Auto loan delinquencies spiked last year in troubling sign for economy

Again, you hit the smart button. In searching- Patience is a big asset. If you get hung up on a particular model or vehicle, you wind up paying a penalty for that. If you can't wait for the right buy on the right vehicle, that will cost you too. I look for cars for sale by owner, or sometimes specialty brokers. I shopped for two years for a car I'd always wanted but couldn't afford when it was being built- a Honda NSX, all aluminum mid-engine, a Japanese Ferrari. Found one in Florida 10 years ago that a NY doctor bought new for his vacatiom home there. Always in an air-conditioned garage, never been out of Florida, zero damage, low miles and documetation starting with the window sticker. Drove it home- 1700 miles. Nothing but fun! I'll be selling itthis year, age is making it very difficult to get in and of it. Nice aspect is that I bought during a period where value was down, but I was sure it would go up. I may get double the price I bought it for; more than original list, which was what the doc had to pay for it. Many of the cars I've found have taken months to find. Patience pays!

 

Most people do not live like that. Most need the newest Iphone, new car, name brand clothing, and PS5. Kudos on saving.

 

The left love to post the fact that over the last couple of months wages have increased more than inflation but seem to forget to mention that that is not remotely the case for a longer period of time, all the way back to when Biden first took office.

 

You can't have champagne taste on a beer budget.

I just lost and had to replace my phone two days ago. I got the absolute cheapest one which was $100.... Of course they tried to upsell me and I asked them what is the difference between my phone and one that cost $1,000?

The answer was that the camera might be better and that there is more storage. I said give me the $100 phone. As long as I can go on the internet and take pictures and make and receive text and phone calls, I don't need anything more.

If I'm going to spend a thousand plus dollars it sure as hell won't be on a cell phone.

I have made a lot of poor choices in life but getting myself into a lot of debt for a bunch of junk I don't need isn't one of them.

 

At least you're talking about the topic and not bragging about personal buying and money management!

Thanks!

One has to consider that Biden took office within COVID recovery.

During COVID a lot of people bought cheap cars on credit, because then needed a car for cheap.

With the growing economy, they became under water on cars they didn't want in the first place, and now can buy what they want.

That leads to defaults. Also, the car market is undergoing considerable churn. Used car businesses are struggling.

 

I play in the middle. I put money away in case I live to an old age, but still buy motorcycles, guitars, and guns in case I don't.