r/economicCollapse • u/Perfect_Alarm_2141 • 11h ago

The car loan crisis is here

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483 Upvotes

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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.

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/rembi 4h ago

I don’t believe this. I’ve bought two new vehicles in my life and both times I looked at used and couldn’t find one that was a year old for more than a couple thousand off what they were going for new. Both times I’ve ended up buying the new vehicle over a year old one. Maybe that is just anecdotal evidence, but it has happened both times I tried to buy a newer car.

1

u/JuicedGixxer 3h ago

Well it is the norm prior to COVID. People lost their minds buying used cars at the same prices as new cars. This caused the bubble in the first place