Certified pre-owned lease returns! I’m on my second and they’ve both been great cars for $22k or under.
That said, a big contributor is the amount financed. When we’ve bought new cars we paid $7k up front for mine and $5k for my wife’s plus our trade ins. Many, if not most, people can’t afford to do that so they have huge monthly payments even before interest.
You got it. My first was a pretty basic sedan that I upgraded to from my old retired police Crown Vic. My current car was a two year old lease return in the top trim level available and ~15k miles.
People have been rolling negative equity into new car payments, and claiming to be smart because rates were so low… rates aren’t low anymore and that risk is being realized.
Certified pre-owned lease returns! I’m on my second and they’ve both been great cars for $22k or under.
That said, a big contributor is the amount financed. When we’ve bought new cars we paid $7k up front for mine and $5k for my wife’s plus our trade ins. Many, if not most, people can’t afford to do that so they have huge monthly payments even before interest.
22k for a used car seems like a bad deal
Depends on how used, make, model, and trim. Not everyone is in a race to a bare bones compact.
You got it. My first was a pretty basic sedan that I upgraded to from my old retired police Crown Vic. My current car was a two year old lease return in the top trim level available and ~15k miles.
People have been rolling negative equity into new car payments, and claiming to be smart because rates were so low… rates aren’t low anymore and that risk is being realized.
Financing a car is a poverty trap.