How do so many young families have $80k SUVs?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Family money. Though all think they are self-made.

This. Frustrating for those of us with no family assistance.

Ummm...most people do NOT have "family assistance". And most people do not drive $80K+ vehicles. They drive Toyotas and Hondas and Subarus and Kias

Subarus aren’t so cheap! Mine was a hair under $50k. The cost of cars has gone up dramatically.

You can get a Subaru for less than $50K. Same with Toyotas and Hondas. But if you cannot afford that, then go kia/hyundai if you want new.

Point is you can get a good car for under $75K, You can get a fully loaded Honda CRV for about $40K which is an excellent vehicle that will last you 10+ years easily.

[Anonymous]

Anonymous wrote:

Anonymous wrote:People spend a lot on vehicles. 10-15% of income after taxes is recommended by a lot of financial advice websites. So if you make $300K around here (prob below average for mid 30s professional in lobbying, law, tech, etc) your car payments could be up to $2625 a month.

I personally think that’s INSANE but I’ve come to realize a lot of people in the DC area spend as much as they can afford (eg they’ll go for the max 28% DTI mortgage ratio, max car payment, etc).

$2600 a MONTH on cars??! The auto lobby is insane. We make $500k and drive a Toyota and a Subaru.

Not everyone wants to drive around in crappy cars. I'm in the car for 3 hours a day. I want it to be luxurious and if anything happens, I want to push a button and have them come and help with whatever I need. If I bring it to the shop for an oil change, I want a loaner.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:People spend a lot on vehicles. 10-15% of income after taxes is recommended by a lot of financial advice websites. So if you make $300K around here (prob below average for mid 30s professional in lobbying, law, tech, etc) your car payments could be up to $2625 a month.

I personally think that’s INSANE but I’ve come to realize a lot of people in the DC area spend as much as they can afford (eg they’ll go for the max 28% DTI mortgage ratio, max car payment, etc).

$2600 a MONTH on cars??! The auto lobby is insane. We make $500k and drive a Toyota and a Subaru.

Not everyone wants to drive around in crappy cars. I'm in the car for 3 hours a day. I want it to be luxurious and if anything happens, I want to push a button and have them come and help with whatever I need. If I bring it to the shop for an oil change, I want a loaner.

So save up for the next car. I drove my last luxury vehicle for 12 years before getting rid of it. It was still very nice at 12 yo. Was able to pay cash for a 100K vehicle then, because I planned (and hadn't had a car payment in 12 years since I had paid cash for previous vehicle as well). To each their own, but unless you are making 800K+, having a 1300/month car payment is ridiculous, even if you drive your car all day for business.