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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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[–] 37 points 8 months ago (15 children)

In fairness 51k ain't even luxury prices anymore. Low end cars start at 30k now.

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

    It was $51k for a used car.

    If it was new I could understand, but that much for a used car is crazy. I'm guessing she had to buy when used car prices were almost the same as new, but I feel like that's still a lot.

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  • [–] 8 points 8 months ago (2 children)

    I'm not sure how it goes with tariffs, conversation rates and whatnot but in last I checked the low end cars in Europe started from way under 20k, Kia picanto for example is 18k

    And that's brand spanking new cars, that are always a bad deal. Few years older and you can drop half the price for basically still a new car

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  • [–] 9 points 8 months ago* (last edited 8 months ago) (1 child)

    The US is almost devoid of subcompacts. Because when gas prices go down stupid people decide they don't need them and buy bigger vehicles. And most companies have stopped making them or importing them.

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  • [–] 2 points 8 months ago (3 children)

    We bought a new 2025 Corolla for $24k.

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  • [–] 1 point 8 months ago (2 children)

    Impressive, was it toward the end of the month?

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

    And they burn $3-5K less gas, and cost less to insure. This is the 5 year math everyone should do but nah, people buy cars on childish impulses.

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  • [–] 4 points 8 months ago* (4 children)

    Not justifying these people but there are legitimate reasons some people can't buy the cheapest possible car, like family size and capacity needs.

    I own a subcompact because we're a family of 3 with a small to mid sized dog. We live in a very urban area so the smaller car is definitely a boon in most cases.

    We also have access to decent to very good public transport and a relatively bike friendly area.

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

    Yeah it's completely fair to buy a wagon or a minivan with a bigger family or other needs, I have a 13k Kia Ceed SW because of family and hobbies.

    But light truck SUVs are not "family cars", they're thrice the size with similar or smaller cargo capacity

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  • [–] 3 points 8 months ago

    What's crazy is that a mini van is so nice but so many people will go "eww" and demand a ln SUV.

    So even if you need a big vehicle, a minivan is expensive, but not so much as the three row SUVs people will demand (and the SUV will get worse mileage).

    I will grant that if you need to tow a lot, then an SUV becomes the viable option for decent size and towing capacity, but most folks don't do that.

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