this post was submitted on 10 Aug 2023
7 points (88.9% liked)

Personal Finance

3819 readers
1 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 1 year ago
MODERATORS
WandererLagomorph799@lemmy.ml
nieceandtows@programming.dev
nieceandtows@lemmy.ml
7
It's Almost Impossible To Find A Decent Used Car Under $20,000 (jalopnik.com)
submitted 1 year ago by Valdair@kbin.social to c/personalfinance@lemmy.ml
16 comments fedilink hide all child comments
 

Vehicles under $15k are 1.6% of the market, and their share of the market has dropped over 90% since 2019. The old advice that you can get a beater and drive it in to the ground for $5k hasn't been true for years but it still seems pervasive in personal finance spaces.

you are viewing a single comment's thread
view the rest of the comments
[–] Turkey_Titty_city@kbin.social 0 points 1 year ago (2 children)

I bought a new car in 2018 for 19K. Everyone I know flipped at me for 'wasting money' and not buying a 5yo+ 10K car that looked like shit with 100K miles.

It's now worth 21K, after 50K miles.

I'm looking at trading it in for a 35K car in the next two years, and watching the value on that car never go down either.

[–] Stuka@lemmy.ml 6 points 1 year ago (1 children)

If you expect that to continue happening you're in for a surprise.

[–] Turkey_Titty_city@kbin.social 1 points 1 year ago* (last edited 1 year ago)

dude, everyone says the housing market will crash for 15+ year now.

We have to accept the old rules of economy are out the window. govt will bail and stimulate to no need the second the market slows down.

this is the new normal. truth is our inflated economy can't ever allow housing values to go down anymore without causing a depression so the govt won't allow it.

[–] wowbagger_@lemmy.world 1 points 1 year ago* (last edited 1 year ago)

They definitely shouldn't have flipped out at you about it, but that doesn't mean they were wrong. Vehicles almost never appreciate in value; it just so happens that you accidentally timed the used car market perfectly.