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Old 11-02-2022, 12:01 AM   #51
dwf137
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Wish there was data on what percent or how many people took out equity from their house to buy a car. I think that number would surprise a lot of people. Would also like data sometime next summer or fall with what percent of those that bought a car from 2021-2022 who are greater than $2k upside down on their loan.
people go on vacations with their home's equity, so I dunno, not sure that would surprise me much. Takes self control to not tap into a heloc that's just sitting there...
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Old 11-02-2022, 10:29 AM   #52
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Remember thats a poll done by a dealership group, to justify their markups no less.
This.

"Cigarettes aren't bad for you, a study funded by a tobacco company shows"
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Old 11-02-2022, 11:30 AM   #53
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here is no freaking way that poll is true
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Old 11-02-2022, 11:39 AM   #54
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Originally Posted by godfather2112 View Post
Wish there was data on what percent or how many people took out equity from their house to buy a car. I think that number would surprise a lot of people. Would also like data sometime next summer or fall with what percent of those that bought a car from 2021-2022 who are greater than $2k upside down on their loan.
Wait, so I shouldn't pull out the $60k they're offering me and put a big single turbo in my Supra?

Hmm...
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Old 11-02-2022, 01:04 PM   #55
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Wait, so I shouldn't pull out the $60k they're offering me and put a big single turbo in my Supra?

Hmm...
Why do that when you can just run ethanol and make same power .

But no, definitely don’t do that. Let some other idiot do it and buy his car when he is forced to sell.
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Old 11-02-2022, 10:33 PM   #56
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Originally Posted by dwf137 View Post
people go on vacations with their home's equity, so I dunno, not sure that would surprise me much. Takes self control to not tap into a heloc that's just sitting there...
I wonder how many people took advantage of the Covid rule allowing penalty-free 401k withdrawals? I almost did it myself, since you could take it out, and pay it back into an IRA (freeing yourself from crappy employer 401ks.)
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Old 11-02-2022, 11:29 PM   #57
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You mean when the rich get even richer and everyone else gets poorer? That's been happening since 2008 accelerated it.
You mean the 1970s
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Old 11-03-2022, 01:18 AM   #58
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Quote:
Originally Posted by godfather2112 View Post
Wish there was data on what percent or how many people took out equity from their house to buy a car. I think that number would surprise a lot of people. Would also like data sometime next summer or fall with what percent of those that bought a car from 2021-2022 who are greater than $2k upside down on their loan.
I set up a heloc as you already know 2 years ago to remodel. Then prices for materials went thru the roof. I told myself if I found some super deal…remember when some of us thought there would be steals to be had? I’m talking early early pandemic. I kept my eyes open for an OP I couldn’t turn down. Best one was that mint OG M2 with 13,500 miles on it for 43.5k. Not a mark on it. Executive pack or whatever it’s called (you’re the M2 sme, not me), gray, the color I’d want, etc, etc. But I’m not the typical buster out there doing YOLO. If I had done it, I’d have paid half the car off by now.

But in the end I didn’t want do it unless it was some seriously sick deal, offer I could not refuse mafia style. As in hey I found this M2C, mint, for 45k, and it has 12k miles. Uh, yeah, I would have bought it immediately with my equity. But I’d have paid it back, and quick.

My loan guy says people have used heloc/equity money for all sorts of stupid S before. At closing they’d say, hey we’re going on this ULTIMATE cruise or some other tens of thousands of dollar vacays. Others to get that Denali. There are some seriously stupid people out there. But at the same time he’s had people use it fund tuition for their kid, or pay for some serious surgery to keep someone alive. I also know a guy that spent 90k on his basement. 2 years later, I think he owed 40k. Not everyone is an idiot.
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Old 11-03-2022, 03:49 PM   #59
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The local Ford dealership has a Mach 1 in the showroom, advertising "no markup!!!"

Not sure what to think of that other than things must be swinging the other way for those greedy jerks.
That Mach 1 is still sitting there. In the mean time they had a GT500 with the sticker at $115,000 disappear the day it was put out, so there's still some people out there who really hate money.
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Old 11-03-2022, 03:55 PM   #60
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the GT500 is an investment opportunity.

anyone who doesn't use a heloc to buy one of these might as well just toss money in the fireplace.
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Old 11-03-2022, 05:47 PM   #61
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the GT500 is an investment opportunity.

anyone who doesn't use a heloc to buy one of these might as well just toss money in the fireplace.
I’d like to toss car speculators in the fireplace.
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Old 11-03-2022, 09:44 PM   #62
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the GT500 is an investment opportunity.

anyone who doesn't use a heloc to buy one of these might as well just toss money in the fireplace.
This is asset bubble thinking, it's not fact.
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Old 11-04-2022, 11:35 AM   #63
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Its gonna be an interesting few months. I think used car dealers can only hold out on pricing so long. It will be really interesting to watch carvana, they bought so many used cars at ridiculous prices and there rep is tarnished with title delivery issues I think they are in for a world of hurt.

Ive been on the hunt for a cayman lately. I should only reasonably buy a normalish one but 981 gt4 is sorta in my stretch reach.

There are literally dozens of 981 gt4 for sale all over the internet with asking prices of 110-130. I see the same ones for sale week after week. super nice ones get bid to like 85k on bat, yet dealers have the gall to ask 120k. I think they are 75-80k cars with most people selling them in denial. I know what I have a porsche GT car.........yeah you and everyone else
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Old 11-04-2022, 05:51 PM   #64
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If I was a car dealer, I'd be sacrificing margin to move inventory so I'm not caught with my pants down and sitting on cars now worth less than I paid for them.
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Old 11-04-2022, 06:15 PM   #65
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Carvana stock is down 97% from a year ago, lol.
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Old 11-04-2022, 06:35 PM   #66
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Carvana stock is down 97% from a year ago, lol.
Chickens came home to…..
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Old 11-04-2022, 06:42 PM   #67
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They needed all that cash to buy inventory. Nobody buying inventory no cash needed!
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Old 11-07-2022, 09:05 AM   #68
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-97% ytd
People working on that company must be pulling their hairs.
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Old 11-07-2022, 02:50 PM   #69
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I'd like to toss car speculators in the fireplace.
if your house has a fireplace, I advise you use that equity to buy a top trim Mustang!

oh, and used car prices are going all:

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Old 11-07-2022, 04:05 PM   #70
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We have a Nissan/Toyota dealer (Hoffman) that is maybe 4 miles from my house. It is near a Best Buy and I happened to see three massive rows of high end cars all parked there in June. Talking Lambo, tons of Porsches (including a few manual GT3's), a few R8's, a bunch of BMW M3/M4/M5, thee C8 Corvettes, a Bently, 3 GTR's. I was like WTF? I walked the lot and was blown away. Talking millions and millions of dollars in inventory sitting outside with no cover/protection.

I thought it must be random and went to the website and all of these cars are for sale and 90% of them still are. They must have huge carrying costs between loans, insurance, tax, keeping them clean. Most of them just sitting there for 5+ months....

I have no idea what they will do in the winter with these cars in New England. Talking some $150-600K cars and tons of them. At this tiny dealer... Maybe they sell cocaine on the side?

https://www.hoffmantoyota.com/used-c...etPrice%20desc
They are more of them stored down the street at tower lane. I work next door, and my father works at Hoffman. 6 were stolen last week.
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Old 11-07-2022, 04:55 PM   #71
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They are more of them stored down the street at tower lane. I work next door, and my father works at Hoffman. 6 were stolen last week.
Stolen? Ya, those are probably out of country already...

Looking at their site, I see less than a dozen high end makes Thats like an average used car log in Newport Beach, nothing special.

That baby glue GT3 looks so nice though and ooh, a 2021 GT4 for around MSRP. Not bad.
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Old 11-07-2022, 05:02 PM   #72
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Facebook doing mass layoff, same with twitter, and it was just reported that 37% of small business could not pay rent in October. Of that 37%, they employee almost half the US private workforce

Not looking good.
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Old 11-07-2022, 05:02 PM   #73
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Facebook doing mass layoff, same with twitter, and it was just reported that 37% of small business could not pay rent in October. Of that 37%, they employee almost half the US private workforce

Not looking good.
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Old 11-07-2022, 05:09 PM   #74
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Stolen? Ya, those are probably out of country already...

Looking at their site, I see less than a dozen high end makes Thats like an average used car log in Newport Beach, nothing special.

That baby glue GT3 looks so nice though and ooh, a 2021 GT4 for around MSRP. Not bad.
They are sold under "Hoffman Motorsports" at Hoffman Auto Park/Hoffman Honda in Canton CT.

https://www.hoffmanauto.com/used-inv...etPrice%20desc
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Old 11-07-2022, 07:43 PM   #75
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Facebook doing mass layoff, same with twitter, and it was just reported that 37% of small business could not pay rent in October. Of that 37%, they employee almost half the US private workforce

Not looking good.
When the bulk of your revenue is social media advertising, your revenue can disappear overnight.
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