More car owners are underwater on loans because of lower trade-in values

[Ginger Ale]

We keep cars for a long time, too. However, we drive them a lot out of necessity. If I had the means, I'd tuck a new one away for the kiddos.

Funny addition to the earlier story, if the lore is to be believed : The early 50s Chevy had fifty some miles on it, which was the distance from the dealership to the garage. In the early 90s, a kid in that family got it when he received his license. He proceeded to put five hundred miles on it during the first week or so. Back into the garage it went, and there it stayed until I saw it, and probably for years following. I heard that over the years, they did some paint work on it, changed the oil themselves, and started it regularly. That's dedication.

That's amazing that they kept it so long. Wow.

 

[Ginger Ale]

Big touch tone forced me to stop used the beloved rotary dial for my home telephone.

LMAO!! I hear they're coming back in fashion now. I loved the rotary phone, did you have the cord that stretched for miles?

 

[Ginger Ale]

It is not a fact, unless you bought a really crappy used car you should not be spending “2-3 thousand a couple times a year” in maintenance. Ask anyone who owns a used Corolla if they spend that much, hint they don’t. 3 thousand dollars is like a transmission gone out. That’s not wear and tear repairs on a used car

Everyone knew in 2021 and 2022 that the car market was in a bubble because supply chain issues greatly limited the supply of new cars.

Oh it can, depending on the car and issues. Electrical up to 2000, fixes are expensive now, tranny 4 to 7000, air condition 7 to 800 for compressor, tires, etc. I fortunately have a handy husband, but it's not like the old days, cars are expensive to drive, and keep running in good condition. I'd love it if we tried to make public transit and walkability a priority

 

[EMNofSeattle]

Oh it can, depending on the car and issues. Electrical up to 2000, fixes are expensive now, tranny 4 to 7000,

You don’t need two transmissions a year, most cars in the junkyard have the factory transmission in them. This isn’t like the old days, they will last with the original fluid for like 200,000 miles. I finally changed the factory fluid in my Crown Victoria at 199K and it was still cherry red with no metal shavings, that’s on a 2002 car.

air condition 7 to 800 for compressor

Compressors do not fail multiple times a year. Most cars in the junkyard still have the factory compressor on them.

For common used cars you can get an OEM compressor for like a hundred dollars. I seriously doubt this is a 7 shop hour job which is what you need to make it an 800 dollar repair. I’ll admit I’ve never replaced one but I know where it is and the thing comes up with like 2 bolts and you need to loosen the belt to get it off. This is probably a two shop hour job. So closer to 300 dollars


, tires, etc. I fortunately have a handy husband, but it's not like the old days, cars are expensive to drive, and keep running in good condition. I'd love it if we tried to make public transit and walkability a priority

Why though? First off you can already move to many places in America where there is public transit. You don’t even make it a priority

 

[Ginger Ale]

You don’t need two transmissions a year, most cars in the junkyard have the factory transmission in them. This isn’t like the old days, they will last with the original fluid for like 200,000 miles. I finally changed the factory fluid in my Crown Victoria at 199K and it was still cherry red with no metal shavings, that’s on a 2002 car.

Compressors do not fail multiple times a year. Most cars in the junkyard still have the factory compressor on them.

For common used cars you can get an OEM compressor for like a hundred dollars. I seriously doubt this is a 7 shop hour job which is what you need to make it an 800 dollar repair. I’ll admit I’ve never replaced one but I know where it is and the thing comes up with like 2 bolts and you need to loosen the belt to get it off. This is probably a two shop hour job. So closer to 300 dollars


, tires, etc. I fortunately have a handy husband, but it's not like the old days, cars are expensive to drive, and keep running in good condition. I'd love it if we tried to make public transit and walkability a priority

Why though? First off you can already move to many places in America where there is public transit. You don’t even make it a priority

First of all, these costs are averaged, I don't think for a minute you need a tranny every year. lol

It's not affordable to move for most people. I'm think you must make a decent income, or live on retirement. I've been trying to move for years but I can't afford to do it, I own a company and I can't just move it. You build up your life somewhere, and it's not easy to uproot.

IMO, there's no reason we shouldn't become less dependent on cars. It would save us money.

 

[EMNofSeattle]

First of all, these costs are averaged, I don't think for a minute you need a tranny every year. lol

It's not affordable to move for most people.

Most people move because they’re poor. What do you mean you can’t afford to move?

I'm think you must make a decent income

I do now, because I moved to a market with higher wages then where I used to live

, or live on retirement. I've been trying to move for years but I can't afford to do it,

You can afford to do it. It’s just not a priority

I own a company and I can't just move it. You build up your life somewhere, and it's not easy to uproot

I built my life in the same spot for 28 years then moved a thousand miles away to California in the span of two weeks

.

IMO, there's no reason we shouldn't become less dependent on cars. It would save us money.

It would save me money if you banned cigars and meat too. I don’t desire to save that money

 

[justabubba]

Oh it can, depending on the car and issues. Electrical up to 2000, fixes are expensive now, tranny 4 to 7000, air condition 7 to 800 for compressor, tires, etc. I fortunately have a handy husband, but it's not like the old days, cars are expensive to drive, and keep running in good condition. I'd love it if we tried to make public transit and walkability a priority

[^ emphasis added by bubba]

it has long been possible
but it is only feasible in high density communities

the cost of a LOT of infrastructure must be shared by a LOT of people seeking transportation

my prediction is public transit will soon be displaced by driverless vehicles. no need to own a vehicle when that day comes. think driverless uber

 

[Ahlevah]

While I think it's good advice to keep what you have, and repair it if you can, that isn't a great option for those who don't have a good savings built up to pay for constant repairs, or those who can't afford to miss much work. It can be cheaper monthly to trade in and make payments on a reliable source of transport, and most people live pay check to pay check in this country. In other words, as a society, we've set it up this way.

A lot of advertising goes into convincing people that the new car will be more economical than fixing the old one, and people often have an easier time paying payments than dishing out 2 or 3 thousand a couple time a year for a repair. This is a fact. They may not be greedy, they may be house poor.

So, again, this socks it to the middle class, which is getting pretty wrecked taking so many beatings in this country. They will pay the price, and have some expensive broken down used cars to fix. They always pay the price of predatory lending, and predatory advertising. Americans are overworked, and underpaid.

I think it sucks for them, and it's indeed unfortunate that in a capitalist car centric society, you will often fall victim to it. There's a lot we could do to minimize these kinds of pitfalls for consumers if we weren't so reliant on making money off of the middle and lower class to the point of beating them down.

If someone can afford to pay depreciation, a car note, finance charges, registration fees/taxes, and collision/comprehensive insurance on a new or newer used car, they can afford to save up for a less expensive one and pay cash. I’ve owned ONE new car in my life on which I paid on a note, and regretted it within two years of doing it after both I and my wife lost our jobs due to Hurricane Katrina. Rather than purchase a car I could not afford, I would rather get a beater Toyota or Honda and take that note and insurance money and put it towards an upgrade. If it broke, unless it was something simple like a dead battery or alternator, I’d sell it as is for parts and start over. But it is possible to have a reasonably reliable vehicle without spending a fortune, and I also want a reliable wallet. For most families, cars are the greatest destroyers of financial wealth ever invented. Those and kids.

 

[Ahlevah]

Oh it can, depending on the car and issues. Electrical up to 2000, fixes are expensive now, tranny 4 to 7000, air condition 7 to 800 for compressor, tires, etc. I fortunately have a handy husband, but it's not like the old days, cars are expensive to drive, and keep running in good condition. I'd love it if we tried to make public transit and walkability a priority

If you buy a new car now with all of those blind spot radar sensors and such that adds to the cost. Then you’re paying for everyone else to insure all of that crap on their cars, too. Electric vehicles are even worse. No thanks. I’ll keep my 20-year-old four banger with its liability coverage only. I’m not paying to fix some idiot’s duked out $100,000 GMC Denali because he doesn’t know how to follow a speed limit or yield on a left turn at an intersection.

 

[Ginger Ale]

If you buy a new car now with all of those blind spot radar sensors and such that adds to the cost. Then you’re paying for everyone else to insure all of that crap on their cars, too. Electric vehicles are even worse. No thanks. I’ll keep my 20-year-old four banger with its liability coverage only. I’m not paying to fix some idiot’s duked out $100,000 GMC Denali because he doesn’t know how to follow a speed limit or yield on a left turn at an intersection.

I hear ya. Things aren't black and white, and variables matter. I personally have a paid off vehicle, so I will keep that puppy as long as I can.