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Re: Average new car payment $554 [Re: supton] #5130961 06/10/19 11:40 PM
Joined: Jul 2005
Posts: 12,135
dave1251 Offline
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Posts: 12,135
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.


My family and I were lucky we bought are home during the last crisis. I was not buying a house around here at the inflated prices. Now the home prices are creeping up to highs before the last crash.


make the inside of your engine oil cap white.
don't use.
Re: Average new car payment $554 [Re: AuthorEditor] #5130972 06/11/19 12:14 AM
Joined: Mar 2012
Posts: 652
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tiger862 Offline
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Joined: Mar 2012
Posts: 652
I was debt free for 4 years then life struck. I had to move from my paid off home into a home that was sitting idle for over 10 years but it was free. Car broke down which financially didn't make sense to repair so I bought the Caravan. Notes are less than 500 a month and now credit cards out the yazoo. I look at like 5 years from now I will be debt free again with house redone and a vehicle with less than 40k on it so I should be able to relax. I am doing this on disability so it is all about wants and needs.


Tiger862
2018 Grand Caravan
Re: Average new car payment $554 [Re: Mr Nice] #5131133 06/11/19 08:23 AM
Joined: Mar 2015
Posts: 1,581
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SeaJay Offline
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Posts: 1,581
Originally Posted by Mr Nice
Nobody can blame the commissioned folks in finance that know certain people are overextended and buy houses and vehicles they can’t afford.

All these folks care about is selling and selling....


The investment firms that are paying those commissions want badly to make those loans. It may very well be that they are packaging these loans into an attractive looking package designed to make a bunch of iffy loans look better than they are and to sell them as triple A rated investments at a huge profit. The people and places buying into to these pretty looking A rated "investments" are the ultimate fools who are not all that savvy and probably don't know any better and will suffer the losses when some of the underlying loans default.

This is the pre-2008 housing crisis in a nutshell, now days with a do-over involving automobile loans.

Those who fail to understand history are bound to repeat it.

Re: Average new car payment $554 [Re: Linctex] #5131172 06/11/19 09:02 AM
Joined: May 2012
Posts: 3,048
SubieRubyRoo Offline
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Posts: 3,048
Originally Posted by Linctex
That's a mortgage payment!

My last "car" payment (light truck, actually) was $184 a month.

Way, way, way too many people are "living beyond their means" ...!!!!!!


My mortgage is $281/mo. I have purposely spent a looong time searching for, inspecting, and vetting my last four car purchases, which have all been used, and paid cash for them. Instead of $391/mo plus repairs, instead, I budget about $100-150/mo between my two current used vehicles to repair and PM them ahead of schedule. Since I'm intimately familiar with the mechanics of my vehicles and they've been around long enough that any mechanical issues are well known, it is easy to stay ahead of the curve. Other than planned trips to the local indie mechanic to perform jobs that I either didn't have the tools or the want to do, I haven't had a major or "catastrophic" failure in well over 10 years and 400k miles traveled. The newest vehicle I have is creeping up on 130k, and yet I still get everywhere I intend to go without fail, come rain, sleet, snow, etc.

My stepson definitely falls into the category of your last statement, as he has had two vehicles repo'd in the past 6 years, and frequently called to borrow my third vehicle when his broke down before I got rid of it to remove my headaches. He would return my car with trash in it and an empty tank mad Sorry, kid, but at some point you gotta stand on your own two feet and figure it out!

Now, I'm just trying to figure out where all of my monthly savings on vehicles has gone... oh wait. My wife has a credit card and knows how to use it! LOLLOLLOL

Re: Average new car payment $554 [Re: SubieRubyRoo] #5131223 06/11/19 10:05 AM
Joined: Feb 2019
Posts: 228
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Env1ous Offline
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Joined: Feb 2019
Posts: 228
Originally Posted by SubieRubyRoo
[quote=Linctex]That's a mortgage payment!
My stepson definitely falls into the category of your last statement, as he has had two vehicles repo'd in the past 6 years, and frequently called to borrow my third vehicle when his broke down before I got rid of it to remove my headaches. He would return my car with trash in it and an empty tank mad Sorry, kid, but at some point you gotta stand on your own two feet and figure it out!


Man I have to admit. I had to learn a little bit. Im 30 and I feel like im finally getting the hang of it. I make six figures but when you have debt, you are not well off at all! and the last relationship I had sucked me dry. Drained 40k out of my savings in a year because she was like your stepson. Needed this and that but never worked for it. I learned my lesson. I am much better off now and paying everything off. My Fiancee was smart and bought a house and pays $900 for her mortgage. I was paying $2100 a month for rent for a 2BR apartment. Also doesn't help Denver is expensive!

Re: Average new car payment $554 [Re: AuthorEditor] #5131247 06/11/19 10:32 AM
Joined: Jul 2002
Posts: 5,138
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MCompact Offline
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Joined: Jul 2002
Posts: 5,138
I budget $450/month for maintenance and repair for all five cars. I usually accumulate a considerable surplus over the course of a year.


Mine:
2014 M235i
2009 Cooper Clubman
1999 Wrangler Sahara
1995 318ti Club Sport

Wife's:
2015 X1 xDrive28i M Sport


Son's
2009 328i

Buy what makes you smile...
Re: Average new car payment $554 [Re: AuthorEditor] #5131358 06/11/19 12:33 PM
Joined: Oct 2006
Posts: 9,034
grampi Offline
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Posts: 9,034
With all of the $50K+ vehicles I see on the roads these days, I'd say this number is quite a bit low...

Re: Average new car payment $554 [Re: tony1679] #5131410 06/11/19 01:28 PM
Joined: Feb 2003
Posts: 4,666
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Win Offline
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Joined: Feb 2003
Posts: 4,666
Originally Posted by tony1679
Originally Posted by clinebarger
At 29 years old....NO WAY, NO HOW!!

I don't have a Mortgage or a Car Payment. And even if I was single, I couldn't see 200K getting me very far!
Owning a home & land is expensive!
I have two ways to easily do this.
1. I can buy an acre of family land with an existing well and septic for $5k. I can then build a small, simple, extremely energy efficient house for well under $75k, as I've already had multiple estimates based on what I want. Then pay off both cars (rounding way up) for $20k. That's only $100k. I have no debt other than that, so that's $100k I can put in savings, invest, etc. With no real bills, $100k will last a very long time with my lifestyle.

2. I can buy my current house I'm renting for $125k. I'd instantly have $25-50k equity in it (again, family deal). Paying off the two cars would leave me $55-60k, plus $25-50k in equity. My lifestyle consists of surfing BITOG and the everlasting hunt for the motherload of clearance oil. Not to mention the things I could do for income in all that free time that I couldn't do now.

Of course, as ad244 said, assuming I don't rack up millions in medical bills.



It wouldn't be that hard around here - I bought a couple of lots at a tax sale a few years back, 1/4 acre each, adjacent, on a small lake about twenty miles south of here, all paved roads, for < $7K IIRC. City water, but no sewer, so I would have to add septic. Big mobile home dealer used the biggest double wide they sold as a sales office, when they wanted to rotate it out, I bought it for $15-20K ( don't remember) and moved it to some land over in OK where I planned on renting it out, but has just sat there unused ever since.

So that's $27K, figure another $20K for septic, moving the thing back to Arkansas, and fixing up / repairs, and a small boat to fish from, and that's < $50K to be living on 1/2 acre on a nice little lake. I would think if you were frugal, another $400 / month would cover your other expenses. Take a part time job greeting at Wal Mart.

For a while I sold pre fab buildings off one of my empty lots - I had a cabin size building with a porch, etc., that people would finish out as a hunting cabin, lake cabin, etc. for not much money.


09 Torrent 3.6 V6 M1 0/30
09 Solstice 2.4 I4 Fram 5/30
08 G8 3.6 V6 ST Syn 5/30
04 Xj8 4.2 V8 Hav 5/40
99 S-10 2.2 I4 RECOVERED
94 Xj12 6.0 V12
Re: Average new car payment $554 [Re: grampi] #5131414 06/11/19 01:31 PM
Joined: Apr 2010
Posts: 5,031
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jeepman3071 Offline
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Originally Posted by grampi
With all of the $50K+ vehicles I see on the roads these days, I'd say this number is quite a bit low...


The payment number is probably in line, but the number of months the vehicle is financed for is the variable.


2013 Jeep Grand Cherokee TrailHawk 5.7L (144k) - PPHM 5w30, Wix 57899
2009 BMW 328i (46k) - Castrol Edge Euro 0w40, MANN HU816X
Re: Average new car payment $554 [Re: Mad_Hatter] #5131461 06/11/19 02:34 PM
Joined: May 2009
Posts: 557
FADEC Offline
Offline
Joined: May 2009
Posts: 557
Originally Posted by Mad_Hatter
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.πŸ˜‰

Yes...That.

Re: Average new car payment $554 [Re: AuthorEditor] #5131489 06/11/19 02:58 PM
Joined: Nov 2012
Posts: 88
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izualangel Offline
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Posts: 88
I sleep pretty well at night knowing my family has a safe, reliable, comfortable, car that has a fairly low payment. Its one thing if i break down in my beater when its 105 degrees, its another for a spouse with kids. But $550 bucks a month would be too rich for my sensibility.


2006 Subaru Outback 2.5i - Mobil 1 5w-30 HM with WIX 57712
Re: Average new car payment $554 [Re: Win] #5131523 06/11/19 03:38 PM
Joined: Jun 2014
Posts: 1,153
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tony1679 Offline
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Posts: 1,153
Originally Posted by Win
Originally Posted by tony1679
Originally Posted by clinebarger
At 29 years old....NO WAY, NO HOW!!

I don't have a Mortgage or a Car Payment. And even if I was single, I couldn't see 200K getting me very far!
Owning a home & land is expensive!
I have two ways to easily do this.
1. I can buy an acre of family land with an existing well and septic for $5k. I can then build a small, simple, extremely energy efficient house for well under $75k, as I've already had multiple estimates based on what I want. Then pay off both cars (rounding way up) for $20k. That's only $100k. I have no debt other than that, so that's $100k I can put in savings, invest, etc. With no real bills, $100k will last a very long time with my lifestyle.

2. I can buy my current house I'm renting for $125k. I'd instantly have $25-50k equity in it (again, family deal). Paying off the two cars would leave me $55-60k, plus $25-50k in equity. My lifestyle consists of surfing BITOG and the everlasting hunt for the motherload of clearance oil. Not to mention the things I could do for income in all that free time that I couldn't do now.

Of course, as ad244 said, assuming I don't rack up millions in medical bills.



It wouldn't be that hard around here - I bought a couple of lots at a tax sale a few years back, 1/4 acre each, adjacent, on a small lake about twenty miles south of here, all paved roads, for < $7K IIRC. City water, but no sewer, so I would have to add septic. Big mobile home dealer used the biggest double wide they sold as a sales office, when they wanted to rotate it out, I bought it for $15-20K ( don't remember) and moved it to some land over in OK where I planned on renting it out, but has just sat there unused ever since.

So that's $27K, figure another $20K for septic, moving the thing back to Arkansas, and fixing up / repairs, and a small boat to fish from, and that's < $50K to be living on 1/2 acre on a nice little lake. I would think if you were frugal, another $400 / month would cover your other expenses. Take a part time job greeting at Wal Mart.

For a while I sold pre fab buildings off one of my empty lots - I had a cabin size building with a porch, etc., that people would finish out as a hunting cabin, lake cabin, etc. for not much money.

See? I'm not the only one who gets it.


'16 Hyundai Elantra 1.8L 83k
'13 Honda Civic 1.8L 55k
\/SP & WIX FTW
Current stash: 216 quarts
Re: Average new car payment $554 [Re: AuthorEditor] #5131620 06/11/19 06:14 PM
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madRiver Offline
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With advent of Uber/Lylt I never think much of breaking down driving my paid for cash 200k 11 year old rusty Acura MDX that costs at most 2-3 payments $550 in repairs/ maintenance a year. Those people doing $550/month still have maintenance and potentially repairs if elongated 72 or 84 month term.

Re: Average new car payment $554 [Re: izualangel] #5131651 06/11/19 06:50 PM
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Posts: 1,179
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Mad_Hatter Offline
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Originally Posted by izualangel
I sleep pretty well at night knowing my family has a safe, reliable, comfortable, car that has a fairly low payment. Its one thing if i break down in my beater when its 105 degrees, its another for a spouse with kids. But $550 bucks a month would be too rich for my sensibility.


Your city/state is funny!πŸ˜‰

Re: Average new car payment $554 [Re: SeaJay] #5131659 06/11/19 07:03 PM
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Mad_Hatter Offline
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Posts: 1,179
Originally Posted by SeaJay

This is the pre-2008 housing crisis in a nutshell, now days with a do-over involving automobile loans.

Those who fail to understand history are bound to repeat it.


Reading your comment I was saying to myself, that is exactly what led to the housing collapse of '08.

And they're doing it with cars now, like you mentioned. In this thread I posted a link to a study done by the NY Federal Reserve and they found a record number (7+mill) of vehicle loans are 90+ days behind.

A lot of people are buying cars they simply can't afford. At some point the Piper has to be paid...but on the upside, that's potentially 7mill repos to potentially get a good deal on! (I hope that didn't sound too callous)

Last edited by Mad_Hatter; 06/11/19 07:06 PM.
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