Sheesh! And people complain about the cost of college!
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At those price points, most people are leasing rather than buying.
That’s what I was wondering. Are most leasing these days?
I started out leasing my Outback. My former Outback had been wrecked and I was too overwhelmed to make a decision. So I leased, hated it and converted to a loan.
We used to keep our cars forever. Then I moved to the wilds of Michigan lol and now I can’t keep them! Stinking deer! A couple of them have been a long ways from home. One in Pennsylvania on our way to my daughter’s college graduation. That was a mess.
But yes, this is the 4th deer we have hit in the past 10 years. And one car slid off the road into a tree.
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I’m at that point. I’m WFH now. Hopefully permanently. I might drive 3k miles per year. Why would I buy new? Especially living in PA where rust destroys just about every car.
We had to buy a new car in January (our old car was totaled). Got a new 2021 corolla for under $20K. We never pay a lot for our cars, buy them new, and keep them for a dozen years (don’t put on that many miles each year). The car that was totaled was a 2012 Hyundai Elantra with I believe under 50,000 miles on it. The insurance company gave us $8K for it (a pretty high price I thought)
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When I lived in Louisiana years ago, I remember a joke (in the mode of, “How many Cajuns does it take to . . .”) that went, “How many Cajuns does it take to have dinner? Answer: Three – one to eat, and the other two to look for oncoming traffic.”
In the interests of full disclosure, I never had trouble eating anything that was put in front of me when I lived in Louisiana. And I never asked any questions about it, either.
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I bought a Prius Prime plug-in hybrid 3 years ago. With promotional discounts and rebates I got it for under $20K - AND I get 75 mpg!
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There are a lot of expensive trucks on the road in Louisiana. Many certainly spend too much and finance for 84 months. But for many the truck or SUV is also their main work vehicle which they buy or lease through their business. When they spend most of their day in a truck, they want it to be comfortable.
I don’t need a pick up truck for work, but my firm does pay for my vehicle lease and expenses. I have a budget to spend on the lease, and always try to negotiate the best deal I can so I can get as nice a vehicle as possible. I currently lease an Infiniti QX60 that had an MSRP of almost $60,000 but ended up with the same lease payment as if I’d leased a $40,000 Honda Pilot. Some vehicles lease better than others. Problem is, the Infiniti comes off lease this November, and I am concerned there will still be a shortage of new vehicles or that prices will still be high. I may be leasing something much less luxurious for the same price, but that’s ok too.
My H got a new Toyota Tundra 3 years ago. He doesn’t need a truck, but really loves a truck and it is so comfortable for all the road trips we do and it is great in the winter when we are skiing. It is the most expensive car we have ever purchased at $55K. My Acura RDX is a 2014 that we bought new for $45K which we both thought was a lot of money 7 years ago! We keep our cars until they die so we always buy new ones. D2 bought a new Subaru Crosstrek 3 years ago and it was an affordable new car and she loves it. Her plan is like her parents to keep the car until it dies.
I also have a Tundra and love it. We take it on long trips. I think some people still think of trucks as utilitarian. Today’s trucks are nothing like the trucks in the past. They’re very comfortable and ride well. People spend $75k or more for a nice SUV. The truck market responded. You can buy a truck for $75k and it will ride well and have all the bells and whistles…and get a load of mulch.
That’s the problem with cars and many other things…once you drive a nice one it’s tough to downgrade.
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D just bought a new Corolla hybrid. Tracks her mpg like it’s a video game score. Her current personal “record” is 57 mpg.
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I don’t think “most” people are leasing. In fact, the percentage is now lower than in 2017 (currently just over 25%). We always buy and drive our cars for many years.
I saw a news report that used cars are in short supply and dealers are now offering decent prices for them. I know when my son bought a used car back in 2019, it was hard in our area to find a well priced used car with under 100K miles. That didn’t make sense for him as he had to drive to work (pre-pandemic).
I’m sorry, I should have been more clear. I was referring to the higher price points, when you get to $60K and higher, the percentage of leasing increases significantly. There are a lot more $80-$100K vehicles on the road than there are drivers who can afford to purchase them.
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Our last purchase was a certified pre-owned car that had just come off of a 3 yr lease, It had 42K miles. We got it for a little more than half what a comparable new car would cost. We are now 7 yrs later, the car has 110K (COVID and retirement 4 yrs ago helped keep that down!) with lots of life left in the car. And it’s well equipped, as most former lease cars are.
If you need a new car now, good luck. Most, if not all, of the factories for Ford, Chrysler, Honda and GM are closed. There are no microchips. Each new car needs about 40 for all the electronics. I’ve been trying to replace my 13 year old van for months now and the model and color I want cannot be found. A relative was laid off from making Fords months ago due to the shortage.
When new vehicles are in short supply, I wonder how much negotiating on price can be done.
I lived without a car for several years, and would rent one monthly to stock up on bulk or larger items. I could walk to purchase most necessities, even though I lived in the suburbs. Bus and Uber were my friend for occasional visits across town.
Once Covid hit, that became increasingly difficult, (if not dangerous), and obviously drive-up services were not an option. A car became a necessity, so purchased a very used one in January, thankfully.
I think there were many others in the same situation. Although working from home, a car was needed for other errands. Limited mass transit, increased need for self-transport, and now lack of computer chips all add to the shortage.
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I love my 2015 Subaru Forester. It’s the best car I’ve ever had and I still think of it as my “new” car (how time passes!) I much preferred it over the Outback…has a lot more light and visibility…the Outback felt dark and tunnel-like in comparison when I test-drove them. I really don’t care about cars except as utilitarian things (though something reasonably nice is…nice! )
The only car I’ve ever really drooled over for aesthetic reasons is the mini-Cooper, but the one I tried a few years back felt kind of jerky. The Mini Countryman is said to be surprisingly good in snow, and if the jerkiness is improved upon I could be tempted one day. It can even be equipped with a platform and tent on top. I could see myself as a roving adventurer in my retirement years, living and camping from coast to coast in my mini 
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That makes sense! Many people that favor very high priced cars may also be more likely to not drive them forever.
Hooray! The Outback can be repaired! I don’t have to look for a new car, which I did not want to do.
Still shocked by the price of new cars. And how many huge trucks, big SUV’s and luxury cars I see.
I’m so happy with my Outback and now even more so after looking at the price and availability of buying a different one!
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I’ve been following the news about the low stock of both new and used cars. I’m feeling so thankful we were able to get our daughter a good deal on a certified pre-owned car last summer when rental agencies were offloading their inventory.
As far as the cost of new cars, my last purchase of a new car was a 2013 Toyota Sequoia, my second Sequoia. We will drive this one into the ground. At the time, all I wanted in a new car was the automatic lift gate for the trunk. Years of hands full of kids and groceries, I just wanted to open with the press of a button. Unfortunately the model I was looking at, the only way to get the auto lift gate was by purchasing a “special package” that also included all kinds of other fancy electric things I didn’t want (just expensive fixes later when they break). To get that auto lift gate would add $10K to the price of my already, expensive to me, cost of the SUV. Seven years later, I still wish I had that auto lift gate, but deep down realize it isn’t a big deal.
Holding out hope that our “kid car” lasts for at least another two years while our youngest driver finishes high school and the “chip” and used car shortages resolves themselves!
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