Not often. Used cars, at least where I am, are all pretty pricey, and with rent and shit being out of control, I’m not surprised younger people can’t afford to save enough to buy one outright. I’m lucky to be older and I bought my current car at 0% interest in 2012. I’m keeping it until it gives up because I know we’ll never see that kind of deal again.
Comment on Based on a true story
theunknownmuncher@lemmy.world 3 weeks ago
Is cash for a beater car no longer an option? I don’t want to be a “less avocado toast more bootstraps” person but a loan for a used car sounds wild to me. Maybe I’m out of touch. My vehicle is old enough to drink
frickineh@lemmy.world 3 weeks ago
Tikiporch@lemmy.world 3 weeks ago
0% for a used car?
frickineh@lemmy.world 3 weeks ago
Nah mine was new but I think my ex only paid 1.9% on a used one. Interest rates were amazing.
beansbeansbeans@lemmy.world 3 weeks ago
No idea if it’s still the same nowadays, but I also bought a used car in 2013 at 0% interest. It certainly was possible then.
Lv_InSaNe_vL@lemmy.world 3 weeks ago
Its still sometimes possible. Manufacturers will periodically run 0% interest loans specials for people who qualify. Tesla (don’t actually buy one) runs the deals all the time actually.
db2@lemmy.world 3 weeks ago
Cash for clunkers removed a significant portion of the used cars from the market. It was a while ago but its effects are still very much being felt even if people don’t realize exactly what it is.
fluffykittycat@slrpnk.net 3 weeks ago
That was back in 2009 those cars would.be dead already by now
db2@lemmy.world 3 weeks ago
Sure thing kid.
Orangutanion@lemmy.world 3 weeks ago
there are a lot of used ~2018 to 2022 cars on the market with not a lot of miles, most go for around $20k (like what I got). True beaters still go for like $10k.
Aurenkin@sh.itjust.works 3 weeks ago
I would strongly advise against drinking your vehicle regardless of how old it is.
ch00f@lemmy.world 3 weeks ago
a loan for a used car sounds wild to me.
Predatory car loans has entered the chat.
I don’t know about Carvana, but plenty of scummy dealers will give insane rates to people with no credit check, repo the car while they’re still underwater on the loan, and sell it to someone else. You can have two or three people paying off the same car.
Oh, also, they somehow encourage the most gullible people who can’t afford their loans to just let the car get reposessed instead of attempting to sell it back to the dealer.
Pavidus@lemmy.world 3 weeks ago
Personally, I agree with your mindset, but I’m pretty handy with fixing/maintaining my own vehicles. For someone needing something to reliably get back and forth to work/school/daycare, I understand why people don’t go this route. Shop lead times have skyrocketed in the last few years, as have repair prices. Sometimes you just need something you don’t have to worry about.
Tikiporch@lemmy.world 3 weeks ago
A car that is the current model year is “used” as long as it’s had an owner. That’s what these loans are for. You can’t even get a loan for cars past seven years old with most lenders.
theunknownmuncher@lemmy.world 3 weeks ago
I mean yeah, that’s why I said beater. I just wouldn’t expect someone young or looking for a first car to be buying a current model year with low miles anyway.
Tikiporch@lemmy.world 3 weeks ago
I guess I was thrown when you said a loan for a used car was wild.
Kaboom@reddthat.com 3 weeks ago
Buy from the owner, not a dealership. Plenty of people selling beaters on Craigslist and Facebook marketplace.
General_Shenanigans@lemmy.world 3 weeks ago
Since this is aimed at Gen Z, if you can buy a car outright or close to it, I would recommend still financing, but paying it off easily to build credit.
Avg@lemm.ee 3 weeks ago
Cars have been expensive for a few years now, bought an 08 Subaru in 2020, it’s worth more now than what I bought it for.
SARGE@startrek.website 3 weeks ago
I paid 1k for my shitty pickup in 2018, it’s in worse condition than when I got it, and about 100,000 more miles on it.
It’s supposedly worth 3500 now. It needs about $300 worth in parts alone to get it into what I would consider a condition worth buying.
Zorsith@lemmy.blahaj.zone 3 weeks ago
Shit, a working pickup? Could probably get people to bid on that and make more. New pickups are absurdly expensive
adhocfungus@midwest.social 3 weeks ago
I have a good '08 car that I bought with cash 10 years ago for $3000. I got it from a guy who exclusively sells and fixes this model of car. I went back last year to get my car fixed and looked at the cars he was selling. '08s were starting at $5000.
fluffykittycat@slrpnk.net 3 weeks ago
And this is gonna get wse with the new car tariffs o
Orangutanion@lemmy.world 3 weeks ago
That’s part of why I bought now. Life forced this on me, so I had to take the bad deal now and then refinance.
fluffykittycat@slrpnk.net 3 weeks ago
Yeah it’s gonna get rough. Let’s hope people connect the dots
theunknownmuncher@lemmy.world 3 weeks ago
Older subarus are a high value and age well. I would expect it to hold decent value but that is crazy to be worth more 5 years later