I'm in the process of purchasing a house. The current resident used a loanshark to buy the house for her as she could not qualify for traditional financing. After a few years she still could not get traditional financing and the loanshark wants to sell the property. The current tenant is a little upset at me as she views me as stealing the house from under her.

Part of why she can't afford the house and I can is that she drives a Cadillac escalade and I drive a tiny 5 speed hatchback car.

Would be nice if house payments (general cost of a home) was around that. At this point the only obtainable thing is a vehicle if someone chooses to have one.

And most of these assholes are leasing and pay penalties for over milage.

Have to assume that its for 2+ cars because 28% of Texas definitely ain't driving around in luxury vehicles... although I guess these big ass trucks really are up there in price these days... But still...

That's nearly half my mortgage in one of the highest COL counties in the country...

I have visited family out there and this is depressingly true.

poor states with lower average income will spend a higher percentage of income

But the graphic uses an absolute USD value of 1000, so percentage of income isn't represented. It seems more like the big ass trucks are an issue in more swaths of the great plains than just in Texas.

All lifted by the way

Cybertrucks owners drive that even further up

small dick trucks

FTFY

;)

Lot of poor folks driving around expensive ass Chargers, 300s, Escalades, Mustangs, etc well beyond what they can afford in the South. Then parking them in front of a trailer park or shittiest house you can imagine, with kids playing in the dirt around it.

I know you’re right but gonna ramble a bit…

People still make stupid mistakes buying used because the issue is people wanting / buying far more vehicle than they can reasonably afford. Like you make 30K…maybe a 9 year loan on a 70K vehicle is a bad move.

I’ve had this conversation a handful of times with people that ‘like driving fast cars’ but aren’t really car people. They want to buy that used 50K M series BMW or AMG Mercedes 5-10 years later cause it ‘use to be a 120K+ car’. They then find out that the maintenance/parts costs are still that of a 120K+ car. Not to mention the reason it’s being sold now is it needs a 15K turbo replacement or the like.

Last year I bought a motorcycle and asked the dealer what’s the longest loan term they’ve ever got approved…15 years. For a powersport dealer! I didn’t even know that was within the realm of possibility. They don’t sell anything but toys.

Seems so nonsensical to me. Even if you're someone who drives every day there are perfectly serviceable used cars out there for $5000 whos remaining useful lifetimes outlast the repayment period of a new lease or loan.

fr just work less, spend less money, more free time to enjoy life

I can confirm places like Texas and Florida have much worse auto loan rates due to higher delinquencies. Northern states have better rates.

Bad credit and poor decisions. Texas has a lot of army bases and it's a pretty well established stereotype that 18-22 year olds fresh out of AIT make really poor decisions when it comes to car loans. Lots of Camaros challengers and mustangs at like 30%, then they get repossessed and sold to the next dumb kid.

Edit: added to the age range.

Does Texas just have reeealy bad loan rates?

I'm going to guess that since "everything is bigger in Texas!", people feel the need to buy tanks with wheels, which tend to be on the more expensive end of the car spectum (outside of luxury and exotic vehicles).

Either way, fuck that. $120,000 pissed away in 10 years for a car (PLUS insurance, gas, repairs...). Don't people want to be able to afford housing?

This is all you really need to know about people's car payments:

https://www.youtube.com/shorts/gifYyVTHIfY

You can find this all over YT. It's insanity. For the record, my wife drives a 2019 Camry. I drive a 2012 Fiesta. Both paid off. I only have the Fiesta because my sister wanted to sell it and it was a good deal for the times where my wife and I both need to drive. We were a one-car family for a few years.

My rent was less than that in 2018!

How many of these people live in their cars?

There are people in my hometown that have car payments higher than their mortgage payments.

One possible reason is we don’t salt our roads in winter. Salt causes tons of rust on vehicles, but here you’ll see 1990 Hondas still looking practically new. People seem to drive their beaters forever.

Oregon isn’t just Portland. The rest of the state isn’t nearly as developed. Same for NY - yes, huge population in NYC but there’s still a lot of people in nyc suburbs with money and cars.