A neighborhood I pickup Kids in. Modest ramblers with small yards and single car garages. Apartment buildings with a fair # of section 8 vouchers.
Rusty Minivans, beat up Pickups, tired Toyota's, are typical. Most cars on parked on the street.
5-6 months ago the cars changed. Today you are seeing newer Porsche's, AMG Mercedes Tesla's, Not every vehicle but nearly all vehicles are newer
No not new, but newer.
While there are a few for sale signs but no mass changes.
Gentrification
Sounds like normal gentrification to me.
Super expensive housing leads people to buy in cheaper neighborhoods.
Prosperity.
Around here, the Hipster/Caucasian "gentrification" movement that is happening, when they go to poor neighborhoods, they go with their Outbacks and Highlanders and Prius.
The poor section 8 neighborhoods (black neighborhoods), always had AMG, S Class, 7 series, Panameras, and Escaldes. Good economy + buy here pay here lots.
The poor hispanic neighborhoods, have Ford F150,a nd Chevy trucks and old Astro and Safari vans. There aren't many japanese cars there or the S class.
In reply to STM317 :
I don't believe so. While a few houses sell obviously. Most of the kids I pickup are the same families from years ago.
In reply to mr2s2000elise :
Most families are Caucasian, a few Muslim recent immigrants, a couple Hispanic. A couple of Black.
In reply to frenchyd :
Low interest rates?
Perhaps the area is in an economic up swing. If they are making more money but paying the same mortgage or rent, vehicles are the next go-to.
Also, dont underestimate the power of group movement. Many times I've seen one person at a work place buy a new vehicle and it touches off many others to buy a car. Not competing necessarily, but going hey, I like that, I want something new too!
Tax refunds.
Meth is moving upmarket?
mr2s2000elise said:Around here, the Hipster/Caucasian "gentrification" movement that is happening, when they go to poor neighborhoods, they go with their Outbacks and Highlanders and Prius.
The poor section 8 neighborhoods (black neighborhoods), always had AMG, S Class, 7 series, Panameras, and Escaldes. Good economy + buy here pay here lots.
The poor hispanic neighborhoods, have Ford F150,a nd Chevy trucks and old Astro and Safari vans. There aren't many japanese cars there or the S class.
The buy here pay here lots tend to have cheaper cars don't they?
How cheap can you buy a 5 ish year old Porsche, Mercedes, Tesla, BMW ?
Aren't they high maintenance used?
Hrump. My neighborhood is weird. I've got a new Shelby Mustang across the street (manual! and woman owned), and a guy shooting hoops behind me at 9am with a yard 3 feet tall and a car absolute full of E36 M3 in the driveway. I'm talkin' hoarder status here.
frenchyd said:mr2s2000elise said:Around here, the Hipster/Caucasian "gentrification" movement that is happening, when they go to poor neighborhoods, they go with their Outbacks and Highlanders and Prius.
The poor section 8 neighborhoods (black neighborhoods), always had AMG, S Class, 7 series, Panameras, and Escaldes. Good economy + buy here pay here lots.
The poor hispanic neighborhoods, have Ford F150,a nd Chevy trucks and old Astro and Safari vans. There aren't many japanese cars there or the S class.
The buy here pay here lots tend to have cheaper cars don't they?
How cheap can you buy a 5 ish year old Porsche, Mercedes, Tesla, BMW ?
Aren't they high maintenance used?
Rolling over debt from previous purchase and 7-10 year payoffs.
What you don't know is that these neighborhoods are drowning in debt because we're back to needing a pulse and a paycheck to get 6 figure loans.
frenchyd said:mr2s2000elise said:Around here, the Hipster/Caucasian "gentrification" movement that is happening, when they go to poor neighborhoods, they go with their Outbacks and Highlanders and Prius.
The poor section 8 neighborhoods (black neighborhoods), always had AMG, S Class, 7 series, Panameras, and Escaldes. Good economy + buy here pay here lots.
The poor hispanic neighborhoods, have Ford F150,a nd Chevy trucks and old Astro and Safari vans. There aren't many japanese cars there or the S class.
The buy here pay here lots tend to have cheaper cars don't they?
How cheap can you buy a 5 ish year old Porsche, Mercedes, Tesla, BMW ?
Aren't they high maintenance used?
Around here all buy here used lots have
3 series
5 series
7 series
Benz S class and the favorite of section 8 housing, the CL Benz coupe
panamera now being cheaper than camry are appearing a lot
lots are cheap salvaged cars that the local middle eastern population buy and fix. Then sell to different demo at the guy here lots
no tesla since these neighborhoods are mostly street park and tesla doesn't have the street cred
tons of G waggen due to kardashians and house wives show influence. Range Rover used to be hot but like X5 all got played out.
maintenance? They don't do it
Tax returns and buy here pay here lots willing to sell to anyone with some money down. I used to do repo work for a buy here pay here lot in town and with money down he would sell you anything because he could just repo it in a few months and resell it
Appleseed said:Tax refunds.
Ding ding ding.
low interest rates + returns = April baller status
Fueled by Caffeine said:Appleseed said:Tax refunds.
Ding ding ding.
low interest rates + returns = April baller status
Except OP said this has happened 5-6 months ago. Unless people are getting tax refunds in October/November these days....
frenchyd said:
5-6 months ago the cars changed.
In reply to mr2s2000elise :
Bet it's college students. Usually neighborhoods like that once the kids leave and the rents retire to Florida, the properties get rented out. College semesters usually start late August/early September depending on the state and the system the college uses (semester hr vs. quarter hr) Financial aid and student loan checks are generally cut right as classes start. Kid pays tuition and takes the rest and makes a down payment on a new or newish car. Some kids got richer parents than others, so it's not unusual to see college-age kids driving Teslas, BMWs, Mercedes et al.
A lot of that E36 M3 is a lot cheaper than you think. I don't know about Teslas, but older panameras and BMWs don't hold value for squat.
06HHR said:In reply to mr2s2000elise :
Bet it's college students. Usually neighborhoods like that once the kids leave and the rents retire to Florida, the properties get rented out. College semesters usually start late August/early September depending on the state and the system the college uses (semester hr vs. quarter hr) Financial aid and student loan checks are generally cut right as classes start. Kid pays tuition and takes the rest and makes a down payment on a new or newish car. Some kids got richer parents than others, so it's not unusual to see college-age kids driving Teslas, BMWs, Mercedes et al.
Didn't think of that
around here asian students all drive new 488 and mclarens.
section 8 housing area - no self respecting students live there.
mr2s2000elise said:06HHR said:In reply to mr2s2000elise :
Bet it's college students. Usually neighborhoods like that once the kids leave and the rents retire to Florida, the properties get rented out. College semesters usually start late August/early September depending on the state and the system the college uses (semester hr vs. quarter hr) Financial aid and student loan checks are generally cut right as classes start. Kid pays tuition and takes the rest and makes a down payment on a new or newish car. Some kids got richer parents than others, so it's not unusual to see college-age kids driving Teslas, BMWs, Mercedes et al.
Didn't think of that
around here asian students all drive new 488 and mclarens.
section 8 housing area - no self respecting students live there.
You'd be surprised, in most areas you have section 8 housing, property values are cheaper, so rents are cheaper. Once that sweet aid check is gone, they still have to pay rent. So, unless mommy and daddy footing the bill, kids tend to live in the more affordable areas of town. Then there's gentrification, in my town, the major university borders a historic black neighborhood. In the last fifteen years, that university and developers connected to it have quietly bought up as much of the property as they could for - wait for it - development into student housing and university-focused amenities. These kids got plenty of self-respect, until they have to pay bills anyway..
Mndsm said:A lot of that E36 M3 is a lot cheaper than you think. I don't know about Teslas, but older panameras and BMWs don't hold value for squat.
Yup, drive em until they go bang, trade them in at the Buy Here, Pay Here for the next one and keep on going.
frenchy what part of the metro are you talking?
In reply to mr2s2000elise :
Missed that.
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