Car ownership is now a luxury
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Anonymous
| I'm going through my finances and despite having a low car payment $210, when I add insurance, maintenance and all other costs as a percentage of my take home pay it's ridiculous. |
Anonymous
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Don't forget the yearly car tax!!!
Merica'. |
Anonymous
| I mean yeah, basic human rights like food, housing and education are luxuries now. So of course cars too |
Anonymous
If that is the case why can low income folks afford older used cars? Because they do and can. I think the issue is the car you are interested in. |
Anonymous
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100% OP. In fact even higher income household are paying an absurd amount of money as a percentage of their fake home income for transportation expenses if they have a car note.
And cars are not getting cheaper. They come with far more technology than we need and are incredibly complex. My car has been at the dealer for 2 weeks now. Only 5000 miles. The car just stopped working. And these expensive cars aren't designed to last for years. |
Anonymous
How much do you think take used cars are costing them a month in terms of maintenance, gas, insurance etc? Those "low income" folks compare their take home pay to their transportation cost, and you will quickly realize car ownership is a luxury regardless of the car you buy. And those "low income" folks tend to have lower credit profiles. And I am sure you know the consequences that come with that. |
Anonymous
| It is an insane expense for a depreciating asset. That’s why I drove an old crappy corrolla. Try to keep costs low as possible. If you want wheels if you can manage to keep the annualized cost incl insurance to around 100/mo on average that’s a “good” deal. So if you want wheels - 100/mo minimum and that’s driving some old pos |
Anonymous
| It always was |
Anonymous
| Let Chinese cars in. We need cheaper cars. |
Anonymous
| yup....avg price of new car this year at $50K. If you live in Fairfax County, you will pay 6% car tax, the crazy insurance rates, etc which essentially has made new car purchases for the wealth. No different now vs homes, and other high price items where MC "realistic and best value" route is purchasing a used car. Hoping EVs will lower new car price, but EV prices likely contributing to the inflation here. |
Anonymous
| My perspective on cars has changed. I always thought that when I got older, I’d get an expensive luxury car. Now that I’m older, and can afford it, I no longer want that. I really just want a solid reliable car with maybe a little creature comfort (leather seats and warmers). |
Anonymous
What number is "ridiculous" ? |
Anonymous
| This entire premise is how the concept of car sharing came about. |
Anonymous
Every EV is priced higher than it's gas powered equivalent. You may save on the operational and maintenance costs, but the up front costs of EVs are clearly higher. |
Anonymous
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I wouldn't be shocked that if one really did the math of owning a car vs. taking reasonable public transport/ubers/zip cars/Turo...that car ownership would lose for many/most people.
The issue is that rural areas are not well served by any of the alternatives above. |