urbanism

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This was supposed to be c/traingang, so post as many train pictures as possible.

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Americans can no longer afford their cars (www.newsweek.com)

submitted 10 months ago by [email protected] to c/[email protected]

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But as things stand, cars are still really expensive for many Americans. Just 10 percent of new car listings are currently priced below $30,000, according to CoPilot. Things are not much better in the used car market, where only 28 percent of listings are currently priced below $20,000.

According to an October report by Market Watch, Americans needed an annual income of at least $100,000 to afford a car, at least if they're following standard budgeting advice, which says you shouldn't spend more than 10 percent of your monthly income on car-related expenses.

That means that more than 60 percent of American households currently cannot afford to buy a new car, based on Census data. For individuals, the numbers are even worse, with 82 percent of people below the $100,000 line.

$100k to afford a car! Wtf.

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[–] [email protected] 25 points 10 months ago (3 children)

I love these deranged financial rules of thumb developed in a tiny slice of time in america that everyone is supposed to live by.

30% to housing, 10% to cars

These were made in the 70s and 80s I guess? Not only is today so different that these guidelines are fucking stupid, but even in the 70s the world was still recovering from post war boom. Prior to WW2 the economy was completely different! People didn't save, there were widespread recessions, from nance didn't have the stranglehold that it did moving into the 70s and 80s too.

I bet someone looked at their finances in like August 1976 and made up rules that persist to this day and are absolute fantasy

[–] [email protected] 19 points 10 months ago

It's not really bad advice just because it's unrealistic advice

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