Reply to Why aren't you able to live within your means?

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[quote=Anonymous][quote=Anonymous][quote] (680) car pmt for Honda CRV [/quote]

That car payment seems high for that income.  Selling that car and buying a cheaper one probably doesn't make economic sense, but can it be stretched into a longer loan?[/quote]

DP, but the problem with buying a cheaper (presumably older) car is that they often come with more expensive unexpected repairs. I am someone who drives my cars 10+ years but it seems once they get past the ~6 year mark the maintenance and repairs start snowballing. And if you get in an accident insurance pays out peanuts for what they claim it is worth.

Even used cars are crazy expensive now and if you’re lower income then you probably don’t have great credit so you’ll get a higher loan rate and therefore higher monthly payment. And unfortunately our country is so car dependent that most people can’t just wait and save up cash.

Also, I don’t think of a Honda CRV as a luxury car.

The problem is that the cost of living has grossly outpaced wages and you need an UMC income to survive with a cushion.

And yes I know all the people who live in flyover country with cheap housing or who bought houses with a low interest rate years ago will come and say 6k/month is plenty of money. 🙄[/quote]

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