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this post was submitted on 30 Nov 2023
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Also, it's like 8% interest now?
Borrowing for a car is becoming normalized in my country, but what's wrong with just buying a €5-10k car outright? My SO and I have spent a grand total of €12500 on purchasing 3 separate vehicles in about a decade.
I drive a relatively new electric car for work that is a job perk, but if I wouldn't I'd just driving to work in our little Mazda 2.
There is no single part of my house I even want to spend the average new car price on (€43k). That's retire a year early money.
I got 6% last month on a couple year old used car (I have bought a car since 2005) and I was shocked and the guy said that was one of the best rates he has seen lately. Absolutely insane.
I have "great" and got told 13% a month or two ago. Didnt know the market was all futzed and asked if i did something wrong. Can you believe I passed on buying lmao
Have they stabilized?
I have “good” and was offered 9% in early October.
One good sign is that banks are lowering their rates for longer term CDs. I’m seeing 1 year CDs in the 6% range, but a 5 year CD is more like 2%-3%. This means that the banks expect the fed to lower rates in the next few years.
Insane, I have mid credit and got 3% in 2017