What is your car payment?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we bought at $60K car (excluding taxes, etc) and put down around $10K. got a 5 year loan at a very low rate for the rest and pay around $1000/month.

Insane waste of money.

I wouldn't say so - if you spend a ton of time in your car and have the means, I actually don't think $60K gets you an extravagant car. You get a decent 5 series or an E class Mercedes, certainly not over the top.

You're out of touch with reality. You can get a decent car for $30-$40k less. A fool and his money are easily parted. If you're rich enough to pay cash, whatever. If you're financing $50k, you're a fool IMO.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The definition of a DC idiot - Getting a loan or paying cash for a new luxury large sedan or SUV just to sit in traffic while going to/from work.

Get a reliable small to medium sized beater car to drive to/from work. It does the exact same thing as your overpriced over sized luxury car.

No. It really doesn't.

Correct. And many, many, many of us don't "just sit in traffic while going to/from work." My husband travels to hearings/depositions etc. constantly and if they are closer than NYC, he drives. I drive to Richmond, with kids and dogs, nearly every weekend to visit my sick mom. My sister is a successful real estate agent who needs to fit clients, including families of 4 or 5, into her car with her. So your 10-year-old Corolla wouldn't work for any of us.

Plus, unlike you, some of us enjoy driving. Sorry you find it such a chore.

So your husband needs a luxury car to travel to depositions why, exactly? I've driven 500 miles in my $30K Subaru Outback and been quite comfortable. Be honest - there is no practical reason. It is all about show/status

[Anonymous]

It is about comfort, and convenience.

Better comfort, better sound, better ride, quieter ride better features (bluetooth, integrated iphone, voice navigation, active cruise control, heated seats, cooled seats, rear seat DVD) - this just off the top of my head.

Not everything needs to be about accepting the bare minimum. If you have the means, and want to spend it on a car - do it. Why is this such a big deal?

[Anonymous]

$0

[Anonymous]

Pre-owned, cash, one car.

[Anonymous]

Buy used and pay cash, we don't finance. My car was $12k when I bought it (but KBB value of $19k, a crazy deal from a family friend); DH's car was around $22k I think.

We try to keep our lifestyle in check so we're never strapped or worried about finances. It is a nice way to live. Not everyone has a choice on where they have to live from a practical pov, or how much they make/raises, but car expense is one where pretty much everyone has a choice to keep it within their means or even well below. It burns me up when people are bitching about money and driving a new $40k+ car.

[Anonymous]

Anonymous wrote:I don't get it, why pay cash? Our money has been giving us 12% returns in the stock market. I'm sure this whole thing is going to collapse soon, but whenever a stock has done well, we have cashed out, stashed away the profits and reinvested our initial investment.

One stock in particular that I was watching closely, I sold when it doubled, that took about 8 months. Quickly turns a car I would have spend 35K cash on into 35K of profits.

Because your 12% is high-risk investing. If you can consistently get 12% returns, you should quit your job, and start being a fund manager -- that outperforms the majority of fund managers on Wall Street.

Your point is well-taken though -- if you have the cash, and can get a 0% loan, it's better to take the loan. That's what we did on our last car purchase. 0% financed by GM (Ally Bank) and we put the money in an FDIC-insured account at 0.85% interest. Yes it's not a big payoff, but it's also risk-free.

[Anonymous]

We have one $475 car payment on a $27k new car. We financed the whole thing because of favorable rates but have cash to pay it off. Our other car is 7 years old and obviously paid off, and we purchased when it was two years old. Our HHI is about $200k. We are not car lovers, are kind of hard on our cars, and would rather spend our money on other things.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Is everyone actually "purchasing" the car, or are some of you leasing? Did you buy it brand new or used? What did you put down and how long are you paying it off?

You're aware that some people pay cash for cars, right? That wasn't an item on your list.

Of course I'm aware people pay cash. If they paid in cash then they don't have a car payment, so why would I put it on the list?

SCORE!

[Anonymous]

only lease if you're the type to barely drive and to get a new car every 2-3 years.

our payment is $255/mo - used subaru. bought with 80K miles on it, no money down.

honestly, if you cant pay cash, dont get stuck in a high car payment. put that extra cash in your 401k instead or another investment or emergency fund.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we bought at $60K car (excluding taxes, etc) and put down around $10K. got a 5 year loan at a very low rate for the rest and pay around $1000/month.

Insane waste of money.

I wouldn't say so - if you spend a ton of time in your car and have the means, I actually don't think $60K gets you an extravagant car. You get a decent 5 series or an E class Mercedes, certainly not over the top.

You're out of touch with reality. You can get a decent car for $30-$40k less. A fool and his money are easily parted. If you're rich enough to pay cash, whatever. If you're financing $50k, you're a fool IMO.

yep. fool.

[Anonymous]

Always paid cash usually around 25k with a trade in.

[Anonymous]

$1200

Financed for 5 years with 1% interest.

[Anonymous]

Anonymous wrote:It is about comfort, and convenience.

Better comfort, better sound, better ride, quieter ride better features (bluetooth, integrated iphone, voice navigation, active cruise control, heated seats, cooled seats, rear seat DVD) - this just off the top of my head.

Not everything needs to be about accepting the bare minimum. If you have the means, and want to spend it on a car - do it. Why is this such a big deal?

You can get all those features in a non luxury brand sedan.

[Anonymous]

$0 - we bought in cash.

Anonymous wrote:

Anonymous wrote:When you pay cash for a brand new car, don't you already lose the depreciation as soon as you drive it off the lot?

The depreciation happens regardless of the financing.

This. And it's worse if you finance, because, depending on how much you put down and the amount of the depreciation, you may now owe more than the car is worth.