Average new car payment $554

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Originally Posted by Eddie
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

You still invest in CD's?!
 
Originally Posted by LoneRanger
$284/mo 60 mo on our new GMC.


With a down payment.

What is your interest rate?
 
Originally Posted by The Critic
Originally Posted by Eddie
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

You still invest in CD's?!


I used to, with my Reserve pay. It would deposit into my NFCU account and I'd max out whatever CD offer they had. I've currently got one last one open at 3.5%.

It was nice to have it as a savings fund that wasn't liquid. It gave us time to think about what to spend it on, if anything.

Last year, when things were rough, it was nice to pinch some pennies, AND THEN have our NFCU CD mature, providing a nice influx of $3k (plus a buck or two in interest). That and the rest of my Reserve pay, which I kept separate, basically kept us comfortable last year, when times were tough.

/TMI
 
My last car payment was $24K when I bought my VW. My wifes last car payment was $29K when she traded her Mazda3 in on a new Audi.
Even with my wifes and I high incomes and assets, we've gotten flack from people that she should have kept the more reliable Mazda3 despite her $270K a year income.
 
This is why I like my M6

besides, the new cars are just overrated anyway; lots of stuff to go wrong, so once you're out of warranty good luck buddy!
 
Originally Posted by The Critic
Originally Posted by Eddie
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

You still invest in CD's?!




I think he was giving an example of an arbitrage.
 
All personal choice if you want to build wealth and pay cash for what you can afford now! oOr swim in debt blocking wealth building.
 
Linctex has it right. Give me my very nice, very roomy $100k house (or even better a small ~700 square foot small house for ~$50k including a few acres of land in a rural area). I could literally retire for the rest of my life on $200k. And I'm 29. Everyone loves to
smirk2.gif
, but I absolutely could.

Cookie-cutter 4,000 square foot houses, Escalades for a soccer mom of one, and grocery-getting Raptors are for imbeciles.
 
Originally Posted by Mr Nice
tony1679,

$200K is not a lot of money if you were to retire.



Agreed, plus all the inflation - no bueno
 
Originally Posted by maverickfhs
To each their own and more power to each camp.- somebody's gotta keep the economy going....

I'll continue to drive my 'Old' cars : - Ditto




With the avg payment being over $500, it should come as no surprise that there are a record number (over 7mill) of vehicle loans behind in payments (+90dys) according to the Federal Reserve.

(from Feb, 2019)
https://www.cbsnews.com/news/car-lo...nd-on-car-loan-payments-red-report-says/
 
Last edited:
Originally Posted by tony1679
Linctex has it right. Give me my very nice, very roomy $100k house (or even better a small ~700 square foot small house for ~$50k including a few acres of land in a rural area). I could literally retire for the rest of my life on $200k.


Until you get sick and need to see a specialist.
 
Originally Posted by PandaBear
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.

I know a few legitimate millionaires and they all drive vehicles under $40K.

Only one of them have a new AMG Benz.
 
Originally Posted by Mad_Hatter
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.


For me, min wage was $1.75. Maybe $1.80. That was a long time ago.
 
Originally Posted by TiredTrucker
Originally Posted by Mad_Hatter
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.


For me, min wage was $1.75. Maybe $1.80. That was a long time ago.




I did start at $1.75.
 
Originally Posted by PimTac
Originally Posted by TiredTrucker
Originally Posted by Mad_Hatter
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.


For me, min wage was $1.75. Maybe $1.80. That was a long time ago.




I did start at $1.75.


My first job, I got paid less than min wage (which I was told, but never knew) at 14: $5.25/hr for 40hrs/week during the summers to pick up trash and stack bricks into cubes, and load customers with bags of whatever at a construction supply company. I never worked-out during the summer but always arrived for HS football [censored]-week in pretty good physical shape. I was still torn to shreds when it came to cardio!!!!
 
Originally Posted by Mr Nice

I know a few legitimate millionaires and they all drive vehicles under $40K.

Only one of them have a new AMG Benz.


If being a millionaire means net worth of that my in-laws and parents are such thru homes. Parents drive a 2000 Forester and in-laws $5k vehicles.
 
Ha! My first "real" job was $1.65 an hour, but I got overtime every week because I routinely put in 60 hours on the time clock. Got paid cash in a little envelope every Friday. Typical day was 12 hours, starting at 6am, and ate lunch on the floor if it wasn't busy. A lot of days we didn't eat. I was only 16 so bought a bicycle. No car then.
 
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