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$1,000 car loan payments are on the rise, stressing household budgets (www.cnn.com)
submitted 8 months ago by to c/aboringdystopia@lemmy.world
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[–] [S] 25 points 8 months ago (10 children)

A record share of Americans — more than 20% — agreed to pay more than $1,000 per month for a new car loan at the end of the year, according to car sales site Edmunds.

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  • [–] 28 points 8 months ago (5 children)

    fuk... that's absurd. I felt bad agreeing to 300/month. I'd laugh at the dealer, call em drunk and never return if they tried that shit

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  • [+] -17 points 8 months ago (2 children)

    I feel sorry for people that have car payments. If you can’t pay cash, you can’t afford it.

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  • [–] 21 points 8 months ago (1 child)

    How long would it take to save up at least 5k for a cheap used car making minimum wage and paying for living expenses? It's impossible for many Americans without going into debt.

    The system is absolutely broken. But sure go and blame the individual for not pulling themselves up by their bootstraps

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  • [–] 1 point 8 months ago*

    Do they mean 20% of all Americans, car purchasers, or new car purchasers?

    It looks like they mean of new car purchasers, which ignores people who didn't buy a car or bought used.

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  • [–] 1 point 8 months ago

    I wonder how those specific buyers' household incomes are. Part of the "k shaped recovery" from COVID is that some people genuinely are richer than ever.

    If 10% of US households make more than $250k/year, and richer households are more likely to buy new cars (and buy them more frequently), it might very well be that the $1000/month payments are being paid by those who can easily afford them, while the $300/month payments are the ones actually causing financial strain on average households.

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