More than half of all car loans in Canada are for 84 months

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“Why did you get married if you wanted big speakers?”
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Comments

  • rpf65rpf65 Posts: 1,775
    Guess most Canadians hate math as much as most Americans.
  • nooshinjohnnooshinjohn Posts: 18,398
    Fools and money are soon parted... and I used to be the biggest fool of all.
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  • decaldecal Posts: 3,092
    Most people live month to month. Long term lower monthly payments are all they can afford.
    If you can't hear a difference, don't waste your money.
  • VR3VR3 Posts: 22,265
    Sold cars for a few years... Brought an interesting perspective to my life.
    - Not Tom

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  • motorhead43026motorhead43026 Posts: 2,788
    edited October 25
    Car loans will be one of the catalysts for the next recession in the US, but it will also be a good time to pick up a truck on the cheap.
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    Political memes posted as fact and accepted as fact, are sign language of the ignorant, for the ignorant

    tonyb said " but even socialists can do a good thing here and there
  • WillowWillow Posts: 9,094
    It's not a bad thing if you keep your car. But most people are like fish. The new shiny thing looks better and go after it. We bought our rav4 7 years ago cash. It was used, it's 11 years now and has only a bit of skin cancer otherwise great vehicle. Our rdx bought used @.99% for 5 years. Almost free money and yes we will keep it. So 84 months isn't a bad deal if you keep it.
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  • mhardy6647mhardy6647 Posts: 19,354
    edited October 25
    Not a bad deal as long as the interest rate is (as we say in New England) wicked low (zero is best!)

    We financed Mrs H's CR-V when she bought it because the interest rate was so
    low
    it made more sense than paying cash. 'Twas the first time we ever financed a car (other than "self-financing", which, when interest rates are high, can be cost effective).


  • NotaSuvNotaSuv Posts: 2,577
    Very smart Pappy
  • BlueFoxBlueFox Posts: 10,163
    Paid cash for my current car, 2005 Mazda3, and will pay cash for my next, and last, car.
    Bud - Silicon Valley

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  • motorhead43026motorhead43026 Posts: 2,788
    ^^same here, paid cash for my current car (2014 CRV) I should be good for one
    more before my dirt nap.



    2 channel: Anthem 225 Integrated amp; Parasound Ztuner; TechnicsTT SL1350; Vincent PHO-8 phono pre; Marantz CD6005 spinner; Polk Signature S60's;Cables: Wireworld Eclipse IC; Audioquest Big Sur IC; LAT International speaker cables; PS Audio AC-3 power cords, all into a PS Audio Dectet Power center.

    All TV's sound enhanced by Polk Magnfi Mini's.

    Other; SDA2BTL's, M10 series II, M7C's, Hafler XL600 amp, RB-980BX, Parasound HCA-1500 amp , P5 preamp, all in storage.

    Political memes posted as fact and accepted as fact, are sign language of the ignorant, for the ignorant

    tonyb said " but even socialists can do a good thing here and there
  • kharp1kharp1 Posts: 2,568
    Probably a lot of trucks or big SUV's in Canada, and, with prices approaching $100k it makes a 48 month payment pretty steep.
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  • EmlynEmlyn Posts: 2,150
    Apparently, the figure is around ten percent of US auto loans are for 7 years. The standard is still 5 years for US bank lenders. I suspect there are far more US buyers who lease vehicles for lower monthly payments than Canadian buyers though, but I haven't checked.

    People in Canada would not be getting manufacturer financing for 7 years, which means most are probably getting loans from finance companies similar to those that were selling mortgages to subprime borrowers last decade. And that didn't turn out so well!

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  • Airplay355Airplay355 Posts: 4,258
    One car I own, the other has two years left on a 4 year 0% loan. New car prices scare the crap out of me. I love cars but I could never pay for one for that long. I think you can even get a 10 year loan now. Im glad it works for some people but I also see it as a way to jack up car prices. Isn’t the average price of a new car something like $30k now?
  • verbverb Posts: 3,670
    Leasing is becoming more popular these days.

    Often you can find a lease rate for extremely cheap. Here in the Detroit area you can easily find a brand new vehicle for $100 - $200 month, no money down.

    Yeah you turn it in after a few years, but you then get another brand new vehicle. Kinda like an appliance, according to the marketing research out there.

    Mileage is a restriction though. Those folks that drive a lot of miles annually, leasing is not a good option.

    And, the leased vehicles are usually fully covered by the warranty during that period.

    Not for everybody, but leasing gets you into something that you ordinarily couldn't afford if purchased.
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  • pitdogg2pitdogg2 Posts: 11,113
    I don't know a lot of the leases in my area ask for 4k down. To me that takes all the incentive away for a lease plus the mileage penalty at .25 per mile over so much a year.
  • mhardy6647mhardy6647 Posts: 19,354
    edited October 25
    Leasing is totally impractical for us, as each of us puts ca. 20k miles on our respective car per year.

    Mrs. H's 2005 Ford Escape 4WD Hybrid on its Last Day (June 2016):

    28458485635_2f66101d8f_h.jpg039a by Mark Hardy, on Flickr
  • DabutcherDabutcher Posts: 1,753
    I always save up for next vehicle and pay cash. Lucky for me it works with no emergency coming up to have to finance. I have never owned a new vehicle. Closest I have gotten is a one year old Sienna and saved 8K over new. I love Toyota’s . Most reliable vehicles on the planet and all Sienna’s and Tundra’s are made in America. Which is a big deal to me. Americans making great cars and trucks. I love my ten year old Tundra.
    Love yours,Dxdtgmb3cg8e7.jpeg
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    “Why did you get married if you wanted big speakers?”
  • kevhed72kevhed72 Posts: 3,314
    I think the target market for leased vehicles is....rich people who always want to be driving a shiny new car.
  • lightman1lightman1 Posts: 9,900
    I'm homeless and have no need for a car.
  • nooshinjohnnooshinjohn Posts: 18,398
    lightman1 wrote: »
    I'm homeless and have no need for a car.
    But you could use some new underwear. The pair you have on now have at least 200k miles on them since the last washing...
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  • kharp1kharp1 Posts: 2,568
    Believe it, or not, but sometimes there are better incentives for leases that make them better options. I would have never believed that but saw it for myself today. Even with low mileage restrictions it was more beneficial to take the 4k incentive to lease and then buy it for residual in 3 years.
    Main System:
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    Pass Labs Aleph 30, McCormack DNA-125, Parasound A21
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    Dual SVS SB2000
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  • nooshinjohnnooshinjohn Posts: 18,398
    edited October 25
    When they start 30 year programs, let me know...

    ks5sy4phy46u.jpeg
    The Gear... Carver "Statement" Mono-blocks, TriangleArt Reference SE with PS Audio NuWave Phono converter, Walker Precision Motor Drive, ClearAudio Stradivari v2 cartridge and Origin Conquerer Mk3c tonearm, Polk Audio "Signature" Reference Series 1.2TL with complete mods, Pass Labs X1 two channel preamplifier Signed by Poppa himself, PS Audio PerfectWave DAC MkII, Krell Evolution 525a CD Player, Pioneer Elite SC-65, Oppo UDP-205 Blu-ray , Sony XBR70x850B 4k, Polk audio AB700/800 "in-wall" surrounds

  • decaldecal Posts: 3,092
    lightman1 wrote: »
    I'm homeless and have no need for a car.
    But you could use some new underwear. The pair you have on now have at least 200k miles on them since the last washing...

    You seem to know a lot about his underwear!!!!!!!!!
    If you can't hear a difference, don't waste your money.
  • nooshinjohnnooshinjohn Posts: 18,398
    decal wrote: »
    lightman1 wrote: »
    I'm homeless and have no need for a car.
    But you could use some new underwear. The pair you have on now have at least 200k miles on them since the last washing...

    You seem to know a lot about his underwear!!!!!!!!!

    There was a story in the news about them being more deadly than smoking a carton of Lucky Strikes daily for a hundred years....
    The Gear... Carver "Statement" Mono-blocks, TriangleArt Reference SE with PS Audio NuWave Phono converter, Walker Precision Motor Drive, ClearAudio Stradivari v2 cartridge and Origin Conquerer Mk3c tonearm, Polk Audio "Signature" Reference Series 1.2TL with complete mods, Pass Labs X1 two channel preamplifier Signed by Poppa himself, PS Audio PerfectWave DAC MkII, Krell Evolution 525a CD Player, Pioneer Elite SC-65, Oppo UDP-205 Blu-ray , Sony XBR70x850B 4k, Polk audio AB700/800 "in-wall" surrounds

  • tonybtonyb Posts: 29,919
    kharp1 wrote: »
    Believe it, or not, but sometimes there are better incentives for leases that make them better options. I would have never believed that but saw it for myself today. Even with low mileage restrictions it was more beneficial to take the 4k incentive to lease and then buy it for residual in 3 years.

    Maybe, but not in my state. You'd be paying tax on that car, twice, under that scenario. The fine print is really fine in some states.

    Lease a car with no money down....sure you can, but in the fine print you may have to cough up some capital cost reduction. You pay sales tax on a car too, say a 30-40k car....would be an extra 3-4k in taxes. Buy it for residual after a 3 year lease, yep you pay taxes again.

    In my state, leasing is for those people who don't drive much and never want to deal with auto repairs, and don't mind having a payment their whole life.

    7 years on a car loan is crazy. Especially since some cars may not make 7 years without a major repair needed. These types of programs remind me of what went wrong with the housing market and their free money loans. The other day I saw advertised a 7 year loan for a mattress...a frickin' mattress.
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  • mhardy6647mhardy6647 Posts: 19,354
    I think most automobiles today are a pretty low risk in terms of major repairs for seven years.
  • Jimbo18Jimbo18 Posts: 1,839
    edited October 26
    My wife and I buy slightly used cars (my latest one an Accord with 3,500 miles on it). Take a 4-5 year loan and drive the car for 10 years, alternating who gets the new one. So, we always have one car payment, but never 2. Most cars can easily go 10 years anymore without too many issues.

    Not saying it's the best way, it's just what works for our financial situation.

    Post edited by Jimbo18 on
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  • motorhead43026motorhead43026 Posts: 2,788
    My last 2 cars including my most recent (3 total), have been Honda Certified used. I let others take the depreciation. I have bought one new car in my life, that was 1974.

    I drive my cars 7-10 years minimum.
    2 channel: Anthem 225 Integrated amp; Parasound Ztuner; TechnicsTT SL1350; Vincent PHO-8 phono pre; Marantz CD6005 spinner; Polk Signature S60's;Cables: Wireworld Eclipse IC; Audioquest Big Sur IC; LAT International speaker cables; PS Audio AC-3 power cords, all into a PS Audio Dectet Power center.

    All TV's sound enhanced by Polk Magnfi Mini's.

    Other; SDA2BTL's, M10 series II, M7C's, Hafler XL600 amp, RB-980BX, Parasound HCA-1500 amp , P5 preamp, all in storage.

    Political memes posted as fact and accepted as fact, are sign language of the ignorant, for the ignorant

    tonyb said " but even socialists can do a good thing here and there
  • pitdogg2pitdogg2 Posts: 11,113
    edited October 26
    The most I've spent on a vehicle is 3500.00 and it is the one I'm driving now. 03 F150 Heritage 227,000 on the odometer still runs like new. Uses/leaks no fluids, i work on my own vehicles and I'll drive it until the frame rusts through. Spent its first 10 years in Florida so very little rust under it.

    @tonyb is correct our state just rapes you 7 ways from Sunday
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