We have this really novel thing, it's called a savings account. We put money in there every month so that can afford to make occasional large purchases instead of having to finance them at high interest rates. Try it!

Anonymous wrote:

Anonymous wrote:Mine is $600+ for 4 years. Interest rate was 2.99 so there was no point paying cash.

Except if you’d put $600/month in a saving account at 3%…or invested it…you’d have a nice nest egg, if you can buy a car cash, do that.

No the cash I didn’t spend is earning me 4.7-5+% so I think I am better borrowing 2.9 % money.

This is why we make 200k and have a 21 year old paid off Toyota.

[quote=Anonymous][quote=Anonymous][quote=Anonymous]I have never read or heard of 1000 dollar car payments.
This is a troll post.[/quote]

Do you not buy cars? We have two car payments that are over $1000 a month, and holding off on getting a new car because you can’t get a nice car for $1000 a month anymore. The new Range rover starts at over $100,000 msrp. You do the math on that, even at 0% interest. [/quote]

WTF There are plenty of "nice cars" that are well under $100,000. Even under 50k. How about you adjust your idea that a "nice car" has a to be a luxury car? And don't buy a car for $100,000 if you can't put a substantial amount down on it.[/quote]
I can put a substantial amount down, but I won’t, because I lease since I usually only keep cars three years. Covid messed that up, but things are normalizing. $1000 a month is immaterial, but I have a mental block on paying over $100,000 for a car that a few years ago I got for $1000 a month.

Anonymous wrote:We just bought a bare bones hybrid Corolla and it’s $582 a month on a five year loan. So, yeah, I can believe it.

Yes, cars are crazy expensive right now.

Anonymous wrote:I have never read or heard of 1000 dollar car payments.
This is a troll post.

Please go educate yourself on the definition of an internet troll.

We make more than $300k and have had no car payments for a few years (it was less than $400). The other car is getting a bit old so we may have one in a couple years but $40k is the absolute max id spend on a car. We’re going to be paying full freight for college!

We make more than 300k and had 1k car payment, but only for 3 years and interest was lower than the money market rate so it was net positive and made sense to do that.

Anonymous wrote:I have been a trial attorney for a long time. One of the issues that I investigate during discovery relates to finances. I have met more people than I can count who have a $52k net HHI and pay more than $1k per month for their vehicle loan. First time I saw it was around 2010. I don’t get it.

When I graduated from college and got a job, I remember being told that my rent should be no more than 30% of my gross income. But I don’t remember being told about car costs. I think the guideline is no more than 10%. Sometimes people get stuck with bad loans and have no public transportation options. Others count their car as part of their image and are inelastic on price. I posted the nytimes article earlier - it’s not surprising that people opt to live in their cars because of all the costs.

[quote=Anonymous][quote=Anonymous]I have never read or heard of 1000 dollar car payments.
This is a troll post.[/quote]

Do you not buy cars? We have two car payments that are over $1000 a month, and holding off on getting a new car because you can’t get a nice car for $1000 a month anymore. The new Range rover starts at over $100,000 msrp. You do the math on that, even at 0% interest. [/quote]

WTF There are plenty of "nice cars" that are well under $100,000. Even under 50k. How about you adjust your idea that a "nice car" has a to be a luxury car? And don't buy a car for $100,000 if you can't put a substantial amount down on it.

We make way less and bought a 60k car but we saved for years and paid cash. Keep cars till they die. We had a cheaper house and never upgraded as our income changed so no big deal. Our house is now paid off so we’d do it again. If we took a loan it would be very high.

I have been a trial attorney for a long time. One of the issues that I investigate during discovery relates to finances. I have met more people than I can count who have a $52k net HHI and pay more than $1k per month for their vehicle loan. First time I saw it was around 2010. I don’t get it.

Average car price is now $48K. Easy to get to $1K payment if you are financing $40K plus at current high rates.

Anonymous wrote:Mine is $600+ for 4 years. Interest rate was 2.99 so there was no point paying cash.

Except if you’d put $600/month in a saving account at 3%…or invested it…you’d have a nice nest egg, if you can buy a car cash, do that.

No, we bought our car cash.