$1000 Porsche...

$495/month for a brand new Ford Explorer Limited.

Everyone I know has a car payment. I hate how DCUM can’t get past their privilege- many people do not have an extra $15k lying around (isn’t there a stat about how fewer than 50% of people in America can make an emergency $400 payment?)

If you need a reliable car to get to work (not everyone lives on a Metro stop), and have a normal income, most will need to do a car payment. No one needs a luxury car but when I graduated college I needed a car to get to work (job was not on a metro stop and the bus from my house would have taken over two hours). I bought a used Honda Civic for about $10k and needed to finance it- I literally didn’t have $10k to spend.

$0

I bought my last car for less than some of the monthly on here.

300k hhi

$0! We made our last payment in February.

Anonymous wrote:

Anonymous wrote:Not sure why people with paid off cars keep replying to this thread. You obviously do NOT have a monthly car payment, which is what this thread is regarding. #humblebrag if we can even call it that.

Because some people don't buy cars that they cannot afford. I assume those people who posted $0 paid their car in full on the day of purchase.

Its not a humblebrag. Its countering the notion that everyone does -- even should -- have a car loan or lease. Its important counter programming.

Anonymous wrote:anyone with a car payment is living beyond their means. Besides,, a vehicle is one of the dumbest purchases someone can make. Depreciates extremely fast plus gas, insurance and maintenance costs

Instead go lower on the vehicle and buy a house closer in or if you have kids in a better school district or have that much more to spend on private school. All 3 are much better long-term investment

What if you get a good deal on your vehicle and a 0% finance loan? Cause people do that.

We have financed in the past/last car and it was around $350 but we put down maybe 1/2 or $15K.

Car we are about to buy is about $50K and we are paying cash - not wealthy but have been saving and want to splurge for once. If we got 0% we'd finance.

Why do people care.

About $480 for a new 2014 CR-V at 0.9% interest for 60 months. Will be paid off in a little over a year. Could have paid cash or paid off by now, but like others, I have student loans at higher rates and we were saving for a down payment. Other car has been paid off for over 10 years.

Anonymous wrote:anyone with a car payment is living beyond their means. Besides,, a vehicle is one of the dumbest purchases someone can make. Depreciates extremely fast plus gas, insurance and maintenance costs

Instead go lower on the vehicle and buy a house closer in or if you have kids in a better school district or have that much more to spend on private school. All 3 are much better long-term investment

The ignorance here about how most people in the country get by is pretty mind-boggling.

I'm thinking about DH and me ten years ago-- we were both still driving our high school cars. One of us in grad school part-time. We lived in a suburb, one of us had a 15 minute commute, the other a 30 minute commute in the opposite direction. No real public transportation. One of our cars died. We didn't have the cash on hand to plunk down for a car. How was financing one so that we could continue to work at our jobs dumb? Or is the assumption that our parents would have bought one for us?

$335 for a 2013 Honda that will be paid off soon!

All vehicles are paid off, paid each off in under a year.
Acadia, Harley, Camry
2016 2014 2015

Anonymous wrote:$223

Rav4

$223

Anonymous wrote:

Anonymous wrote:The last post is ridiculous. I have about $5M in retirement and non-retirement accounts. I financed about 15K on a new car for 5 years at 1.9%. I could have paid cash. Am I really living beyond my means? Give me a f'ing break.

You're paying more than you needed to pay. You're giving money away for no good reason. You're not living beyond your means, and if it makes you feel good to put extra money in the financier's pocket, go for it. But it's money you could have invested; over time, it would have been even more money. Why did you waste it?

It seems like you've read posts on here and internalized them without actually understanding the argument the posters were making. By keeping the cash and financing the vehicle, PP had more money available to invest. If he had paid cash for the car as you are advocating, he would have had 15k less in the market. The difference between the market returns (25% in 2017) and 1.9% mean that he made the correct decision.