Average new car payment $554

Status
Not open for further replies.
Sounds about right. A 60-mo loan for most cars/SUV's that I have been looking at would be around $700.
 
That's a lot of debt. Pray the economy doesn't go south, otherwise a lot repos will be happening.
 
Over the years the prices increase as one would expect. I remember when new cars started to go over $5000 and wondered who would buy them.

Just like gasoline for less than 30¢ a gallon or bread for 20¢ a loaf, those days are gone. I used to make less than $2 an hour back then as well.
 
Originally Posted by PimTac
Over the years the prices increase as one would expect. I remember when new cars started to go over $5000 and wondered who would buy them.

Just like gasoline for less than 30¢ a gallon or bread for 20¢ a loaf, those days are gone. I used to make less than $2 an hour back then as well.


Minimum wage was $3.35/hr for my first job.
 
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 remember once in the '70's when a fellow was speaking of the money / financial commitment you could make when buying a car.

He rattled of, "...8, 9, $10,000 for a car." At "$10,000" the room made a collective, reflective gasp.
 
Originally Posted by Linctex
Way, way, way too many people are "living beyond their means" ...!!!!!!


No car/boat/toy payments and no credit card debt. Just a mortgage and I sleep pretty good at night....
 
Last edited:
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 .
 
Originally Posted by Linctex
That's a mortgage payment!




Where? Rent here in the greater Seattle area is anywhere from 1200 to 2000 a month for an apartment.

My mortgage is 1600 dollars a month in Poulsbo Wa.
 
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" ...!!!!!!





Maybe in your neck of the woods. Up here, $1500 might get you one months rent in a 400sf studio apartment in a seedy neighborhood.

It is getting obscene in that respect.

The car payment is the focus of this thread but add in insurance, maintenance and fuel and one has to wonder how some do it.
 
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.
 
$554 a month is $6648 a year. I think the average car loan is around 72 months. That's about $40k every six years.
 
Originally Posted by PimTac
[The car payment is the focus of this thread but add in insurance, maintenance and fuel and one has to wonder how some do it.



I'm gonna go out on a limb and say credit cards.🤔

At some point that bill comes due...it always does.
 
Go to youtube and look up Dave Ramsey about car financing n such....u either will be happy or upset...IMHO..
 
An engineer in a different department was asking my advice on a new laptop. I'm no expert, by an stretch of the imagination, but he knows nothing at all.

Anyway, he wanted a $170 bottom-of-the-barrel laptop as his main and only machine. I told him that he's an engineer and should splurge for something in the $4-700 range, based on what his needs are and how long he wants to keep the laptop for.

He then told me that he can't afford much, because his credit is out of control and he just financed a 2018 Mustang 2.3EcoBoost. I just congratulated him on the cool new car and send him a link for a $60 refurb Chromebook, which he should be receiving tomorrow.

//

To be fair, I purchased new cars when I started as a new engineer. Unfortunately, I then helped out family with their debt and ended up playing the 0% interest rotation game every year to keep from making my newly-accrued debt worse.

Why? Well I purchased a new car, because I thought I could afford it and wanted something to show for my hard work. I took on everyone else's debt, because there was no other option. That part of the family was close family and how no one else to turn to who had a credit score closer to 800 than 0...

Two of those family members are now dead (too young) and one is missing and hasn't been heard from in years....

//

Today, I'm wiser and wouldn't consider such a heavy debt-load. Even though I can afford an $80k car, I'm perfectly happy with a Premium Subaru...a Touring if it's for the wife for mid-30s new; mid 20's used.
 
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.
 
Really makes me wonder who can afford these payments much less two of them a month.
I cringe at 250.00
 
Status
Not open for further replies.
Back
Top