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

[Anonymous]

Yes, we can easily afford it. We also could have paid cash, but I would rather have the cash in case we need it.

[Anonymous]

Yes. My car was $65K and the bank allowed me to finance all of it at 2% interest - monthly payments of $1050ish. The $65K is sitting in a HYSA earning 4+%.

[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.

You should have saved during those 10 years to pay cash for your next car. Duh.

[Anonymous]

Anonymous wrote:We have this really novel thing, it's called a savings account. We put money in there every month so that can afford to make occasional large purchases instead of having to finance them at high interest rates. Try it!

Being a terrible investor is a weird flex, but you do you.

[Anonymous]

Anonymous wrote:Yes. My car was $65K and the bank allowed me to finance all of it at 2% interest - monthly payments of $1050ish. The $65K is sitting in a HYSA earning 4+%.

Same. Poor financial advice to advise paying cash if a low interest rate is available. Dave Ramsey is for the most amateur of young earners.

[Anonymous]

In Virginia those $1,000 payments also come with a hefty property tax and higher insurance payments.

[Anonymous]

Anonymous wrote:

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.

You should have saved during those 10 years to pay cash for your next car. Duh.

We did. Thus being able to pay cash for one of the two we will buy this year. 120 months (10 years) of saving $500/month gets you approximately one new car these days. The second car will be financed. I guess we could have saved $1000/month, but there were daycare bills and college accounts to fund, and we haven’t made $300k for more than a year. 10 years ago we were recent grads eating ramen and frozen pizza

[Anonymous]

$250k, and have never had a car payment, always paid cash (first car was a used Honda Civic, second car a new Honda Covic, then moved up to a new mini van when kids were 1 and 3). Next car, probably a CRV. Spouse drives an EV which makes him happy

Just good savers, don't allow spending creep to keep up with the Joneses

[Anonymous]

We have a 2017 PHEV that we bought new and paid off. Payment for 60 mo after our 2007 trade-in was in the upper $200s. It has ~48k miles on it and we plan to keep driving it for a while. Our other car is a 2019 EV that we bought used in early 2021. Sticker price was $19k and payment is also in the $200s after we sold a 2015 and used some of that & towards it.

HHI $230k

[Anonymous]

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

Who cares. Why are you bothering to post?

[Anonymous]

We made $300K last year - and each of our car (2) payments I would say are around $380 a month. We bought these cars in 2018 and 2020. IDK what prices would be if we bought now!

[Anonymous]

Unless you are multimillionaires, buy basic and tough cars with low maintenance costs. For example, Toyota, Honda, Subaru or Hyundai. Buy them on cash and drive at least 10 years.

[Anonymous]

[quote=Anonymous][quote=Anonymous][quote=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. [/quote]

WTF There are plenty of "nice cars" that are well under $100,000. Even under 50k. How about you adjust your idea that a "nice car" has a to be a luxury car? And don't buy a car for $100,000 if you can't put a substantial amount down on it.[/quote]
I can put a substantial amount down, but I won’t, because I lease since I usually only keep cars three years. Covid messed that up, but things are normalizing. $1000 a month is immaterial, but I have a mental block on paying over $100,000 for a car that a few years ago I got for $1000 a month. [/quote]

You haven't got a mental block.

You have a mental defect.

[Anonymous]

[quote=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. [/quote]

Is this a joke? You deserve to be broke.

[Anonymous]

No bc I bought my car new from the dealer for $28K in 2017 and paid it off in 3 years. Only 60K miles so far.