The number of people with >$1k car payments is ridiculous

[Laconian]

Is this right? Holy crap. No wonder so many Americans don't have any savings.

[veeman]

Any car costing over $55 thousand dollars will have > $1000 monthly payment once you include sales tax assuming financed over 5 years and 0 down. 

Americans love crew cab pickups, large SUVs, and Teslas...

[veeman]

I wonder what the average or mean APR is on those loans?

[AutobahnSHO]

Wyoming I imagine it's a lot of ranch trucks PLUS Jackson county has a ton of celebrities calling it home due to no income tax and cheap land back in the day (Bruce Willis, Harrison Ford, Kanye West, etc...) Incomes are low across the state though, so that kind of surprises me.

As for the rest- people are nuts!

[Eye of the Tiger]

Plus full coverage insurance and property taxes...

[CaminoRacer]

Any car costing over $55 thousand dollars will have > $1000 monthly payment once you include sales tax assuming financed over 5 years and 0 down. 

Americans love crew cab pickups, large SUVs, and Teslas...

Wyoming I imagine it's a lot of ranch trucks PLUS Jackson county has a ton of celebrities calling it home due to no income tax and cheap land back in the day (Bruce Willis, Harrison Ford, Kanye West, etc...) Incomes are low across the state though, so that kind of surprises me.

Yep, I think big pickups explain a lot of Texas, Wyoming, Utah, and Colorado.

[Lebowski]

Look at how many luxury cars are on the road.

Probably, 10-20% of the cars on the road are cars you'd need to be a 1%er to comfortably afford.

[Laconian]

Look at how many luxury cars are on the road.

Probably, 10-20% of the cars on the road are cars you'd need to be a 1%er to comfortably afford.

Not just cars; optioned-up trucks hit luxury price levels. I'm pretty sure that's why Texas is colored orange. With interest rates the way they are, a ~$55k car with a not-insane financing period will put you over a grand a month.

[FoMoJo]

I could never understand why so many young people in my old neighbourhood could afford BMWs and Mercedes.  I thought they were likely drug dealers.

[RomanChariot]

Not just cars; optioned-up trucks hit luxury price levels. I'm pretty sure that's why Texas is colored orange. With interest rates the way they are, a ~$55k car with a not-insane financing period will put you over a grand a month.

A base Chevy Tahoe will put you in that range.

[Lebowski]

Not just cars; optioned-up trucks hit luxury price levels. I'm pretty sure that's why Texas is colored orange. With interest rates the way they are, a ~$55k car with a not-insane financing period will put you over a grand a month.

Yes, I was just using cars as all passenger / light (non-commercial) vehicles.

I am surprised rates haven't dampened things like housing prices and autos more than they have, thus far.  Average person shops by payment and these interest rate increases are massive.

[GoCougs]

The FlexPSIN delivers on Twatter. I just don't know what it is, but you can see it in their faces:

https://twitter.com/jessicaray0/status/1563329075153760256

[Laconian]

The FlexPSIN delivers on Twatter. I just don't know what it is, but you can see it in their faces:

https://twitter.com/jessicaray0/status/1563329075153760256

Definite one percenter vibes off all of them.

[GoCougs]

Definite one percenter vibes off all of them.

I think it's a fetid concoction of flex desperation and good ole debt anxiety. Poor bastards to be exploited by their employer so.

[r0tor]

Look at how many luxury cars are on the road.

Probably, 10-20% of the cars on the road are cars you'd need to be a 1%er to comfortably afford.

There are a significant amount of luxury brand cars/suvs that cost less than an average domestic truck these days

[Eye of the Tiger]

These greedy car dealers are going to crash hard.

[Lebowski]

There are a significant amount of luxury brand cars/suvs that cost less than an average domestic truck these days

I was not aware I had said otherwise.



I'm referring to all high end passenger vehicles as if that was not clear, not distinguishing car vs truck vs suv vs luxury vs performance etc.

[Laconian]

I think it's a fetid concoction of flex desperation and good ole debt anxiety. Poor bastards to be exploited by their employer so.

Or maybe they're drinking their own Kool Aid a bit too much. The four square did a number on their brains.

What strikes me too is just how boring so many of the financed cars actually are. OK, a Hellcat is cool, but why would you stretch yourself that far for a big SUV?

[CaminoRacer]

People seem to take pride is getting approved for big loans or a mortgage. As if taking a loan makes then a big baller.

[Gotta-Qik-C7]

Or maybe they're drinking their own Kool Aid a bit too much. The four square did a number on their brains.

What strikes me too is just how boring so many of the financed cars actually are. OK, a Hellcat is cool, but why would you stretch yourself that far for a big SUV?