I said that at first as well, but they are slowly growing on me.
Dodge Challenger SRT Demon
- Thread starter Booky
- Start date
9s will do that to you..lol.
I started seeing c7z's very regularly right after they were out so assuming these were not bought 2nd hand and cheap. So assume about 100k?
Also started see tons of the new f250 trucks right after they came out. Like 10 a day immediately. I'm sure those platinums weren't toooo far off what this thing will cost.
Point being unless they are priced way more then I would assume them to be price isn't the issue, most people outside forum cults just won't want one
Also started see tons of the new f250 trucks right after they came out. Like 10 a day immediately. I'm sure those platinums weren't toooo far off what this thing will cost.
Point being unless they are priced way more then I would assume them to be price isn't the issue, most people outside forum cults just won't want one
We're seeing a lot of new vehicles on the street also because people are idiots. You can now finance a vehicle 8 years, so people will do what it takes for something shiny.
Method of payment is irrelevant. Point being they are fairly attainable for someone with a decent salary and doesn't indulge in too many other things and has a strong pull out game
It's very relevant. You wouldn't see as many of these higher priced vehicles if you weren't allowed to get a mini mortgage on them.
Your exit game has to be "I'm keeping the car for 10 years". I replace all of my cars the same month the bumper to bumper warranty expires, which tends to be about 16 to 18 months due to my driving habits. Seeing what I have been experiencing over the years, I can tell you that negative equity can be brutal if you float an 8 year loan, make the minimum payments, and try and ditch that car any sooner than 5 years.
Plus, cars like a Hellcat are considered a lux item, making the interest rates higher. Also, the longer term drives the interest rates up. If you have moderate credit, get an 8 year loan, and pay MSRP, you're looking at a mortgage payment that may rival a home purchase.
But you can.
Either way, for sure there are people in over their heads with their car loan but i think it's probably fewer then you do. Bunch of sneaky well off people out there
I talking about pulling out of females as to not have children taking your money
@13COBRA
Curious for Nick to chime in and see how often people are doing these extended loans. I know a few people who do this type of thing and wonder why their always broke.
Hahahaha! That's F'ing awesome! Went right over my head.
Longer terms are definitely trending. A 6 year (72 month) term has become the norm. Honda and Toyota have been offering low interest 84 and 96 month loans for a couple of years. Ford Motor Credit, within the past year, has jumped into the subvened rates for 84 month.
Rates have gone up in the last 6 months, and I imagine they will continue to go up. A prime loan will even out around 5%, which is a considerable amount higher than the 1.69% that was being offered a year and a half ago. With interest rates rising, purchasing power falls, so in order to maintain sales, manufacturers are forced to extend the term, or decrease prices...take your guess on which one they will pursue.
The United States has created a culture of living on the cusp of your means. I see customers come in every day that buy the most expensive vehicle they can afford, instead of 'settling' for one and saving the extra hundred bucks a month or so.
In the next two years I foresee the lending from third party institutions tightening up dramatically. It will be perceived that getting a loan will be harder, which compared to now it will be, but there's no reason that someone with two or three repossessions should be able to get a vehicle without a substantial amount of cash down; this happens every day as well.
10 years down the road... The ECOA will mandate that everyone be privy to the same interest rate, and the only factor between excellent credit and poor credit is the amount of investment into the loan to support it. I think this is plausible as it will force lower score people to put a personal investment into their purchase, which would make it less likely to go South on the bank. Not to mention, once someone has poor credit and they purchase a vehicle at 24.99%, they will be upside down until the day it's paid for, they typically buy cheaper cars that will break and they won't be able to afford repairs, etc.
That would be a true step towards equality, and I would support that. I get sick of seeing people put themselves in horrible situations that would take a miracle for them to dig out of.
/Off soapbox.
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The nice thing about this is cars are lasting longer and holder of their value better over all.
20 years ago a car was lucky to last 5 years before being sent to the scrap yard. Today the average car on the road is 11 years old, the oldest they've ever been.
So while more people are financing out 84 month loans, more are also buying older cars or hanging on to them.
A good example, in 2000 I bought my first car. A low mileage, one owner 1993 Ford Escort LX with all the options for $3k. Today that is $4,315 with inflation.
A 7 year old (2010) Ford Focus is a $6-8k car today, twice as much as my then comparable Escort.
Markers are in a bind, with an expectation to increase content, quality and performance while meeting stricter regulations and controlling costs...
I used to think a 6+ year auto loan was ludicrous. Now I look back on how long my wife and I keep cars, and it doesn't seem so crazy. My wife had her last Forester for 11 years. I've had my GT500 coming up on 7 years, and still no plans on getting rid of it. So thinking about it now, what's the point in having an abbreviated loan with a high monthly payment if you're going to keep the car for a decade or more?
Because if you can make that higher payment, you save hundreds or thousands in interest.
FYI, you can still get great rates (2-3%) on auto loans at credit unions, even for longer terms and even on used cars.
FYI, you can still get great rates (2-3%) on auto loans at credit unions, even for longer terms and even on used cars.
@Screw-Rice the avatar is killing me man COME ON! lol
Mostly definitely, if not more than 100K.
The Demons will sell, no doubt about it.
NICE!!
What bank(s) do the 8 year term? I LOVE taking my payment out for a long term. I get a smaller payment and I usually pay it off in 3 or 4 years anyways.
LMMFAO
I think Brad made that his avatar. lol
i figured as much... still have to give him hell though!!
LOL
Brad told me to apologize, but apparently he didn't he like my method, lol.
I don't know, not something I never considered. Just know a few financial geniuses that have done loans that far to get something shiny and newer. Not new, newer. Then complain about their crap credit and always being broke. I would check out most major banks, some credit unions may too.
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