How do people in the projects/ public assistance qualify for a luxury vehicle?
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I asked a similar question previously but no answer. How do so many on public assistance qualify for a luxury vehicle? I see it all the time in the projects. I know they did not save $70k. So how did they qualify for it? It is so common that it cannot be good credit.
Answer
This will be an issue forever. It's just the society we live in. People believe that driving a $70K vehicle shows affluence (far from it, actually) and they actually believe that people perceive them to be wealthy.
We're taught that what brand you wear, what car you drive, etc. is important. Hell, 90% of all hip-hop videos are the same... rap artist drives around in a Bentley, waves cash around, then goes to his/her mansion in Beverly Hills and dances around the pool party, surrounded by tons of bikini-clad girls. So, what does that tell the audience? Aspire to own a Bentley! Aspire to wear Gucci!
I was in F&I, and saw folks try anything to get that car/SUV they couldn't afford. They'd pool incomes, have 1-2 co-signers (yes, I would have people actually try to get TWO co-signers on a loan), or they'd try and pull "straw purchases" all the time (where "grandma" signs the loan, but granddaughter drives the vehicle while grandma pays the insurance). Youd' be surprised how much common sense goes out the window when people actually think they might be approved on a Escalade. The funny part is that 99% of these morons never thought about insurance or gas on the vehicle... all they cared about was whether or not they could carry the monthly loan amount! Young folks with "new" credit are just as bad. They get approved for their first car, then they go out and go nuts... soon, they have new furniture, new electronics, new clothes, etc... all on payments.
Morons who fall under this spell never know real wealth. Most of the idiots you see running around in $70K vehicles and living in squalor will never own anything in their life. They will always rent, have car payments, and be a slave to the bank. But hey, they'll have a Coach purse to show for it!
I come from west TX originally, and many of the folks out there live exactly as you picture in your question. They'll have a 800-sq ft rental home, and two Escalades parked out front. But hey, as long as they can make the payments, people may think they're rich, right? Makes me laugh every time. I was reading an article in my hometown paper about the release of the iPhone when it first came out. One of the idiots waiting in line stated in the article: "I missed my rent payment to get my new iPhone!"
These people will ALWAYS live in a cycle of debt. And retailers will always cater to them. Next time you're out and about, and drive by any of the seedy "buy here, pay here" car lots, take a good look. Those Escalades and Navigators they have up front? Yep, meant to draw in just the folks you speak of. People making less than $1000/month want them SO bad so they can "show off", and these dealers will tailor a loan that will keep them locked into that so-called "luxury" forever.
And the cycle will just keep going...
I will NEVER be jealous of these people. My cars/motorcycles are paid for. My house is paid for.
This will be an issue forever. It's just the society we live in. People believe that driving a $70K vehicle shows affluence (far from it, actually) and they actually believe that people perceive them to be wealthy.
We're taught that what brand you wear, what car you drive, etc. is important. Hell, 90% of all hip-hop videos are the same... rap artist drives around in a Bentley, waves cash around, then goes to his/her mansion in Beverly Hills and dances around the pool party, surrounded by tons of bikini-clad girls. So, what does that tell the audience? Aspire to own a Bentley! Aspire to wear Gucci!
I was in F&I, and saw folks try anything to get that car/SUV they couldn't afford. They'd pool incomes, have 1-2 co-signers (yes, I would have people actually try to get TWO co-signers on a loan), or they'd try and pull "straw purchases" all the time (where "grandma" signs the loan, but granddaughter drives the vehicle while grandma pays the insurance). Youd' be surprised how much common sense goes out the window when people actually think they might be approved on a Escalade. The funny part is that 99% of these morons never thought about insurance or gas on the vehicle... all they cared about was whether or not they could carry the monthly loan amount! Young folks with "new" credit are just as bad. They get approved for their first car, then they go out and go nuts... soon, they have new furniture, new electronics, new clothes, etc... all on payments.
Morons who fall under this spell never know real wealth. Most of the idiots you see running around in $70K vehicles and living in squalor will never own anything in their life. They will always rent, have car payments, and be a slave to the bank. But hey, they'll have a Coach purse to show for it!
I come from west TX originally, and many of the folks out there live exactly as you picture in your question. They'll have a 800-sq ft rental home, and two Escalades parked out front. But hey, as long as they can make the payments, people may think they're rich, right? Makes me laugh every time. I was reading an article in my hometown paper about the release of the iPhone when it first came out. One of the idiots waiting in line stated in the article: "I missed my rent payment to get my new iPhone!"
These people will ALWAYS live in a cycle of debt. And retailers will always cater to them. Next time you're out and about, and drive by any of the seedy "buy here, pay here" car lots, take a good look. Those Escalades and Navigators they have up front? Yep, meant to draw in just the folks you speak of. People making less than $1000/month want them SO bad so they can "show off", and these dealers will tailor a loan that will keep them locked into that so-called "luxury" forever.
And the cycle will just keep going...
I will NEVER be jealous of these people. My cars/motorcycles are paid for. My house is paid for.
What would be a good car for a budget of $7K and how many miles should I expect it to have?
Over The R
I am looking for opinions so tell me your preferred make model and how many miles you think is too many and how many is reasonable
Answer
First is first. Nothing over 110,000 miles unless there has been a tune up or some major work done on it.
For $7000, milage really depends on the year of the car and the type of vehiacle.
Cars from japan(including luxury, entry level, SUV) 30-150k
Cars from Germany/other European brands(Volvo, Saab, etc) 60-110k
Cars from American 40-80k
These include luxury cars, so meaning that it would have higher milage if it's a more expensive car and lower milage if it's more of a entry level car.
Cars from Toyota would be under 140k
Honda under 130k
Chevrolet under 100k
MB under 70k
BMW under 70k
I've seen some 2006 Honda civics that go for about $6000 with around 50,000 miles on craigslist. Also there are plenty of good condition BMW 3-series around me going for about $6000 that range from 1999-2003.
First is first. Nothing over 110,000 miles unless there has been a tune up or some major work done on it.
For $7000, milage really depends on the year of the car and the type of vehiacle.
Cars from japan(including luxury, entry level, SUV) 30-150k
Cars from Germany/other European brands(Volvo, Saab, etc) 60-110k
Cars from American 40-80k
These include luxury cars, so meaning that it would have higher milage if it's a more expensive car and lower milage if it's more of a entry level car.
Cars from Toyota would be under 140k
Honda under 130k
Chevrolet under 100k
MB under 70k
BMW under 70k
I've seen some 2006 Honda civics that go for about $6000 with around 50,000 miles on craigslist. Also there are plenty of good condition BMW 3-series around me going for about $6000 that range from 1999-2003.
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