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Rev

Bad news in the used car market

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I don't often post stuff here related to the automotive charity I run, but thought this was an important piece of news for you all to be aware of. From Reuters News last week: "For America’s working poor, an often essential ingredient for getting and keeping a job – having a car – has rarely been more costly, and millions of people are finding it impossible to keep up with payments despite prolonged economic growth and low unemployment."

We're seeing dramatic increases in the price of reliable used cars. According to Reuters, the price of a 10-year-old vehicle is up 75% since 2010. Think about that for a moment: 75% at a time when wages haven't increased much at all for low-income workers. That means at-risk families are doomed to fall further into poverty without help.

I met last night with an at-risk mom of 7 kids in College Station who is working a full time job, but can't afford a vehicle on top of rent and food. She doesn't have good credit, so no legit dealerships could help her. The only used car shark that would deal with her wanted $10,000 for a car with almost 300k miles on it! $10k!! He demanded $1000 down and $750 every other week!! She wisely walked away, but as a result, has to take Uber everyday for work. That's cutting $150 from her paycheck every week. She has no options in our town.
 
So I tell you all this just so you're aware of what's going on in the lives of at-risk families, especially in Texas where public transit is rarely available. If you have a desire to help, find a charity in your community that helps meet transportation-related needs for at-risk families. If you want to help in the Brazos Valley, shoot me a message.
 

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