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Re: Average new car payment $554 [Re: AuthorEditor] #5130459
06/10/19 03:47 PM
06/10/19 03:47 PM
Joined: Dec 2014
Posts: 1,761
NY, USA, etc.
oilpsi2high Offline
oilpsi2high  Offline

Joined: Dec 2014
Posts: 1,761
NY, USA, etc.
All I can say is that the next recession is going to hurt a lot of people, and this time we won't have the government slashing interest rates to bring things back up again.


Re: Average new car payment $554 [Re: Srt20] #5130510
06/10/19 04:45 PM
06/10/19 04:45 PM
Joined: Nov 2008
Posts: 13,971
NH
supton Offline
supton  Offline

Joined: Nov 2008
Posts: 13,971
NH
Originally Posted by Srt20
Originally Posted by supton
Originally Posted by Srt20
LMAO at all the judgemental people in here....

Why do you worry about what others do????

Remind me how well we all did during the last credit crunch.


So what is judging on an internet forum going to do?

People complaining about others is going to change anything?

Worry about yourself, and take care of your own issues so things dont happen to you.

Give good advice to people that ask.

Not sure what you mean by "judging"; I think you mean "have a negative opinion". TBH I've yet to understand this whole "judging" thing, I guess I'm behind the times on semantics. Maybe we're supposed to pat each other on the back regardless of what we think?

Regardless. During the credit crunch, because car sales tank my income went down also. My salary took a pay cut as the company I worked for attempted to avoid layoffs (no minor task as most semicondutor manufacturers did big rounds of layoffs). Myself, I did ok; I had nothing but a mortgage and all we did was eat out less & drive less. And did a refi on our home, dropping our rate from over 6% to 3% and knocking many years off the loan period.


2011 Toyota Camry, base, 2.5L/6MT, 187k, hers
2010 Toyota Tundra DC, 4.6L/6AT, 152k, ours
1999 Toyota Camry LE, 2.2L/4AT, 208k, his
Re: Average new car payment $554 [Re: JeffKeryk] #5130532
06/10/19 05:16 PM
06/10/19 05:16 PM
Joined: Sep 2004
Posts: 22,856
Central Florida
Mr Nice Offline
Mr Nice  Offline

Joined: Sep 2004
Posts: 22,856
Central Florida
Originally Posted by JeffKeryk
Cars are not investments, mutual funds are.
Do not put money into a depreciating asset, do put money into an appreciating asset.

Cars are different things to different people.
From basic transportation to status symbol and everything in between.

I will say they are a good way to get into financial trouble; can be bad or good.
I bought a new fully loaded black 6 speed Corvette in 1990 that I could not afford.
Of course I convinced myself otherwise...
Every "extra" penny I had went into that beautiful car.
When I sold it to a Corvette house a year later, I had to pay a bunch to get out from under the loan.

Perhaps the best lesson I ever learned.


Imagine if you bought Microsoft with all those Corvette payments for that 1 year??? smile

New Corvettes are for affluent folks that can afford a toy.


Re: Average new car payment $554 [Re: flinter] #5130563
06/10/19 05:47 PM
06/10/19 05:47 PM
Joined: Mar 2008
Posts: 965
NWA/SWMO
Ws6 Online content
Ws6  Online Content

Joined: Mar 2008
Posts: 965
NWA/SWMO
Originally Posted by flinter
56 years old and NEVER had a car payment in my life....and NEVER will. I currently drive a MINT condition 2017 Hyundai Elantra Value Edition, paid cash. Remember, one NEVER gets rich with constant car payments!

Terrible decision, financially. Why not have a 2-3% 72mo loan with GAP? Too many [censored] drivers, deer, etc. Out there for me to be 100% all in on a newer vehicle.


2019 CX5 Grand Touring Reserve
Re: Average new car payment $554 [Re: Mr Nice] #5130566
06/10/19 05:48 PM
06/10/19 05:48 PM
Joined: Mar 2008
Posts: 965
NWA/SWMO
Ws6 Online content
Ws6  Online Content

Joined: Mar 2008
Posts: 965
NWA/SWMO
Originally Posted by Mr Nice
Originally Posted by JeffKeryk
Cars are not investments, mutual funds are.
Do not put money into a depreciating asset, do put money into an appreciating asset.

Cars are different things to different people.
From basic transportation to status symbol and everything in between.

I will say they are a good way to get into financial trouble; can be bad or good.
I bought a new fully loaded black 6 speed Corvette in 1990 that I could not afford.
Of course I convinced myself otherwise...
Every "extra" penny I had went into that beautiful car.
When I sold it to a Corvette house a year later, I had to pay a bunch to get out from under the loan.

Perhaps the best lesson I ever learned.


Imagine if you bought Microsoft with all those Corvette payments for that 1 year??? smile

New Corvettes are for affluent folks that can afford a toy.


I bought a new z06 Corvette when I was 25. I wasnt rich. I just wanted a toy. I sold it a year later, and am all the richer for the experience.


2019 CX5 Grand Touring Reserve
Re: Average new car payment $554 [Re: Mr Nice] #5130597
06/10/19 06:08 PM
06/10/19 06:08 PM
Joined: Jan 2010
Posts: 1,694
Los Gatos, CA
JeffKeryk Offline
JeffKeryk  Offline

Joined: Jan 2010
Posts: 1,694
Los Gatos, CA
Originally Posted by Mr Nice
Originally Posted by JeffKeryk
Cars are not investments, mutual funds are.
Do not put money into a depreciating asset, do put money into an appreciating asset.

Cars are different things to different people.
From basic transportation to status symbol and everything in between.

I will say they are a good way to get into financial trouble; can be bad or good.
I bought a new fully loaded black 6 speed Corvette in 1990 that I could not afford.
Of course I convinced myself otherwise...
Every "extra" penny I had went into that beautiful car.
When I sold it to a Corvette house a year later, I had to pay a bunch to get out from under the loan.

Perhaps the best lesson I ever learned.


Imagine if you bought Microsoft with all those Corvette payments for that 1 year??? smile

New Corvettes are for affluent folks that can afford a toy.


Your point is well taken.
After I got rid of the Vette, I did save/invest like crazy.
And yes, it has paid off beyond my wildest expectations.
Of course the opportunity of Silicon Valley was a big part of the equation...

Now I pay a ton in taxes, which is a great problem to have.
And I get to help others, which is the best feeling in the world.


2018 Tesla Model 3, Medium Range Battery
2018 Lexus RX450h
2013 Lexus GS350 F Sport
2006 Acura TSX
2001 Tundra Access Cab, 1998 Accord LX, 1968 Corvette L36 Roadster, 1965 Olds 4-4-2
Re: Average new car payment $554 [Re: Ws6] #5130607
06/10/19 06:15 PM
06/10/19 06:15 PM
Joined: Jul 2015
Posts: 4,817
New England
madRiver Offline
madRiver  Offline

Joined: Jul 2015
Posts: 4,817
New England
Originally Posted by Ws6
Originally Posted by flinter
56 years old and NEVER had a car payment in my life....and NEVER will. I currently drive a MINT condition 2017 Hyundai Elantra Value Edition, paid cash. Remember, one NEVER gets rich with constant car payments!

Terrible decision, financially. Why not have a 2-3% 72mo loan with GAP? Too many [censored] drivers, deer, etc. Out there for me to be 100% all in on a newer vehicle.


What ever makes you feel better about your $650/month payment over 72months (I hope less) on a tiny Mazda CUV. Are you accident prone or just justifying? Also GAP insurance is not free but a good move for people so far into hole they cannot recover.

Re: Average new car payment $554 [Re: AuthorEditor] #5130609
06/10/19 06:16 PM
06/10/19 06:16 PM
Joined: Sep 2004
Posts: 22,856
Central Florida
Mr Nice Offline
Mr Nice  Offline

Joined: Sep 2004
Posts: 22,856
Central Florida
JeffKeryk,

I was also dumb with money when I was young and wised up.
But you only live once so I can understand why you bought a car with an L-98 and ZF6 manual transmission.

drive thumbsup

Re: Average new car payment $554 [Re: HowAboutThis] #5130620
06/10/19 06:29 PM
06/10/19 06:29 PM
Joined: Sep 2009
Posts: 16,785
OH
fdcg27 Offline
fdcg27  Offline

Joined: Sep 2009
Posts: 16,785
OH
Originally Posted by HowAboutThis
Here's my math:
If you pay $30k cash and put what would have been the car payments into savings @ 2.2% for 5 years, $525/mth into savings, you end up with $33,300, a gain of $3,300.

If you take a $30k loan out @ 1.9% and leave your $30k in savings growing at 2.2% you
Pay an extra $1470 in interest and earn $3490 in interest. A net gain of $2,020.

That's how. Feel free to check my math if you'd like. I won't gurantee I didn't make an error somewhere with online calculators.


I don't know what errors you've made in your arithmetic or assumptions, but there's no way you can come out ahead in earnings, not savings, giving up 2.2% in interest to save 1.9%.
This is simple arbitrage to anyone with even a minor knowledge of finance and investment.


18 Accord Hybrid 10K HGMO 0W-20
17 Forester 24K VME 0W-20
12 Accord LX 115K SSO 0W-20
09 Forester 95K M1HM 10W-30
01 Focus ZX3 118K PP 5W-20
96 Accord LX 104K T5 10W-30
95 318i
Re: Average new car payment $554 [Re: AuthorEditor] #5130628
06/10/19 06:39 PM
06/10/19 06:39 PM
Joined: Feb 2013
Posts: 3,621
Central Virginia
Silverado12 Offline
Silverado12  Offline

Joined: Feb 2013
Posts: 3,621
Central Virginia
I see a lot of usury among people who can afford it the least. If you have bad credit, chances are it's for a reason and some businesses prey on that.


12 Chevy Silverado ext. cab LS, 2WD 4.3 auto
18 Mustang GT 5.0 auto
07 Harley Dyna Street Bob 96 c.i. 6 sp.
00 Mustang GT auto
Re: Average new car payment $554 [Re: Silverado12] #5130761
06/10/19 08:24 PM
06/10/19 08:24 PM
Joined: May 2019
Posts: 731
WA
Mad_Hatter Offline
Mad_Hatter  Offline

Joined: May 2019
Posts: 731
WA
Originally Posted by Silverado12
I see a lot of usury among people who can afford it the least. If you have bad credit, chances are it's for a reason and some businesses prey on that.


The finance guy at the dealership, he doesn't give two chits that he's putting you into a car that you can not afford. 72, 84 months... are you kidding me? What's next... trade in a kidney for a new F150?? 😂

Too many people have trouble distinguishing between wants and needs.

Re: Average new car payment $554 [Re: AuthorEditor] #5130772
06/10/19 08:31 PM
06/10/19 08:31 PM
Joined: Sep 2010
Posts: 7,852
Houston, TX
2015_PSD Online content
2015_PSD  Online Content

Joined: Sep 2010
Posts: 7,852
Houston, TX
Life is way too short not to enjoy it every step of the way. I have owned many cars--some great and others not so great. I plan to slide into the grave being able to say that life was one helluva ride instead of worrying and denying myself in the pointless quest for "someday".


2018 Mercedes Benz AMG GLC43 3.0L Bi-Turbo [Castrol Edge 0W-40 & MB (Purflux) filter]
2018 Mercedes Benz C300 2.0L Turbo [Pennzoil Platinum Euro 0W-40 & Mann filter]
Re: Average new car payment $554 [Re: madRiver] #5130897
06/10/19 10:16 PM
06/10/19 10:16 PM
Joined: Mar 2008
Posts: 965
NWA/SWMO
Ws6 Online content
Ws6  Online Content

Joined: Mar 2008
Posts: 965
NWA/SWMO
Originally Posted by madRiver
Originally Posted by Ws6
Originally Posted by flinter
56 years old and NEVER had a car payment in my life....and NEVER will. I currently drive a MINT condition 2017 Hyundai Elantra Value Edition, paid cash. Remember, one NEVER gets rich with constant car payments!

Terrible decision, financially. Why not have a 2-3% 72mo loan with GAP? Too many [censored] drivers, deer, etc. Out there for me to be 100% all in on a newer vehicle.


What ever makes you feel better about your $650/month payment over 72months (I hope less) on a tiny Mazda CUV. Are you accident prone or just justifying? Also GAP insurance is not free but a good move for people so far into hole they cannot recover.

Its far less than I paid for my corvette, and far larger. Its decently quick (0-60 in 6.2), AWD, cooled seats, and very quiet at speed. I drive 30k miles a year and want to be comfortable. My car payment is kindof invisible to me in that its just lost in the noise, only costing a few hundred per paycheck. Worth it to me.


2019 CX5 Grand Touring Reserve
Re: Average new car payment $554 [Re: 2015_PSD] #5130899
06/10/19 10:18 PM
06/10/19 10:18 PM
Joined: Mar 2008
Posts: 965
NWA/SWMO
Ws6 Online content
Ws6  Online Content

Joined: Mar 2008
Posts: 965
NWA/SWMO
Originally Posted by 2015_PSD
Life is way too short not to enjoy it every step of the way. I have owned many cars--some great and others not so great. I plan to slide into the grave being able to say that life was one helluva ride instead of worrying and denying myself in the pointless quest for "someday".

Exactly. I have several friends who pay more in taxes than anyone in this thread likely nets per year. You know what? They all agonize over $1800 rifle scopes or "did I get a good deal on this Forester?" And truly are stressed and have certainly no more joy than I. Of course, thats how they got to be deep into the 7 figure income range, but still...i work to live. Not live to work.


2019 CX5 Grand Touring Reserve
Re: Average new car payment $554 [Re: supton] #5130930
06/10/19 11:07 PM
06/10/19 11:07 PM
Joined: Jul 2014
Posts: 637
Wisconsin
Srt20 Offline
Srt20  Offline

Joined: Jul 2014
Posts: 637
Wisconsin
Originally Posted by supton
Originally Posted by Srt20
Originally Posted by supton
Originally Posted by Srt20
LMAO at all the judgemental people in here....

Why do you worry about what others do????

Remind me how well we all did during the last credit crunch.


So what is judging on an internet forum going to do?

People complaining about others is going to change anything?

Worry about yourself, and take care of your own issues so things dont happen to you.

Give good advice to people that ask.

Not sure what you mean by "judging"; I think you mean "have a negative opinion". TBH I've yet to understand this whole "judging" thing, I guess I'm behind the times on semantics. Maybe we're supposed to pat each other on the back regardless of what we think?

Regardless. During the credit crunch, because car sales tank my income went down also. My salary took a pay cut as the company I worked for attempted to avoid layoffs (no minor task as most semicondutor manufacturers did big rounds of layoffs). Myself, I did ok; I had nothing but a mortgage and all we did was eat out less & drive less. And did a refi on our home, dropping our rate from over 6% to 3% and knocking many years off the loan period.


You can have any opinion you want. But what good does it do to get on an internet forum and act holier than thou because someone doesnt do what your opinion thinks they should do?
Whether you did this or not, I dont know. Im not going back to check, but some people clearly did. You replied to my comment, so you get my replies.

Hey, good on you for being financially smart and secure enough that the "credit crunch" didnt affect you much. Not that my opinion about your financial status matters much on the internet......I dont need the "pat on the back", so Im not going to proclaim how I did....

Last edited by Srt20; 06/10/19 11:08 PM.
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