If one understands the "Great American Syndrome" of financing it doesn't take much to figure out why vehicles are up.
According to Financial Expert Clark Howard who has a weekly radio station he was shocked a month or so ago when the Government came out with the new stats on vehicles & financing.
The average new car loan (includes trucks) is 66 months. The average down payment is less than 5%.
Problem: in order to stay solvent on a new vehicle... 1) the down payment needs to be 20% or more, & 2) the payment needs to be 42 months or less, even on a $50,000 vehicle! 3) If You don't carry gap Insurance, & the vehicle is totaled that will get You in real trouble fast. You need to pay off the loan, & buy a new vehicle at the same time, & the loan company isn't about to give You a new loan without the payoff! Clark said this is the new housing crisis, & its a matter of time before a crash. 4) Banks are loaning longer terms than ever before! 84 months at my Credit Union!!! + Loans up to 7 model years old. 5 years ago it was 5 model years. If You get even a 5 year loan on a 7 year old vehicle it will be 12 years old before its paid off!
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
... [Read Article]
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