$800 car payment! Ouch!

Someone at work was talking to a friend of mine that they had a $800 car payment on their Escalade (which they bought when gas dropped last year).

Her husband just lost his job. She works in customer service (prolly only ~$35k/yr).

I don't see why people buy these big-ass expensive cars. They don't make sense. Not only the payment, but how much is gas for that thing? My little Fit will maybe take $20 and will go for 400+ miles.

I bet we're going to see a lot of these things repossessed in the near future. I feel sorry for people, but they really have to look ahead and be practical.

The Fit is a practical car.

 

exactly. i also don't see why the big 3 had to make 3 or 4 copies of the same thing. like Chevy Tahoe-Chevy suburban-GMC Yukon-GMC Envoy-Cadillac Escalade.

they're all the same vehicle, with some minor cosmetic changes. that's why they're all trying to dig themselves out of the supersized hole they created. by not offering more affordable cars and less of the same vehicles.. hopefully the big 3 can recover,that would be A LOT of jobs lost

 

i pay $600/month on my fit, but i have a 3 year loan

 

edit: i PAY that much, my payment amount is lower

 

See, you don't have to pay $600/month. Plus your Fit will be paid off very soon within a couple years. Your gas is way cheaper, very little repairs (if any) and the Fit will be worth a lot still when you have some miles on it.

These damn "land-yachts" are stupid all the way around:

• Expensive
• Poor mileage
• Expensive repairs
• Not much trade-in value

I bet these people are feeling like they made a big mistake.

 

Bling bling yo! People don't think, it's all about image. I'm sure her husband didn't plan on getting laid off, but you better have a back up plan just in case. Clearly their plan needed a few tweaks. Also not only will you see these tanks repossessed more, but if the economy doesn't improve and gas prices go back up, you will see an uptick in insurance scams where people burn the vehicles, claim they were stolen, vandalized, etc. Guess who ends up paying for their scams. That's right my friends you and I in the form of higher insurance rates.

 

people are retarded.

 

One reason why I'd probably never bother buying a car above $20K is because I know it's going to devaluate right after the papers are signed. The reason why the cheaper cars rarely devaluate is because there's always going to be parents buying their kids the used eco cars rather than having them smash up a new expensive car.

I don't think low mileage fit will end up devaluating that much in 7 years because of it's over all low maintanence cost compared to cars with new complex technology.

 

i remember when the electric car was about to be mass produced (i don't remember which car company) and then the SUV craze happened.

i blame the government........
and stupid people for living beyond their means.

 

First off, I agree with what you're trying to say, but lets get these finance terms correct. To devalue something is to have less value in something, so I can have a very expensive car and not value it as much, but it's worth a lot. The correct term is depreciate, devaluate is not even a word (Sorry if I'm being an @$$, it's midnight and I refuse to sleep, even though I'm sleepy).

Second, consumer mindset is not the (whole) reason why the depreciation on smaller cars is so small. It has to do with supply and demand, and the economy in general. Personally, I would rather my kiddo ride in a gigantor tank-like yacht mobile than some tin can hand-me-down, but that's not the reason why the depreciation is so large and immediate after a car is off the lot. I can get a brand new Beamer, M-class, and it'll depreciate more than a Tahoe or Yukon, simply because of the economics behind the purchase.

Third, complex technology and innovation is the heart for growth in exporting business. e.g.) Honda's iVTEC. The low maintenance cost has nothing to do with the depreciation of the car.

Again, sorry for being an ass, but as a business grad, y'all bess be edumacarcirated.

 

yah, imho pretty stupid to be paying 800/month on any one car.

save up first.

 

You guys need to go out and rent the movie "Who Killed The Electric Car"
People are dumb for sure, and the big three, especially GM and Chry, are a mess.

 

they're just not practical cars, not fuel efficient and not accident safe.
i really don't care what crash tests show i've seen escalade's and yukon's post accident and usually the smaller car looks to have come out the victor in most cases.

i take into consideration people find their car to be a status symbol amongst others, but i feel like gagging every time i see a truck lifted higher than the last, that oddessey with something like 3 monitors sedating their children for the short ride home, or that M3 with super retard camber having to take a speed bump ~1mph.

many people make and have made bad choices with the auto industry, it's painful that only now we're starting to see the rise of the hybrid and our "always have been eco savvy" friends.

 

My friend's dad had a escalade and he bought it brand new when it was like 2006, and he said it was nothing but headaches for him. Horrible repair bills and fit and finish. So he was trying to trade it in, lol they would only give him like $19,000 and he paid like $70,000.

 

They are retarted for sure , just like hummers. My wife and I laugh at those tools that drive those bloated, silly, "I'm compensating" vehicles. Our nickname for them is "LD" which stands for Little D#$%^. My sister has a '05 Suburban and that junker is always breaking. Broken sunroof, broken seat, half the power windows dont work, and on and on. It amazes me how people can justify cars like that ever unless they are towing a camper or boat or something (which she and bro in law don't)

 

i drive an 02 expedition, waiting to get an 09 fit sport. gas for me alone in the truck is at least 40 dollars just to get above 3/4's of a take. it's ridiculous. being a high school student with no $$$ sucks :[

 

Hahah.. can I be edumacarcirated eradicated too? Naw...I don't think you're being an ass. But once they change to electric cars, all these mechanics train to work with combustable engines will most likely charge and arm and leg for repairs. It's already happening with hybrids since they need to hire someone with an electrician background to deal electrical components... I'm just waiting for people to get big headaches with their future cars.

 

800$ is a pretty discusting payment for somebody not earning that much, is yet another case of somebody going out and buying something they can't really afford.

What is with all the SUV bashing? Who gives a f-ck what style of car somebody else drives, it can be as unpractical and over-stated as somebody wants; that is the nice thing about living in a free country.

Bashing SUV's is no better than somebody bashing Fit's, I enjoy living in a country (applies to either Canada or US) where you have the right to drive whatever you want.

 

this site is pretty biased, so what do you expect lol

i'm not a big fan of a lot of the people that drive suv's because they think their vehicle is the best on the road, i know it's an opinion but they don't have to force it on everyone.

 

I am just getting a bit defensive; I used to drive a Jeep Cherokee that I loved to death. I am not defending Escalades, they are not that practical or reliable, but if somebody wants to buy one then all the power to them. Just like Fit modifications, some people come on here and get all self righteous about how it shouldn't be modded... mind your own business! lol

Getting really sick of the whole "Green" hype, our city is talking about outlawing plastic bags, the grocery store is now charging even more just to use them and some stupid lady gave me sh!t outside for not using re-usable bags... I went ballistic over it at her, stupid f#cking hippies are ruining the world with their "green" self entitlement.