Cars - For Car Enthusiasts

3927 readers

48 users here now

About Community

c/Cars is the largest automotive enthusiast community on Lemmy and the fediverse. We're your central hub for vehicle-related discussion, industry news, reviews, projects, DIY guides, advice, stories, and more.

Rules

Stay respectful to the community, hold civil discussions, even when others hold opinions that may differ from yours.

This is not an NSFW community, and any such content will not be tolerated.

Policy, not politics! Policy discussions revolve around the concept; political discussions revolve around the individual, party, association, etc. We only allow POLICY discussions and political discussions should go to c/politics.

Must be related to cars, anything that does not have connection to cars will be considered spam/irrelevant and is subject to removal.

founded 1 year ago

MODERATORS

[email protected]

Millennials And Gen Z Can’t Afford Their Auto Loans, And It’s Only Getting Worse (jalopnik.com)

submitted 1 year ago by [email protected] to c/[email protected]

39 comments fedilink hide all child comments

On average, AutoNews reports that 3.58 percent of 18 to 29-year-olds and 2.62 percent of 30- to 39-year-olds have been late on their auto loans by at least 90 days. For some context, just 2.13 percent of all borrowers are late. Keep in mind, these numbers are overall. In the first quarter of 2023, 4.55 percent of 18- to 29-year-olds were at least 90 days late. 3.66 percent of 30- to 39-year-olds were equally late. We haven’t seen numbers like these since The Great Recession.

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 3 points 1 year ago* (last edited 1 year ago) (1 children)

You’re assuming these car loans taken out are exclusively for new vehicles - new car purchases have been increasingly the domain of the “rich” who will continue to skew the “average” up and up. Bentley just celebrated the best financial results earlier this year and will do a lot to push up the average even with what Gen Z that can afford new on their own hypothetically buying Mirages and Versas.

Something something Bill Gates walking into a bar and everyone inside becoming a billionaire on average.

And certain job sectors being hit en masse probably doesn’t help those who did buy new but that’s pure speculation on my part.

[–] [email protected] -4 points 1 year ago (2 children)

That's a whole lot of yapping for "I don't want to live within my means". Could have saved you a bunch of typing.

[–] [email protected] 4 points 1 year ago

Decided to axe my snarkier comment to instead express that I hope you feel better and are more amenable to learning about mean/median/mode as well as the demographics of who buys new in the future.

[–] [email protected] 1 points 1 year ago* (last edited 1 year ago)

you wasted an extra sentence instead of simply writing “I won’t read or do math” 🙄

I bought used so ¯_(ツ)_/¯