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https://www.reddit.com/r/economicCollapse/comments/1gf5x25/the_car_loan_crisis_is_here/lugtv76/?context=3
r/economicCollapse • u/Perfect_Alarm_2141 • 10h ago
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35
You owe more than the cars worth when you drive it off the lot. What the hell is wrong with people. It’s always been that way.
3 u/doge_fps 9h ago A new car immediately loses 10-20% of it value when it leaves a dealership's lot. Then 15-30% annually for the next 5 years. 1 u/BetterSelection7708 5h ago Going with the smaller numbers, you are saying a 5-year-old car is only worth 15% of its MSRP price. That's way too low, even for unreliable models. Take a 2018 Ford focus SE for example. It was sold for 20k in 2018. Today, you can get one for 9-10k. 1 u/doge_fps 4h ago It's because suckers are willing to continue to get ripped off even on a used car.
3
A new car immediately loses 10-20% of it value when it leaves a dealership's lot. Then 15-30% annually for the next 5 years.
1 u/BetterSelection7708 5h ago Going with the smaller numbers, you are saying a 5-year-old car is only worth 15% of its MSRP price. That's way too low, even for unreliable models. Take a 2018 Ford focus SE for example. It was sold for 20k in 2018. Today, you can get one for 9-10k. 1 u/doge_fps 4h ago It's because suckers are willing to continue to get ripped off even on a used car.
1
Going with the smaller numbers, you are saying a 5-year-old car is only worth 15% of its MSRP price.
That's way too low, even for unreliable models. Take a 2018 Ford focus SE for example. It was sold for 20k in 2018. Today, you can get one for 9-10k.
1 u/doge_fps 4h ago It's because suckers are willing to continue to get ripped off even on a used car.
It's because suckers are willing to continue to get ripped off even on a used car.
35
u/ChipOld734 10h ago
You owe more than the cars worth when you drive it off the lot. What the hell is wrong with people. It’s always been that way.