Alarming? Looks to me like cheaper used cars will now be on the market.
this post was submitted on 01 Nov 2025
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I have a neighbor who's afraid to turn her gas furnace on because she's been shut off mid-winter for high bills she can't pay.
Another friend had her electric shut off this week and is struggling to find resources.
It's not just cars, everyone making under $60k or $100k for couples is in dire straits right now. Even people making low 6-figures are living paycheck to paycheck. It's insane to watch it all build up.
No one went to jail the last time subprime loans in the US crashed the global economy, why would anything change? Might as well do it again.
So, anecdotally, I had to go vehicle shopping for work, I was talking to a guy who doesn’t have good credit. I go, “how was buying a car for you? I’m nervous cause I don’t really have credit.”
Dude goes “yeah, honestly, I was told they stopped doing credit checks, I put down my companies gross income as my gross income and they just ran with it.”
“That sounds like the car version of 2008?”
“Hahaha yeah, I guess it is.”
Now, when I had to buy a truck, they did run a credit check, and I ended up needing a co-signer, but, none the less, interesting to hear that, then see this article.
Edit: I should also note, I needed a co-signer for a not insane interest rate. The bank would still loan to me personally, just at 17.5%. So, I mean, he’s probably right. I’m not sure you get actually turned down. Dude has 2 judgements against him.
The bank would still loan to me personally, just at 17.5%
That's how banks tell you they're not interested.
You’d think there’d be a threshold where they just say “no” though?
I’m not shocked I got approved, even with that interest rate, my credit isn’t bad, just non existent.
I’m shocked my friend got approved with 2 judgements. What’s the point of a judgment? I suppose I don’t know the details, they could be old, etc. just seems irresponsible.
Good to see banks learned nothing from sub prime mortgages and derivatives in 2008.
They learned that, as long as DC is corrupt, they'll always get bailed out.
These are the real consequences of greed running rampant. People need cars to get to work, this has a severe impact on economic activity. I'm almost certain we have been in a recession since the beginning of October.
I have an idea how they can make cars cheaper. How about make them smaller and remove the spying equipment
But no one will buy them. Men need penis trucks, Karens need 6000lb SUVs to carry a 12lb baby.
Without the spying would make them cost more. The spying is what they consider a feature to keep pricing down a little since they will make money off of that. They will pass a little of that savings onto the consumer.
You think they actually pass those post-sale earnings on to the customer as savings? Why would they, when they could have their cake and eat it too? The average price for a new vehicle topped $50k recently, so they’re clearly not worried about keeping prices down.
Post purchase monetisation go brr
I'd gladly pay more, if only that feature were offered
No, don't look at all those obvious signs that the economy is going down the crapper. Just look at that squiggly line that is definitely not being propped up by the false circular investments in the AI bubble.
The average price for a new vehicle topped a record-breaking $50,000 in September. Meanwhile, auto loan delinquency rates are at all-time highs for those with subprime credit ratings — those with credit scores below 670 — doubling since 2021 to reach 6.43 percent. The default rate is now worse than during the last three recessions: the COVID-19 pandemic, the Great Recession, and the dot-com bust.
Seems like you and the article are on the same page.
Not enough people do the math, whether moving and changing job into a neighborhood where the commute and daily errands would allow living car free would make you end up cheaper (it’s more than a loan and insurance, most cars want gas to move). Yeah… rent might be higher but it’s math worth doing and it will reveal how much work hours you spend just for keep your car moving.
NYC transit I think caps at $34/week, which I don't hit because I walk most places.
When I lived in the suburbs I did some math about the cost. I was paying like $300/mo for transit into the city, plus all the other car coats. Moving in meant rent went up some, but I got rid of the car. Big win, in my case.
The average US household spends 17% of its budget on transportation. Obviously other forms of transport also cost money, but it still nearly possible to have a four day work week, if you get rid of your car.
I'd argue that US infrastructure is so spread out due to being car centric that no, it's not.
I see your point, and fuck cars, but it's baked in, sadly.
Fascinating. I spend about 2% here in Germany, for two good bikes (which I bought used) including professional maintenance, plus a monthly commuter rail pass. No car. Roughly a four-day week.
I feel like places to work are not usually by places to live, and that's an awful lot of commitment to a job that may not last.
I guess it depends on your inventory me level.
It is not by chance that the 2008 financial crisis was unleashed by the bankcruptcy of an investment bank which was trading with shaky housing loans, leading to an investment bubble, which in turn was pinched just after prices for oil had passed 140 dollar per barrel. Which lead people to reconsider the rationale that you would live cheaper if you resign to living far away from work with super long commutes. It was the pheripherical suburbs far away from cities where that calculation broke down first, and houses became unmarketeable first.
That situation was then somewhat stabilized with quantitative easing and super cheap credit money, which also made energy extraction, and thus oil prices cheaper. Which essentielly means collectively borrowing money we can't pay back, to finance energy and a way of living we can't really afford. And states are still pumping more money into that.
I would too if I decided I was grossly overcharged for a soon to be rusting behemoth.
These sure look like signs that the consumer is not being protected. These problems used to be mostly solved, but apparently the government has un-solved them.
Yeah but that's just a necessary consequence of solving the much worse problem of having a banking and finance sector that lacked the freedom to shoot everyone in the future in the foot - faster and more often than their competitors.
Did you not see the horrors that FDR inflicted on the economy - if it weren't for his draconian banking regulations the 1920s would have lasted another two decades, and probably avoided WWII.
spoiler
/s
Meanwhile, auto insurers are raking in record profits after hiking rates.
Well, rising premiums seem also related to climate change...
Floods and Teslas. Those turds don't float, and they are written off for minor crashes.
Weeeeee 🎢