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.
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 heve 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.
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.
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.
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.
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
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.
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.
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
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.
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.
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.
Uh, looks like 1 cyber truck and 1 model Y. Still appropriate for debt ridiculousness.
Going into debt to buy not only one, but two teslas? I’ll call it bad investment.
You never know, maybe they 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.
This guy is ripe for someone to take those two SwastiKKKars off his hands in trade for a 2011 Ford Taurus with 235k miles, and stick him with $100k in payments, and he’ll think he got a good deal.
All you have to is tell him you’re a MAGA, and you’re going to give him the kind of deal you save for MAGAs. The Libz don’t get these kinds of deals.
How are you in a Cyberjunk owners only group? I’d think that kinda group would be well guarded?
I think his debt is funny. When it’s this blatantly their own fault/avoidable I can’t help but feel schadenfreude. Don’t finance a car when you’re already in debt, and definitely don’t finance two top-spec luxury cars.
It’s totally public!
Must be quite entertaining to see the arguments lol
Bold of you to call them luxury.
“Luxury” as in “fucking expensive”
‘luxury’ is not a word I’d use to describe those comedy thrown-together clown cars.
I finally saw a cybertruck irl the other day and I still maintain that they look cool and I wish they weren’t fired death traps because I still kinda want one.
Well it’s ok to like what you like. Unfortunately they seem to be shoddy design.
That plus the firey death trap makes it a non starter but I still think they look cool and mostly just want an electric car lol
I don’t actually hate the look either. The problem is the size. The production CT is massive compared to the one we saw on stage during the infamous demo.
I maintain that the one they showed off when they announced the truck looked kinda cool. But as we started seeing them in real life, the novelty of them looking different wore off and the reality that they’re somehow bloated and sharp edged at the same time set in and made me realize how poorly proportioned they are! Also, the irony of buying a bulletproof and “zombie proof” truck that can’t tow or the frame snaps and you need to wrap it so it doesn’t rust is incredible. Not to mention Elon Musk spearheaded it.
Assembled with hot glue. Not even kidding.
Level 7 susceptible in real life.
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
Why would anyone take two loans to buy two cars? Is this normal in America?
Car loans are depressingly common. It’s like normal people haven’t heard of second hand vehicles.
Two loans is pants on head territory though, even for the US.
No, it’s not. At least for less than multi-millionaires with 10+ figures of income a year. And most banks are smart enough to not lend people that kind of money for more than one showy vehicle like that. Banks understand the depreciation involved.
Many new vehicles are financed, it’s why most ads here (Canada) will give you the biweekly price. Annoyingly, when you do go to a dealer, they are usually able to give a better deal when you finance compared to if you buy outright. The nice thing is though legally we can’t be penalized for paying it down early, so there’s nothing to stop you from financing and then paying it off.
Car payments are a pretty common thing, $1400 monthly in car payments not so much.
they are usually able to give a better deal when you finance compared to if you buy outright.
Which is why I have not, nor will ever buy a new car in my life. Regardles of any “deal”, you piss away 20% of value just driving it around the block.
I’ll tell you what you can’t do: rub two wits together
I own a cheapass car. Let me tell you the amount of time I spend worrying about monthly payments on it…0. I own the thing fully.
A 2008 and a 2012 in our house and two because we live in nowhere on a farm. The 2008 stays parked mostly and only hauls. Zero payments.
there’s a lot of dumb rich people out there that never seem to grasp debt is a trap. and it’s only when you know it’s a trap that it becomes a tool
Its considerably cheaper, if its reliable, cheap to repair when it breaks most likely because you can fix it yourself, doesn’t cost a small fortune to refuel it and/or your weekly mileage is low.
Unreliable shit boxes that you do not have the time and/or skills to fix yourself, and drink fuel when doing a high mileage lifestyle, its a much more marginal conversation when compared to a (cheaper than these two shitty tesla) brand new car with a warranty and full maintenance included in the lease.
US always seems hellbent on shitty 7 year loans with huge APR to fully outright buy a brand new expensive truck when the owner does at least 20k miles a year. It really is an awful way to get access to a car, a lease would be considerably better for someone who wants to regularly change to a new car and will pay a premium to do so over buying and running an old car.
I got a Prius. It does its job and never fails. Just keep changing the oil every 3000 miles. The designers were or are geniuses.
Lol, complex hybrid for long lasting cheap to maintain car. I think most of the Prius model years are great, a few are pretty bad, not Ford Pinto bad, just not good. A hybrid wouldn’t be my first choice to do mega miles in though, not unless I was sure I could manage the work on the electrical systems myself.
I can manage the electrical work. The car is like 14 years old now and no problem but it is on its second battery which is actually very easy to change. I bought it with the 2nd battery installed so I’ve haven’t had issues with it. Thr heater works and the AC works and it goes places for very cheap. I calculate that I can just buy another one instead of fixing the thing if it ever goes horribly bad. So far nothing. Break pads for example, I keep monitoring but they don’t ware out because the breaking is done by the generator recharging the battery. You can find lemons of every kind though.
Yeah its gets a lot easier when you chase through an electrical issue yourself, but its not for everybody. My first few cars I did that, breaking old ones to provide spares/upgrades but I do not have room where I am now and I certainly do not have the time I did to manage it. Have you looked at the lithium battery upgrade?
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.
As someone whose ex rocketed them into debt because they’re a vicious narcissist, I feel you and I’m sorry.
I’d 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 she cheated on me. Moving multiple times during that chaos was expensive. Fun stuff. Sorry y’all got screwed over too.
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.
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.
50 strollers is “you deeply need serious medical attention” territory. Sorry you had to go through that.
That’s absolutely batshit. I am so sorry. I’m glad you got away.
Man I’m sorry to hear that happened to you. I hope that was a long time ago.
Except that CyberTruck owners are not allowed to resell for a certain number of years, according to their contract.
Oh wow I didn’t know that.
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 $350,000 car and tell you you can’t wrap or paint it.
it was one year, and this was removed because it turns out speculating and flipping the Cybertruck was not a thing.
Ah ok, I stand corrected.
1400 USD is about 8900 DKK.
This person spends more money on his cars per month than my rent. And he’s complaining about being stuck in a financial bind.
Americans spend stupid money they don’t have on the stupidest shit, all because they want to impress people.
hes paying 3300 USD, 1400 per car(x2) + 500 INS, so even worse
3300$ is about 2800€. After taxes, I earn 2600€ a month and live very comfortably on that (50k in savings/etfs, never taken a loan in my life).
Really hope that guy doesn’t do anything with numbers for work, I would not trust his math skills.Jesus.
Fucking.
Christ.
Imagine having all that money, then making such an absurd and horrible financial decision just because you’re a Musk fanboy.
You mispronounced fascist. That’s what all cybertruck owners are.
Absolutely insane. More than my mortgage. Really curious how much this person makes. Is it 50% of their net income? 70%? The sheer logicistics seem insane unless you’re making a shitload of money (over 200k).
Thats so dumb its hard to believe lol. I wonder how he knows where to sign papers
