this post was submitted on 24 Aug 2023
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Millennials set to face most economic pain in months ahead, RBC says. Here’s why - National | Globalnews.ca (globalnews.ca)
submitted 1 year ago by [email protected] to c/[email protected]
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Older millennials, adults aged 35 to 44, had debt-to-disposable income ratios around 250 per cent in 2019, while Freestone noted that metric was roughly 150 per cent for the same age group in 1999.

Can confirm we're sitting around 250% but this is after exercising significant restraint to not take on as much mortgage as the banks would have given us. Everyone I know who bought over the last couple of years went all out and I can't imagine them being any lower than 300-350%.

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[–] [email protected] 2 points 1 year ago* (last edited 1 year ago) (1 children)

That's totally absurd. I drive a British made car that falls apart if you even so much as look at it the wrong way in the morning, and there's no way in hell my outlay would be that, even over 20 years, even factoring in FV and whatever else. Hell, my mortgage and total house outlay costs over a 30 year period probably wouldn't be that. Bananas numbers.

[–] [email protected] 2 points 1 year ago

I cant find anything to back them up either.

My RAV4 was $30k, took a loan on it for about 25k, no interest, it's paid off. In terms of maintenance I've put ~$10k on it over time.

It gets 22mpg, and I drive <10k miles a year. Currently at 53k miles, that gives us ~2410 gallons of gas. I'll be generous to account for the spikes in gas prices and say it was $4/gallon -> $9640. At 6 ish years, that's now ~$60k It's a Toyota so I expect it will last a while. Taxes started at $400/year and are now $150/year. That's about a cost of $10k/year. In the unlikely scenario I keep it for 20 years, I might hit $200k over its lifetime.

If people are spending €1.5m over the lifetime of their cars, they are getting scammed