We've officially hit stupid truck prices.
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83 Replies |
Last: 4 yr ago by Jock 07
I thought we reached that point a several years ago. Guess I'll be waiting until the house is paid off before I can save to pay cash for a truck.
Shoot...they have a used one for $100K!
I'm going to keep my current vehicle fleet running for years...
Rexter said:
Shoot...they have a used one for $100K!
I kinda respect the fact that it's not listed at $99,999
I think $60k is ridiculous for a vehicle.... are people really buying these and paying $650-$750 per month for a car/truck?
Please tell me there's a special place in Heaven for Aggie fans! It's like we are living some sort of penance on Earth.
At what point are they going to start offering trucks with a 30 year mortgage?
Aggie95 said:
I think $60k is ridiculous for a vehicle.... are people really buying these and paying $650-$750 per month for a car/truck?
Yes and for 84 months....
$75k auto loan with today's rates for 84 months still comes out to $995/month. No thanks.
That truck is more than half of what I paid for my house.
PrestigeWorldwideAg12 said:
$75k auto loan with today's rates for 84 months still comes out to $995/month. No thanks.
My point exactly.. why/how are there so many $75k+ vehicles on the road?
Please tell me there's a special place in Heaven for Aggie fans! It's like we are living some sort of penance on Earth.
Massive credit bubble. Given the distribution of incomes, lots of people must be struggling to make payments like that. I imagine they keep rolling over debt.
A buddy has a 2017 Chevy loaded crew cab dually with 85K miles on it. He paid $62 K for it. The dealer he bought it from called him recently and offered him $52K for it. Buddy says $55 K sounds better. Dealer said he'd call him back.
Aggie95 said:
I think $60k is ridiculous for a vehicle.... are people really buying these and paying $650-$750 per month for a car/truck?
70k trucks are a dime a dozen in houston these days. There are a ton of people paying well over 750 a month for vehicles.
Actually, all over Texas this is the case. There is no shortage of $85k suvs and trucks on the road.SquanchyAg said:Aggie95 said:
I think $60k is ridiculous for a vehicle.... are people really buying these and paying $650-$750 per month for a car/truck?
70k trucks are a dime a dozen in houston these days. There are a ton of people paying well over 750 a month for vehicles.
The top quintile of household income in Texas starts at $112K.
$200K puts you in the top 5% of household incomes.
A $112K income family with a rent/mortgage would struggle to make single $800-1000 monthly car payments, let alone the two that are more likely, but it would be possible. Once you get up to $200k incomes, it's much more manageable, and we're talking still something like 2-3 hundred thousand households at that level.
That is still going to require a considerable opportunity cost sacrifice of other spending.
$200K puts you in the top 5% of household incomes.
A $112K income family with a rent/mortgage would struggle to make single $800-1000 monthly car payments, let alone the two that are more likely, but it would be possible. Once you get up to $200k incomes, it's much more manageable, and we're talking still something like 2-3 hundred thousand households at that level.
That is still going to require a considerable opportunity cost sacrifice of other spending.
MouthBQ98 said:
The top quintile of household income in Texas starts at $112K.
$200K puts you in the top 5% of household incomes.
A $112K income family with a rent/mortgage would struggle to make single $800-1000 monthly car payments, let alone the two that are more likely, but it would be possible. Once you get up to $200k incomes, it's much more manageable, and we're talking still something like 2-3 hundred thousand households at that level.
That is still going to require a considerable opportunity cost sacrifice of other spending.
"What kind of payment you lookin' to make, I'd love to earn your business today!"
I once rented a house to a family that was trying to save up enough for a down payment to qualify for a non-FHA loan. They had a late model Yukon Denali and a mid trim level newish full sized truck. They couldn't qualify for easy money financing on an asset that appreciated because they were paying another $200 a month to have a better trim package.
Cut that back to the Dodge Caravan that they should have been driving and they would have cash to spare.
The debt bubble we are in is frickin' scary as hell. $100k pickups are a good case in point. If prices go up, at some point consumer demand will slack off and so will the economy, if prices go down, the lenders that hold the notes will be insolvent, overall liquidity will tank and so will the economy.
how do so few others see this?chimpanzee said:MouthBQ98 said:
The top quintile of household income in Texas starts at $112K.
$200K puts you in the top 5% of household incomes.
A $112K income family with a rent/mortgage would struggle to make single $800-1000 monthly car payments, let alone the two that are more likely, but it would be possible. Once you get up to $200k incomes, it's much more manageable, and we're talking still something like 2-3 hundred thousand households at that level.
That is still going to require a considerable opportunity cost sacrifice of other spending.
"What kind of payment you lookin' to make, I'd love to earn your business today!"
I once rented a house to a family that was trying to save up enough for a down payment to qualify for a non-FHA loan. They had a late model Yukon Denali and a mid trim level newish full sized truck. They couldn't qualify for easy money financing on an asset that appreciated because they were paying another $200 a month to have a better trim package.
Cut that back to the Dodge Caravan that they should have been driving and they would have cash to spare.
The debt bubble we are in is frickin' scary as hell. $100k pickups are a good case in point. If prices go up, at some point consumer demand will slack off and so will the economy, if prices go down, the lenders that hold the notes will be insolvent, overall liquidity will tank and so will the economy.
I'd wager a majority of educated Americans couldn't pass a personal finance exam. No way they are going to grasp the basic macroeconomic concepts you're pondering.
Same thing is happening in the housing market. A neighbor moved back across the street from VA. His house there was on the market 3 days and he had 7 offers....the first for his asking price the 7th for considerably over asking price. O7/08 happens again and these people will be screaming for a bailout....stupid stupid stupid.cavscout96 said:how do so few others see this?chimpanzee said:MouthBQ98 said:
The top quintile of household income in Texas starts at $112K.
$200K puts you in the top 5% of household incomes.
A $112K income family with a rent/mortgage would struggle to make single $800-1000 monthly car payments, let alone the two that are more likely, but it would be possible. Once you get up to $200k incomes, it's much more manageable, and we're talking still something like 2-3 hundred thousand households at that level.
That is still going to require a considerable opportunity cost sacrifice of other spending.
"What kind of payment you lookin' to make, I'd love to earn your business today!"
I once rented a house to a family that was trying to save up enough for a down payment to qualify for a non-FHA loan. They had a late model Yukon Denali and a mid trim level newish full sized truck. They couldn't qualify for easy money financing on an asset that appreciated because they were paying another $200 a month to have a better trim package.
Cut that back to the Dodge Caravan that they should have been driving and they would have cash to spare.
The debt bubble we are in is frickin' scary as hell. $100k pickups are a good case in point. If prices go up, at some point consumer demand will slack off and so will the economy, if prices go down, the lenders that hold the notes will be insolvent, overall liquidity will tank and so will the economy.
You missed the + $20,000 F250 TremorYesterday said:
Over $100k for a new F250!
https://www.grapevineford.com/new/Ford/2021-Ford-F-250-50839acd0a0e0ae81a50e848347facce.htm?utm_source=facebook&utm_medium=social&utm_campaign=Bedford_COOP_Catalog_May2021&utm_content=GVF_Catalog&campid=23847855198560492&adsetid=23847855198550492&adid=23847855198580492&placement=Facebook_Marketplace&site_source_name=fb&ad_name=New+Ad&fbclid=IwAR0GlqT586sXxeh1MZ0RxfdxeeATzKzwobIbht2S5wXopA10VTFMntQFp-I_aem_AbfjIgZpC2ubZoqQgy-EQA0r0buv0k13CDd9dw03_9Rmj3qg4K9fMf6LTTYq7i2j6qOHGELuSe-UakMIc3rO6DP1OFr4mcYC-KJVPJ8TXW8axyK6Fk9Jzl3lkB0oCrBOZFc
Yeah but... even at $200K that $900+ car payment is still a struggle when your mortgage is $5,500.MouthBQ98 said:
Once you get up to $200k incomes, it's much more manageable
Was in Houston / Galveston last week. The dream of selling my way out of Los Angeles and paying cash is Texas is looking pretty attractive about now.
"Market Price" dealer markup has always amazed me. The most egregious one I ever saw was $30K on the 707 HP Dodge Challenger Hellcat at a dealer in Pleasanton, CA. I laughed at the salesman when he told me he had a $100K Dodge for sale.reproag said:
You missed the + $20,000 F250 Tremor
I'd wager you're right.Mr. AGSPRT04 said:
I'd wager a majority of educated Americans couldn't pass a personal finance exam. No way they are going to grasp the basic macroeconomic concepts you're pondering.
It's OK, with inflation hitting like we're in a third world country, prices aren't coming down. However, our ability to maintain our purchasing power is being cut by inflation and if you were responsible and saved, the value of that money is dwindling as well.
Most people save little to nothing. All of those people that should be putting at least 15% of their income into retirement savings are putting that money into 100k trucks.
I've bought one house for 15K under that truck and two others 15K-20K over it. Granted two of the three were during the housing crash but all three of them were perfectly livable and one was pretty nice.The Ghost of DUCK01 said:
That truck is more than half of what I paid for my house.
Yep. Ours is small, but was completely stripped to the studs and redone less than 10 years ago. In 2019, we moved out of a $300k house in CS to escape the chaos - moved to a small rural town with great schools and are on 3/4 acre with only one neighbor. After 20 years of chasing, we finally analyzed what was important to us and realized we were doing it all wrong.
The irony is that GM and Ford were at opposite ends of the consumer credit divide 100 years ago.
Ford was the old-school 19th century Ag/Farming America. Ford viewed his vehicles as tools to be bought at affordable prices without the frills, paid for with cash savings.
On the other hand, "General Motors invented the credit system. They created the modern methods of advertising and marketing. General Motors was really at the forefront of creating in many ways what we think of as modern consumer capitalism."
GM wanted to create luxury products that people would go into debt to buy, and they were happy to facilitate that. GM was 20th century marketing/consumer products America with a completely different ethos.
The history is pretty interesting:
https://www.marketplace.org/2009/12/25/culture-debt-was-driven-gm/
http://americanradioworks.publicradio.org/features/americandream/b1.html
Ford was the old-school 19th century Ag/Farming America. Ford viewed his vehicles as tools to be bought at affordable prices without the frills, paid for with cash savings.
On the other hand, "General Motors invented the credit system. They created the modern methods of advertising and marketing. General Motors was really at the forefront of creating in many ways what we think of as modern consumer capitalism."
GM wanted to create luxury products that people would go into debt to buy, and they were happy to facilitate that. GM was 20th century marketing/consumer products America with a completely different ethos.
The history is pretty interesting:
https://www.marketplace.org/2009/12/25/culture-debt-was-driven-gm/
http://americanradioworks.publicradio.org/features/americandream/b1.html
HollywoodBQ said:Yeah but... even at $200K that $900+ car payment is still a struggle when your mortgage is $5,500.MouthBQ98 said:
Once you get up to $200k incomes, it's much more manageable
Was in Houston / Galveston last week. The dream of selling my way out of Los Angeles and paying cash is Texas is looking pretty attractive about now.
People that make 200k a year have a 5,500 per month mortgage? Holy cow.
Back in 04 I bought a 1T dodge 4wd diesel crew cab from a buddy who worked at a Dodge dealership in Cedar Park. They had a red Viper on the floor which I think was around 650hp. He told me that 30 % of the Vipers sold never made it home from the dealership. Probably not much different with the Hellcat.HollywoodBQ said:"Market Price" dealer markup has always amazed me. The most egregious one I ever saw was $30K on the 707 HP Dodge Challenger Hellcat at a dealer in Pleasanton, CA. I laughed at the salesman when he told me he had a $100K Dodge for sale.reproag said:
You missed the + $20,000 F250 Tremor
I'm sure that $500 1st responder discount and the $300 employee discount make a huge difference in the number of sales......geeze ...why even put that on the sticker?reproag said:You missed the + $20,000 F250 TremorYesterday said:
Over $100k for a new F250!
https://www.grapevineford.com/new/Ford/2021-Ford-F-250-50839acd0a0e0ae81a50e848347facce.htm?utm_source=facebook&utm_medium=social&utm_campaign=Bedford_COOP_Catalog_May2021&utm_content=GVF_Catalog&campid=23847855198560492&adsetid=23847855198550492&adid=23847855198580492&placement=Facebook_Marketplace&site_source_name=fb&ad_name=New+Ad&fbclid=IwAR0GlqT586sXxeh1MZ0RxfdxeeATzKzwobIbht2S5wXopA10VTFMntQFp-I_aem_AbfjIgZpC2ubZoqQgy-EQA0r0buv0k13CDd9dw03_9Rmj3qg4K9fMf6LTTYq7i2j6qOHGELuSe-UakMIc3rO6DP1OFr4mcYC-KJVPJ8TXW8axyK6Fk9Jzl3lkB0oCrBOZFc
We live in a modest but nice rock house on 2 acres in West central Comal CO that we remodeled and has been paid for for 15 years or so. Back when Mz R and I were still working, we weren't able to itemize our deductions for tax purposes and therefore had to pay more at filing time. We were empty nesters and MZ R brought up buying a larger house for the interest deduction. My response was OK we go from a no house payment situation to a $3000/ month house payment of which $2500 plus goes toward interest each month and give a mortgage co $30,000 a year so we can itemize and save the $5000 we have to pay in extra income tax ........not to mention the doubling or more of our property taxes......WE WILL DIE IN THIS HOUSE.SquanchyAg said:HollywoodBQ said:Yeah but... even at $200K that $900+ car payment is still a struggle when your mortgage is $5,500.MouthBQ98 said:
Once you get up to $200k incomes, it's much more manageable
Was in Houston / Galveston last week. The dream of selling my way out of Los Angeles and paying cash is Texas is looking pretty attractive about now.
People that make 200k a year have a 5,500 per month mortgage? Holy cow.
That numbers seems a little high, but I can see that for sport bikes.Rattler12 said:Back in 04 I bought a 1T dodge 4wd diesel crew cab from a buddy who worked at a Dodge dealership in Cedar Park. They had a red Viper on the floor which I think was around 650hp. He told me that 30 % of the Vipers sold never made it home from the dealership. Probably not much different with the Hellcat.HollywoodBQ said:"Market Price" dealer markup has always amazed me. The most egregious one I ever saw was $30K on the 707 HP Dodge Challenger Hellcat at a dealer in Pleasanton, CA. I laughed at the salesman when he told me he had a $100K Dodge for sale.reproag said:
You missed the + $20,000 F250 Tremor
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