Reply to Example of how not to borrow for a car

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[quote=Anonymous][quote=Anonymous]You do get that lots of people have to finance even $8k for a car, right?  Not everyone has that in savings.

And finding a good car for $8k for a family?  Ok.  [/quote]

Of course I realize that, and if you need a car and you can't pay for one with cash, then you finance one. But you finance an $8k one, not a $30k one.

Look, maybe you have to go as high as $12k to meet the standard of what a lot of people consider "reliable and safe for a family". But there are many good cars at $8k, and once you get to $12k you have definitely maxed out the safety and reliability factor (we are talking about 5-10 year old cars in all cases, private third party transactions, not dealers).

Anything over $12k and you are in the realm of "want" as opposed to "need". And there is nothing wrong with that if you have the money. Lots of lawyers and doctors drive Mercedes/BMW and that's their choice. But what saddens me is to see many Americans buying cars they cannot afford. This thread began with a $30k car and I don't know the situation of the family in that example, but for the vast majority of Americans (maybe not the same majority of DCUM readers), $30k is unaffordable - it's way, way too much to pay for a car.

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