Reply to Wait, minivans are now $45,000 cars?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I guess I don’t think it’s that crazy, compared to the cost of other cars?   They’re all fairly expensive these days.  [/quote]

Salaries are definitely not keeping up.  $45k cars used to mean you had very large salaries.  Yet your middle class family is now supposed to be paying $45k? For a minivan.  No wonder Americans have to stupidly finance cars for 6-7 years of payments these days.[/quote]

It's actually not stupid at all to finance a car at what interest rates have been. I was just able to qualify for a 2.2% 5 year loan when inflation is 6%. I paid cash anyway (97k) because the loan preapproval didn't come through in time, but it probably would have been a better financial decision to keep my money invested and use the loan.[/quote]

No, you are missing the forest for the trees. Financing a car for 6-7 years IS stupid, because in the end it is just another monthly bill. You are dumping 7 years of payments into a depreciating money hole. If you had 3-4 years of payments only then obviously you'd have 3-4 more years of being loan free to build savings or invest.  Focusing on the interest rate only ignores the opportunity cost of tying your money up for so long into stupid car payments.[/quote]

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