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Average new car payment $554 #5126882
06/06/19 10:51 AM
06/06/19 10:51 AM
Joined: May 2008
Posts: 2,169
Massachusetts
AuthorEditor Offline OP
AuthorEditor  Offline OP

Joined: May 2008
Posts: 2,169
Massachusetts
Quote
As a result, the average monthly payment for a new vehicle continued to climb to a new high of $554 and to a record $391 for used vehicles, according to Experian.

https://www.cnbc.com/2019/06/06/auto-loans-hit-record-high-sending-borrowers-to-the-used-market.html

Re: Average new car payment $554 [Re: AuthorEditor] #5126888
06/06/19 10:56 AM
06/06/19 10:56 AM
Joined: Aug 2004
Posts: 20,884
CA
The Critic Offline
The Critic  Offline

Joined: Aug 2004
Posts: 20,884
CA
Sounds about right. A 60-mo loan for most cars/SUV's that I have been looking at would be around $700.


2011 Toyota Prius 1.8L - 193K - Idemitsu ZEPRO Adv. Moly 0W-20
2007 Honda Accord 2.4 - 137K - Mobil 1 EP HM 5W-30
Re: Average new car payment $554 [Re: AuthorEditor] #5126891
06/06/19 11:00 AM
06/06/19 11:00 AM
Joined: May 2019
Posts: 710
WA
Mad_Hatter Offline
Mad_Hatter  Offline

Joined: May 2019
Posts: 710
WA
That's a lot of debt. Pray the economy doesn't go south, otherwise a lot repos will be happening.

Re: Average new car payment $554 [Re: AuthorEditor] #5126897
06/06/19 11:03 AM
06/06/19 11:03 AM
Joined: Mar 2017
Posts: 9,985
...
PimTac Offline
PimTac  Offline

Joined: Mar 2017
Posts: 9,985
...
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.


2017 Mazda CX5
Havoline Pro DS 0w20
Roki OEM filter.
Re: Average new car payment $554 [Re: PimTac] #5126902
06/06/19 11:06 AM
06/06/19 11:06 AM
Joined: May 2019
Posts: 710
WA
Mad_Hatter Offline
Mad_Hatter  Offline

Joined: May 2019
Posts: 710
WA
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.

Re: Average new car payment $554 [Re: AuthorEditor] #5126905
06/06/19 11:08 AM
06/06/19 11:08 AM
Joined: Dec 2016
Posts: 9,110
Waco, TX
Linctex Offline
Linctex  Offline

Joined: Dec 2016
Posts: 9,110
Waco, TX
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" ...!!!!!!


"The evidence demands a verdict".
(Re:VOA)"it's nearly impossible to actually know the particular additives that are in there at what concentrations."
Re: Average new car payment $554 [Re: AuthorEditor] #5126908
06/06/19 11:10 AM
06/06/19 11:10 AM
Joined: Aug 2010
Posts: 6,546
Champlain/Hudson Valley
Kira Offline
Kira  Offline

Joined: Aug 2010
Posts: 6,546
Champlain/Hudson Valley
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.

Re: Average new car payment $554 [Re: AuthorEditor] #5126911
06/06/19 11:10 AM
06/06/19 11:10 AM
Joined: Oct 2009
Posts: 4,910
Wet side WA
JohnnyJohnson Offline
JohnnyJohnson  Offline

Joined: Oct 2009
Posts: 4,910
Wet side WA
Have not had a car payment since 1981.


2004 Corolla 134004
Out: EDGE EP 5W-30 Bosch 3311 7156 Miles
In: Havoline Pro DS 10w-30 Purolator PureOne 3-14-19 129693
2006 Duramax 75175
Out: T6 5W-40 M1-303
In: T6 5W-40 XG9100 73705 4-22-18
Re: Average new car payment $554 [Re: Linctex] #5126912
06/06/19 11:12 AM
06/06/19 11:12 AM
Joined: May 2019
Posts: 710
WA
Mad_Hatter Offline
Mad_Hatter  Offline

Joined: May 2019
Posts: 710
WA
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 by Mad_Hatter; 06/06/19 11:13 AM.
Re: Average new car payment $554 [Re: AuthorEditor] #5126913
06/06/19 11:16 AM
06/06/19 11:16 AM
Joined: Jan 2013
Posts: 2,983
Texas
WyrTwister Offline
WyrTwister  Offline

Joined: Jan 2013
Posts: 2,983
Texas
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 .


Wyr
God bless
Re: Average new car payment $554 [Re: Linctex] #5126914
06/06/19 11:18 AM
06/06/19 11:18 AM
Joined: Jun 2008
Posts: 5,781
In the Garage...
ls1mike Offline
ls1mike  Offline

Joined: Jun 2008
Posts: 5,781
In the Garage...
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.


Mike
00 Trans Am WS6 5.7 LS1
17 Silverado 3500HD 6.0
14 Caprice PPV 6.0
15 Malibu LTZ Turbo
12 Passport TT
Re: Average new car payment $554 [Re: Linctex] #5126915
06/06/19 11:19 AM
06/06/19 11:19 AM
Joined: Mar 2017
Posts: 9,985
...
PimTac Offline
PimTac  Offline

Joined: Mar 2017
Posts: 9,985
...
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.


2017 Mazda CX5
Havoline Pro DS 0w20
Roki OEM filter.
Re: Average new car payment $554 [Re: Linctex] #5126916
06/06/19 11:20 AM
06/06/19 11:20 AM
Joined: Aug 2004
Posts: 20,884
CA
The Critic Offline
The Critic  Offline

Joined: Aug 2004
Posts: 20,884
CA
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.


2011 Toyota Prius 1.8L - 193K - Idemitsu ZEPRO Adv. Moly 0W-20
2007 Honda Accord 2.4 - 137K - Mobil 1 EP HM 5W-30
Re: Average new car payment $554 [Re: AuthorEditor] #5126918
06/06/19 11:20 AM
06/06/19 11:20 AM
Joined: May 2008
Posts: 2,169
Massachusetts
AuthorEditor Offline OP
AuthorEditor  Offline OP

Joined: May 2008
Posts: 2,169
Massachusetts
$554 a month is $6648 a year. I think the average car loan is around 72 months. That's about $40k every six years.

Re: Average new car payment $554 [Re: PimTac] #5126920
06/06/19 11:23 AM
06/06/19 11:23 AM
Joined: May 2019
Posts: 710
WA
Mad_Hatter Offline
Mad_Hatter  Offline

Joined: May 2019
Posts: 710
WA
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.

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