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Money and Finances
Reply to "How do so many young families have $80k SUVs?"
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[quote=Anonymous][quote=Anonymous]I just want to chime in and say the average new car loan in the US is now $745/month for 68 months. I'd wager a good number of people the OP is describing have $1,500/month car payments[/quote] That helps explain why so many are in financial trouble in the US. Nobody should have a car loan for more than 36-48 months. You should aim for 36 months, then keep the car for 8-10 years, while continuing to save your monthly payment. Then the next car with trade in/resale and what you have saved you will pay "cash" or only have a tiny loan. [/quote]
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