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Top 10 most slapped recently  3 months ago '15        #58
Teddy KGB 
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 jasperfect said
Let's be honest most people are in a tight budget,
Average income in America is less than 50K. It's a fact that over the past few years people have been buying cars they couldn't afford by stretching out the loan to 6-10 year. I just did a quick Google search on Auto loans in default :

According to the data, 6.5 percent of auto finance loans are more than 90 days past due, with only less than 1 percent of loans originated by dealerships in delinquency. The bank says more than 50 percent of auto loans go to subprime borrowers with credit scores less than 620.

IMO I'm just giving advice to the average person. It hurts me to see my people make bad financial decisions.
I've owned only luxury cars for the past 13-14 years or so. one Acura, one Lexus, three BMWs, and two Porsche 911s. Maintenance on them has been largely the same, with the exception of the 911s if you take them to the dealership. Dealership is crazy and will charge you $400 for an oil change. I also own two auto repair shops, and I can tell you that 95% of our customers drive regular cars and spend a lot of money fixing them. There is not really as big a difference as you think. Only when you are talking about very rare and specialized problems like an BMW M5 blowing it's motor are you really in trouble.