TikToks dealership staff brags about their big monthly car payments drives the internet crazy


Monthly car payments are a reality for millions of us. Most people can’t afford to buy a new car for cash, and even those who can don’t like the idea of ​​having their money tied up in a daily driver when it could earn more money being used elsewhere.

But there’s something a little nasty about a recent series of videos that surfaced on TikTok in which dealership workers showcase the often huge sums – up to $2,606 for two vehicles in the same household – that they pay monthly.

And it’s not just because I’m British and we’re all tense and don’t like to talk about money that it bothers. As The reader Stef Schrader points out that bragging about big monthly car payments doesn’t look good when the world is on the brink of recession and a combination of interest rate hikes, car production delays and of dealerships charging well above MSRP means Americans are paying vastly more for their cars than they were even last year, and potentially more than they can afford.

Related: Internet Posters Beat Chevrolet Dealerships in Corvette Z06 Astronomical Margin Battle

Edmunds reported this summer that 12.7%, or more than one in eight consumers financing a new car in June 2022, subscribed to monthly payments over $1,000, rising from 7.3% in June 2021. And several dealership employees featured in the videos also claim to pay more than $1,000 per month.

That kind of monthly commitment might not be a problem when you’re making $200,000 a year, but it’s a lot of dough for everyday people, including those who work at car dealerships. And that’s most likely more than a lot of people are paying for a mortgage. Yet dealerships propagate a myth that it’s only normal for ordinary income earners to be so obsessed with a new car.

@imwithnewton

This last one hurt me😅 #payment #dealershiptiktok #concession #seller #dailydriver #funding #fypage #viral

♬ original sound – Newton Nissan Sud

The trending video received a lot of negative comments, but also suggestions from the auto industry as to why employees were paying so much for their cars, including the likelihood of staff flipping cars every few months to supplement their income, or had been pressured to sell to themselves in order to boost sales figures in quiet times.

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