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Reply to "How do so many young families have $80k SUVs?"
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[quote=Anonymous]I know three low earning people who bought cars that were too expensive. Not $80k expensive, but way too expensive for their income and financial situation. Here are the reasons: 1.) Couple #1 paid cash for $50k+ Acura SUV, because they had 'nothing else to do with the money'. Their visa status doesn't allow investing yet. Both work in service industry making $40k max. 2.) Couple #2 is know for dopamine seeking shopping. They are renters, often between jobs or/and self-employed. They bought Tesla SUV with a loan and since it's shared by two people, they consider it half the price. 3.) Young man got taken to cleaners at the dealership buying his first cars. Some Ford SUV costing $40k+ while he works as a barista. He didn't consider insurance expense and that his friend was going to crash it. The amount of credit available to people who have good jobs, is very high. They may also have family money and investments. [/quote]
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