Car-buying Through the Generations

“Take me to my chariot, please!” is something I haven’t said nearly as many times as I’d like to. Back when the horse and buggy was evolving into what became a four-wheeled chariot, people were fascinated and delighted by the novelty of no longer needing to travel by foot. Traveling by land and sea was a tremendous expense and delivering goods from one place to another required strategic planning. There were no minivan trunks to pack the Costco groceries into and the only hubcaps they had were some hard-working hooves. There was a lot of waiting for ships and the road less traveled was simply the dirt road with “those rocks,” “that branch” and unpaved footpaths. Not a maps or Waze app in sight.

Imagine being around in the 19th century, rocking your top hat or bonnet, way before trains and cars were invented. Cities housed stables and people depended on the animals to pull their wagons and buggies. There was a hierarchy, of course, and many were not able to afford the luxury of a chariot or horse-drawn carriage. While there was no credit score, people were certainly keeping score and many of the hardworking often went without opportunity to travel.

Fast-forward to 1893 when the first car was invented, a beautiful Benz Victoria and then to 1910 when cars finally began to outnumber horses and buggies. A Ford Model T cost $250, while a Packard Model 30 ran a pretty penny, at nearly $2500. The original cost of the Benz was $1000 and by 1920 a gallon of gas had reached 30 cents per gallon. It was a different world and the invention of cars changed everything. The dynamic between the people, culture, andconnection to the land was all different.

By 1989, FICO launched, and credit scores became mandatory for mortgage applications and later affected the way people were approved for car loans. Before that, lending decisions were determined by people who worked in banks at face value. It wasn’t until Bill Fair and Earl Isaac established FICO that credit scores became significant for lending. Later, it become a determining factor for interest rates and whether someone could qualify for a loan on their own.

There were no apps to scroll through or dealership prices to compare, with a tap of a button or the click of a keyboard. Sure, there were dealerships and cars sitting in neat rows on lots, butthere weren’t as many options as there are now. The era of digitalization and e-commercechanged the way consumers and dealers interacted, many switching to online platforms to start the car-buying process before a customer walked into the dealership.

Today, while car shopping and buying opportunities have been made readily accessible, we can’t help but feel like part of the approval process remained frozen in time. At Suretys, our mission is to help working people get ahead. Suretys replaces the need for a cosigner and gives people the chance to get a car on their terms. Suretys believes in equal opportunities, bridging gaps, and creating transparency by recognizing the disparities in the auto market where people are seen as a number. You’re more than your credit score.

Car buying continues to evolve and we continue to revolutionize the industry. We don’t only need better cars; we need a better process. We need Suretys. If we were around back in the 19th century, we’d consider you as a potential chariot owner. Horse and buggy or whatever the right car looks like for you, we’ve got you.

Suretys knows buying a car is complicated. Convincing a parent or a friend to cosign for you adds a lot of pressure. What if you had your own PLUS ONE? Suretys replaces the need for a cosigner and becomes your PLUS ONE. The proof is all in the word “significant”: SIGN IF I CAN’T! Suretys takes the weight off while you take the wheel. Learn more to join the movement.