People still make stupid mistakes buying used because the issue is people wanting / buying far more vehicle than they can reasonably afford. Like you make 30K…maybe a 9 year loan on a 70K vehicle is a bad move.
I’ve had this conversation a handful of times with people that ‘like driving fast cars’ but aren’t really car people. They want to buy that used 50K M series BMW or AMG Mercedes 5-10 years later cause it ‘use to be a 120K+ car’. They then find out that the maintenance/parts costs are still that of a 120K+ car. Not to mention the reason it’s being sold now is it needs a 15K turbo replacement or the like.
Last year I bought a motorcycle and asked the dealer what’s the longest loan term they’ve ever got approved…15 years. For a powersport dealer! I didn’t even know that was within the realm of possibility. They don’t sell anything but toys.
Seems so nonsensical to me. Even if you’re someone who drives every day there are perfectly serviceable used cars out there for $5000 whos remaining useful lifetimes outlast the repayment period of a new lease or loan.
Tbh surprises me just how many must be buying new cars too.
I know you’re right but gonna ramble a bit…
People still make stupid mistakes buying used because the issue is people wanting / buying far more vehicle than they can reasonably afford. Like you make 30K…maybe a 9 year loan on a 70K vehicle is a bad move.
I’ve had this conversation a handful of times with people that ‘like driving fast cars’ but aren’t really car people. They want to buy that used 50K M series BMW or AMG Mercedes 5-10 years later cause it ‘use to be a 120K+ car’. They then find out that the maintenance/parts costs are still that of a 120K+ car. Not to mention the reason it’s being sold now is it needs a 15K turbo replacement or the like.
Last year I bought a motorcycle and asked the dealer what’s the longest loan term they’ve ever got approved…15 years. For a powersport dealer! I didn’t even know that was within the realm of possibility. They don’t sell anything but toys.
Seems so nonsensical to me. Even if you’re someone who drives every day there are perfectly serviceable used cars out there for $5000 whos remaining useful lifetimes outlast the repayment period of a new lease or loan.