Quote:
Originally Posted by premier3is
If people are truly getting 10yr loans at 12% interest for a car... 1. You REALLY can't afford it and 2. You need to take some financial courses ASAP on managing money. 3. Get some help for how stupid you are.
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I find this hard to believe this is happening on any modern luxury car. It sounds like the situation at a Mitsubishi or Nissan dealer. Or one of those fly-by-night used car lots selling beaten 20 yo S class mercedes for $10k. I don't think there's going to be much of a sustained dip in auto values. Most banks are trying to do what they can to make sure people can stay in their cars and houses, so deferring payments and such are not uncommon. This should hopefully prevent a massive sell-off of higher end vehicles, thereby tanking resale values. I mean the whole purpose of the financial rescue legislation is to prevent complete collapse. I know many people here are wishing and hoping for financial ruin, but it seems a bit unlikely. Looks like we're nearing the apex of the infection and even data from NY is looking a smidge better.
There may be a dip in used car prices, but I see it to be very unlikely that you're buying $20k mint condition 993s for example.