I have lackluster credit but can afford car payments right now. I know the banks/dealerships are frothing at the mouth to give people like me shitty loans. I bought a house in 2008 before the crash and had to sell to move across the country in 2011 leaving me way underwater. That being said, Wells Fargo forgave the amount I was under with just a hardship letter from me. I’m assuming it’ll be a lot harder to get loans after the crash.
Again, this is all assuming there’s another similar crash coming.
I can put at least $7k down, more if needed.
It seems people missed the part where I said I CAN afford car payments. I don’t NEED a car right now, but I can get more for my used Prius than what it’s worth while we’re in this used car bubble.
> I have lackluster credit but can afford car payments right now. I know the banks/dealerships are frothing at the mouth to give people like me shitty loans
It sounds like it’s a bad time to buy a car because you can’t afford a car.
If a crash is coming, after the crash is a better time to buy. Of course, since we don’t know a crash like 2008 is actually coming, there’s no way to determine whether now or later would be better. Timing the market, even the car market, is really hard.
If you NEED a car you’ll have to buy a car, regardless of the world around us.
You don’t need the car.
That aside, historically, yes this is a bad time to buy a car. I can’t point to a single point in time and say it was a worse time to buy a car honestly than it is today.
Your assuming a crash is coming, for what reason I don’t know. The current car market can stay this way for years to come. There is no promise that the market we are in now is temporary, in any sense. Past performance is not indicative of future behavior.
Your also assuming some “value” gain by selling your current car. There would be, if you didn’t need a car / that car (like if you had more than one car). If you have to buy another car to replace the one your selling, your not ahead any. Unless your selling your used prius for 20K and buying some 5K junker to pocket the difference?
The 2008 crash was catalyzed from financial institutions putting all their money in “Safe” assets that were actually toxic. I doubt something like that would happen again. The pending “recession” is a correctional one to get inflation under control. Highly doubt it will be anything like 2008.
Do you need car? Is your car going to be beyond repair in the next 8-12 months? If yes then buy a car. If not then don’t. Also routine maintenance goes a long way.
It’s the best time to make some plans for the future and it is time to be happy. I have read this post and if I could I wish to suggest you few interesting things or suggestions. Maybe you can write next articles referring to this article. I wish to read more things about it!