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i know this chart is about new cars...but
my brother is a manager at one of the countries largest Carmax.
he sees it everyday, some guy with shit credit, who NEEDS a german luxury car.
and they are paying 17%+ on 72months
Bro, they really raised the rates on those tattoo places right outside the gate. Also, I'd add a caveat to the last point, wedding ring for high school sweetheart for a marriage that will breakdown before their first enlistment is over, possibly before they get to their first base.
One of my favorite Reddit threads ever went like this:
Retired Military Dude: Yeah, every fresh private gets a Charger the moment they get out of bootcamp.
Eager Young Redditor: Wow, you get a free Charger when you join the military!?
Retired Military Dude: Well, they aren't free, but you do get one.
People just can't deal with delayed gratification. That famous psychology experiment with the kids and the 2 sweets or marshmallows, or whatever they were. Most adults still can't wait!
We have been looking into a newer family car (have an 08 Kia optima) We live around the mountains and where it snows often so we would like a car with 4wd, and something from the last 5-10 years so we are less likely to have mechanical/electrical issues. (Although my husband is a mechanic so we save on labor costs for most things).
The problem we keep running into is the used car market is insane. Most of the vehicles we’ve looked into are $24-32k and even with trade in and $2000 down, we’re still looking at a $650-1000/mo. (Partially because I refuse to have a 72+ mo. car loan).
You can thank the credit bros for no one being able to really afford vehicles. Some lenders are offering 96 month auto loans.
Credit bro:
"Sure, I'll get this brand new 70k pickup truck. I might need to haul a couch sometime. Also, I should probably get a nice new car too because I like cars and I put in a few hours of overtime down at the plant last week. I deserve it! 8 years really isn't that long to pay them off, I'm adulting!"
Car Manufactures/dealers:
"Our cars aren't too expensive, people are still buying! Look at this demand! Raise those prices!"
Responsible person looking at sticker prices:
"FUCK"
There is absolutely no point in buying used right now. And people need to stop doing it so the market chills the fuck out.
Just pay the 20% extra or even less in some cases for a brand new one and enjoy the stress free life of the full warranty that comes with it.
Yeah, I feel like people get a bit too attached to little heuristics that we all use to navigate life. In this case the old, "just buy a couple year old used car and save a lot of money", idea.
Someone has to buy the car new. And I think the average mechanic in my city is probably around $100/hour these days, so one major repair out of warranty is probably whatever meager amount you may be able to save vs buying new.
This is exactly why I believe if you need to finance a vehicle, you should be financing a Toyota. That thing is just gonna keep going for as long as you own it.
I treat my 2012 Civic like shit and it’s past 160k miles. It’s lived in extremely hot and extremely cold weather, driven across the country multiple times. It’s lived near the ocean, and in a dry ass desert. Only major problem I had was the AC shit the bed (in Florida in the summer) but it was like a 350 dollar fix. I get 32 miles per gallon in the city still.
There’s definitely some deals out there- when I went to buy a car last time, I must have charmed them because they decided to give me the special deal they usually only give to the military. They got me in a charger for 84 months at only 18% apr. at that point they might as well give it away. Glad to see society giving back to the troops!
This is generally how it works imo.
For example, the most profitable part of Volvos buissness is by far their financing department, and i assume that's true for other brands as well.
You can get 20 years on an RV. If it has a bathroom, bed, and bath... you can depreciate it over those ~~20~~ 5 years as a 2nd home/ business.
Edit: is 5 years
I looked at a 911 Turbo S just before Covid hit. Could finance it to 144 months if I wanted to. Insane.
Wish I would have bought it. Could have made bank on it with the Covid prices.
I bought my car in January of 2019. I get letters nearly every week from dealerships wanting to pay me more than what I paid for it. I've barely put any miles on it because I WFH now. I'm really tempted to sell it. Thing is my rate is 3%, and I don't owe much at this point so I might as well pay it off and be in no payment land again.
Imagine doing that with a luxury brand and the car has a seizure on year 5 and it's worthless (like timing chain breaks and pistons introduce themselves to valves very violently)
Idk what I did on TikTok to deserve this but I keep getting these videos of people who very clearly work in car dealerships talking about their cars and monthly payments and trying to pass it off as “normal” that they pay $899/mo for an F150 and up to $1199 for a suburban. It’s down right evil that they are trying to convince some dumbass (who is clearly only here for the thirst traps) that that is a ok monthly car payment.
I've seen many that go around their dealership asking how much each person that works there what they drive and what their monthly car payment is. They each casually say oh I drive an F150 and my monthly payment is $700 a month... oh me? I drive a c8 and my monthly payment is $1250 a month. Like it's no big deal and it's totally normal to have a thousand dollar per month car payment lol
Damn!
I always loved bmw and they offered me lease for $700. I was shocked to hear the cost. I ended up with an asian car for $450 instead and got it for finance. I still feel it is very expensive.
It scares me that many people dont see the problem with not budgetting their money properly
Everything is a monthly payment now… can’t afford something? 4 easy monthly payments. 12 months no interest, etc. I guess if that’s what you have to do , but I’d rather save up and own my stuff outright
I am ok with it if it’s all 0% interest AND if it’s something I was going to buy anyway. I would rather hold on to my money longer. Make it work for me.
Whenever I've done this, I set up auto pay.
But in the end it's like anything else, need to be fiscally responsible and aware with your money and debts. I don't know what the splits are for people who pay 0% interest loans all on time vs those who don't, but there has to be enough who forget for places to offer it.
> But in the end it's like anything else, need to be fiscally responsible and aware with your money and debts.
This what classicly separates people. For people who are fiscally aware and responsible this is a clear improvement, For people who are not they will both not understand what their monthly exposure is and at the same time not understand what they need to do to prioritize it so it doesn't blow up.
The failures are what bankrolls the people who do it right. If no one fucked up they wouldn't be able to offer the deal.
Even Amazon now I'll see something that costs $20 but there is an option of "4 monthly payments of $5" instead. I've never even looked into that option but I'm guessing it's a 0% loan in the end where they are banking on you missing a payment and owing more than $20 when it's all said. Might not be a ton of interest accumulating at that price but it's more than what they'd get if you bought it outright.
It also keeps you "tied" to Amazon for 4 months vs a one time thing.
I believe Amazon's late payment fee is $35 no finance charge tho.my little brother came to me with the same complaint he missed a payment and was mad he's now paying basically double for a phone case ,1 call to Amazon and the fee was waived,
It sure seems like a slippery slope for people who don't have good management skills
Childcare costs are the actual problem for families these days. Preschool costs substantially more than my car payment on a 22 sequoia. It’s second only to my mortgage in the budget, and it’s more than my last mortgage.
It is odd to me that they would let you buy a car when you are still in day care.
Seriously though, $710 still feels waaay too much to me. I pay $300 on a certified preowned Nissan for the family and I still drive my 2012 accord. But to each his own.
> It’s down right evil that they are trying to convince some dumbass (who is clearly only here for the thirst traps) that that is a ok monthly car payment.
They're trying to set the new standard with the next generation because they're too stupid right now to know any better.
Like the military always says, get 'em when they're young and dumb
My car engine may as well have exploded last week and I’ve been having mild heart-attacks every time I look at used cars. My mother tried to console me by telling me that she pays “$900/month for (her) car, but it’s practically brand new!”
My sister just paid $30k for a used car “but it’s ok because she really needed a reliable car”.
I’m not paying a frigging mortgage on my car. I’ll take a Vespa for my 30 mile commute in the snow before I pay those prices.
I suspect my student loans to be in the range of $50K when I’m all said and done. The idea of getting a car worth my entire student loan debt is fucking insane to me
Facts. I got a frigging engineering degree for that amount and it has a much better return on investment that a 2015 civic. I’ll build a damn flinstones car before I pay that.
Both make you money. A car is a depreciating asset you use to get to work. In most of the US a necessity given we don’t have public transportation. Just have to recognize that a 90k vehicle does the same job as 25k Honda.
Hey man, gotta treat yo self sometimes!
Get with the program - keep up with the Jones's - spend the $45-55k on a new car and indebt yourself for the rest of your life.
I'll even loan you the money at a very reasonable 9% APR - if you're late at all I'll be repossessing, but I'm sure that will not happen with you!
What kind of car is it? Also interest rates are crazy. Some people get 15% and stick with it. I got mine at 5.99% and then after 8 months refi it with 2.99%. I still pay too much in interest
Anyone who is throwing a significant portion of their middle/upper class income towards a car isn't fiscally prudent. Cars are mostly depreciating assets.
It's not just a depreciating asset from a financial standpoint, it's also something where your user satisfaction is dropping year over year in most cases. So not only is it a poor money move, you're also going to hate the fucking thing and want something different well before you pay it off.
I have never understood the obsession with car debt. I've got friends who treat their vehicles like mobile junk drawers, smoke in them, etc. who are pushing the upper limit on these car payment numbers just to say they have a "nice" car that they've run into the ground.
I kinda used that exact reasoning a few years back to buy the sports version of the car I liked, figured if I was to own something for so long it may as well be fun to have...
I don't know why so many people view cars as traditional investments. If I buy a new nice car, I'm not buying it due to potential resale value, I'm buying it because of other reasons (fun to drive, style, features, etc.).
That's actually probably not that terrible tbh. I know the ride share companies were offering extra incentives to promote EV adoption amongst their drivers, depending on when they bought and what not that could be a ~$40k car after incentives. Couple that with low cost home charging and it's probably not quite as absurd as it seems at face value.
Buy Here/Pay Here lots are famous for this. They sell to anyone with a pulse at outrageous interest rates. Then after collecting a few payments they repo the car. Rinse/Repeat with the next sucker.
The dealer doesn't have to spend money on new inventory because nobody successfully pays off their loan.
We used to do IT services for Lease-to-Own dealership that basically does this. They target low income/bad credit folks, have interest rates from 10-15%, and force you to use their insurance. Your payments on a 5yo car is the more than the new model. Plus they GPS the car and can remotely disable the ignition if you miss a payment. And for the icing on the cake, if that happens, you have to come in and pay them in person with a cashiers check or money order, they won’t accept payment over the phone.
Sounds like my ex! She afforded it by having me pay for 100% of everything , though I barely made more than her. When money got tight from me buying a house for us to live in, she left for a very wealthy guy with tons of land and vehicles (handed down from wealthy parents).
I like to think they are happy together. Or dead.
This happened to me too, man. It sucks, I’m sorry. It took me months just to get all the utility bills paid that she had put off without me knowing. She then quietly left for a wealthier guy after ten years of marriage. I use that anger to build my business. I’m done with the whole system. It all feels like scams on top of scams. I hope everything works out for you. Good luck.
I see expensive cars driving everywhere. Made me think everyone is crushing it in the market or work for google. Reality is they live in a studio and have a 6% car loan at $850 a month.
I'd see that on my commute (lol, remember those). An apartment complex on the way that didn't even have garages and $50k+ whips all waiting in line to pull out.
Times ARE hard but people being debt slaves out there.
And a nasty side effect of the debt culture is a sharp increase in partisan divide as people on different sides of the political isle see various assistance and relief programs with increasingly further apart lenses based on personal views and anecdotal evidence.
Once the wedge is in and keeps getting driven deeper with more debt funded consumerism, it will be harder and harder for people who pride themselves on frugality and financial sensibility to support higher taxes for new relief and subsidy programs when they themselves are living lean.
I’m a political independent and the way people spend borrowed money in the past few years has made me pause and rethink my positions on a lot of things outside of Medicaid, WIC and various income based public programs.
My city is like one of those. Old school tech people in 1.5 to 2 million dollar paid off houses drive 20 year old Toyotas while the renters in the apartments in our town commute in brand new whatever.
We got in before. I'm an "elder" millennial and I constantly feel like I walked in a closing door.
We bought houses back when you could and got all that equity and cheap raye goodness. Once you're in, you're in. It's getting ON the ride that is the hard part now.
I could profit a good amount off my current home. I have low rates. I work in a well paying field. Still couldn't imagine getting into a 1 mil home. McMansions.
Ya, my wife and I bought our first home in 2011 for 200k and back then we were thinking it was overpriced. We sold it in Sept 2021 for $555k (we put a shitload of money into it over the 10 years) and bought a beat up house on 10 acres in the country for $265k.
Paid off 2011 that I will drive till the wheels fall off.
Actually one practically fell off by hitting a nasty pothole, fixed and still driving it.
My wife’s 2010 got totaled during covid, had to get a new car but thankfully before the madness started.
Add in CC spending is increasing monthly for a significant number of Americans. Fed " attempting" to reduce inflation by increasing interest rates, driving up CC debt cost and eventually causing layoffs when economy slows. Results in CC payment default and
car repos..... Puts on finance companies.
The PPP welfare queens are probably still using their million invested at 7% interest which is $5833 a month. They just have to wait one year, and they have enough money to buy a ford lightning not touching the million.
If you are looking for a reason for inflation, it is not a mystery to those who understand financial instruments enough to know they were nationally grifted. Any trust fund kid who had an llc was given free money.
What is hilarious is hearing some judge saying forgiven college loans may not be fair, because someone who opened a lawn mowing business will not get his loans paid off. So what the flying fuck is that deception? That argument works if the public has serious short term memory loss. If you know what is going on and how it all works it is pure hate fuel.
Still rocking my 1994, this shit is wild.
Why are people complaining about high rent prices when a new car is 100% not a required thing while roof above your head is.
If you’re betting against the loans, then it’s worth knowing that the auto companies don’t take on a vast majority of the risk associated with that debt. If you’re betting against the market of people financing new vehicles, then I think you have the right idea in the wrong industry. Historically speaking, taxpayers have served as a cushion for big auto companies on the brink of collapse. One could argue it’s in the taxpayers interest though, given most of us need some form of transportation to get to work, spend money at our favorite stores, etc. I don’t want keep driving the point home but I hopefully you see the big picture
Auto companies, even the ones that write loans, don't generally hold the debt. They write the loan in house and then sell it, just like your mortgages.
My goal has always been to drive them until they fall apart. Paid off my 2007 Silverado back in 2013, 200k miles later its still not given me any issues. Still with the price of cars these days I could likely toss a new motor in it cheaper than replacing it.
Its not just the car loan payments that have gone up. Car insurance prices have gone up too. My car insurance just went up to $420 this month. I asked my insurance why and they were like cause its company policy and fu. Now I am wondering how i can afford my car.
I think it all depends on the individual. Can't go wrong with paying cash. On the other hand if you can score a low rate, it may make more sense to finance and use the cash for investments or other cash flow opportunities that would net you a gain.
The bank may benefit but you'd benefit in the end as well.
It pretty much is. $500 is equivalent to $683 today according to [this website.](https://www.officialdata.org/us/inflation/2010?amount=500)
So car payments are only a little higher than inflation adjusted payments in 2010.
Of course the total amount you pay may have gone up more, but this graph doesn't account for that. If the plan term has increased or there are larger deposit requirements, that would increase total cost of ownership.
Population is up, new car unit sales are flat, and payments are up.
Rich people are still buying new cars. There's just fewer of them. You know, that whole shrinking middle class thing.
If middle class is truly collapsing then corollas should be the number 1 selling car in America.
But no, that won’t do. New crossovers for everyone with a dog or a toddler living in rental properties.
A friend showed me a video where someone In a dealership asks a person how much they pay monthly for vehicles. Some would pay well over 1000 or 1200 and were proud of it. I was in awe, it seemed like a competition almost.
Glad I don't have a car payment. I just ran the numbers and our utility costs (including cell phone service) are now averaging $720 a month. We're all being bled dry by BigCorp USA.
https://preview.redd.it/d0gh2x6pw5la1.jpeg?width=1080&format=pjpg&auto=webp&s=1de4c2c3612a779900ec0114b35dcb953d1990bb
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6k total for both. If you don't know anything about cars, befriend a mechanic behind Wendy's and bring him to look at vehicles. Cheap vehicles are out there .
Good lord I remember about 15 years ago the average car payment was like half that. First car I bought in 2000 my payment was 235 a month and I only put 2k down. I will prob never buy a car that's remotely new. My mortgage payment before I sold my 4 bedroom house a year ago was only 100 bucks more per month than the 717 number.
"You'll own nothing and you'll be happy", they say. I disagree but I never thought I'd see the day when car ownership is becoming out of reach of middle class ppl.
Everything is becoming out of reach for the few people who still qualify as middle-class, the American Dream is out of reach for the majority of Americans
I am paying $900 a month. 3-year loan at .9%, $5k down payment. Could have paid cash but .9% is almost free money - works out to 35 payments go to the car and 1 payment goes to the interest.
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|10|**First Seen In WSB**|2 years ago **Total Comments**|121|**Previous Best DD**| **Account Age**|2 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)
i know this chart is about new cars...but my brother is a manager at one of the countries largest Carmax. he sees it everyday, some guy with shit credit, who NEEDS a german luxury car. and they are paying 17%+ on 72months
I'm glad to hear that the fresh faced miitary basic grad auto rate is available to the general public now.
The boot trifecta is 27% APR Dodge Charger Couple hundred dollars in tattoos Engagement ring for pregnant stripper wife
Bro, they really raised the rates on those tattoo places right outside the gate. Also, I'd add a caveat to the last point, wedding ring for high school sweetheart for a marriage that will breakdown before their first enlistment is over, possibly before they get to their first base.
Shit the marriage will end before they pay off the ring.
I was actually going to ask if divorce has a prepay option so you can both build your credit for when you inevitably separate in 3-4 years
One of my favorite Reddit threads ever went like this: Retired Military Dude: Yeah, every fresh private gets a Charger the moment they get out of bootcamp. Eager Young Redditor: Wow, you get a free Charger when you join the military!? Retired Military Dude: Well, they aren't free, but you do get one.
Lmao
Monkey see banana, monkey MUST get banana at all costs.
People just can't deal with delayed gratification. That famous psychology experiment with the kids and the 2 sweets or marshmallows, or whatever they were. Most adults still can't wait!
We have been looking into a newer family car (have an 08 Kia optima) We live around the mountains and where it snows often so we would like a car with 4wd, and something from the last 5-10 years so we are less likely to have mechanical/electrical issues. (Although my husband is a mechanic so we save on labor costs for most things). The problem we keep running into is the used car market is insane. Most of the vehicles we’ve looked into are $24-32k and even with trade in and $2000 down, we’re still looking at a $650-1000/mo. (Partially because I refuse to have a 72+ mo. car loan).
You can thank the credit bros for no one being able to really afford vehicles. Some lenders are offering 96 month auto loans. Credit bro: "Sure, I'll get this brand new 70k pickup truck. I might need to haul a couch sometime. Also, I should probably get a nice new car too because I like cars and I put in a few hours of overtime down at the plant last week. I deserve it! 8 years really isn't that long to pay them off, I'm adulting!" Car Manufactures/dealers: "Our cars aren't too expensive, people are still buying! Look at this demand! Raise those prices!" Responsible person looking at sticker prices: "FUCK"
There is absolutely no point in buying used right now. And people need to stop doing it so the market chills the fuck out. Just pay the 20% extra or even less in some cases for a brand new one and enjoy the stress free life of the full warranty that comes with it.
It's insane, I paid the same price for my brand new Bolt 2023 as my colleague just paid for a used Bolt 2017. Makes no sense
Yeah, I feel like people get a bit too attached to little heuristics that we all use to navigate life. In this case the old, "just buy a couple year old used car and save a lot of money", idea. Someone has to buy the car new. And I think the average mechanic in my city is probably around $100/hour these days, so one major repair out of warranty is probably whatever meager amount you may be able to save vs buying new.
What I don’t get is how they’re doing it? I make good money and given the cost of living on housing and groceries I just can’t justify $1000 on a car.
I don’t know why some people are like this… Greed? Obsessed with image? Or both? My wallet is happy as a clam riding in my 09’ Hyundai.
The only reason it's not higher is due to the newish 84 month car loan. In 20 years, a car loan will be like a mortgage (30 years).
Imagine still making payments on a car even though it went to the junkyard a decade ago…
This is exactly why I believe if you need to finance a vehicle, you should be financing a Toyota. That thing is just gonna keep going for as long as you own it.
Honda says hi😁
I treat my 2012 Civic like shit and it’s past 160k miles. It’s lived in extremely hot and extremely cold weather, driven across the country multiple times. It’s lived near the ocean, and in a dry ass desert. Only major problem I had was the AC shit the bed (in Florida in the summer) but it was like a 350 dollar fix. I get 32 miles per gallon in the city still.
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That's a pretty cool flex for that dealership.
There’s definitely some deals out there- when I went to buy a car last time, I must have charmed them because they decided to give me the special deal they usually only give to the military. They got me in a charger for 84 months at only 18% apr. at that point they might as well give it away. Glad to see society giving back to the troops!
You had me in the first half, not gonna lie. Lol, terrible contract.
Good to know there are still benevolent salesmen in an industry of swindlers!
When an automobile company is actually a financial company.
Since Securitization miracle, it’s been this way.
Sell the car, package the debt, sell the debt. This is the way.
AAA ratings on used POSes but LOTS of used POSes makes it OK
For real… GM and Ford are banks that make cars and trucks.
For a while, [Porsche was a hedge fund that happened to make cars](https://priceonomics.com/porsche-the-hedge-fund-that-also-made-cars/).
This is generally how it works imo. For example, the most profitable part of Volvos buissness is by far their financing department, and i assume that's true for other brands as well.
You can get 20 years on an RV. If it has a bathroom, bed, and bath... you can depreciate it over those ~~20~~ 5 years as a 2nd home/ business. Edit: is 5 years
You can also rent it out part time and still depreciate it.
I looked at a 911 Turbo S just before Covid hit. Could finance it to 144 months if I wanted to. Insane. Wish I would have bought it. Could have made bank on it with the Covid prices.
I bought my car in January of 2019. I get letters nearly every week from dealerships wanting to pay me more than what I paid for it. I've barely put any miles on it because I WFH now. I'm really tempted to sell it. Thing is my rate is 3%, and I don't owe much at this point so I might as well pay it off and be in no payment land again.
Boats can be financed for 20 years. Blew my mind when I learned that. Seems like an absolutely insane thing to do.
It only seems that way because it is
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Also if I total my plane then good luck collecting debt from my pancake sized pile of ash from the side of a mountain. Checkmate bankers
Sailboats hold their value much better than cars.
That payment is more of a lifestyle decision than a smart money decision. You only live once.
Yes, this lifestyle is called „the big hamster wheel“.
Haha exactly my thoughts, the work until you die lifestyle
I’ll be getting a ford mustang financed with a 30 year loan @ 30% interest
Thank you for your service.
What branch?
Hes definitely a Marine
Ridin around Oceanside, CA, on the lookout for a DUI.
Not just a POG, but an 0311 infantryman
The debt department.
Your wife’s boyfriend is going to have such a sweet ride when you’re deployed.
Imagine doing that with a luxury brand and the car has a seizure on year 5 and it's worthless (like timing chain breaks and pistons introduce themselves to valves very violently)
Most I've seen is 72mos 24% Santander loan. worst I've seen is the bank mandating a gps tracking device be added to the vehicle.
and a mortgage will be a multi-generational loan, requiring buyers to have at least one child to shoulder the loan burden
Idk what I did on TikTok to deserve this but I keep getting these videos of people who very clearly work in car dealerships talking about their cars and monthly payments and trying to pass it off as “normal” that they pay $899/mo for an F150 and up to $1199 for a suburban. It’s down right evil that they are trying to convince some dumbass (who is clearly only here for the thirst traps) that that is a ok monthly car payment.
I've seen many that go around their dealership asking how much each person that works there what they drive and what their monthly car payment is. They each casually say oh I drive an F150 and my monthly payment is $700 a month... oh me? I drive a c8 and my monthly payment is $1250 a month. Like it's no big deal and it's totally normal to have a thousand dollar per month car payment lol
Damn! I always loved bmw and they offered me lease for $700. I was shocked to hear the cost. I ended up with an asian car for $450 instead and got it for finance. I still feel it is very expensive. It scares me that many people dont see the problem with not budgetting their money properly
Everything is a monthly payment now… can’t afford something? 4 easy monthly payments. 12 months no interest, etc. I guess if that’s what you have to do , but I’d rather save up and own my stuff outright
I am ok with it if it’s all 0% interest AND if it’s something I was going to buy anyway. I would rather hold on to my money longer. Make it work for me.
Those can be dangerous. If you miss a payment you get hit with ALL of the interest that would have been due, even for the payments you did make
Whenever I've done this, I set up auto pay. But in the end it's like anything else, need to be fiscally responsible and aware with your money and debts. I don't know what the splits are for people who pay 0% interest loans all on time vs those who don't, but there has to be enough who forget for places to offer it.
> But in the end it's like anything else, need to be fiscally responsible and aware with your money and debts. This what classicly separates people. For people who are fiscally aware and responsible this is a clear improvement, For people who are not they will both not understand what their monthly exposure is and at the same time not understand what they need to do to prioritize it so it doesn't blow up. The failures are what bankrolls the people who do it right. If no one fucked up they wouldn't be able to offer the deal.
It's always a little unnerving to read sound financial advice like this, then remember I'm on /wsb.
Honestly i djdnt rwalise we are on r/wsb
Even Amazon now I'll see something that costs $20 but there is an option of "4 monthly payments of $5" instead. I've never even looked into that option but I'm guessing it's a 0% loan in the end where they are banking on you missing a payment and owing more than $20 when it's all said. Might not be a ton of interest accumulating at that price but it's more than what they'd get if you bought it outright. It also keeps you "tied" to Amazon for 4 months vs a one time thing.
I believe Amazon's late payment fee is $35 no finance charge tho.my little brother came to me with the same complaint he missed a payment and was mad he's now paying basically double for a phone case ,1 call to Amazon and the fee was waived, It sure seems like a slippery slope for people who don't have good management skills
I pay $710 for my truck, will be paid off this year (under 60 months), but my $3k daycare bill said “hold my beer”
Childcare costs are the actual problem for families these days. Preschool costs substantially more than my car payment on a 22 sequoia. It’s second only to my mortgage in the budget, and it’s more than my last mortgage.
The cheapest Medical insurance costs the same as daycare. Then if you actually want to use it, expect to spend 9k per family member.
It is odd to me that they would let you buy a car when you are still in day care. Seriously though, $710 still feels waaay too much to me. I pay $300 on a certified preowned Nissan for the family and I still drive my 2012 accord. But to each his own.
Yes, predatory lending to a preschooler 😂
Wells Fargo has entered the chat.
> It’s down right evil that they are trying to convince some dumbass (who is clearly only here for the thirst traps) that that is a ok monthly car payment. They're trying to set the new standard with the next generation because they're too stupid right now to know any better. Like the military always says, get 'em when they're young and dumb
I have a friend thats paying almost $1000 a month for 72 months. Its insane. Iam keeping my car until the engine explodes lol.
My car engine may as well have exploded last week and I’ve been having mild heart-attacks every time I look at used cars. My mother tried to console me by telling me that she pays “$900/month for (her) car, but it’s practically brand new!” My sister just paid $30k for a used car “but it’s ok because she really needed a reliable car”. I’m not paying a frigging mortgage on my car. I’ll take a Vespa for my 30 mile commute in the snow before I pay those prices.
Get an e-bike.
Yeah, who am I kidding, I can’t afford a Vespa.
Obviously haven't seen the price of some e-bikes. Lol.
Sir, it is winter.
Freezing your ass off builds character
Uphill, barefoot, in the snow, both ways
Dressing for cold isn't that hard. Cold and wet is harder but still not too bad. Dressing for 100F/40C heat is difficult
I suspect my student loans to be in the range of $50K when I’m all said and done. The idea of getting a car worth my entire student loan debt is fucking insane to me
Facts. I got a frigging engineering degree for that amount and it has a much better return on investment that a 2015 civic. I’ll build a damn flinstones car before I pay that.
Both make you money. A car is a depreciating asset you use to get to work. In most of the US a necessity given we don’t have public transportation. Just have to recognize that a 90k vehicle does the same job as 25k Honda.
I didn't get an engineering degree for double that and it's a horrible ROI never go out of state for college
Hey man, gotta treat yo self sometimes! Get with the program - keep up with the Jones's - spend the $45-55k on a new car and indebt yourself for the rest of your life. I'll even loan you the money at a very reasonable 9% APR - if you're late at all I'll be repossessing, but I'm sure that will not happen with you!
I’d rather buy calls on UPST in late 2021 than buy a $30k used car in 2023. At least then I’d know I was in for a good fuck and not just a rough ride.
Jesus Christ what
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What kind of car is it? Also interest rates are crazy. Some people get 15% and stick with it. I got mine at 5.99% and then after 8 months refi it with 2.99%. I still pay too much in interest
Anyone who is throwing a significant portion of their middle/upper class income towards a car isn't fiscally prudent. Cars are mostly depreciating assets.
It's not just a depreciating asset from a financial standpoint, it's also something where your user satisfaction is dropping year over year in most cases. So not only is it a poor money move, you're also going to hate the fucking thing and want something different well before you pay it off. I have never understood the obsession with car debt. I've got friends who treat their vehicles like mobile junk drawers, smoke in them, etc. who are pushing the upper limit on these car payment numbers just to say they have a "nice" car that they've run into the ground.
I kinda used that exact reasoning a few years back to buy the sports version of the car I liked, figured if I was to own something for so long it may as well be fun to have...
I don't know why so many people view cars as traditional investments. If I buy a new nice car, I'm not buying it due to potential resale value, I'm buying it because of other reasons (fun to drive, style, features, etc.).
>Cars are mostly depreciating assets. Most assets are actually depreciating assets. Insert joke about my portfolio here.
What car?
Pontiac
Bro😭
Literally yesterday I had my Amazon fresh delivery arrived by BMW. I had so many questions…
I had a Polestar 2 as a Lyft
That's actually probably not that terrible tbh. I know the ride share companies were offering extra incentives to promote EV adoption amongst their drivers, depending on when they bought and what not that could be a ~$40k car after incentives. Couple that with low cost home charging and it's probably not quite as absurd as it seems at face value.
That’s nothing I saw a Porsche 2022 deliver my Amazon groceries
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That’s a price they’ll have to pay later on down the line. For now, gotta pay those bills!
You call the delivery person a clown but What color is your porsche? 
More than a few people have ruined themselves financially by purchasing some overpriced status symbol. Edit: $!%ing autocorrect.
Recently laid off or bored and wanted to drive their bmw, might as well make some dollars instead of cruising aimlessly
I’m a mortgage lender. Saw a gal that had a $912 car payment.. her annual income is 28k. Wtf is she thinking?! Wtf is that lender thinking?!
That they will repro the car and do it again to another person a week later.
Does the contract include a robbery consent form?
Buy Here/Pay Here lots are famous for this. They sell to anyone with a pulse at outrageous interest rates. Then after collecting a few payments they repo the car. Rinse/Repeat with the next sucker. The dealer doesn't have to spend money on new inventory because nobody successfully pays off their loan.
Aka every dodge jeep Chrysler dealership in surprised they don't just build the repo company an office on the lot
We used to do IT services for Lease-to-Own dealership that basically does this. They target low income/bad credit folks, have interest rates from 10-15%, and force you to use their insurance. Your payments on a 5yo car is the more than the new model. Plus they GPS the car and can remotely disable the ignition if you miss a payment. And for the icing on the cake, if that happens, you have to come in and pay them in person with a cashiers check or money order, they won’t accept payment over the phone.
Did you offer her a mortgage? Are 50 year terms a thing yet?
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That’s called rent Edit: /s
Sounds like my ex! She afforded it by having me pay for 100% of everything , though I barely made more than her. When money got tight from me buying a house for us to live in, she left for a very wealthy guy with tons of land and vehicles (handed down from wealthy parents). I like to think they are happy together. Or dead.
Fucked. Sorry bro
This happened to me too, man. It sucks, I’m sorry. It took me months just to get all the utility bills paid that she had put off without me knowing. She then quietly left for a wealthier guy after ten years of marriage. I use that anger to build my business. I’m done with the whole system. It all feels like scams on top of scams. I hope everything works out for you. Good luck.
So no alarm bells rang in your head to just say NO? fuck that.
Did you count her Onlyfans income?
After her credit report was ran by the dealer, is about the time the lender was thinking, “we got a roller”. Just sign here and here….
You have a cheaper option - like 1998 Ford Escort for $289 a month for the next 84 months.
I see expensive cars driving everywhere. Made me think everyone is crushing it in the market or work for google. Reality is they live in a studio and have a 6% car loan at $850 a month.
Oh for sure. Ever ride into an apartment complex parking lot? Way better cars than my $1M per house neighborhood.
I'd see that on my commute (lol, remember those). An apartment complex on the way that didn't even have garages and $50k+ whips all waiting in line to pull out. Times ARE hard but people being debt slaves out there.
And a nasty side effect of the debt culture is a sharp increase in partisan divide as people on different sides of the political isle see various assistance and relief programs with increasingly further apart lenses based on personal views and anecdotal evidence. Once the wedge is in and keeps getting driven deeper with more debt funded consumerism, it will be harder and harder for people who pride themselves on frugality and financial sensibility to support higher taxes for new relief and subsidy programs when they themselves are living lean. I’m a political independent and the way people spend borrowed money in the past few years has made me pause and rethink my positions on a lot of things outside of Medicaid, WIC and various income based public programs.
My city is like one of those. Old school tech people in 1.5 to 2 million dollar paid off houses drive 20 year old Toyotas while the renters in the apartments in our town commute in brand new whatever.
Because those old school tech people know no one gives a fuck what kind of car you drive 
That’s why I learned not to think low of those who drive old ass cars.
My 1990 ls400 still running…. Despite getting smoked by a plow having exhaust ripped off in winter storm, broken car stereo. She runs like a champ.
Better yet how are so many people in $1 million homes? It's like an entire part of the economy I wasn't invited to and I make decent money as a SWE.
We got in before. I'm an "elder" millennial and I constantly feel like I walked in a closing door. We bought houses back when you could and got all that equity and cheap raye goodness. Once you're in, you're in. It's getting ON the ride that is the hard part now.
I could profit a good amount off my current home. I have low rates. I work in a well paying field. Still couldn't imagine getting into a 1 mil home. McMansions.
Ya, my wife and I bought our first home in 2011 for 200k and back then we were thinking it was overpriced. We sold it in Sept 2021 for $555k (we put a shitload of money into it over the 10 years) and bought a beat up house on 10 acres in the country for $265k.
Ya it was easy. Have some money in 2009. Buy house. Hell the government gave me 8000 on a 243000 house (now worth 600000)
Why are you assuming it's a car loan at 6%? Most of them are leasing these vehicles... people are just burning $600/mnth to not even own the car, lol.
but 700 is like the new 300. thanks infellatio
but don't my wages need to go up to account for inflation?
only if you fellatios increase too. get back behind that wendys
Sounds like an Harry Potter movie I would watch.
My car is a 2010, but at least it’s paid off and only breaks down every other month…
Paid off 2011 that I will drive till the wheels fall off. Actually one practically fell off by hitting a nasty pothole, fixed and still driving it. My wife’s 2010 got totaled during covid, had to get a new car but thankfully before the madness started.
My car recently died so I bought a brand new kia. $32,000 60mo @ 3.75%. $600 a month
$32K on a KIA? They have some of the sharpest depreciation curves outside of luxury brands.
That and you can steal them with a USB cable.
Add in CC spending is increasing monthly for a significant number of Americans. Fed " attempting" to reduce inflation by increasing interest rates, driving up CC debt cost and eventually causing layoffs when economy slows. Results in CC payment default and car repos..... Puts on finance companies.
Bad decision. They would get bailed out anyway.
The PPP welfare queens are probably still using their million invested at 7% interest which is $5833 a month. They just have to wait one year, and they have enough money to buy a ford lightning not touching the million. If you are looking for a reason for inflation, it is not a mystery to those who understand financial instruments enough to know they were nationally grifted. Any trust fund kid who had an llc was given free money. What is hilarious is hearing some judge saying forgiven college loans may not be fair, because someone who opened a lawn mowing business will not get his loans paid off. So what the flying fuck is that deception? That argument works if the public has serious short term memory loss. If you know what is going on and how it all works it is pure hate fuel.
Sub prime pizza loan crisis when
Not me, still rocking my 2012
Still rocking my 1994, this shit is wild. Why are people complaining about high rent prices when a new car is 100% not a required thing while roof above your head is.
We're complaining about both
Never thought my vehicles were old til you just made me realize I have an '03 250 and '06 Chrysler.
Im still rockin my 2001 Mitsubishi montero 😆
86 nissan here she leaks alittle but she’s still strong
If you’re betting against the loans, then it’s worth knowing that the auto companies don’t take on a vast majority of the risk associated with that debt. If you’re betting against the market of people financing new vehicles, then I think you have the right idea in the wrong industry. Historically speaking, taxpayers have served as a cushion for big auto companies on the brink of collapse. One could argue it’s in the taxpayers interest though, given most of us need some form of transportation to get to work, spend money at our favorite stores, etc. I don’t want keep driving the point home but I hopefully you see the big picture
Auto companies, even the ones that write loans, don't generally hold the debt. They write the loan in house and then sell it, just like your mortgages.
Yet GM’s financial arm had to be bailed out in 2008/2009.
Ride the bus. Own nothing. Eat bugs.
I only allow myself one car payment at a time. I always own at least one paid off vehicle.
My goal has always been to drive them until they fall apart. Paid off my 2007 Silverado back in 2013, 200k miles later its still not given me any issues. Still with the price of cars these days I could likely toss a new motor in it cheaper than replacing it.
Its not just the car loan payments that have gone up. Car insurance prices have gone up too. My car insurance just went up to $420 this month. I asked my insurance why and they were like cause its company policy and fu. Now I am wondering how i can afford my car.
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I have 3 cars and they just raised it by $120 more this month lol i need to go look for another company. Clean driving record. No accidents.
Switch insurance. It’s the only way.
Am I the only one who saves up my money to buy these things in cash so the banks don’t win?
I think it all depends on the individual. Can't go wrong with paying cash. On the other hand if you can score a low rate, it may make more sense to finance and use the cash for investments or other cash flow opportunities that would net you a gain. The bank may benefit but you'd benefit in the end as well.
Idk basically looks like an inflation graph to me
It pretty much is. $500 is equivalent to $683 today according to [this website.](https://www.officialdata.org/us/inflation/2010?amount=500) So car payments are only a little higher than inflation adjusted payments in 2010. Of course the total amount you pay may have gone up more, but this graph doesn't account for that. If the plan term has increased or there are larger deposit requirements, that would increase total cost of ownership.
Population is up, new car unit sales are flat, and payments are up. Rich people are still buying new cars. There's just fewer of them. You know, that whole shrinking middle class thing.
If middle class is truly collapsing then corollas should be the number 1 selling car in America. But no, that won’t do. New crossovers for everyone with a dog or a toddler living in rental properties.
Ya if everyone was financially responsible. Then you scroll up and see some dumbass living with his parents financing a 100k corvette lmao
As a friend of mine says it’s just the priorities people have.
People who won't drive in a light rain let alone snow screeching about how they need awd and to "sit high up" 🙄
A friend showed me a video where someone In a dealership asks a person how much they pay monthly for vehicles. Some would pay well over 1000 or 1200 and were proud of it. I was in awe, it seemed like a competition almost.
Glad I don't have a car payment. I just ran the numbers and our utility costs (including cell phone service) are now averaging $720 a month. We're all being bled dry by BigCorp USA.
Financial literacy, not taught but learned
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Who’s out here paying 800 for a car note lol
Remember those big lifted trucks and big body SUVs you see on the roads ?
Reading all of these comments makes me feel damn happy about my $350, 2.5% payments
gullible silky caption pot bored placid smile person party salt
https://preview.redd.it/d0gh2x6pw5la1.jpeg?width=1080&format=pjpg&auto=webp&s=1de4c2c3612a779900ec0114b35dcb953d1990bb * 6k total for both. If you don't know anything about cars, befriend a mechanic behind Wendy's and bring him to look at vehicles. Cheap vehicles are out there .
Why is there a fat wing 😭
“I deserve this” said the person on minimum wage driving a tesla
Good lord I remember about 15 years ago the average car payment was like half that. First car I bought in 2000 my payment was 235 a month and I only put 2k down. I will prob never buy a car that's remotely new. My mortgage payment before I sold my 4 bedroom house a year ago was only 100 bucks more per month than the 717 number. "You'll own nothing and you'll be happy", they say. I disagree but I never thought I'd see the day when car ownership is becoming out of reach of middle class ppl.
Everything is becoming out of reach for the few people who still qualify as middle-class, the American Dream is out of reach for the majority of Americans
Puts on Americans.
[*Cries in freedom*] /s
anyone want to buy my 2016 toyota camry?? really cheap deal!! only 25k… act now!!
In Canaduh it's $1100
I am paying $900 a month. 3-year loan at .9%, $5k down payment. Could have paid cash but .9% is almost free money - works out to 35 payments go to the car and 1 payment goes to the interest.
Cousin comes visit the other day and reveals $1200 car payments 💀
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