Financial illiteracy among car buyers is ‘staggering’

Quotes

“Those of y’all who live and breathe cars, and are fairly well versed in other fields, have absolutely no idea how an absolutely astonishing number of people actually buy things.

Some years ago, my cousin bought a Ford Ranger, used, just because he ‘wanted a truck’ and the dealer managed to get him to buy a used car for considerably more than what the new car was and added every conceivable gimmick. . . .

My sister in law was insistent on getting a two year old minivan until I insisted she look at new ones. All the two year old ones are ex rental and with the rebates, weren’t very much cheaper. They ended up getting a new one.

Yah, depreciation blah blah blah. It’s very math dependent. Some cars depreciate faster, further than others, like luxury brands, some don’t depreciate much at all. Why are you concerned about depreciation anyway? If you’re going to trade the car in within 5 years, you’re PROBABLY BUYING THE WRONG CAR TO START WITH.”

— SavageATL, The Truth About Cars

RE:SOURCES

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