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submitted 8 months ago by [email protected] to c/[email protected]

But as things stand, cars are still really expensive for many Americans. Just 10 percent of new car listings are currently priced below $30,000, according to CoPilot. Things are not much better in the used car market, where only 28 percent of listings are currently priced below $20,000.

According to an October report by Market Watch, Americans needed an annual income of at least $100,000 to afford a car, at least if they're following standard budgeting advice, which says you shouldn't spend more than 10 percent of your monthly income on car-related expenses.

That means that more than 60 percent of American households currently cannot afford to buy a new car, based on Census data. For individuals, the numbers are even worse, with 82 percent of people below the $100,000 line.

$100k to afford a car! Wtf.

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[-] [email protected] 61 points 8 months ago

And yet, you must own one lest you be considered a pariah most places

Hate this shit

[-] [email protected] 41 points 8 months ago

And to be fair that’s not just a weird social stigma that’s only developed because of classism, it’s a social stigma that developed because you need a car to get anywhere

[-] [email protected] 26 points 8 months ago

Not only that, it's usually quite literally very dangerous to be a pedestrian.

[-] [email protected] 29 points 8 months ago

Sure there's walkable cities but whoa mama rent is expensive....but this totally doesn't say anything about how popular walkability is, and that if Americans could live in walkable areas they would...no way.

[-] [email protected] 21 points 8 months ago

Fr. I've had a car for several years now, but I still get angry over how often I was given shit or denied [low-paying] jobs because I would bike or bus to the place a couple miles away. Part of what keeps me angry is probably knowing people with disabilities denied work or how friends of mine have gotten fucked by our shitty bus system, which is still one of the better ones in the US, mind you.

[-] [email protected] 52 points 8 months ago

Protectionist policies barring Chinese cars from being imported has to be the main factor

[-] [email protected] 45 points 8 months ago

That and the ballooning of SUVs and elimination of small cars.

[-] [email protected] 26 points 8 months ago

Cop vehicles in my city are how 100% Explorers

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[-] [email protected] 31 points 8 months ago

I think it's just more of the rot. Americans couldn't ever really afford cars to the extent that they were used, no society can. And I don't mean this on a moral ground or whatever, just economically it is a terrible, terrible system to uphold and only ever functioned due to absolutely gargantuan subsidies at every point

But, you know, that works for a while if your average consumer gets a nice treat, but it's simply unsustainable

[-] [email protected] 22 points 8 months ago* (last edited 8 months ago)

yeah I looked into importing a Chinese EV and it involves paying a tariff of something like 27.5% plus a bunch of other fees

[-] [email protected] 47 points 8 months ago

I spend more than 10% of my monthly income just on fucking gasoline

[-] [email protected] 44 points 8 months ago

America is hands down the shittiest place on earth to live. First they squeezed everybody out to 2+ hour commutes with unsustainable urban rents; then they raised the price of the cars to make those mandatory commutes; now they're raising the rents on the suburban and exurban shitholes people got forced into. Nowhere to live, no way to get around.

[-] [email protected] 31 points 8 months ago

America is hands down the shittiest place on earth to live

correction it is the stupidest place on earth to live

[-] [email protected] 31 points 8 months ago

America is hands down the shittiest place on earth to live.

Gaza, right now

[-] [email protected] 18 points 8 months ago

ok, fair, shittiest place on earth excluding American proxy open air concentration camps

[-] [email protected] 23 points 8 months ago

Shittiest place that isn't imperialized, maybe

[-] [email protected] 23 points 8 months ago

America is hands down the shittiest place on earth to live.

Lacks a little perspective

[-] [email protected] 17 points 8 months ago

I live in Colombia. I'd rather be the poorest person in Colombia than working a regular job in the States, at least here I could go to a doctor

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[-] [email protected] 40 points 8 months ago

Will this lead to more transit investment or will it lead to a tax credit that can be used on a low-interest 30-year car loan for entrepreneurs of color in opportunity zones?

[-] [email protected] 29 points 8 months ago

Will this lead to more transit investment

Now introducing the 120 month car loan

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[-] [email protected] 25 points 8 months ago

There actually is more transit investment in the US than there's been in a long time but it's about 5% of what it should be. The other 95% is tax credits.

[-] [email protected] 22 points 8 months ago

Also, one of those "transit" investments is that stupid Vegas Tesla tunnel.

[-] [email protected] 16 points 8 months ago

More transit investment for less transit results. The consultants are getting paid but nothing is getting built.

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[-] [email protected] 35 points 8 months ago

Just 10% of new car listings are below $30,000

Okay this does bring up a question I’ve had for a long time: Who the fuck buys new cars? I’ve only known like 1 person in my life who bought her car new and it’s because she was a moron who wanted a fancy new mustang. Even relatively wealthy adults I know buy like 3-5 year old cars.

I’ve always questioned this. It genuinely doesn’t seem like there have ever been enough people buying new cars to keep the supply of used cars going. I don’t understand how this works.

[-] [email protected] 25 points 8 months ago* (last edited 8 months ago)

Not to brag, but as an old software developer, I’ve bought new (compact/subcompact) cars for cash, meaning no loan. Now I live car free, but in a city almost no one can afford. There is still a PMC/middle class/labor aristocratic class, though it’s ever-shrinking.

[-] [email protected] 24 points 8 months ago

Welcome to the world of car finance, where the tiny guardrails introduced to stop the housing market going Kerplunk again don't even exist, and is therefore awash with subprime loans.

[-] [email protected] 23 points 8 months ago* (last edited 8 months ago)

Who the fuck buys new cars?

people who can't afford them

[-] [email protected] 18 points 8 months ago

Who the fuck buys new cars?

Companies I'd imagine

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[-] [email protected] 30 points 8 months ago

Somewhat related, used cars are getting too expensive too.

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[-] [email protected] 27 points 8 months ago

porky-happy That's okay, you can just rent them from us forever. You will own nothing and be happy.

[-] [email protected] 23 points 8 months ago

Cars have always all been rental properties in pretty much everything but name.

[-] [email protected] 17 points 8 months ago

debt economy

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[-] [email protected] 25 points 8 months ago

I love these deranged financial rules of thumb developed in a tiny slice of time in america that everyone is supposed to live by.

30% to housing, 10% to cars

These were made in the 70s and 80s I guess? Not only is today so different that these guidelines are fucking stupid, but even in the 70s the world was still recovering from post war boom. Prior to WW2 the economy was completely different! People didn't save, there were widespread recessions, from nance didn't have the stranglehold that it did moving into the 70s and 80s too.

I bet someone looked at their finances in like August 1976 and made up rules that persist to this day and are absolute fantasy

[-] [email protected] 19 points 8 months ago

It's not really bad advice just because it's unrealistic advice

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[-] [email protected] 23 points 8 months ago

My car AC has been broken for like 5 years and they told me it'd betw like 1500 to fix it and "i might as well get a new car" but it's like with what fucking money I can't even afford that 1500

[-] [email protected] 23 points 8 months ago

People shouldn’t wonder why I drive an old car.

[-] [email protected] 23 points 8 months ago

Not only have cars gotten much more expensive, but the cost to finance the car has gone up dramatically.

A car that should be worth $20k now costs $35k. A few years ago that 20K would have had a 4% interest rate, now it's closer to 8%.

[-] [email protected] 21 points 8 months ago

Capitalism = No Transport

[-] [email protected] 20 points 8 months ago* (last edited 8 months ago)

americans should just use the train

maybe one day americans will be cured of carbrain

[-] [email protected] 32 points 8 months ago

it comes once a week, costs 700 dollars, takes three times as long as driving, and breaks down 50% of the time

[-] [email protected] 28 points 8 months ago

I heard there's a major world power that's really good at building and operating railways. Maybe americans can seek help from them.

[-] [email protected] 29 points 8 months ago

I believe that you're referring to the Communist Chinese People's Party of Evil (CCPEE), which is extremely bad - they have built more trains than anyone in the world, but only western tourists are permitted to ride them, so that we will believe communism (bad) is good (capitalism). This, therefore, is not real socialism (good in theory) and is instead bad in practice (capitalism), due to highways. Everyone in China actually lives in abandoned apartments and rides donkeys (communist horse). This is why they have so much pollution (bad for the environment), and why they build electric vehicles to destroy American factories (white).

[-] [email protected] 23 points 8 months ago

only western tourists are permitted to ride them

the chinese people riding the trains are paid actors

[-] [email protected] 29 points 8 months ago

correct, but they aren't paid - there is no money in China, except for Mr. Xi, who is the richest man in the world, which he uses to buy off everyone in China (they receive no money in this exchange)

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[-] [email protected] 19 points 8 months ago

I remember like in 2018 reports about the 60 month car loan for American cars that won't last that long

[-] [email protected] 19 points 8 months ago

I am convinced cash for clunkers will remain one of the worst impacts on the environment for ages to come. I know its better to change to electric cars but for those that cant. Buying used is the second best option to buying a new low cost ICE car.

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[-] [email protected] 16 points 8 months ago

lol, maybe stop buying giant 20 foot, 10000 pound trucks?

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this post was submitted on 17 Jan 2024
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