Oh, fyi – "New motor vehicle" prices are basically flat since 1997!
Who are you going to believe? The BLS or your lying eyes?
https://t.co/9wOIXiXZWM pic.twitter.com/ymJ0eNJAwM
— Rudy Havenstein. Few Understand This. (@RudyHavenstein) April 6, 2021
Your income is never hedonically-adjusted higher.
— Rudy Havenstein. Few Understand This. (@RudyHavenstein) March 2, 2021
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If that is true, then why are loan terms now approaching 72 months, instead of the long common 36 month loan?
I’ve seen 76 months in one ad. Just getting to the point where you simply pay a monthly fee, never own, and never worry.
I hadn’t realized that the 36 mo term average evaporated in the mid 70’s. 48 mo average gone by the mid 80’s. We’ve always paid auto loans off within 36 months. Of course we are price sensitive, so even though I’m now in my early 60’s, no new purchase ever even crossed the $30k point. Bought a 2019 Nissan Frontier in December 2019…$20215 out the door. Priorities…
https://fred.stlouisfed.org/graph/?id=TERMFCWAMNCLNS,TERMCBAUTO48NS,RIFLPBCIANM60NM,#
The dealer will ask you how much you want to pay per month and then find the car loan to meet your number.
Yeah but the hedonics…. ;0
If I can’t buy a base model vehicle that ONLY comes with what I want, telling me that all the extra bullshit that I don’t want for $10,000 more is somehow equal, is just one special kind of criminal economics. And that is exactly what is being done to get these numbers.
Pretty hard to find a base model.
Thank goodness for the used car market. Our last new was a base model stick shift Camry made in Japan of all crazy places. Not a single recall for any of the problems all the automatic transmission ones made in Kentucky had.
I found that the new trucks were better value than used. A strange inversion, but with the dealer incentives I got a brand new Ranger for about the same price as a 2018…if you count the $2k extra I got for more old Altima. I ended up getting at much for it as I paid 2 years ago.
Classic snark.
The government lies to you about everything, all the time. Whatever they say is a lie. It is about that simple.