My new car payment is $1,000

[Anonymous]

We just bought a new at, suv this time since we have kids and need extra space. We previously had 2 paid off older cars (2008 and 2013). Our car payment for the new car is $1,000 a month for 5 yrs. and although we got a 1.9% rate it still shocks me and weighs heaving knowing we have to pay that much every month. Do others feel the same? What did you do about? Did you pay it off sooner? Does it even make sense to pay it sooner with such a low interest rate?

[Anonymous]

How much was the car? Do you have any used cars to sell? Many of them have gone way up in value recently.

[Anonymous]

Anonymous wrote:We just bought a new at, suv this time since we have kids and need extra space. We previously had 2 paid off older cars (2008 and 2013). Our car payment for the new car is $1,000 a month for 5 yrs. and although we got a 1.9% rate it still shocks me and weighs heaving knowing we have to pay that much every month. Do others feel the same? What did you do about? Did you pay it off sooner? Does it even make sense to pay it sooner with such a low interest rate?

How is it possible that you are shocked after the fact. If you had taken the time to understand the costs you would have known the monthly cost and bought a cheaper car if that would have been more to your liking.

[Anonymous]

You bought new, which was stupid. The second you drove off the lot, guess what you have? A used car. I bought a CRV with 30,000 mikes on it. Special edition, perfect condition. Paid in cash. You bought new and expensive—what did you expect?

[Anonymous]

Anonymous wrote:You bought new, which was stupid. The second you drove off the lot, guess what you have? A used car. I bought a CRV with 30,000 mikes on it. Special edition, perfect condition. Paid in cash. You bought new and expensive—what did you expect?

Used cars have gone way up in price. The differential between new and used isn’t what it used to be.

[Anonymous]

Anonymous wrote:You bought new, which was stupid. The second you drove off the lot, guess what you have? A used car. I bought a CRV with 30,000 mikes on it. Special edition, perfect condition. Paid in cash. You bought new and expensive—what did you expect?

Chill out used cars are as expensive as new cars

[Anonymous]

But... didn't you know how much the payment was going to be when you signed the contract?

We bought a new car 11 years ago when our child was born, and had a small car payment for a few years - much less than what you're paying. It was a modest Japanese car, which is still going strong today.

I understand why you might not want to do the work necessary to find a used car without hidden damage: my friend was tricked into buying a new-looking used car that turned out to have been in an accident that had knocked its engine askew. It created no end of hassle for them, and the car place that sold them the vehicle wouldn't work with them.

[Anonymous]

This is the OP. The used car market is trash right now and used cars and certified used cars are the same price as the new cars, so it didn’t make sense for us to buy used. We also had bought our old cars used and wanted a new car. I know it’s not an ideal time to buy, but with 2 kids we had to for space issues. And for those you asking why I’m shocked or if I can do math, Yes I can do math, and yes I knew the price would be $1,000, I guess what am I trying to say is it just sucks that it costs so much and I’m a bit nervous about since I’ve never owned a new car with payments before.

[Anonymous]

Anonymous wrote:You bought new, which was stupid. The second you drove off the lot, guess what you have? A used car. I bought a CRV with 30,000 mikes on it. Special edition, perfect condition. Paid in cash. You bought new and expensive—what did you expect?

Good for you. CRV is a boring and loser car, but good for you.

[Anonymous]

We were in the same bout 6 years ago OP, we bought our first new car and had high monthly payment but with a good rate. We paid a little bit extra each month and paid off the car early. It’s tough at first, but you get used to it and then you have a paid off car that will last you for a good while.

[Anonymous]

What was the price of the new car? Did you trade in the 2 old cars? What was their value? If no trade in, how much $$ did you put down on the new vehicle?

[Anonymous]

Pay it down faster. For example send $1,200/month with each payment, so you'll be done with the burden sooner.

We just paid off our family car last week (a luxury station wagon -- we have 2 kids also) and it was a great feeling.

[Anonymous]

Anonymous wrote:What was the price of the new car? Did you trade in the 2 old cars? What was their value? If no trade in, how much $$ did you put down on the new vehicle?

Price was $60,000 no money down and no trade in

[Anonymous]

Anonymous wrote:This is the OP. The used car market is trash right now and used cars and certified used cars are the same price as the new cars, so it didn’t make sense for us to buy used. We also had bought our old cars used and wanted a new car. I know it’s not an ideal time to buy, but with 2 kids we had to for space issues. And for those you asking why I’m shocked or if I can do math, Yes I can do math, and yes I knew the price would be $1,000, I guess what am I trying to say is it just sucks that it costs so much and I’m a bit nervous about since I’ve never owned a new car with payments before.

The problem here is you bought a $60k+ car. You can easily get a brand new family sized car for much less than that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What was the price of the new car? Did you trade in the 2 old cars? What was their value? If no trade in, how much $$ did you put down on the new vehicle?

Price was $60,000 no money down and no trade in

Wow. You're losing money hand over fist. That's a bit too expensive a car for no money down.