Some Of Jeep's Best Customers Simply Can't Afford A Jeep Anymore

[lotecredneck]

Meh... what's the interest spread... 2%? I'd rather have no car payment and the title in hand in case I decide to sell it & get something else.

3.6 % is the spread... I'll take that!

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[TheDerb]

They can afford it, most of them still live with their parents anyways since there’s no way they’re buying a house anytime soon. ?

You seen the prices on houses lately? I live in the same neighborhood as the former Mayor of Nashville's generationally wealthy family. I live in a too-big house on a too-big property in what was truly a hard to get in subdivision, and with rates and pricing the way they were many years ago, the whole shebang is less than it costs to rent in some of these "luxury" apartments a few miles up the road. We paid less cause it used to be we were super Rural. Now we are right up the road from "civilization".

My neighbor and his wife just sold their house, which is damn similar to mine. My neighbor bought that house when he was making $18/hr at Nissan on the line, and his wife made $10/hr at target.

The mortgage the new owner has on that house? a little over $5k per month. My neighbor said to me when we had him over to dinner the other day "thank God we got started when we did. We never would have had a house if we started 20 years later.

How times have changed.

 

[High Alextude]

You seen the prices on houses lately? I live in the same neighborhood as the former Mayor of Nashville's generationally wealthy family. I live in a too-big house on a too-big property in what was truly a hard to get in subdivision, and with rates and pricing the way they were many years ago, the whole shebang is less than it costs to rent in some of these "luxury" apartments a few miles up the road. We paid less cause it used to be we were super Rural. Now we are right up the road from "civilization".

My neighbor and his wife just sold their house, which is damn similar to mine. My neighbor bought that house when he was making $18/hr at Nissan on the line, and his wife made $10/hr at target.

The mortgage the new owner has on that house? a little over $5k per month. My neighbor said to me when we had him over to dinner the other day "thank God we got started when we did. We never would have had a house if we started 20 years later.

How times have changed.

Here’s to hoping 2026 will have better rates, but it seems more than likely foreclosures.

 

[Deleted member 57233]

Here’s to hoping 2026 will have better rates, but it seems more than likely foreclosures.

I doubt we see either. With a lot of people sitting on sub 3% rates, no one is selling. This will keep supply low, and values up for a while.

 

[Escape.idiocracy]

They can afford it, most of them still live with their parents anyways since there’s no way they’re buying a house anytime soon. ?

This is a solid point. The area I live in- if you purchased a house pre 2018 you are set.
I don’t know how “most” of the folks who move in around me do it. Houses still selling at $6-700k
Even dumping 150k cash down @ 7.1% “this weeks lowest” you’re looking at a $4,100 a month ?. Can’t imagine down around where I work, houses are still selling around a million. 6-7k per month for a house… can’t blame them for staying home… lol

Boomer generation at work, getting ready to retire, like to laugh at this fact that kids in their 20’s can’t move out due to how steep the payments are… Guess they forget that the same generation they tease, is expected to contribute and support their social security…. Awkward…?

 

[High Alextude]

This is a solid point. The area I live in- if you purchased a house pre 2018 you are set.
I don’t know how “most” of the folks who move in around me do it. Houses still selling at $6-700k
Even dumping 150k cash down @ 7.1% “this weeks lowest” you’re looking at a $4,100 a month ?. Can’t imagine down around where I work, houses are still selling around a million. 6-7k per month for a house… can’t blame them for staying home… lol

I was a lucky one, purchased in 2015 at 4%, refinanced at 2.5%. I’m never moving lol. I believe they are over 8% now, with no drop in home prices/values in sight.

It is fun to watch my real estate friends try to spin it and try to sell this “new normal” garbage. Disappointing.

 

[Escape.idiocracy]

I was a lucky one, purchased in 2015 at 4%, refinanced at 2.5%. I’m never moving lol. I believe they are over 8% now, with no drop in home prices/values in sight.

It is fun to watch my real estate friends try to spin it and try to sell this “new normal” garbage. Disappointing.

Sure would like to see the new norm that supports a paycheck that makes 5-6k a month fall in that 30% of income equation…. ??

 

[Elff]

I recently considered an electric vehicle but I don't think the tech is there yet and Texas will charge you an additional $200 a year to register your electric vehicle because they aren't getting their gas tax and because ... Texas!

I 100% agree with that. Part of the price of gas is a tax that is used to pay for road maintenance. I don't think Electric car owners should be except from contributing to the up keep of the roads they drive on.
There is a similar thing with Diesel gas. Diesel fuel for non road vehicles has a red dye in it. If you are caught putting this version in a vehicle that is driven on the road, you can can get a hefty fine. there is no other difference than the dye.

 

[Deleted member 57233]

If this is the new norm- sure would like to get ahold of the paycheck that makes 5-6k a month fall in that 30% of income equation…. ??

Software is an easy way to do it.

 

[Carrotzilla]

I’m hoping my house doesn’t leave me. I lost $70k 2016 finally made it back. Ug

 

[NewGladdyOWNR]

My rule of thumb is that if you can't pay it off while it's still under warranty, it's too expensive. I don't buy extended service plans or warranties, my logic being to pay it off, set aside maintenance funds ("pay yourself" an additional 4-5 months. payments into savings after payoff), if it breaks, fix it.

If you take care of your vehicles, do required maintenance on schedule, and adhere to the above, unless you get a lemon, you should expect a solid 10 years / 200k miles from any late model vehicle.

Jeeps are expensive, my Rubicon is the most costly vehicle I've owned, but for the capability and build I think in the spectrum of current inflated values, it is reasonable-ish. I'm gratefully in a place in life where I can afford the truck and its want vs need proposition. From my years in the Army though, I'll forever grimace when I see a 20-30-year-old driving a $50-60k vehicle while still renting and living in the barracks.

Affordability is truly a lifecycle assessment. Affording the purchase is one piece, but you also need to afford proper insurance, maintenance, and servicing for any financing. Current interest rates should dictate paying off a loan ASAP vs just extending it out 6-8 years, at which point you are in a financial trap. It might be an unpopular opinion, loans 5 years or longer are a trap for those who can't afford what they're buying. I realize that means a significant portion of the American public cannot afford a majority of new vehicles. My self-imposed rules are perhaps a sign of privilege to be able to follow them, but the perversity of the market doesn't mean we should be reckless.

Tell me you‘re a boomer without telling me you’re a boomer.

 

[Elwood Hydro Blues]

In California, the road taxes are use to pay union wages to government workers before they are used for fixing the road.

I'm still waiting on that road repair part. Mojave doesn't care about it though-just eats the potholes

 

[Sandevino]

Most people focus on the monthly payment with no regard to the other costs of owning, operating and maintaining a vehicle.

Car payment
Insurance
Registration
Tax (if you pay annually)
Fuel
Maintenance (oil, tires, windshields, etc)

What starts out as “affordable” can quickly get out of hand if you’re running on a shoestring budget.

 

[Raven65]

Maybe not on this forum, but in the real world they do, and they do it at 28% interest on a credit card.

This is one of the reasons when people say "You don't have to get a Rubicon, you can just add things later!" I think "you just cost that person more money than you think".

Hmmm... good point. Never thought about that. I'm one of the people who have advised that... but I paid my Gladiator off in three months and paid cash for the few upgrades I've done so far. I can't imagine financing upgrades on a credit card with those ridiculous interest rates! I learned the hard way earlier in life about what a trap credit card debt is. Once I finally dug myself out of it, I swore I'd never do that again... and I haven't. I still use a credit card for pretty much everything I pay for (for the cash back it pays me), but it gets completely paid off every month... so I'm not paying ANY interest or annual fees.

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