Auto loans could pose a bigger threat to young Americans than student loans. For the first time, the outstanding volume of auto loan debt just surpassed student loan debt.
Auto loans could pose a bigger threat to young Americans than student loans. For the first time, the outstanding volume of auto loan debt just surpassed student loan debt.
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Damn, it’s almost as if making a country almost entirely car dependent is a terrible fucking idea.
To be fair, the automobile centric city has worked for about 70 years.
The cost of cars is being driven higher by demand for more features. The car companies can make a really cheap car, but consumer's want air conditioning, power everything, fancy infotainment systems, heated seats and quick 0-60mph times. Then additionally the government mandate for safety and emissions increase the cost further.
You can buy a new car in India for under $5,000 USD.
To be fair, the automobile centric city has worked for about 70 years.
I’m not sure I buy this. Countless communities have been obliterated by overpasses/freeways paved through their neighborhoods. We have horrible suburban layouts we’ve embraced that are completely defined by parking lots that cause water management and housing issues. We’ve completely ripped up the little public transit we had and made few gains in that time.
Cars have created tons of problems over the 20th and 21st centuries.
Has it really worked, though?
but consumer’s want air conditioning, power everything, fancy infotainment systems, heated seats and quick 0-60mph times.
This is the same lies that the big three have been trying for decades. I want a normal boring fucking car. I want to spend as little money as I can on repair maintenance and fuel. I don't want some garbage bullshit infotainment system.
And no I can't buy a new car in India. Go ahead and sell me one.
So I looked up the specs for the first 5K-ish India car I found.
https://www.cardekho.com/maruti/alto-k10/specs
As far as I can tell, it has every feature you’re saying is responsible for western automakers charging around 6 times the cost of this car… sans heated seats and purported safety standards.
Chevy charges an additional $1K for the package that adds heated seats to their Bolt EV.
So, am I to take you at face value that you’re inferring that safety concerns and standards are responsible for the remainder of the price gouging?
You can get a golf kart with tye same accessories. Safety, reliability, and quality are a big part of the cost. So is profit.
A 5k car is a golf cart with doors.
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I don't think you can find a reliable used car in the US for $5k anymore
Nope. Still gonna need at least a little work.
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I'm with you. I paid off my 2014 but sold it so I wouldn't have to tow it cross country. I got $8,500 for it from carmax which was a lowball for 2022. Two years before that, it nearly totaled itself when it blew its head gasket at 51,988 miles. (That was a $5k expense that ford refused to reimburse even though those ecoboost engines are prone to fail)
We moved to a small town and the car market is extra fucky up here. There wasn't much available and I needed a car for my upcoming commute, so I picked up a 2001 Forester for $5k. Unbenownst to me, the tires were 12 years old, transmission hadn't been flushed, and the driver's side head gasket was leaking.
Luckily I have some buddies who are Subaru enthusiasts so I've only had to sink maybe $1500 to get it in great condition instead of $3-6k. Had a shop do transmission and differential flushes, and it took three months but I got gaskets, heads, spark plug goodies, and exhaust shenanigans done myself.
We just brought home a 2001 Honda insight for $3500. It's gonna need some work too, but luckily the hybrid engine is pretty sturdy so long as we deal with battery maintenance.You ought to be able to change the alternator yourself to save a buck-- check rockauto.com.
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