But in the case of (new) cars isn’t this applicable to literally everyone the moment they drive off the lot? Like it’s gonna take a while untill the loan payments catch up to the depreciation of a new car.
Part of me thinks this [the article] is entirely false due to the fact that as soon as someone buys a new car and finances it, they owe more on the loan than the car is worth due to the drive-off value drop (blanking on the actual name)
But I didn’t actually read the article, and intuitively I know that the face value conclusion is very likely correct.
The same term is used with housing and perhaps anywhere a loan is involved with yes purchase of property.
But in the case of (new) cars isn’t this applicable to literally everyone the moment they drive off the lot? Like it’s gonna take a while untill the loan payments catch up to the depreciation of a new car.
This might be a bit controversial
But if you can’t afford to buy the vehicle in cash, you can’t afford the vehicle.
This is the inherent evil in the spread of Western values. Build car centric societies. Keep people poor, keep them dumb, and keep them fat.
I totally agree, and proudly own our vehicles outright! Don’t care if they’re a bit older.
Part of me thinks this [the article] is entirely false due to the fact that as soon as someone buys a new car and finances it, they owe more on the loan than the car is worth due to the drive-off value drop (blanking on the actual name)
But I didn’t actually read the article, and intuitively I know that the face value conclusion is very likely correct.