So $3300 a month just for having two tesla’s? And other debts too? I wonder what debts, since you prioritize the tesla’s over them.
Did you skip economics class or did you miss education in general? That this is unsustainable must have been crystal clear long ago
Yeah this is less annoying Tesla and more real sad American economics. We aren’t taught how to manage debt, and this poor fool has ruined at least the next decade because he wanted two new shiny things and the bank said sure.
In 2008 the banks were to blame for sure for giving out bad debt and then gambling on it, but for me it showed how financially illiterate so many Americans are. The simple difference of seeing what the bank says you can borrow, vs what you should borrow are very very very different things.
We aren’t taught how to manage debt,
Do people need to explicitly be taught “You bring home $5,000 after taxes. You spend $2000 on rent, $1000 on fixed bills, $1000 on semi-fixed expenses, and $500 on fun. Do not buy a thing that raises your fixed expenses by $2000”?
I guess so.
I mean, I think a lot about a guy I worked with years ago. He said as soon as he turned 18 he got a credit card and maxed it out. No plans to pay it. Just enjoyed having a new TV, clothes, xbox, shoes. And then he got in a lot of trouble, which should have surprised no one. But at least he was getting his life together, ten years after the fact. Though we haven’t talked in years. I worry he’s a trumper, despite him being hispanic.
American society tries to force debt on you and they try to hook you as soon as you can legally sign a contract. . When you get into college, you are inundated with offers from tons of CC companies with seemingly good terms but they’re actually horrible. It’ll say something like 12.9% interest rate, but in the fine print it tells you that it jump to 23.9% if you’re late on a payment. One brain fart or patch of bad luck and you’re fucked for as long as they can keep you under their foot.
If you’re fortunate, you had parents who taught you how to avoid the worst of them and to manage debt. But even so, it’s not easy because there are so many traps. Worse still, you have to do it. If you don’t get a credit card, you will have a very bad credit rating. That means when you go to buy a car or anything else that has to be financed you will get shit terms. It even makes it harder to get an apartment because the manager will check your credit before offering you a lease.
If you’re fortunate, you had parents who taught you how to avoid the worst of them and to manage debt.
My parents didn’t especially go out of their way to teach me to be frugal, but I guess I learned from watching them. The idea of buying something I can’t actually afford on a high interest credit card makes my skin crawl.
In your over simplified example I still say yes they should. However we both know it’s more complex than that. Loans, interest rates, interest types, payoff schedules, taxes, credit cards, other types of financing - to a huge chunk of people it is overwhelming. Most Americans go into buy a car or get financing and don’t even ask about interest rates, most only want to know what the monthly payment is.
Youre assuming people put in the effort to know where there money actually goes. A lot of americans have never made a budget. They get to the end of the month/pay period, see how much money they have left, and go spend it.
And like someone else mentioned, its not always consistent. Different months have different needs and income can fluctuate. And they certainly never account for that
I don’t get why they were approved for 72k when they still owed 44k on the other car. Unless they had a rich cosigner the financial company is partially to blame for seeing their outstanding debt and still trusting them with another 70k.
Oh you can be approved for a ton of debt that you can’t actually afford. Banks take the position that it’s your debt and you can do what you want so long as you can make the payments. They don’t care if you spend 90% of your income on your debt payments. (Remember they get money from the interest so the worse you are at repaying the better it is for them).
When I got my mortgage they approved us for 2.5 times what we asked for it. It was asinine. We took a much more modest house and have been happy with that.
They’ll approve way more than they should, but also they probably quoted high interest rates to make up for the risk. People need to see high interest rates as a red flag that the bank really doesn’t believe you but are just feeding you rope while you tie your own noose.
Technically there’s a plus in that this is how people with marginal finances get any credit, have access to any car (and yes cars are unfortunately necessary in too many places). But I’m not sure we’re doing them any favors
Because it’s probably an 8 year loan which has a six year overlap with the other 8 year loan. This shit makes lenders rich because the interest is all front loaded so 4 years in when the idiot defaults on the second loan they’ve already gotten like 80% of that amortization and can then just repo the vehicle and do it all over again.
It never needed to be this complicated. The working class shouldn’t be expected to trust some faraway stranger to invest their money, and then be called illiterate if they pick the wrong stranger or invest poorly themselves. It’s always been to set us up for failure and blame.
The only business that the average person knows more than average about is the one at which they work. But heaven forbid we start voting/betting on what would be best for our own workplaces.
Lol economics class. Skipped by 100% of US high school kids since it doesn’t exist.
He likely owns a contracting company that thrives off hiring illegal immigrants and his idea of “struggling” is sometimes a big-ticket customer doesn’t pay in cash so he has to pay taxes.
IE: every conservative with money in the entire fucking country.
Food $200
Data $150
Rent $800
Candles $3,600
Utility $150
someone who is good at the economy please help me budget this. my family is dying
I was able to reduce my candle expenses by 10% by switching to unscented candles!
Are they unscented or are you just having COVID-19??? :-/
This one simple trick will save more than anything. Just die.
no
Have you tried, I don’t know, buying less food?
Bruh 3600 is literally just my beer budget have you tried not being poor?
My favorite is the responses to the earnest suggestion of reducing candles. Isn’t it just like “no” matter of factly? Lmao
Can I have your rent please
Please
Jesus fuckin christ, so many layers of memes!
J. Jonah Jameson, laughing maniacally.
A man of taste and discernment
Based on the fact that made perfect sense, I am now certain human language is undergoing a radical transformation.
Holy shit, how is this so readable? We really can talk this way
This dude is paying >50% more on fucking car payments than I do on my mortgage, on top of other debts. Who is lending these people money? Like I make okay money, but I’m still driving a 13 year old vehicle and not feeling like I’m in a position to take on a car payment in this economy.
I think people who shouldn’t are just taking higher interest loans that the dealerships are pushing on them because they are higher risk. They want status symbols and are too dumb to realize they can’t afford them. The car dealer pushes it through because there’s not really any risk for them.
I heard they’re doing ten year loans now for some cars that are around $100k, so I think people are falling for that, then wanting the next new thing and rolling the negative equity into their next one.
… What I can’t grasp is how he still owes $44k on a 3 to 4 year old vehicle that was around $60k to start when his payments are that high. Unless he misspoke and meant $1400 combined and has some long-ass financing term it doesn’t make sense.
You can always find someone willing to offer a loan but they’ll set a higher interest rate for the extra risk.
Just another way the guy should have realized he was being an idiot
when you learn just how easy $ is to get (once you have starting capital), most quickly lose respect for how hard getting that initial amount is
even moreso for the people born into wealth, who have never truly had to fight for anything in their lives
there’s this massive international casino called the stock market, where all the richest degenerates love to throw their $ around trying to make their line go up faster than someone elses. most have zero plans to ever spend any of that $ in the real world unless forced to.
when you learn the rules to that casino it’s effectively infinite $ (to a point, there are scaling/effort-reward issues past like… 500k or so)
This person does not sound like they got to the point where they have much money to throw around. They just do it anyway
sounds like they’re one of those born into wealth to me
If that were true, you’d expect them to have some…
This isn’t a cybertruck or Tesla issue. This is a stupidity issue.
But they’re posting to Cybertruck Owners Only in order to hear from someone with good judgement.
He’s hoping for a clever solution, like mining Dogecoin with the Cybertruck battery for free heating.
He could get the tent dlc and save on rent. Also doesn’t look out of place under a bridge.
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everyone who buys one should be buying two, they are very social creatures and can get depressed if they don’t have a friend
Like goats.
But there is only one cyber truck…
Whatever…they lease Mercedes and Land Rovers they cannot afford. They even call it “leasing” when it is renting.
Okay I don’t think that was absolutely anything to do with the fact that OP space stated that there were two cyber trucks and that was crazy when there’s only one cyber truck listed in the article as as if OP had half reading comprehension and then just trailed off. You have absolutely zero reading comprehension apparently because we’re not talking about leasing or renting or anything else as far as my comment goes unless you meant to respond to someone else.
Uh, looks like 1 cyber truck and 1 model Y. Still appropriate for debt ridiculousness.
He has TWO luxury cars and then he’s “scraping by for too long”?
Why did you finance two luxury cars when you need only a means of transportation?
Part of our decay in America is we’re so isolated from discomfort and the world’s problems that our idea of “struggling” is wildly removed from the rest of the world.
dont worry, america as a whole will be getting a wakeup on that soon enough
Psh. “As a whole” if there’s any justice.
Chances are it’ll just disproportionately affect all of us who have to drag ourselves outta bed at 6AM to clock in at 8, and our crippled wages will afford less bread.
And our commuter shitboxes will start to make funny noises and we’ll hope it will roll another week, while they’ll be more costly to insure and keep fueled.
And these people crying about their inconvenient luxuries will definitely be heard the loudest.
“Muh property tax on muh second house went up 0.5%! NOT FAIR!”
“Charging my personal fleet of Rivians and Teslas has gotten more expensive! Everyone else must be a communist and the immigrants did this!”
Or however that sort of brain works.
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If I can remind you of history, for a few years used teslas kept up prices with new. You couldn’t go wrong.
What everyone forgot then and seem to have forgotten now, is its mostly supply and demand. It has almost nothing to do with the actual car
- For a while there was ridiculous growth and the manufacturer couldn’t keep up with demand, so used car prices stayed high
- now growth has slowed, there are other manufacturers and we’re in an adjustment period where supply is ahead of demand. Of course used prices are low.
Basic supply and demand kiddos
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Going into debt to buy not only one, but two teslas? I’ll call it bad investment.
You never know, maybe they’ll become classics in the future holds back laughter
No joke the Cybertruck will absolutely be a collectors car in the future. They have all the important attributes for it. Didn’t sell well, so hard to find. Falls apart as soon as anyone looks at them wrong. Terrible design, yet very unique and distinct. Rust issues. No spare parts and otherwise very hard to work on. Some unique feature that requires a weird hack/workaround to even get the thing to drive (probably the software/computer).
Somehow terrible cars always attract a crowd of collectors in a couple of decades.
The 21st Century version of the DeLorean. Except the cybertruck will be used to indicate which character in the movie is a Biff Tannen archetype.
The Delorean is quirky and cool. It has character. The Cybertruck has none of those things.
The only person I could ever see “collecting” it would be Jay Leno, and that tells you what I think of that person
Well yeah because everybody has access to a civic and the capacity to run it
he needs a third so he has a better chance of having one that isn’t in the shop.
I checked KBB and indeed the Cybertruck sells for around $72k in the condition stated.
You guys say he is a moron, but the rest of the Cybertruck buyers that would pay that kind of money for a used CT is just as dumb.
$110k in two cars that aren’t even speciality cars. I mean, if one were a Porsche and the other some kind of Super Splat Pack Snakebite Gangrene Edition of an American muscle car I could see those prices, but at least with the latter two you’re paying for your ego and not Musk’s.
I ate ramen for breakfast today.
I want these people off my planet entirely.
It’s called the “Super Splat Pack ScorpionSting Gangrene Edition” and in 30 years it’ll be worth almost exactly what I paid for it minus 90% depreciation thank you very much
NO LOWBALLERS…I KNOW WHAT I GOT.
Exactly. That kind of cash could get you a gently-used supercar, and you’d still have enough money to fix it up and do it all a second time.
Okay, I’m going to leave aside the fact that he’s got two Teslas, which I hate with a passion.
He literally said he’s about even on the Kampfwagen.
The model Y is, for all intents and purposes, all the car anyone really needs (if he NEEDED a truck, he’d have a real truck). He’s upside down on it, sure, but there’s nothing to do about that unless he can pay off extra. However, he can keep making the payments and just driving it. It should still have several years of battery and drivetrain warranty unless Tesla’s is shorter than the industry standard 8 years.
Sell the fucking Panzer and drive the Y until you’ve managed to pay off your stupid debt, numbnuts. I WISH my debt problem was that easy. My ex put me deeeeeep into 5 digits of debt with constant manipulation (it started off with her getting pregnant “on the pill” so she could start threatening me with never seeing the baby if I don’t do the things she wants me to do) and I have NO assets to show for it. Nothing to sell. My car cost me under 2k. Now totals to around 3k with the registration, insurance, maintenance and repairs I’ve done. My only solace is that even after I get everything paid off, nobody’s giving me a loan for another 5 years till the debt registry entries are cleared. I literally can’t get into more debt anymore, other than the interest on old shit, which luckily is capped too.
Except that CyberTruck owners are not allowed to resell for a certain number of years, according to their contract.
Edit: Apparently the contract was only for one year, and it has since been discontinued.
it was one year, and this was removed because it turns out speculating and flipping the Cybertruck was not a thing.
Ah ok, I stand corrected.
Wait, for real?
That’s super fucked, I could NOT in good conscience enter that agreement even if I wanted one.
This is common with low volume sports cars. Ferrari will sell you a $350,000 car and tell you you can’t wrap or paint it.
Ferrari is a special case in that they’re the worst. I’ve never seen Tesla as something so special though. It’s just… A car. They’re not low volume or collectible
Oh wow I didn’t know that.
No the real problem is that most people who are stupid enough to buy a cybertruck already have and a bunch of them are trying to get rid of it. $72k lmao. If someone offered me one for free, I’d have to think about it still.
As someone whose ex rocketed them into debt because they’re a vicious narcissist, I feel you and I’m sorry.
I would have several tens of thousands more dollars if I hadn’t dated my verbally abusive ex who I moved to a new state for, and then they cheated on me. Moving multiple times during that chaos was expensive. Fun stuff. Sorry y’all got screwed over too.
Isn’t it amazing how they weaponize money and everything? It’s honestly terrifying how meticulously manipulative they are.
Money, children (even before birth), everything.
When she was pregnant, I had to talk her off suicide multiple times after minor fights. Some of those times it was followed up with “but will you buy me X like I wanted”?
We owned over 50 strollers in less than 2 years. Many of them bought brand new, all sold with a loss. None were ever good enough. And then she fancied the same model she’d already bought and sold 5 times. Last time she got one of those in particular, I told her it would end our marriage. She laughed it off. We did not buy another stroller after that one and got divorced 2 months later or so. That one stroller was my final line in the sand, after hundreds of other reasons to break up. Sometimes you need a specific “if you do this after I’ve begged you not to, we’re done” because it helps you realise how little respect they have for you.
That’s absolutely batshit. I am so sorry. I’m glad you got away.
50 strollers is “you deeply need serious medical attention” territory. Sorry you had to go through that.
Yes, well, unfortunately medical attention is not given to those who don’t seek it.
She is seeing a psychologist about her depression so she can claim she’s a healthy person now, but it’s not like they’re doing anything for the narcissism or the constant need to buy expensive things instead of food. She won’t mention any of the things that show her in a bad light.
So now it’s up to me to prove in court that she is who I say she is.
I’m down over 100k. To be fair a lot of that is from extra income I wouldn’t have earned if I wasn’t so fucked. But then I could’ve slept more than 3h a night if I didn’t have to do that.
I’m just starting my road to recovery, still in a constant battle. She’s trying to weaponize our child against me and I’m documenting everything with CPS but in our country only courts can tell her to relinquish custody back to me. CPS has no such power, but they do show up in court to make sure the child’s interests are protected.
I hope you’re recovering too.
Shit, that sounds awful. I’m glad we didn’t have any kids involved. Sorry you’re going through that.
Incredibly painful and had me borderline suicidal at the time because I had ZERO friends or support in the city we’d moved to for her job, I’d only lived there a few months.
Mostly doing a lot better these days, after a lot of therapy (I had other shit I was working on in therapy prior to the cheating, I was 6 months sober when she cheated on me. It almost broke me but I kept the streak, still not a drop of alcohol to this day), then I said fuck it and moved 1000 miles and restarted my life about a year ago.
I definitely still have trust issues though. The idea of dating again still makes me anxious enough that I’ve only been on one date since moving here.
Oh and somehow she’s already married? So fuck me even more lol
Kids make it harder but the other one already has a custody judgement in favor of the father so now it’s just mine to get back.
In fact, as painful as it is, I think you might’ve had it worse. The upside of moving back to my family home to stop paying rent is that now I see some old high school friends nearly every day. I just hop over when I’m feeling lonely, they are used to having guests over nearly every day. Sometimes I just go for a cigarette and leave, sometimes I stay for 7 hours and play couch co-op games.
I’m still on the fence about dating again. I drive a rusty old shitbox of a car and tell myself that it’ll repel future gold diggers. I had a nearly new Mercedes when I met my ex and I’m honestly somewhat blaming that car for attracting her. She’s proven time and time again that cars are the center of her universe.
At this point if I meet someone new, I’m going to have financial criteria before I’m going on a second date. I.e if she has a stable job, her own place with no roommates, and it seems like she’d be able to pay for her own meals if I told her I wanted to split the check.
Man I’m sorry to hear that happened to you. I hope that was a long time ago.
It was over the last 2 years or so. It’s gonna be a long road to recovery, but if nothing else, I’m going to fight through all this just because the best revenge is to live a good life and she will be absolutely infuriated to see another ex of hers recover from the abuse while she’s still in debt and unable to survive without having a partner to leech off because she’s unwilling to work and unwilling to cut back on her lifestyle. I’m not the first victim and I doubt I’ll be the last, but it brings me some joy that her new boyfriend is literally the male version of her. An abusive liar, cheater and narcissist.
This is like that meme where its like, normal debt normal debt 8000 dollars a month on magic cards or whatever, help me my family is starving
IDK, have you tried sports betting?
