quote:

Originally posted by ridewv:
I think interest in mid-size and lighter duty 1/2 ton trucks has been growing at the expense of heavy duty versions. One reason for the decline is initial cost the other is the overall size and ongoing operating costs. A lot of people are starting to realize that a truck oversized for their needs isn't better, in most ways it's worse.

And because 7-10% interest and $80K prices mean $1500+ a month payments. Average car payment in the USA is close to $1000 a month now.

Neighbor has a Big Excursion not a top of the line and the lease pmt is $900 a month, his wife wants to dump it for a Toyota Sienna Van at $1300 a month lease...

quote:

Originally posted by HRK:

quote:

Originally posted by ridewv:
I think interest in mid-size and lighter duty 1/2 ton trucks has been growing at the expense of heavy duty versions. One reason for the decline is initial cost the other is the overall size and ongoing operating costs. A lot of people are starting to realize that a truck oversized for their needs isn't better, in most ways it's worse.

And because 7-10% interest and $80K prices mean $1500+ a month payments. Average car payment in the USA is close to $1000 a month now.

Neighbor has a Big Excursion not a top of the line and the lease pmt is $900 a month, his wife wants to dump it for a Toyota Sienna Van at $1300 a month lease...

Ouch, I don't think I pay that on both our trucks combined.

quote:

Originally posted by HRK:

And because 7-10% interest and $80K prices mean $1500+ a month payments. Average car payment in the USA is close to $1000 a month now.

Neighbor has a Big Excursion not a top of the line and the lease pmt is $900 a month, his wife wants to dump it for a Toyota Sienna Van at $1300 a month lease...

I don't have sympathy for people paying high interest to buy (or lease) vehicles, if they choose to drive on credit that's on them.

quote:

Originally posted by ridewv:
I don't have sympathy for people paying high interest to buy (or lease) vehicles, if they choose to drive on credit that's on them.

There really isn't an option today, unless you want to pay cash for a clunker, and not may folks have $60K to pay cash for a depreciating asset.

Anyone buying a car today is stuck in this battle. The market forces drive interest, if you need a new car for whatever reason you're paying those rates, be it a credit union or dealer finance.

There are teaser rates out there on specific vehicles for short term loans, so even if you get that 2% GMAC loan on your $60K average price vehicle it's for 36 months and $1500 a month.

There is an option. Just save and buy what you can afford. For instance the neighbor in your example paying $1,300 every month to rent a car? In 4 months time they could have saved enough enough to buy a $5,000 car outright. In 18 months a brand new car.
I see many low income people driving old, inexpensive vehicles, in fact that was me for many years and I never paid a dime of interest.

Ford and Chevy have had 1.9% 72mo loans for 1/2 ton trucks for several months. Dodge has had 0%.

quote:

Originally posted by ridewv:
In 4 months time they could have saved enough enough to buy a $5,000 car outright.

How reliable are $5,000 cars these days?

If not, that's extra money every month spent fixing it and that doesn't answer the question of what to do for transportation while the car is down.

I remember it wasn't long ago that $5,000 would get you a pretty good used car that you could drive for a few years without major issues. These days I don't have that faith.

quote:

Originally posted by sigspecops:
Ford and Chevy have had 1.9% 72mo loans for 1/2 ton trucks for several months. Dodge has had 0%.

$70 K Pickup, 6 years at 1.9 is $1029 a month, at 0% is $972

$50 K Pickup same term and rate $735 a month, at at 0% is $694

Yeah, it's crazy expensive, but it's the only way to finance a new truck with little to no interest.

Maybe an older, $5,000 car won't be as reliable as a new one but that's always been the case with used cars. At 16-18, or whenever you buy your first car, you bank the money you're saving to buy a better car next time, and eventually maybe even a new one. The point being people make choices to go into debt or not. Claiming they "have no choice other than borrowing money and buying a new vehicle" simply is disingenuous IMO. People all over the Country (some very wealthy) drive around in old cars while others (including some who really can't afford it) drive new ones.

Yes, prices are crazy. I am half thinking about a new full size (3/4-1 ton) truck.

Near impossible to justify.

Some of you might find this interesting. Full disclosure, I am not a fan of Japanese cars and trucks, even recognizing many or most are made in the United States.

I refuse to pay a “market adjustment fee” and have walked away from dealerships that try to add one on. Same for the stupid “protection package” bullshit. I’ve never needed a new vehicle bad enough to play that game.

Never been a fan of the Tacoma once they went away from their original roots.

Tacoma's have been great sellers for years but $50K for a fairly base one might change that. And I think all Tacoma's are (or soon will be) made in "low cost" Mexico.
Some say Ridgeline's are expensive but heck my well equipped 2023 RTL was "only" $42k. It's made in the US, and importantly to me, by NON-union workers because I won't buy a new union made vehicle.