Used truck prices... WTF???

In 2004 when I bought it the back had no shingles..just tarpaper. No stairs out the back door. Upstairs had no flooring. Shall I keep going, haha..not much in my range wasn't going to need a lot of work though.

Over time I've fixed it up okay. The roof is being a pain in the ass, mainly due to someone who didn't do the job right in the first place.

I do agree though the banks really should have been wiser in this thing..and not getting political, but they shouldn't have been saved by the taxpayers either.

I have a friend who does mortgages and he's told me some horror stories..but ultimately, the bank doesn't want to mess with kicking people out of their house, for a few reasons.

 

Agreed. That’s what I implied in that they can’t hold their value like Tacos.

 

@ABA180 I have rental properties. The "correction" of 2008 really helped me out a ton. Now that lenders tightened up the guide lines for loans there are a lot of distressed properties that they won't lend money on. I've bought two from the bank. They lent the money and then took back the trash. Sadly the government picks up the tab for the shortfall. The hard part is you have to pay cash and jump through a million loopholes to get one. Realtors hate them because there is barely any commission. Lately even these homes have gotten too expensive for the work needed and I swing my own hammer. The stupid "Flipper" shows on HGTV have everyone trying to get rich in real estate. As sad as it is to watch this cycle repeat itself, there is more opportunity on the way. Sub-prime auto loans are the next bubble to pop. Housing materials have sky rocketed. I bought 3 2x8 12' boards yesterday and it was $47. 4x8 drywall is $9/sheet. Concrete is $120/yd. Needless to say there is a ton of shit in this bubble and once she lets loose it's gonna make 2008 look like a bad hair day.

 

In other words, the taxpayers pick up the tab. Infuriates me.

The prices you mentioned are still better than MA..then again, very little is not!

And the thing that really pisses me off is the banks had no real consequences. I think they should have taken the hit for making so many stupid decisions.

 

That baby looks like it's well worth $7k

 

@ABA180 Yep, the taxpayers take the hit. My question has always been that when a buyer couldn't afford 20% down then they are charged PMI... "primary mortgage insurance" They paid for this policy to cover the gap in the principle on the loan. When all of these people went down where was this insurance? I feel for you in the New England states those prices are crazy. The rust belt is still struggling to replace the auto and steel industry. Condos and tourist traps seem to be the solution that our local geniuses have gone with. When the banks started to fail the government fired up the printing presses and handed them a blank check. It worked last time, but we are now feeling the pain of the inflation thanks to money printing. Supply and demand rules everything.

 

Nothing really new here. I got 1/2 the price I paid for a 1985 F-150 with 150,000 miles on it in 1995. Any truck in decent shape will bring 1/2 it's actual selling price at 10 years/150,000 miles and always have. I'm talking about actual drive out price, not sticker price. The difference is that I paid $11K for the truck and got $5.5K for it 10 years later. Now that new trucks cost $30K-$40K a 10 year old truck should be selling for $15-$20K.

 

Precisely. Although in part, the "soft second" mortgage was popular prior to the market crash. Basically you have 2 mortgages but the second one was the 20% and got paid right away to the primary, so no PMI. My friend in the field says that was another big reason things went downhill fast.

MA has always been expensive. I've been here all but one year of my life, I'd like to move south but not yet since I can't get my parents to leave. The other NE states aren't as bad but they're starting to get up there too.

Condos have their place I reckon. A friend of mine bought one in SC when she was 21. She's now 35 and is making some money on it, plus eventually will have her place there when she wants to get out of this frozen tundra. Plus someone who doesn't want to or cannot do house stuff like yardwork would at least own something.

It kills me that the banks caused the problem and were absolved of any consequences..plus how they rewarded themselves with big bonuses and whatnot for basically sucking at their job.

 

Wait till you see the price of new trucks. Half a hundred thousand buys you pretty much middle of the road.

 

100000 gets you a loaded f250 in Canada. A loaded f150 is 70000ish.