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Dec 30th, 2023
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 Re: Negative equity
[Re: Brian Spagnola]
#15077016
05/19/24 12:56 AM
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Joined: Feb 2003
Posts: 597
Harleydude
Pro Angler
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Pro Angler
Joined: Feb 2003
Posts: 597 |
Grasshopper, Look, we aren’t talking about your run of the mill Corolla or oil field f150 here. About the only negotiation room in a Raptor R is about the dealer mark up at this time. One dealer here doesn’t do market adjustments and one does. You order it and don’t want it they don’t care because they have a line 100 miles long of folks ready to take it. It was the same way with the Gen 2 Raptors when they came out. That bust the curb stuff works both ways. They don’t have to sell it to you. Z06 and E Ray corvettes are the same way at the moment. Stingrays have softened but the dealers here still want a market adjustment for those as well. I am not going to derail the thread anymore.
Last edited by Harleydude; 05/19/24 01:02 AM.
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Re: Negative equity
[Re: Uncle Zeek]
#15077020
05/19/24 01:00 AM
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Joined: Jul 2010
Posts: 9,570
TR176
TFF Celebrity
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TFF Celebrity
Joined: Jul 2010
Posts: 9,570 |
How poorly do some people handle money? How do you get $41K upside down in a vehicle? I bought a new truck in 1989 and paid cash and got a new truck every 18-24 months until 2011 or so. Only ever had a car note once, it's because I also bought a couple year old Vette the same day. It was a trade in and was a deal and couldn't leave without it, lol. Still how does that happen?  Well, in the 'classic' days of car sales, you paid a significant down payment - say 10-20% and financed the rest. Because the second you drive it off the lot, the vehicle depreciates a fair chunk. Since 9/11, car dealers have moved almost entirely to 0% down, which means that most buyers are upside down for the first 2-3 years of the note (or even longer). Combine that with the insane policies of lending more than MSRP, and having car loans that are now 7-8+ years, and it's easy for someone to get that far u[side down. Parenthetically, if you were paying cash and trading in every 18-24 months, it means that you gave up alot of equity in your vehicles over those years. This is where another income stream is created from the premiums on “gap” insurance.
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Re: Negative equity
[Re: Harleydude]
#15077121
05/19/24 03:06 AM
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Joined: Feb 2018
Posts: 15,678
Sawhorse
TFF Guru
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TFF Guru
Joined: Feb 2018
Posts: 15,678 |
Grasshopper, Look, we aren’t talking about your run of the mill Corolla or oil field f150 here. About the only negotiation room in a Raptor R is about the dealer mark up at this time. One dealer here doesn’t do market adjustments and one does. You order it and don’t want it they don’t care because they have a line 100 miles long of folks ready to take it. It was the same way with the Gen 2 Raptors when they came out. That bust the curb stuff works both ways. They don’t have to sell it to you. Z06 and E Ray corvettes are the same way at the moment. Stingrays have softened but the dealers here still want a market adjustment for those as well. I am not going to derail the thread anymore. Look?
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Re: Negative equity
[Re: Brian Spagnola]
#15077128
05/19/24 03:16 AM
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Joined: Mar 2011
Posts: 15,121
Westside.
TFF Guru
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TFF Guru
Joined: Mar 2011
Posts: 15,121 |
That Australian guy got stingrayed in his junk, died
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Re: Negative equity
[Re: Westside.]
#15077155
05/19/24 03:55 AM
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Joined: Sep 2005
Posts: 27,648
Uncle Zeek
aka "Dad"
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aka "Dad"
Joined: Sep 2005
Posts: 27,648 |
That Australian guy got stingrayed in his junk, died I thought the stinger impaled his chest?
"Decency is not news; it is buried in the obituaries --but it is a force stronger than crime" ~ Robert A. Heinlein
Artim Law Firm, PLLC
Estate planning & tax attorney AND 07/02 FFL
2250 Morriss Road, Suite 205, Flower Mound, Texas 75028
972-746-0758 mobile
zac@artimlegal.com
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Re: Negative equity
[Re: Brian Spagnola]
#15077269
05/19/24 12:45 PM
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Joined: Dec 2008
Posts: 16,490
grout-scout
TFF Guru
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TFF Guru
Joined: Dec 2008
Posts: 16,490 |
Can you imagine how upside down the Covid boat buyer guy is. High prices, med high interest rates, long term note and now boats are barely moving.
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Re: Negative equity
[Re: Brian Spagnola]
#15077278
05/19/24 12:55 PM
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Joined: Jun 2020
Posts: 11,778
grandbassslayer
TFF Guru
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TFF Guru
Joined: Jun 2020
Posts: 11,778 |
Buying a car is a joke now- most every car is unavailable at the price they advertised online- all the fine print, you have to have a trade-in, have to finance it, have to stand on on leg and shout give it to me why the salesman snorts a line off a hookers butt….
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Re: Negative equity
[Re: TR176]
#15077371
05/19/24 03:44 PM
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Joined: Apr 2006
Posts: 25,184
outfishdya
TFF Guru
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TFF Guru
Joined: Apr 2006
Posts: 25,184 |
How poorly do some people handle money? How do you get $41K upside down in a vehicle? I bought a new truck in 1989 and paid cash and got a new truck every 18-24 months until 2011 or so. Only ever had a car note once, it's because I also bought a couple year old Vette the same day. It was a trade in and was a deal and couldn't leave without it, lol. Still how does that happen? Well, in the 'classic' days of car sales, you paid a significant down payment - say 10-20% and financed the rest. Because the second you drive it off the lot, the vehicle depreciates a fair chunk. Since 9/11, car dealers have moved almost entirely to 0% down, which means that most buyers are upside down for the first 2-3 years of the note (or even longer). Combine that with the insane policies of lending more than MSRP, and having car loans that are now 7-8+ years, and it's easy for someone to get that far u[side down. Parenthetically, if you were paying cash and trading in every 18-24 months, it means that you gave up alot of equity in your vehicles over those years. This is where another income stream is created from the premiums on “gap” insurance. Yep, roll all your negative equity into a vehicle, purchase gap insurance, then go wrap the vehicle around a tree. Problem solved
Woke up this morning
Got yourself a gun....
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Re: Negative equity
[Re: Brian Spagnola]
#15077388
05/19/24 04:16 PM
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Joined: Oct 2012
Posts: 25,536
ReelBusy
TFF Guru
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TFF Guru
Joined: Oct 2012
Posts: 25,536 |
The people that kept paying the inflated prices created the problem, now they get to realize it. New car mfgs & dealers get to suffer from their greed too.
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Re: Negative equity
[Re: John Peebles]
#15077389
05/19/24 04:17 PM
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Joined: Nov 2009
Posts: 39,597
Dan90210 ☮
Jr Deputy Dan
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Jr Deputy Dan
Joined: Nov 2009
Posts: 39,597 |
Everyone is under water from the covid prices. When market hits harder then reality.
Mainly the people that bought half tons for all the money, and mid size SUV's that ALWAYS loose value quickly. At least from what I have seen. Most of the people that paid a lot of money on the expensive diesel trucks and had a trade are ok. No one has heard from the people that paid 20k over for a Corvette, are you ok bro? LOL My uncle bought a new C8 LT3 Vette in 2020 for 110K he just traded it in with 5K miles, showroom condition and got 70K for it. So he paid $8 a mile, plus fuel and insurance call it $10 a mile to roll a Vette. That's insane.
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