A global recession is on the horizon - please read OP for mod warning

They are taking on 50k debt.

If the car holds onto the value they are fine.

The car will only have value if the car can be sold on though.

That’s how something gets value.

A recession is nothing. Possibly this winter some people will be thinking twice about keeping themselves warm never mind caring about a drop in GDP for two successive quarters, recession or whatever it will be called will come later.

The incoming cost of living crisis could make a recession sound like a holiday camp. Already in Europe in mid summer some people are being billed 2 thirds of the average wage for energy each month with government subsidies already, add on rent/mortgage on top what is left ?

This is the problem massive increases in things that are essential to function, food and energy. If that does not change quickly we are ****ed as a society. Unless you are loaded that is.

Minimum wages in Europe and bills paid in Euro's. Same price paid everywhere, how are people going to pay 8 times increases in energy bills ?

Why take in the risk with a recession on the horizon?

Makes no sense.

Why ?

It's only crazy if you can't afford it.

I saw queue outside the penny dinners (soup kitchen) on Sunday morning and it really hit home to me how bad things are. What I saw was plenty of clean, decently dressed people there, didn't look homeless to me, mothers with kids. Real disheartening. I worked near it for years a few years back and it was generally all homeless.

I do not agree. There is plenty of cheap energy. Problem is that decisions are mostly made by the people who are not affected by what they decree. Climate change renewables push without proper thinking and infrastructure in place (most of it is still just hypothesis like some wonder plentiful batteries everywhere for everyone), covid response insanity and current anti russia virtue signaling are the best examples.

It is not about affordability. At the end of the day car is a car. It should drive you from point A to point B. With speed limits there is no point to have bigger or faster engine. Most of the difference is artificial. Some cooler paint, radio, aircon perhaps little more comfortable seats... All things you do not really need. Is it really worth it to work more and harder just to stick it to the neighbors?

exactly this. i'm also about to put a couple of k into an old car to keep it on the road as there's no point buying another used vehicle..better the devil you know.

i learned from the last recession and am now going into this one debt free with savings...aside from the mortgage which i'm hoping to pay off in a couple of years when it comes off its current fixed rate, 10 years earlier than it's term.

i couldn't tell you what kind of car any of my neighbours are driving and i really couldn't care less!