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Interesting thread. I was 38 in 2008. I just got a job in San Francisco with a well funded start-up and had zero worries about job loss in fall of 2007. I watched my friends lose their houses and their jobs. It seemed to effect everyone but squarely the middle-class.
But by spring of 2009, we got another round of funding, threw a stupidly big party and our company was doing shows and everything by summer. So by my observation, 6 months was really the brunt of 2008 up here in NorCal.
It's 2020 now and I am 50 working for a mid-size, technology company. We provide the software for service companies that work on oil rigs, medical machines, HVAC, etc. All those things are still running and can't be compromised on - especially the med ones. So based on our client base that pays monthly, we should be OK for a while.
However, this time around, it's interesting... small businesses, hospitality, travel, and restaurants (and manufacturing) that are the ones getting killed. This is a different hit because it's blue-collar service people and blue collar manufacturing. It's a different part of the middle-class.
Personally, since I've been through 2008 (and 1987 as a teen)... I'm not as stressed. My wife's job is on the line but we have money saved to cover her earnings. I'm *hoping* for a 6 month recovery. But THE X-factor is when that clock starts. Unlike Obama saying Jan 1, 2008 "We are in a recession"... We are waiting for President Trump to say, "OK, the pandemic is over." THAT to me is when the recovery clock starts to tick.
But back to the original question... If you NEED a car, it's a great time to buy.
But if you have that cash, *personally* I'd watch the stock market and start picking up some stocks. Upsides can be as much as 10% in a day (if you want to day trade it), or buy to hold on and make 25%-50% a year after this all blows over.
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