If one understands the "Great American Syndrome" of financing it doesn't take much to figure out why vehicles are up.
According to Financial Expert Clark Howard who has a weekly radio station he was shocked a month or so ago when the Government came out with the new stats on vehicles & financing.
The average new car loan (includes trucks) is 66 months. The average down payment is less than 5%.
Problem: in order to stay solvent on a new vehicle... 1) the down payment needs to be 20% or more, & 2) the payment needs to be 42 months or less, even on a $50,000 vehicle! 3) If You don't carry gap Insurance, & the vehicle is totaled that will get You in real trouble fast. You need to pay off the loan, & buy a new vehicle at the same time, & the loan company isn't about to give You a new loan without the payoff! Clark said this is the new housing crisis, & its a matter of time before a crash. 4) Banks are loaning longer terms than ever before! 84 months at my Credit Union!!! + Loans up to 7 model years old. 5 years ago it was 5 model years. If You get even a 5 year loan on a 7 year old vehicle it will be 12 years old before its paid off!
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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