Average price of a new car is $48,094 (as of 9/22)

[Anonymous]

https://www.financialsamurai.com/average-new-car-price/


However, spending more than $40,000 for a new car if your household earns less than $200,000 a year is unwise. With this type of car spending, it is unlikely you will save and invest enough to live a comfortable retirement.


The median household (not individual, but entire household) income in 2022 is $70,784 .

[Anonymous]

It depends on your lifestyle choices. We make under that and have one car at that price. We paid cash.

[Anonymous]

People are bad with money. Breaking news at 11.

[Anonymous]

https://m.youtube.com/watch?v=8umG4OOYd2M&list=PL7ufN7Cep1mHXg-yQd6ruJteL1b68FM4a&index=1

[Anonymous]

Anonymous wrote:People are bad with money. Breaking news at 11.

+1
50k for a car is insane.
The most I've paid for a car is 10k. It's no big deal. You get used to driving a beater.

[Anonymous]

Sorry but there are plenty of cars under that cost.

[Anonymous]

After seeing my kid’s college costs around 80k per year, 60-70k car didn’t feel that expensive relatively

[Anonymous]

I remember back in 2003, my boss got a convertible Mercedes. He probably made $1m a year and he was having a hard time paying $50k for a car.
I think $100k is the new $50k. We need a new car and like cars. Luxury cars are close to or not over 6 figures now for an SUV. We are not looking at the G wagon either.

[Anonymous]

We just purchased a Subaru @29k. HHI 350k. I thought even 29 k was too much

[Anonymous]

And yet so many morons keep ponying up to buy new cars. This is why I have zero sympathy for student loan whiners. They're often the first to buy a big mcmansion and a stupid new cars, then whine about their student loan payments.

[Anonymous]

Our HHI is about $600k. We just bought a Palisade for about that much - twice as much as we've paid for any other car. We love the car, but it feels extravagant.

Then I see all these other "real" luxury cars and I know, by the numbers, most of them are making far less than us.


That said, I bought a $20k car fresh out of college when I was making $40k/year, so I can't claim to have always been a financial wizard.

[Anonymous]

Anonymous wrote:Our HHI is about $600k. We just bought a Palisade for about that much - twice as much as we've paid for any other car. We love the car, but it feels extravagant.

Then I see all these other "real" luxury cars and I know, by the numbers, most of them are making far less than us.


That said, I bought a $20k car fresh out of college when I was making $40k/year, so I can't claim to have always been a financial wizard.

We “only” made in the low $400’s and we are really struggling mentally with the fact that our next car is going to cost $50k. We almost bought it right before the pandemic and it would have been $40k. I’m shocked how many in our neighborhood with similar jobs to us think nothing of spending $80-90k on a car and have two of them! Our second car was $22k at the beginning of the pandemic so that one will last a good long while.

We work really hard for our money and we don’t like to spend it frivolously. I love the old African proverb “once you carry your own water, you will learn the value of every drop.”

[Anonymous]

Anonymous wrote:

Anonymous wrote:Our HHI is about $600k. We just bought a Palisade for about that much - twice as much as we've paid for any other car. We love the car, but it feels extravagant.

Then I see all these other "real" luxury cars and I know, by the numbers, most of them are making far less than us.


That said, I bought a $20k car fresh out of college when I was making $40k/year, so I can't claim to have always been a financial wizard.

We “only” made in the low $400’s and we are really struggling mentally with the fact that our next car is going to cost $50k. We almost bought it right before the pandemic and it would have been $40k. I’m shocked how many in our neighborhood with similar jobs to us think nothing of spending $80-90k on a car and have two of them! Our second car was $22k at the beginning of the pandemic so that one will last a good long while.

We work really hard for our money and we don’t like to spend it frivolously. I love the old African proverb “once you carry your own water, you will learn the value of every drop.”

PP here. Totally agreed.

I was a car nut in my teens and twenties, but my inclination to spend money on a car has shrunk as my income has risen. I remember telling somebody in my late 20s that "if I'm making $250/year, I'm driving an Aston Martin" in response to seeing a high income person driving a pedestrian car. Now I feel weird driving an (admittedly relatively expensive) Hyundai.

I'd still like to have a cool, fun car. Maybe when the kids are all out of the house.

[Anonymous]

think many people lease and many write off on taxes etc. If you use for work like real estate. If you go between offices, some docs

[Anonymous]

The Median would be much more useful. The "average" is never useful.