Cars - For Car Enthusiasts

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c/Cars is the largest automotive enthusiast community on Lemmy and the fediverse. We're your central hub for vehicle-related discussion, industry news, reviews, projects, DIY guides, advice, stories, and more.

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Millennials And Gen Z Can’t Afford Their Auto Loans, And It’s Only Getting Worse (jalopnik.com)

submitted 1 year ago by danhasnolife@lemmy.world to c/cars@lemmy.world

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On average, AutoNews reports that 3.58 percent of 18 to 29-year-olds and 2.62 percent of 30- to 39-year-olds have been late on their auto loans by at least 90 days. For some context, just 2.13 percent of all borrowers are late. Keep in mind, these numbers are overall. In the first quarter of 2023, 4.55 percent of 18- to 29-year-olds were at least 90 days late. 3.66 percent of 30- to 39-year-olds were equally late. We haven’t seen numbers like these since The Great Recession.

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[–] Sephtis-6@kbin.social 1 points 1 year ago (1 children)

I think that you shouldn't finance a car in the first place. If yoy can't afford new buy maybe a couple years old but a car is think not worth financing. Especially because it loses value so quickly

[–] Semi-Hemi-Demigod@kbin.social 1 points 1 year ago (1 children)

I agree that you shouldn't finance a car, but unless you've got ten grand saved up you can't afford one, and most people in the US need them to get around due to our shitty public transit.

[–] Sephtis-6@kbin.social 2 points 1 year ago (1 children)

Public transport is shitty in Belgium too but 10K for a simple car? People who can't afford a new car should imo buy a used shitbox and not fonance something(unless it's some rare car/oldtimer as investment).

[–] Semi-Hemi-Demigod@kbin.social 1 points 1 year ago (1 children)

You'd be hard-pressed to find a reliable used car for under $10k in my area. Anything less than that is over 15 years old and probably won't last long. And even then the cheapest thing I can find is still almost $5,000

[–] Sephtis-6@kbin.social 1 points 1 year ago

Rip, here you can find old(10-20y olds) but seemingly reliable cars for 2-5k