Car Owners Fall Behind on Payments at Highest Rate on Record

Re:Car Owners Fall Behind on Payments at Highest Rate on Record by falcolas on Tuesday October 24, 2023 @11:52AM (#38000913)

> Now he's wanting to put a lift kit and all this aftermarket stuff

This is a perfect place for a facepalm emoji.

I mean, I get it. When everyone else around you is doing it (and frankly, they probably can't afford it any more than he can), it's a legitimately hard thing to not buckle to the pressure. Especially since it's a huge indicator of your "value" these days.

But for a $1500+ monthly payment... Yeesh.

[ Parent | on HN ]

Re:Car Owners Fall Behind on Payments at Highest Rate on Record by bryanlarsen on Tuesday October 24, 2023 @12:01PM (#38001057)

The OP's brother is 19 years old. You expect 19 year olds to make mistakes and learn from them. In terms of life ruining decisions, spending close to $100K on a truck and mods is far from the worst.

But the OP's brother is not alone, the problem is there are lots of 35, 45, 55 and 65 year olds making similar decisions.

[ Parent | on HN ]

Re:Car Owners Fall Behind on Payments at Highest Rate on Record by falcolas on Tuesday October 24, 2023 @12:08PM (#38001195)

> In terms of life ruining decisions, spending close to $100K on a truck and mods is far from the worst.

Not the worst? Perhaps technically. That loan payment is going to be an absurd burden on that young adult for a period of time they can barely relate to. Especially if they lose their job for any appreciable amount of time, or encounter other sudden costs (such as rent being jacked up).

Remaining employed full time for 7 years at the age of 19 with a wage good enough to make $1500 vehicle payments is... well, I would have failed that test.

[ Parent | on HN ]