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Reply to "How do so many young families have $80k SUVs?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The DCUM real estate subforum discusses plenty of neighborhoods where houses for families with 3 kids cost $1MM-$2MM+. That is a mortgage payment of $5K-$10K+. The BLS consumer expenditure survey shows that transportation costs about half as much as housing. So two $80,000 vehicles with $1,200-$2,000 monthly payments is not out of line with housing costs.[/quote] If you are in the income bracket to have a $2 mil house and you still have a car payment you are doing something wrong. [/quote] Agree![/quote] +1 We paid cash for our first car at age 30 and never looked back (ie never had another loan, unless it was to get a decent rebate, loan for 1-2% and then pay it off the first month). We drive our cars for 8-10+ years and pay cash for whatever we want. Last car was $98K, 1 year in has less than 5K miles on it so it will last for 10+ years easily and then get $30-40K resale. [/quote]
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