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 - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
... [Read Article]
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