120

I feel horrible. Like I have been scammed or something. What can I do if anything? I still owe $130,000 on the car and can't even sell it because I would then owe around $60,000 to pay off the loan compared to what I can sell it for.

I love the car, I really do but having a hard time getting over this horrible feeling of being taken advantage of.

and the punchline:

Hol up, you bought a $155k car a year ago, and you still owe $130k on it? How small was your down payment? You are what's called "upside down" on your own loan: you owe more than the value of the thing you took out the loan on.

If you're asking what financially you can do, the answer is nothing; you took out a very large loan with a very small down payment on a depreciating asset. Take this as a lesson about why you don't do that, particularly when said asset can be crashed. All cars depreciate in value. Electric luxury sports cars from a relatively small company depreciate very, very quickly. Never trick yourself into thinking that your agreement to buy that car was ever anything but an agreement to light $155k on fire. In the future, if that's not something you can afford to do, do not buy the car.

If you're asking what you can do to make yourself feel better about your choice, my suggestion would be to try to focus on why you made the decision in the first place. You didn't buy a $155k luxury car with a zillion horsepower because it was a sound financial decision; you bought it because it was fun. Nothing has changed about the car between now and a year ago; it's still just as comfy, and it still rips your dick off when you hit the skinny pedal. The value of the car to you was never momentary, and that value hasn't changed. What can you do? The same thing you were going to do before; out make your payments, and you keep enjoying your car. Don't think about the financial value of the car; think about the value it has to you.

If you are in a situation where you can't afford the loan payments anymore, you're in a much tougher spot. I would talk to a financial planner, cuz you're gonna need to do some clever maneuvering to dig yourself out of that hole. I'm guessing your best bet would be to sell the car for whatever you can get for it, pay off as much of the loan as you can with that lump sum, and try to refinance the remaining $60k or so at a better interest rate. You'd basically be making payments on a $60k loan rather than a $155k loan, which should at least be an easier hit to take each month. If you need a car, buy a reliable used one in cash, and pay off that $60k loan as fast as you can. Swallow your pride and buy an older Prius or something for $10k.

And for the love of god, don't crash the Tesla; the max you're going to get out of your insurance is the cost to replace the vehicle (unless you have gap insurance, which I really, really hope you do). If you total the car tomorrow, the max you're going to get is $86k, and you'll still owe $60k.

you are viewing a single comment's thread
view the rest of the comments
[-] InevitableSwing@hexbear.net 54 points 8 months ago

Elon hype magic

It's weird how some people - Elon, Trump, Steve Jobs - have a reality distortion field and their acolytes refuse to listen to logic or reason.

[-] SorosFootSoldier@hexbear.net 45 points 8 months ago

P. T. Barnum outlined how to rope your average burgerbrain up in a fartshow and people just keep falling for obvious bullshit, over and over and over and over again.

[-] EmmaGoldman@hexbear.net 36 points 8 months ago

The origin of the term "reality distortion field" is one of my faves. It was based on the Star Trek TOS season 2 episode "The Menagerie" and was coined by an apple employee named Bud Tribble, who shared his last name with the creatures from "The Trouble with Tribbles," also in season 2 of TOS.

[-] InevitableSwing@hexbear.net 26 points 8 months ago

I thought you must have been at least joking a little because "Bud Tribble" sounds like a Bobson Dugnutt name. But the story is true.

Folklore.org: Reality Distortion Field

Author: Andy Hertzfeld
Date: February 1981
Characters: Steve Jobs, Bud Tribble
Topics: Management, Personality, Reality Distortion
Summary: Bud defines Steve's unique talent

[-] EmmaGoldman@hexbear.net 17 points 8 months ago* (last edited 8 months ago)

I know! It rules

[-] PKMKII@hexbear.net 27 points 8 months ago

At least the Jobs one seems to be dissipating, or maybe it’s just easier for people to see the warts when it’s generic CEO running the company and not The Visionary.

[-] 0x0520@hexbear.net 32 points 8 months ago

The Steve Jobs Mystery Cult never established much of a priesthood, so there was no one around to deify him once he died.

[-] PKMKII@hexbear.net 33 points 8 months ago

It’s sort of analogous to the whole “The televised debates won JFK the election” thing. It helped JFK but him and his team didn’t fully understand it because it was too new. It would take later politicians to fully exploit it. Likewise, Jobs had the public persona for the mystery cult but he didn’t really develop it or get the potential in the Web 2.0 era, whereas Musk and Trump did and played it up for maximum effect.

[-] axont@hexbear.net 1 points 8 months ago

The Jobs cult screwed up because 1) The brand was more known than the person and 2) Steve Jobs is also known for stubbornly rejecting the advice of doctors and then dying

this post was submitted on 05 Feb 2024
120 points (100.0% liked)

the_dunk_tank

15908 readers
460 users here now

It's the dunk tank.

This is where you come to post big-brained hot takes by chuds, libs, or even fellow leftists, and tear them to itty-bitty pieces with precision dunkstrikes.

Rule 1: All posts must include links to the subject matter, and no identifying information should be redacted.

Rule 2: If your source is a reactionary website, please use archive.is instead of linking directly.

Rule 3: No sectarianism.

Rule 4: TERF/SWERFs Not Welcome

Rule 5: No ableism of any kind (that includes stuff like libt*rd)

Rule 6: Do not post fellow hexbears.

Rule 7: Do not individually target other instances' admins or moderators.

Rule 8: The subject of a post cannot be low hanging fruit, that is comments/posts made by a private person that have low amount of upvotes/likes/views. Comments/Posts made on other instances that are accessible from hexbear are an exception to this. Posts that do not meet this requirement can be posted to !shitreactionariessay@lemmygrad.ml

Rule 9: if you post ironic rage bait im going to make a personal visit to your house to make sure you never make this mistake again

founded 4 years ago
MODERATORS