09-07-2023, 09:40 AM | #29 |
Drives: ZLE/DEMON/GLADIATOR/GSXR1000R/ZX10R Join Date: Aug 2022
Location: New York
Posts: 442
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I was not happy when I had to pay 3.9% on my 2023 ZLE instead of my usual 1.9%...but I knew I got in before the real blood bath...
These interest rates, and the economy in general, is hurting people.
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2018 Dodge Demon #1399 2020 Jeep Gladiator Rubicon 6 speed manual 2023 ZL1 1LE 6 speed manual ************************* 2018 Suzuki GSXR 1000R 2021 Kawasaki ZX10R |
09-07-2023, 09:52 AM | #30 |
Banned
Drives: 2018 Camaro SS1 1LE Join Date: Feb 2017
Location: Georgia
Posts: 1,595
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09-07-2023, 10:10 AM | #31 |
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Just had to settle for 7.25 on a new Jeep. The Tacoma I traded in was at 2.5. That still hurts.
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09-07-2023, 10:17 AM | #32 | |
Drives: E92 BMW M3 Join Date: Oct 2012
Location: Houston
Posts: 4,496
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Quote:
Gone are the days of buying things because I want them, buying out of need only in this environment, with all extra income paying myself first. Sounds like you have been executing a similar strategy yourself, with very mindful decision making.
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09-07-2023, 10:18 AM | #33 |
Drives: E92 BMW M3 Join Date: Oct 2012
Location: Houston
Posts: 4,496
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Yeah....more than any other president ever...doubt it.
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09-07-2023, 10:18 AM | #34 |
Don't tread on me
Drives: 23 Sierra X31, Past 2017 Fifty 2SS Join Date: Nov 2012
Location: United States
Posts: 850
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Yep, it's awful. I had to get out of my Raptor because it was having issues and traded for a 2020 AT4 locally. The interest rate was 10%, it was like 4.3% on my Raptor from 2021. My wife's wrangler is 2.9 from back when she got it in 2020.
It made me sick to have a 10% rate, but even my CU told me the best they could do was 9.5%, and they require a lot of hoops to go through. I ended up jumping last month on a new Sierra with a 4% rate and my payment is cheaper on a brand new 23 than the 2020 I had used with 60K miles due to the rate being that significant. Needless to say, I trade often, but I have absolutely no desire to get into anything else right now. I've always been used to 2-3% rates, and knowing the "normal" for even good credit is 10% is not a good feeling. The best my CU was offering was 5.9%, and that was for 36 months. |
09-07-2023, 10:21 AM | #35 |
Don't tread on me
Drives: 23 Sierra X31, Past 2017 Fifty 2SS Join Date: Nov 2012
Location: United States
Posts: 850
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09-07-2023, 10:25 AM | #36 | |
Don't tread on me
Drives: 23 Sierra X31, Past 2017 Fifty 2SS Join Date: Nov 2012
Location: United States
Posts: 850
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Quote:
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09-07-2023, 10:42 AM | #37 | |
Drives: 2023 Vivid Orange Camaro 1LT Join Date: Jun 2023
Location: Las Vegas NV
Posts: 91
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You are dead on
Quote:
My power bill for August was almost double last year, gotta love the idiots currently in charge. |
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09-07-2023, 10:43 AM | #38 | |
Having FUN in the SUN...
Drives: 2022 M6 ZL1 1LE Join Date: Jan 2022
Location: San Diego CA
Posts: 1,193
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I am very reluctant to mix economic and political options, with my favorite hobby forum, but I can't resist. Disclaimer; I am not in the financial industry... but my general understand of markets conflicts with many of the comments above, so I wanted to share my thought... take them for what they are worth.
1. Interest rates are rising to curb inflation... 2. The US inflation rate, is NOT linked to who is in office, the US inflation rate largely tracks (although lower than) the global inflation rate... see image below. 3. Inflation happens when labor costs go up, and or business start charging more for their goods and services. 4. Raising rates is intended to slow consumer spend (which it clearly is) and that is suppose to pressure business to lower the cost of their goods and services. 5. Yes, terrible time to borrow money, best to save and pay cash for everything but your home. 6. Enjoy the 5% + interest rate on your high yield online savings account... I use CIT bank. 7. No matter which terrible president is in office, neither can control the prime interest rate... we rely on the (FOMC) Federal Open Market Committee. A group of 12 individuals that we trust to help steer our central banks prime rate and alot more... FOMC explanation: https://www.federalreserve.gov/monetarypolicy/fomc.htm What causes inflation: https://www.investopedia.com/ask/ans...ne-gain-it.asp Federal Reserve vs. President: https://www.bankrate.com/banking/fed...eserve-powell/ Global Inflation Trends: https://www.imf.org/external/datamap...O/WEOWORLD/USA How rates affect inflation...
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09-07-2023, 10:45 AM | #39 | |
Drives: 2016 Camaro 2SS Hyper Blue Metallic Join Date: May 2020
Location: WI
Posts: 2,605
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Quote:
Agreed...! |
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09-07-2023, 10:45 AM | #40 |
Drives: 2023 Vivid Orange Camaro 1LT Join Date: Jun 2023
Location: Las Vegas NV
Posts: 91
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Dead on target
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09-07-2023, 10:56 AM | #41 | ||
Old school tech
Drives: Ruby 1LE - 2024 2SS 1LE Join Date: Mar 2014
Location: San Antonio, TX
Posts: 288
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Quote:
Thank you! We can see from previous comments, not everyone was paying attention in Economics class, but boy howdy are they invested in social media
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09-07-2023, 10:56 AM | #42 | |
Drives: 2022 2SS 1LE Join Date: Dec 2021
Location: St. Louis
Posts: 126
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Quote:
https://www.nytimes.com/2023/08/05/b...-earnings.html |
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