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Date Posted: 9:41:55 4/24/23 Mon
Author: Jasper
Subject: Don't jump!

.
“The average interest rate for a new vehicle was 7 percent in the first quarter, compared with 4.4 percent a year earlier. That’s the highest level since 2008, according to new data from Edmunds, a car shopping website. For used vehicles, the average jumped from 7.8 percent to 11.1 percent.”

This is why the monthly payment for roughly 17 percent – or about 1 in 6 – of new vehicle loans in Q1 2023 was over $1,000 bucks.

At that price it really doesn’t matter what your income level is. One thousand dollars a month for a car payment is a significant pile of money. So, too, is $730 per month, which was the average monthly payment for a new vehicle in the first quarter.

In all seriousness, do not sign up for one of these monster car payments. This will ruin your life for decades to come. Sooner or later, something must give in the way of lower car prices. Don’t lock yourself in to this misery.

Not only does a monster car payment cut into people’s monthly budgets. It also limits their ability to save and invest for the future. And if people aren’t saving and investing for the future, they’re not building wealth. To the contrary, like Brookfield, they’re burning wealth.

To this end, we have a hunch that over the next couple of years vast numbers of people are going to experience the rush that comes when time simultaneously slows down and speeds up.

Not because they’ve committed a base jump off a skyscraper – though some will. Rather, it’ll occur at the precise moment they come to the disturbing realization that they’re broker than broke.

https://economicprism.com/what-brookfields-default-has-to-do-with-you/

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