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comment by rd95
rd95  ·  282 days ago  ·  link  ·    ·  parent  ·  post: Santander verified income in just 8% of auto loans

    The auto market is a trillion dollars, compared to the 8 trillion dollar housing market... but cars go down in value while houses go up.

They also don't last 50+ years either, have land underneath them, etc. Once their value is used up, they're worth about $200 for scrap and that's it.

Now, cars can be an investment, but we're talking about ultra rare concours quality cars and such. Or limited production supecars. Though I wonder if that's all less about the cars and more rich people's ways of creatively investing money. I mean, me? Why buy a car I'm not gonna drive and enjoy.

kleinbl00  ·  282 days ago  ·  link  ·  

Cars invariably depreciate before they begin appreciating (which they do once their numbers have dropped) and the cars that are on the upswing are never the ones being loaned for. And yes, it's all about rich people finding tokens to trade, much like contemporary art.

I remember back when Espadas could be had for like $16k. I saw one for $475k last month.