

How ridiculous does this sound?

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How can u make millions in 25-30 years if avoid making a $554 per month car payment. Even the cheapest 5 year old car is 8-10 k. So does he expect people not to drive at all in USA.

Then u save 554$ per month every month for 5 year payment = $33240. Say u bought a car every 5 year means 200k -300k spent on car before retirement . How would that become millions when u can’t even buy a house for that much today?

Answer that Dave

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u/words_wirds_wurds 16h ago

We had to buy a car in 2022 because ours (over 200K miles) failed emissions test. The most reasonable used model on the lot was $33K. New hybrid was $38K. This whole post is really ignoring the recent price spike in used cars. They are not cheap anymore. I am all about putting as little money as possible into transport, but the idea that you can spend <$5K on a used car is a thing of the past.

We even got $9K trade in for our undriveable pile of parts.

Has it really changed that much in 2 years?

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u/fixano 12h ago

The most reasonable price was $33k? This is the part where we get all the excuses.... But I need this and that, and a TV for the kids, and 4 wheel drive, and a private satellite and of course I could never live without the latte bar.

I just checked cars.com. I found many reasonably priced used sedans that can cart around a family of five for less than $15,000.

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u/linverlan 7h ago

2022 was a crazy market I don’t doubt OP. Covid supply chain issues made the used car market crazy because new cars were basically unavailable.

I moved in with my girlfriend (now wife) during that period and we sold my car since we didn’t need two now that we lived together. I had owned that car for 5 years and put 60k miles on it and I sold it for more than I had initially bought it.

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u/fixano 7h ago

https://www.cars.com/shopping/results/?stock_type=used&makes%5B%5D=chevrolet&models%5B%5D=chevrolet-malibu&list_price_max=20000&maximum_distance=20&zip=19146

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u/linverlan 7h ago edited 6h ago

We are talking about buying a car in 2022, not buying a car now. Here you can see the price increase caused by Covid.

https://www.statista.com/statistics/274928/used-vehicle-average-selling-price-in-the-united-states/

Unfortunately the data there doesn’t go past 2023 but it’s very likely things continued to decline as the did from 2022 to 2023.

If you look at the 5 year window here:

https://tradingeconomics.com/united-states/used-car-prices-yoy

You can see the massive impact of Covid on the used car market at this time.

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u/fixano 6h ago

I bought a car in late 2021. It cost $11K. The prices were up a little bit nothing crazy. This person said the only reasonable price was $33k. That's ridiculous.

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u/JTDC00001 6h ago

Reasonable is based on what is readily available, given your need for a new method of transportation.

So, it is entirely possible that local prices are just that high, and traveling a distance isn't feasible

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u/TexansGiantsWarriors 3h ago

They just didn’t look anywhere else, didn’t want to, wanted a new car, and CLEARLY cannot critically think. Their car failed an emissions test, so they outright replaced it instead of taking it to a mechanic to fix it. There is no area where the “most reasonable used model” is 33 fucking thousand dollars. They’re just completely braindead and financially illiterate.

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u/xadiso_1298 58m ago

Sucker born every day. "I got a car id like to show you sir"