this post was submitted on 07 Dec 2023
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Fuck Cars
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This community exists for the following reasons:
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Be nice to each other. Being aggressive or inflammatory towards other users will get you banned. Name calling or obvious trolling falls under that. Hate cars, hate the system, but not people. While some drivers definitely deserve some hate, most of them didn't choose car-centric life out of free will.
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Why would anyone go into debt for something like this? If you can't afford it, you should clearly not be buying something like this.
Other than that, it is largely foolish to consider other's opinions on a lot of our actions.
News flash, easily over 50% of cars on the road are bought with borrowed money and therefore debt.
Even people that don't need loans still do some sort of financing option for their credit score.
In our case, we were able to get a better rate from investing than the rate we're getting charged on the car loan. It was "cheaper" to take the loan than to pay up front! This economy is nuts.
That's great if you can guarantee you beat the interest rate of the car. But as you've said the economy is nuts and anything can happen 🤣
When borrowing rates are lower than investment returns borrowing just makes good financial sense.
I could pay off my home loan today, but at 2.5% interest why, when I can keep that money and leave it in a safe high return investment? I’d be losing 10s of thousands a year in returns for my retirement to save a few thousand in mortgage interest.
Same thing with cars.
Then again, I don’t even buy new cars. I just get a dependable used Japanese car and drive it until it dies at 300k miles.
Should someone tell him? Who is going to tell him?
Alright, I will do it. People make bad decisions.
Noooooo! Every person makes decisions optimal for their risk profile!
Sometimes a good label for their risk profile is "stupid".
It's OK to go into debt over a depreciating asset if you can afford to default on the loan, and it substantially improves your ability to make money. Businesses do it all the time. If a sole trader could work better with the cybertruck for some reason(I've got nothing) and could borrow off their house as collateral, that's a financially savvy business decision.
But a lot of people fall victim to predatory marketing. We need to recognize that it's not just them being dumb, they were manipulated, tricked and lied to by a powerful machine.