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Used cars don't move because there are no 3-4% dealer incentives on Used, only New. 11.3% is the average used car loan rate now.
How did car companies overproduce expensive vehicles no one wants? Probably misreading the market
Where in the fuck do you buy a car with that interest rate? Even used. That's a 590 credit score if getting a loan. Have never been over 8% in my lifetime and always buy used. That's just shitty credit. I have current collections (medical) and my score is still 700.
https://www.experian.com/blogs/ask-experian/average-car-loan-interest-rates-by-credit-score/
Imagine paying over $500mo. for a used car that isn't a collectible or a super high end or specialty vehicle.
My wife and I got lucky in 2021 with a Honda CRV from Panama City Toyota at a 1.5% rate for 6 years, though it was tough to negotiate as they only knocked down the MSRP price by $500 and they threw in a few extras like mats. Our monthly payment is around $450.
Fortunately my lease isn't up until March. I think I might just get another lease on a lower end vehicle since I don't want to be a bagholder in case the prices don't really collapse until next summer or beyond.
AD says
My wife and I got lucky in 2021 with a Honda CRV from Panama City Toyota at a 1.5% rate for 6 years, though it was tough to negotiate as they only knocked down the MSRP price by $500 and they threw in a few extras like mats. Our monthly payment is around $450.
Does it have CVT? If yes, consider changing transmission fluid at every 30 to 40k miles.
Big discounts inbound
Does this mean I'll get a good deal on a Citroën?
I was originally planning on 50,000 miles transmission fluid change, but need to research this more.
AD says
I was originally planning on 50,000 miles transmission fluid change, but need to research this more.
90k miles is dangerous but they want you to buy autos more frequently. Less than 50k should be preferred.
Does this mean I'll get a good deal on a Citroën?
Shit. Current ones don't even look like the ones from the 70s and 80s.
Demand Destruction for Existing Houses: Sales in 2024 Track Lowest since 1995 amid Highest Supply for October in 6 Years
Too-high house prices cause demand destruction on an epic scale. Buyers’ strike continues in November and December.
US 30-year fixed-rate mortgage approaches 7%
WASHINGTON (Reuters) - U.S. mortgage rates increased to a four-month high this week, which together with higher home prices could sideline potential buyers from the housing market in the near term.
Too much government debt on the bond market competing with the 30 yr mortgage bonds for bond market buyers
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Wolfman at Wolf Street and Mister Mish at MishTalk have excellent blog posts today about housing inventory.
Until housing prices drop more to account for +6% rate for the 30 yr mortgage, then housing inventory will accumulate.
For every 1% increase in the 30 yr mortgage rate, there should be a 10% drop in home price based on affordability standards.
Granted, since the 30 yr mortgage rate bottomed around 3% in early 2022, household income has increased about 20%. So accounting for this, home prices should be +20% below early 2022 levels.
Also home price to income ratio needs to drop more.
.
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Also, about 25% of houses are bought pure cash, Fuck the high mortgage rates.
He overpaid for the house likely and then overpaid for the rehab
WookieMan says
He overpaid for the house likely and then overpaid for the rehab
How does a buyer figure out if he is overpaying or not for a home? Real estate agents use comparables and this is how they justify the asking price.
Misc says
Also, about 25% of houses are bought pure cash, Fuck the high mortgage rates.
But it is the mortgaged purchases that determine prices in most markets.
WookieMan says
He overpaid for the house likely and then overpaid for the rehab
How does a buyer figure out if he is overpaying or not for a home? Real estate agents use comparables and this is how they justify the asking price.
People who use leverage to buy bitcorn get their clocks cleaned out regularly by whales and other actors.
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.