tangomonster
Full time employment: Posting here.
- Joined
- Mar 20, 2006
- Messages
- 757
The Atlanta newspaper had an article about the newest hot consumer item: performance tires and custom wheels for people with no credit or who are cash-strapped: renting them, eventually leading to owning them at double the cash purchase price. Two stores, Rent-n-Roll and Rimco offer this. The president of one says that "ego is fueling the buying spree. We want to feel good about the way we look and don't want to wait for it or save for it. We just want it."
Costs can range from $1000 to $2500, but one customer paid almost $19K to have a Hummer outfitted with tires and 28", 3 piece rims. A third of the customers are women! The average customer has an annual household income of $45K but is still financially stretched. One customer who was interviewed spent $2300, "hundreds more than he makes in a month" and will have to pay significantly more if he doesn't pay it off in 120 days (the store's same as cash period). He spent this so that his 8 year old Durango could have gleaming new wheels.
Obviously these people are not striving for FIRE!
Costs can range from $1000 to $2500, but one customer paid almost $19K to have a Hummer outfitted with tires and 28", 3 piece rims. A third of the customers are women! The average customer has an annual household income of $45K but is still financially stretched. One customer who was interviewed spent $2300, "hundreds more than he makes in a month" and will have to pay significantly more if he doesn't pay it off in 120 days (the store's same as cash period). He spent this so that his 8 year old Durango could have gleaming new wheels.
Obviously these people are not striving for FIRE!