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The average car purchased in 2023 emits higher levels of carbon dioxide (CO₂) than its 2013 equivalent. This is due to the large proportion of SUVs in the mix, which tend to be bigger and heavier. (english.elpais.com)

submitted 1 year ago by boem@lemmy.world to c/technology@lemmy.world

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[–] Jamie@jamie.moe 4 points 1 year ago (1 children)

Speaking anecdotally here, I wonder if the banks are trying to push those super long loans, too. I bought my car last year, have excellent credit, and put 50% down. The only loan I was offered was an 8 year loan when I wanted 4. Out of sheer spite, I took advantage of the early payoff and paid it off as early as possible to deprive them of as much interest as possible, and it was much faster than the 4 years I asked for.

[–] CosmicCleric@lemmy.world 4 points 1 year ago (1 children)

Out of sheer spite, I took advantage of the early payoff and paid it off as early as possible to deprive them of as much interest as possible

As a general FYI for anyone who reads this comment, be aware that bank loans front load the payment of the interest, and the payment of the principal is done on the back end.

So you have to pay off a loan very quickly to avoid the majority of the interest you would pay for that loan.

Finally, if you pay extra to try to finish a loan off early, make sure any extra amount you pay is marked as "principal only". Banks are supposed to always apply any extra to the principal, but a lot of times they apply the extra to the interest, unless you explicitly tell them not to.

[–] Jamie@jamie.moe 1 points 1 year ago

In this case, I had a deal that had no penalties for early payoff, so in my case, paying off my car in 1/8 the time saved me 7 years of interest with no serious downside. Unless you count credit scores being BS and paying off loans early technically not being ideal credit management.