My neighbor has a well maintained used car he is selling well below Kelley Blue Book that 10 years ago would have been sold in a day. He has had it for sale for about 3 weeks and the only interested people wanted him to carry the loan because nobody can borrow money anymore and if they can find someone to loan it to them they have to pay 17%+ but without a 680 credit score or higher which 90% of young people don't have getting a loan for any amount is impossible. Parents are strapped from taking care of parents and kids that can't leave home so they can't help their kids like they used to either. I feel sorry for the kids today, the things we got to do like own a car and affording gas to put in it, getting a decent job after completing college, and buying a house are things many of them will never achieve in the new normal but most will still vote for those who put them into this position. The entire US is heading the way of Detroit and that will become obvious as the BK proceedings play out which is why I believe the feds will bail out Detroit before the government Ponzi is expose and people realize we are heading to the same fate as Detroit.
That was a very thoughtful post.
Still, the debts and defaults present a good opportunity to buy up houses at a good price.
Monday we leave for Atlanta for just that purpose. Atlanta is the Queen City of the Sunbelt. It will be a industrialization center as German technology penetrates the area. Greenville-Spartanburg is another good prospect. The beach cities seem too speculative with far too many hurricanes.
Of course I will be buying houses only in areas with good concentrations of human capital. Druid Hills and the area north of Emory University in Atlanta is one such place. ---just about pure white --- The black folks live together in their own area, and as opposed to the ones in Northern cities, they do understand the concept of work...
I do believe, by the grace of Germany technology, that the US economy can be turned around. It is worth an investment, although not one financed with debt --- I pay only cash for investments.
My son put an ad in the newspaper to sell a Honda with over 105,000 miles on it and it sold the next day. As to Detroit, depends on how many well to do own Detroit municipal bonds and their connection to Washington.
yes agreed the unemployment rate is well below and hopefully on aug. 15th all the unemployed will converge on the white house so they can be seen and heard by the crooks of congress who call themselves republicans and democrats.
Typically, people who try and sell their used cars themselves always have an inflated idea of how valuable their piece of metal is. If it was a desirable make and model, and had been reasonably priced, and the seller was open to a little negotiation, it would have sold. So despite your long-winded post, no-so-goldmember, you left out a lot of vital information. Like what is the actual asking price, and what is the year, make and model. Let us decide if your neighbor's asking a "reasonable" price. One caveat, though--you have to be honest.
what a stupid post
if your neighbor is really selling the car well below Kelley Blue Book and it's so spectacular and unless you live in BFE - CARMAX or a Dealership will buy it TODAY no muss no fuss.
Just to add, Carmax will take about anything. They normally want something they can clean up and put on their lots, but they still might make you an offer on an older car they can sell to an auction. Last year I drove a '91 Ford Escort in there with tons of miles on it that I used to commute to our train station with and they said they'd give me $900 for it. 30 minutes later I signed over the title and had a check in my hand.