todays vehicles are way overpriced especially SUV's with unneeded AWD + 4WD houses aka 4 dr pickups!! you can buy what you REALLY need for less + a nice preowned ride saves $$$$$$. americans buy more vehicle than needed just as they overconsume food aka OBESITY!!
Average new car payment $554
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Originally Posted by Linctex
That's a mortgage payment!
My last "car" payment (light truck, actually) was $184 a month.
The Kia Optima with 17,000 miles that I'm buying will be about $308 per month.
Way, way, way too many people are "living beyond their means" ...!!!!!!
No it's not.
https://www.daveramsey.com/blog/average-mortgage-payment
That's a mortgage payment!
My last "car" payment (light truck, actually) was $184 a month.
The Kia Optima with 17,000 miles that I'm buying will be about $308 per month.
Way, way, way too many people are "living beyond their means" ...!!!!!!
No it's not.
https://www.daveramsey.com/blog/average-mortgage-payment
Originally Posted by Mr Nice
How do people afford these vehicles that have a $700 - 800 payment ???
We work and have jobs?
How do people afford these vehicles that have a $700 - 800 payment ???
We work and have jobs?
OVERKILL
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Originally Posted by Mr Nice
Originally Posted by WyrTwister
Something even scarier is the number of people way upside down on their car payment . Yet they seem to continue to trade cars every few years .
There was a guy here on BITOG that every few years got a new vehicle and was in big debt.
I forgot his name but I think he was under 30 years old. He couldn't resist the new car smell.
I"m not sure on the latter part, but NickR was cycling through vehicles pretty frequently and was young, definitely under 30.
Originally Posted by WyrTwister
Something even scarier is the number of people way upside down on their car payment . Yet they seem to continue to trade cars every few years .
There was a guy here on BITOG that every few years got a new vehicle and was in big debt.
I forgot his name but I think he was under 30 years old. He couldn't resist the new car smell.
I"m not sure on the latter part, but NickR was cycling through vehicles pretty frequently and was young, definitely under 30.
Originally Posted by The Critic
Originally Posted by Linctex
That's a mortgage payment!
My last "car" payment (light truck, actually) was $184 a month.
The Kia Optima with 17,000 miles that I'm buying will be about $308 per month.
Way, way, way too many people are "living beyond their means" ...!!!!!!
I suppose it depends what your income is; this is all relative.
It would be tough to find any mortgage payment below $3500/mo in my area; most are in the $3500-$4500 range.
That's double my take home pay! You can still find houses in the desert for $700 a month mortgage payment as long as you don't mind a dirt road.
When I bought my Jeep in June 02 the monthly payment would have been $480. And that was back then. I ended up leasing it for $317 a month then bought it when the lease was up.
Originally Posted by Linctex
That's a mortgage payment!
My last "car" payment (light truck, actually) was $184 a month.
The Kia Optima with 17,000 miles that I'm buying will be about $308 per month.
Way, way, way too many people are "living beyond their means" ...!!!!!!
I suppose it depends what your income is; this is all relative.
It would be tough to find any mortgage payment below $3500/mo in my area; most are in the $3500-$4500 range.
That's double my take home pay! You can still find houses in the desert for $700 a month mortgage payment as long as you don't mind a dirt road.
When I bought my Jeep in June 02 the monthly payment would have been $480. And that was back then. I ended up leasing it for $317 a month then bought it when the lease was up.
Originally Posted by Mr Nice
How do people afford these vehicles that have a $700 - 800 payment ???
The same way people afford (whatever your definition of afford is) a $3,000 mortgage. Income greater than said cost.
Income - Retirement - Savings - Mandatory Expenses = gross income
Gross income - budgeted items = net income
How do people afford these vehicles that have a $700 - 800 payment ???
The same way people afford (whatever your definition of afford is) a $3,000 mortgage. Income greater than said cost.
Income - Retirement - Savings - Mandatory Expenses = gross income
Gross income - budgeted items = net income
Originally Posted by Chris142
Originally Posted by The Critic
It would be tough to find any mortgage payment below $3500/mo in my area; most are in the $3500-$4500 range.
That's double my take home pay!
Where Critic lives, pay rates are also significantly higher. Still, you typically need two decent incomes to make it work.
Originally Posted by The Critic
It would be tough to find any mortgage payment below $3500/mo in my area; most are in the $3500-$4500 range.
That's double my take home pay!
Where Critic lives, pay rates are also significantly higher. Still, you typically need two decent incomes to make it work.
gathermewool
Site Donor 2023
Originally Posted by Ws6
Originally Posted by Linctex
That's a mortgage payment!
My last "car" payment (light truck, actually) was $184 a month.
The Kia Optima with 17,000 miles that I'm buying will be about $308 per month.
Way, way, way too many people are "living beyond their means" ...!!!!!!
No it's not.
https://www.daveramsey.com/blog/average-mortgage-payment
Lintex didn't say it was the average mortgage payment, but point taken.
I just sold my Condo last year for which the mortgage (incl insurance and taxes) was $480/month
We moved into our house the winter before last and holy moly was that some sticker shock! 4X more...though we're in a much better school district, closer to everything my wife cares about, and my commute to work is shorter. We've also got a few acres of land now and no annoying neighbors to contend with on a daily basis!
Originally Posted by Linctex
That's a mortgage payment!
My last "car" payment (light truck, actually) was $184 a month.
The Kia Optima with 17,000 miles that I'm buying will be about $308 per month.
Way, way, way too many people are "living beyond their means" ...!!!!!!
No it's not.
https://www.daveramsey.com/blog/average-mortgage-payment
Lintex didn't say it was the average mortgage payment, but point taken.
I just sold my Condo last year for which the mortgage (incl insurance and taxes) was $480/month
We moved into our house the winter before last and holy moly was that some sticker shock! 4X more...though we're in a much better school district, closer to everything my wife cares about, and my commute to work is shorter. We've also got a few acres of land now and no annoying neighbors to contend with on a daily basis!
The problem is not with $554 payment, the problem is with them buying something way too expensive.
If the owners can afford it and the loan has a cheaper rate than the mortgage, a loan is fine, even if it is $554, if he has money to spend he is ok. $300 a month is not affordable for people who can't afford it, but $554 for people who can afford it is not a big deal.
We are brainwashed to believe we all need V8 SUV with AWD and all the features to be "safe", but in reality we only need a FWD 4 cylinder or a compact pickup (you can rent a truck 2x a year and still be ahead in savings). We all just want the latest to feel good, if it is not SUVs it is sport cars, or luxury cars, or Tesla, or whatever. It is human nature, it is the low interest rate, and the bank trying to encourage lending so they can make money.
If the owners can afford it and the loan has a cheaper rate than the mortgage, a loan is fine, even if it is $554, if he has money to spend he is ok. $300 a month is not affordable for people who can't afford it, but $554 for people who can afford it is not a big deal.
We are brainwashed to believe we all need V8 SUV with AWD and all the features to be "safe", but in reality we only need a FWD 4 cylinder or a compact pickup (you can rent a truck 2x a year and still be ahead in savings). We all just want the latest to feel good, if it is not SUVs it is sport cars, or luxury cars, or Tesla, or whatever. It is human nature, it is the low interest rate, and the bank trying to encourage lending so they can make money.
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Go to youtube and look up Dave Ramsey about car financing n such
Or check out Mr. Money Mustache.
Go to youtube and look up Dave Ramsey about car financing n such
Or check out Mr. Money Mustache.
If I didn't have a down payment on my '18 Mustang the pymt would have been a little under $700 per month for 5 years.
Although I can afford a big car payment I choose to keep driving my old Jeep. It's all about choices and needs.
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$284/mo 60 mo on our new GMC.
Originally Posted by PandaBear
The problem is not with $554 payment, the problem is with them buying something way too expensive.
The problem is also with the number of these $554 payments. Auto loans used to be for 36-48 months. Now they are typically for 60-72 months.
The problem is not with $554 payment, the problem is with them buying something way too expensive.
The problem is also with the number of these $554 payments. Auto loans used to be for 36-48 months. Now they are typically for 60-72 months.
Millennials have shown they are not afraid to take on debt. I can't imaging having $40k+ in student loans, $2000+ per month for housing, and $500+ per month for a car payment.
Some people just expect a car payment as part of life. The only people making money off this nonsense are the banks and the insurance companies. Lots of smart people there.
Some people just expect a car payment as part of life. The only people making money off this nonsense are the banks and the insurance companies. Lots of smart people there.
And people wonder why global demand for new vehicles is down. However, prices never seem to go down permanently--just sales.
I don't believe in car payments. Save money till you can afford to pay cash. The only other way is getting a car payment for 1% and your $40K CD is paying 2+%. Ed
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