Lee Duna@lemmy.nz to News@lemmy.worldEnglish · 1 year agoAn Auto Loan Debt Crisis Looks Imminentwww.automoblog.netexternal-linkmessage-square105fedilinkarrow-up1269arrow-down15
arrow-up1264arrow-down1external-linkAn Auto Loan Debt Crisis Looks Imminentwww.automoblog.netLee Duna@lemmy.nz to News@lemmy.worldEnglish · 1 year agomessage-square105fedilink
minus-squareryathal@sh.itjust.workslinkfedilinkarrow-up0·1 year agoCar payments are a poverty trap. Save and pay cash for cars, it’s harder now that used prices are absurd, but it doesn’t change the math.
minus-squareAux@lemmy.worldlinkfedilinkarrow-up0arrow-down1·1 year agoNo, remortgage your property at super low interest rate below inflation and then buy with the cash you got. This way you’re saving crap loads of money.
minus-squareryathal@sh.itjust.workslinkfedilinkarrow-up0·1 year agoThat’s even worse. Now you have your house on the line for a depreciating asset. It’s the depreciation that makes financing cars such a bad deal.
minus-squareAux@lemmy.worldlinkfedilinkarrow-up0arrow-down1·1 year agoOnly if you want to sell your house in a few years. If not, it’s a money printing machine.
Car payments are a poverty trap. Save and pay cash for cars, it’s harder now that used prices are absurd, but it doesn’t change the math.
No, remortgage your property at super low interest rate below inflation and then buy with the cash you got. This way you’re saving crap loads of money.
That’s even worse. Now you have your house on the line for a depreciating asset. It’s the depreciation that makes financing cars such a bad deal.
Only if you want to sell your house in a few years. If not, it’s a money printing machine.