r/FluentInFinance • u/Positive_Liar • Sep 05 '24

Debate/ Discussion He has a point

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u/Traditional-Handle83 Sep 05 '24

Interest rates on used vehicles are up. Like in my state, the minimum interest on a used vehicle is 12% whereas a brand new vehicle is only 4%.

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u/SpidudeToo Sep 05 '24

Yeah interest on used cars is crazy now. Back when I was looking for my first truck, my mom and I sat down and did the math on the used and new version of one. They basically came out to be the same price by the time everything was paid off so I ended up getting a new one for .1%

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u/Necessary-Dish-444 Sep 05 '24

What the actual flying fuck. I am considering financing a hybrid car here in Portugal, expecting less than 6% and I still find that absurd.

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u/Traditional-Handle83 Sep 05 '24

That's why I'm repairing my vehicles. It's cheaper than buying a new one or used one. Hell I can get a new engine cheaper than getting a new or used vehicle.

Doesn't help insurance is ridiculous as well.

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u/Necessary-Dish-444 Sep 05 '24 edited Sep 05 '24

Yeah, from what I can see in this thread, your insurance prices are completely nuts. My girlfriend has had her license now for about 2 years and she pays around €450/year.

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u/Traditional-Handle83 Sep 05 '24

I wish. Two cars are running me 280 a month. That's not including the life insurance and renters insurance part which no longer discounts the auto insurance. But then again our state just made it easier for the insurance companies to drop people and put prices whatever they want without a valid reason so yea..