People who make under $300k hhi: do you really have over $1000+ per mo in car payments?

[Anonymous]

You keep reading the headlines about how many car loans are out there costing over $1000 per mo. It seems utterly insane to take on that kind of debt with those kinds of terms if you’re making below $300k. Are people around here terrible with their money like that? Who pays over $1000/mo for car payments alone?


And that’s not even counting for insurance, gas, and maintenance……cars are that much if a financial vampire draining them these days?

[Anonymous]

I have never read or heard of 1000 dollar car payments.
This is a troll post.

[Anonymous]

Anonymous wrote:I have never read or heard of 1000 dollar car payments.
This is a troll post.

You are dumb and oblivious.

https://www.washingtonpost.com/business/2023/04/05/car-loan-rates-payments/

https://www.barrons.com/articles/car-buyers-record-payments-prices-auto-stocks-edaba743

https://www.cbsnews.com/news/auto-loan-average-payments-2023-edmunds/

https://www.caranddriver.com/news/a40489386/new-car-payments-over-a-thousand-dollars/

https://www.cnn.com/2023/04/15/cars/car-loan-interest-rates-2023-dg/index.html


And many of those articles are discussing relative to one car only. Many households have 2 and can easily top over $1000+.

[Anonymous]

We just bought a bare bones hybrid Corolla and it’s $582 a month on a five year loan. So, yeah, I can believe it.

[Anonymous]

No, I don't have a car at all.

[Anonymous]

We will never come within waving distance of 300K/yr, and we've had car payments, significantly less than $1K/mo. It made sense for us at the time. Cars are now 18 and 13 years old, and still going strong.

I see your overall point, OP, but bear in mind some individuals have particular circumstances where this is appropriate.

[Anonymous]

We make just over $300k. Unfortunately, both our cars are falling apart at the same time (one is 13 years old, the other 15). If we can’t get one to last, we will probably have close to $1k in car payments (though realistically we’d probably buy one with cash and then “only” have $5-700/month.)

Still a lot to swallow after 10 years of no car payments at all.

[Anonymous]

I liked this article from the nytimes, which broke out line items in yearly car costs. Shareable link below.

https://www.nytimes.com/interactive/2023/10/07/business/car-ownership-costs.html?unlocked_article_code=1.9Uw.kE8E.2VnVKhXtG1mA&smid=url-share

[Anonymous]

[quote=Anonymous]I have never read or heard of 1000 dollar car payments.
This is a troll post.[/quote]

Do you not buy cars? We have two car payments that are over $1000 a month, and holding off on getting a new car because you can’t get a nice car for $1000 a month anymore. The new Range rover starts at over $100,000 msrp. You do the math on that, even at 0% interest.

[Anonymous]

Anonymous wrote:We make just over $300k. Unfortunately, both our cars are falling apart at the same time (one is 13 years old, the other 15). If we can’t get one to last, we will probably have close to $1k in car payments (though realistically we’d probably buy one with cash and then “only” have $5-700/month.)

Still a lot to swallow after 10 years of no car payments at all.

Why weren’t you saving $500 a month for the past 10 years?

[Anonymous]

Most I've ever paid per month was $398 for 60 months. Next payment will probably be around $600.

Remember people, you can't take it with.

[Anonymous]

Anonymous wrote:Most I've ever paid per month was $398 for 60 months. Next payment will probably be around $600.

Remember people, you can't take it with.

^YOU^

[Anonymous]

eegads. no.

[Anonymous]

Mine is $600+ for 4 years. Interest rate was 2.99 so there was no point paying cash.

[Anonymous]

DINKS, make about $170k combined. Car payment $218 a month. I pay $250 a month and it’ll be paid off early