Total car payments for a single family? Cars or trucks? Does Texas just have reeealy bad loan rates? (Sure, I would like to say that the difference is because of oversized trucks, but reality is sometimes surprising.)
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?
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.
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.
Total car payments for a single family? Cars or trucks? Does Texas just have reeealy bad loan rates? (Sure, I would like to say that the difference is because of oversized trucks, but reality is sometimes surprising.)
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?
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.
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.
I can confirm places like Texas and Florida have much worse auto loan rates due to higher delinquencies. Northern states have better rates.