Interesting take on the economy.

[GRADS]

I've watched this guy for over 25 years on TV and he also has some garages here locally. Somewhat trust his opinion.

https://www.facebook.com/video.php?v=543555286384393

 

[mash on it]

???
Doesn't seem to work.

Dan'l

 

[RiverDave]

Video unavailable.

That said let me guess. It says it’s going to crash right before the election. Lol

 

[RodnJen]

I've watched this guy for over 25 years on TV and he also has some garages here locally. Somewhat trust his opinion.

https://www.facebook.com/video.php?v=543555286384393

Who is it so we can look it up?

 

[Singleton]

Video unavailable.

That said let me guess. It says it’s going to crash right before the election. Lol

Economy always slows and has some bumps election year. Nothing new about that.
Only thing new is the election process starts the day after elections are completed, so we never stop hearing about it.

 

[GRADS]

In a nutshell he was saying that we are approaching 2007-2008 levels of people that are 90 days late on their car payments. He is also saying car shops are booming with people that just want to fix their car and not purchase a new one. He went way more into depth so if you want to watch him here's a link to his FB page. Scroll down a few posts.

https://www.facebook.com/thecarczar/

 

[HB2Havasu]

In a nutshell he was saying that we are approaching 2007-2008 levels of people that are 90 days late on their car payments. He is also saying car shops are booming with people that just want to fix their car and not purchase a new one. He went way more into depth so if you want to watch him here's a link to his FB page. Scroll down a few posts.

https://www.facebook.com/thecarczar/

Where is the actual data to substantiate this?

 

[RiverDave]

In a nutshell he was saying that we are approaching 2007-2008 levels of people that are 90 days late on their car payments. He is also saying car shops are booming with people that just want to fix their car and not purchase a new one. He went way more into depth so if you want to watch him here's a link to his FB page. Scroll down a few posts.

https://www.facebook.com/thecarczar/

First time in my life most everything I have is paid off or is going to be shortly. I wouldn’t buy a new car or truck right now even though I am in a better position to afford it. The prices are unreasonable for what you get. Especially with trucks.

 

[185EZ]

The prices are unreasonable for what you get. Especially with trucks.

Especially with pontoons.

 

[LargeOrangeFont]

In a nutshell he was saying that we are approaching 2007-2008 levels of people that are 90 days late on their car payments. He is also saying car shops are booming with people that just want to fix their car and not purchase a new one. He went way more into depth so if you want to watch him here's a link to his FB page. Scroll down a few posts.

https://www.facebook.com/thecarczar/

We probably are there. They let any subprime applicant buy a car now. Auto loans are not going to take down the economy though... They will just repo the car.

When a subprime car loan applicant can go buy a $60K car with $2 down, there is no incentive to pay the payment... What is going to happen? Their shitty credit stays shitty, and they drove a new car for a little while.

 

[hallett21]

We probably are there. They let any subprime applicant buy a car now. Auto loans are not going to take down the economy though... They will just repo the car.

When a subprime car loan applicant can go buy a $60K car with $2 down, there is no incentive to pay the payment... What is going to happen? Their shitty credit stays shitty, and they drove a new car for a little while.

Had a guy working for me $20.00 an hour. Driving a C300. @NicPaus saw him on a job lol.

If that’s not bad enough he went and leased another one for his baby momma. Guy couldn’t afford a set of tools but could swing 2 cars.


Sent from my iPhone using Tapatalk

 

[Ziggy]

In a nutshell he was saying that we are approaching 2007-2008 levels of people that are 90 days late on their car payments. He is also saying car shops are booming with people that just want to fix their car and not purchase a new one. He went way more into depth so if you want to watch him here's a link to his FB page. Scroll down a few posts.

https://www.facebook.com/thecarczar/

In 07-08 the phenomena of people repairing cars vs buying a new one at my dealership started after they got booted from their homes.
IMHO what's happening now is a byproduct of the incredible sticker prices on vehicles.
Cheaper to keep her.

 

[brianwhiteboy]

Had a guy working for me $20.00 an hour. Driving a C300. @NicPaus saw him on a job lol.

If that’s not bad enough he went and leased another one for his baby momma. Guy couldn’t afford a set of tools but could swing 2 cars.


Sent from my iPhone using Tapatalk

No lie, the weekly gardeners working a few houses down from me drive a Mercedes sprinter as their work vehicle.

That’s must be some high price grass they're cutting.

 

[MagicMan]

In 07-08 the phenomena of people repairing cars vs buying a new one at my dealership started after they got booted from their homes.
IMHO what's happening now is a byproduct of the incredible sticker prices on vehicles.
Cheaper to keep her.

A business professor schooled me up years ago. He said if you purchase a vehicle, keeping said vehicle after its been paid off actually earns you money. Average car payment $500 per month / $6000 per year. I like having $6000 to play with throughout the year, forget a car payment.

 

[Ziggy]

A business professor schooled me up years ago. He said if you purchase a vehicle, keeping said vehicle after its been paid off actually earns you money. Average car payment $500 per month / $6000 per year. I like having $6000 to play with throughout the year, forget a car payment.

Economics do not play into the hands of "keeping up with the Jones' " types.

 

[Yellowboat]

A business professor schooled me up years ago. He said if you purchase a vehicle, keeping said vehicle after its been paid off actually earns you money. Average car payment $500 per month / $6000 per year. I like having $6000 to play with throughout the year, forget a car payment.

The sad reality is many family's pay more for thier cars then they do thier home.

 

[HB2Havasu]

IMO - A lot of people who got burned after the 2008 Meltdown have steered clear of debt. Many are using the Dave Ramsey method and only assume debt for the home they live in. Cars are considered a Luxury and should only be paid for in cash !!! You really question how much your spending on crap when you have to hand over Cash Money to someone else rather than just signing a 60 month contract!

 

[CLA]

IMO - A lot of people who got burned after the 2008 Meltdown have steered clear of debt. Many are using the Dave Ramsey method and only assume debt for the home they live in. Cars are considered a Luxury and should only be paid for in cash !!! You really question how much your spending on crap when you have to hand over Cash Money to someone else rather than just signing a 60 month contract!

You are right, but it's a small sub set of households doing that.

The numbers are: consumer debt is all time high, the feds balance sheet is close to 4 trillion, average car loans are 68 months, etc...…

 

[LargeOrangeFont]

The sad reality is many family's pay more for thier cars then they do thier home.

That is not sad, that is their choice.

 

[bocco]

A business professor schooled me up years ago. He said if you purchase a vehicle, keeping said vehicle after its been paid off actually earns you money. Average car payment $500 per month / $6000 per year. I like having $6000 to play with throughout the year, forget a car payment.

This is why I drive a 2000 Expedition without heated seats and on the original stock rims.

 

[RiverDave]

Economics do not play into the hands of "keeping up with the Jones' " types.

Bullshit.. I keep up with the jones’s And often those pricks try to keep up with me.. lol. Ya just have to make smarter purchases. .

 

[Ziggy]

Bullshit.. I keep up with the jones’s And often those pricks try to keep up with me.. lol. Ya just have to make smarter purchases. .

Mr Joneston
You do realize you are a Jones to many of your inmates here, right?

 

[mjc]

The sad reality is many family's pay more for thier cars then they do thier home.

I did pay more for each of my last 2 boats than I paid for my Havasu house that they were parked at.

 

[PlumLoco]

I saw a small mobile dog grooming trailer today being pulled with a new Suburban. I remember wondering how many jobs she must have to do just to pay for the 'Burb? Then I figured it was a tax write off and the rig probably does double duty pulling a toyhauler or something in any spare time.
I bought my 2007 MegaCab with a Lifetime Powertrain warranty. So far Dodge has been great about it (fixing leaking trans and axle seals) and I am closing in on 200,000 miles. Hemi runs absolutely as good as it did when new. I doubt I will ever buy another brand new truck, just can't justify the price.

 

[NicPaus]

Had a guy working for me $20.00 an hour. Driving a C300. @NicPaus saw him on a job lol.

If that’s not bad enough he went and leased another one for his baby momma. Guy couldn’t afford a set of tools but could swing 2 cars.


Sent from my iPhone using Tapatalk

When he pulled up in it the first time I was like who is this the head inspector or a investor. Not the Electrician pulling tools out of it.

 

[JDKRXW]

I saw a small mobile dog grooming trailer today being pulled with a new Suburban. I remember wondering how many jobs she must have to do just to pay for the 'Burb? Then I figured it was a tax write off and the rig probably does double duty pulling a toyhauler or something in any spare time.
.

Do you realize how much $$ some people spend on Fluffy?

 

[DRYHEAT]

Do you realize how much $$ some people spend on Fluffy?

Hey now! That’s hitting below the belt.

 

[530RL]

Do you realize how much $$ some people spend on Fluffy?

Lock fluffy and your spouse in a trunk and open it an hour later and see which one is glad to see you.

Fluffy is worth every penny.

 

[TITTIES AND BEER]

First time in my life most everything I have is paid off or is going to be shortly. I wouldn’t buy a new car or truck right now even though I am in a better position to afford it. The prices are unreasonable for what you get. Especially with trucks.

Same here doing great

 

[just_floatin]

Speaking to my personal financial profile. I employ a quasi - Ramsey philosophy. Started my career as a mechanic so I maintain my late model vehicles and UTV. 2002 Chevrolet Truck (130k) 2002 Seqouia (200k) and a 1997 jeep TJ wrangler (94k). 6k this year in upgrades and maintenance for all three. Full coverage insurance is 200 a month including my Teryx. Homes and rentals are paid for. I did purchase a new 2018 RV off the lot at 3.99% that is my only debt (owe 50k) however, a write off as a second home. My rule of thumb passed to my kids is pay cash for vehicles and toys and if you can't write it off, don't finance it. Big banks make .50 to every dollar borrowed.

 

[Waterjunky]

I am a little bummed right now. in August I paid off the last of my debt excluding primary mortgages on property. The first week of September I had to buy a vehicle for the wife due to an accident in August. Insurance will cover the vast majority but am still officially back in debt. I agree with the new car price right now. I have found the sweet spot for me is the 3 year old lease returns. Half the price of new with only 30-35k miles.

Hopping to pay the new loan off by Christmas.

 

[brgrcru]

I respect Dave Ramesy and his philosophies . He Has a good show . When I listen once in a while .
All that said , life is to short to , to live 100% to his program .

Live with in your means and enjoy your life . It's not all about trying to enjoy your life, when you stop working . With thousands or millions in the bank , to only die and Leave it , for everyone else, including your own kids , charities or what ever.
Enjoy the time you have now.

 

[Waterjunky]

A second observation I have. I work in down town Sacramento mostly with engineers and scientists. On average, not as an absolute but average, the cleaning staff that comes in the evening drive better flashier cars than the engineers and scientists making over double the money. Of course as stated above, there are exceptions but overall this is true. In my opinion, this speaks volumes about the priorities of many people and clearly says something about this overall thread.

 

[FCT]

I saw a small mobile dog grooming trailer today being pulled with a new Suburban. I remember wondering how many jobs she must have to do just to pay for the 'Burb? Then I figured it was a tax write off and the rig probably does double duty pulling a toyhauler or something in any spare time.
I bought my 2007 MegaCab with a Lifetime Powertrain warranty. So far Dodge has been great about it (fixing leaking trans and axle seals) and I am closing in on 200,000 miles. Hemi runs absolutely as good as it did when new. I doubt I will ever buy another brand new truck, just can't justify the price.

The few mobile groomers I know all bring in 6 figures and it’s mostly a cash business.

 

[Boozer]

I usually trade my cars every 2 years. I traded my last truck after 2 years but only because it developed electrical issues that were covered under warranty and a dealer offered me way more than expected on my trade. It worked out that I basically drive the thing free for the two years I had it.

I’ve been going back and forth on getting a new diesel. Between the $100K price tag and the DEF issues I’ll be keeping the current whip a lot longer than 2 years. The price tag on new trucks just doesn’t make sense and I have a feeling the current whip is going to be in my garage for a very long time.

The news about the record number of people behind on their car loans came out a year ago so it’s nothing new and despite being a year into that news we still haven’t seen a crash.

With the recent crisis in the Middle East it’s a given that gas prices are going to skyrocket which will likely trigger a correction before the election. We’re due for a correction but don’t expect a major crash. Don’t blame Trump for the correction, he was not responsible for Iran ordering a drone strike on the largest oil production facility in Saudi Arabia.


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[MooreMoney]

Funny you say that about trucks. I’ve been looking at a new truck and for the money I’m happy with my 2015. Nothing that much nicer to spend 70+k on. I might as well get myself a matching Rang Rover to my wife and feel like it’s a upgrade to what I have.

First time in my life most everything I have is paid off or is going to be shortly. I wouldn’t buy a new car or truck right now even though I am in a better position to afford it. The prices are unreasonable for what you get. Especially with trucks.