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Re: Average Car or Truck Payment [Re: andrews1958] #15843436 02/27/21
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Check’s in the mail, Geno!


“Life is life and fun is fun, but it's all so quiet when the goldfish die.”
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Re: Average Car or Truck Payment [Re: andrews1958] #15843437 02/27/21
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I bought my first new car since 1990 a couple years ago. The two in between were used. New ride was a bit over $25,500, I put down $10,000 that I accumulated by putting what I was paying and what I was willing to pay aside. When the monthly financed payment made it to down to just over $300 bucks and my Focus with 250,000+ needed work, I bought a new car.

I'll drive this until it isn't viable and will save the car payment every month once it is paid off so I have money down again. At my age I likely only have two cars left to purchase.


Last edited by Szumi; 02/27/21.
Re: Average Car or Truck Payment [Re: MadMooner] #15843448 02/27/21
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Originally Posted by MadMooner
Check’s in the mail, Geno!

Dude,

The Corona has the USPS all f'd up.

Don't you read the new threads every week about a lost gun, or my order from Midway hasn't arrived, it's in Oregon and I live in NC?

You should send it by special courier. I like brunettes, female by birth and left that way, not too fat or too skinny, good teefers are a plus.


The desert is a true treasure for him who seeks refuge from men and the evil of men.
In it is contentment
In it is death and all you seek
(Quoted from "The Bleeding of the Stone" Ibrahim Al-Koni)

member of the cabal of dysfunctional squirrels?
Re: Average Car or Truck Payment [Re: andrews1958] #15843458 02/27/21
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If you can’t pay cash you can’t afford it, by definition.

I really think most folks that do buy on credit spend more than they would if they paid cash up front, even if they can afford it. It’s easy to talk yourself into a low or zero interest note, and miss the fact that if you paid up front you would likely buy a cheaper rig. I like Dave, he speaks of the pain associated with cash purchases and I think it’s true.

I dont agree with Dave in everything, I do buy new Toyota pickups. The retained value is just nuts, it winds up being pretty cheap when you run it out 10+ years. That said, since I pay cash, I have no desire to pay 50k+ for a rig (paid 34k for my 2019 tundra). Would be easier to talk myself into an expensive pickup it if financed. Cars, we buy Toyota/Lexus used, the depreciation savings is real.

Same goes for boats and toys IMO. They sell a hell of a lot more than they would if credit wasn’t available which means most folks are buying things they can’t afford.

I guess lots of folks are fine with never accumulating wealth because they are buying things they can’t afford on credit. Until later in life I suppose.


Sean
Re: Average Car or Truck Payment [Re: dogcatcher223] #15843485 02/27/21
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Originally Posted by dogcatcher223
Dave Ramsey also assumes people have giant paychecks...


Hardly, give him a listen. You are waaay off base. Furthermore, and to your earlier comment, most American can pay cash for a car. You are wrong, they just need to buy a less expensive car. This stuff isn’t that hard. Although if one is a Democrat . . . most of them believe everyone should be entitled to a nice car, it’s needed and expected.

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Re: Average Car or Truck Payment [Re: andrews1958] #15843553 02/27/21
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I get a feeling that fire members are exceptions to the norm. I sure see a lot of $65K+ trucks running around with guys driving them that I know don't make that much in a year. I think a lot of them are upside down and will never get ahead....


A true sportsman counts his achievements in proportion to the effort involved and fairness of the sport. - S. Pope
Re: Average Car or Truck Payment [Re: andrews1958] #15843693 02/27/21
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A lot of high end trucks and cars are leased by those who can't afford them.


"The older I get, the better I was"
Re: Average Car or Truck Payment [Re: simonkenton7] #15843694 02/27/21
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Originally Posted by simonkenton7
Dave Ramsey has done the math on new car loans. If you have a 30 year old couple, and like many couples do, every three years they both buy new cars. If that is a $35K car, there will be about $5,000 depreciation for each car, every year.

That is ten thousand a year in depreciation plus maybe $300 a month in interest.

Also, save up the money and pay cash and there is no interest.


^^ Quote "$5000 depreciation for each car, EVERY year" ^^


Originally Posted by hillestadj
So Dave will point me to these three year old Toyota Tundras, Tacomas, Sequoias, Highlanders, 4Runners etc... that I can pick up for $15k under new?



Originally Posted by simonkenton7
Dave, and I, didn't say you would buy a 3 year old vehicle. You mis read my post. You get one older than that. My Nissan Frontier was 8 years old, always garaged with 42K miles on it, and I paid $15 grand for it. This is a 4WD vehicle that costs $32 grand new.


$32,000 - $15,000 = $17,000
$17,000/8 = $2125
$2,125 < $5,000 .... Yes?
.....BTW - $5,000 x 8 years = $40,000 (guy owes YOU $8,000 for taking it off his hands)....
OR, did it depreciate at a rate of $5,000 per year for the first three years at which point depreciation decreased to $400 per year over the course of the next 5 years?

Originally Posted by simonkenton7
I said you would pay $300 a month interest on TWO new vehicles, not one. Once again, you misread my post. Actually that number is low in my experience, in fact the last time I had a car loan the interest rate was 10 percent, so the interest on two new cars would be about double that.


That was foolish on your part

Originally Posted by simonkenton7
Dave's advice is unassailable if you will closely read the numbers that Dave puts up, and not make up your own numbers in a misguided attempt to show that Dave is wrong.


I used your numbers - if you think they're made up, look in the mirror

Please check my math if you get a moment - I'm open to learning. Also if you want to compare local comps between brand new 2021 and used 2019/2018/2017 model years for the vehicles above I'm ready to be wrong.

Originally Posted by simonkenton7
You say that you can get a car note for 2 percent. Well, they used to be 10 and 12 percent, and interest rates will be back up high again by and by. These things run in cycles.


Used to be a lot of things - obviously if rates were at 10-12% that would change the equation. They are not (unless you have the credit of a deadbeat or a 17 year old).

Re: Average Car or Truck Payment [Re: andrews1958] #15843786 02/27/21
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Just put an O2 sensor in my 03 Tacoma 4x4. Good as new, will haul my fat azz anywhere, and no friggin car payment!

Re: Average Car or Truck Payment [Re: andrews1958] #15843828 02/27/21
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mine is 32 years old... so none...

bought it new with 2 miles on the odometer...

its now got 576,500 miles on the odometer ....

original engine and trans....

it was $14,400 brand new...in Sept 1987...




"Minus the killings, Washington has one of the lowest crime rates in the Country" Marion Barry, Mayor of Wash DC

“Owning guns is not a right. If it were a right, it would be in the Constitution.” ~Alexandria Ocasio Cortez

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Re: Average Car or Truck Payment [Re: andrews1958] #15843858 02/27/21
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Love this place. Only forum I visit where the vast majority of members have a paid off house and no vehicle payments.
Guess I am not a typical member because I have one of each.


My biggest fear is when I die my wife will sell my guns for what I told her they cost.
Re: Average Car or Truck Payment [Re: andrews1958] #15843914 02/27/21
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I put down a lump sum or down payment big enough so my payment will be where I want it. Thank God I just spent $60k on a diesel crew cab or else I’d be writing big checks to Uncle Clam this year


[bleep] Democrats . TRUMP 2020


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Re: Average Car or Truck Payment [Re: Snowwolfe] #15843947 02/27/21
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Originally Posted by Snowwolfe
Love this place. Only forum I visit where the vast majority of members have a paid off house and no vehicle payments.
Guess I am not a typical member because I have one of each.

What’s cool is since we don’t make car or house payments, we could drive anything available. I just choose not to. I am 47 and plan on retiring before the end of the year. Hope you guys enjoy your new trucks!

Re: Average Car or Truck Payment [Re: SeanD] #15844012 02/27/21
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Originally Posted by SeanD

I dont agree with Dave in everything, I do buy new Toyota pickups. The retained value is just nuts, it winds up being pretty cheap when you run it out 10+ years.


I don't agree with Dave on the buying used vehicles thing. I drive Toyotas too and trying to find a three year old used one with less than 50,000 miles for any appreciable sum less than the new price is a pipe dream. My last Camry, a 2018, I bought new for $21.5K. I looked around for used ones and anything with less than 50,000 miles was within a couple of thousand dollars of what I could buy new for. Paying $19.5K for a three year old car with 50,000 miles that will need new tires and probably a battery soon, and has no warranty left, is dumb when for $2k more I can buy a new one with full warranty. It's the same with my 2016 Tundra, when I was shopping for it most asking prices on 2-3 year old tundras were as much or more as I could buy new, people seem to think the value of their used truck goes up because they sat in it for a couple of years.

Maybe a Ford or Chevy depreciates more but the reason I buy Toyotas is because I need reliability. That's the reason they hold their value so well but I'm not concerned with resale, I drive them until they're done. I drive 250 miles one way to work and am gone for a week or two at a time, driving some 10 year old beater isn't an option because if it breaks down on the way to work I'm out a couple of weeks pay, which is more than the car would be worth.

I've done the math every which way over the issue and the conclusion that I've come to is that at least with Toyotas it doesn't pencil out to buy 2-3 year old ones when you can buy new for a couple thousand more.

Re: Average Car or Truck Payment [Re: andrews1958] #15844102 02/27/21
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$0.00. if I can't pay cash for it then I don't need it. Granted I never buy new.🤷‍♂️

Re: Average Car or Truck Payment [Re: cfran] #15844361 02/27/21
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Originally Posted by cfran
Originally Posted by Cheesy
0% interest is just a means of raising the cost of the vehicle under the guise of “giving you a free loan”.



Bingo. Stuff isn’t hard to figure out, dealership needs to make money. Consumer always does best when cash is paid (in full). But many justify their killer financing deals and feel good about it, little do they know they overpaid, period.





It’ll fly on a Toyota or Honda eventually. You’ll never not be upside down on an American hunk of crap

Re: Average Car or Truck Payment [Re: gregintenn] #15844396 02/27/21
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Originally Posted by gregintenn
Originally Posted by Snowwolfe
Love this place. Only forum I visit where the vast majority of members have a paid off house and no vehicle payments.
Guess I am not a typical member because I have one of each.

What’s cool is since we don’t make car or house payments, we could drive anything available. I just choose not to. I am 47 and plan on retiring before the end of the year. Hope you guys enjoy your new trucks!


Lol. I don’t have a vehicle payment because most of my vehicles are about 20 years old. Newest one was 12 yo when I bought it.


“Life is life and fun is fun, but it's all so quiet when the goldfish die.”
Re: Average Car or Truck Payment [Re: andrews1958] #15844441 02/27/21
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Originally Posted by andrews1958
I have not had one in years. What is a typical monthly car or truck payment these days.


What is the purchase price of the vehicle. A more or less normal payment would be around $200 per ten thousand.

For the average car purchase of $38,000, that’s less than $800 for a 60 month loan. Sometimes there is even zero interest. You do that math.

Even though I could pay cash for my vehicles, interest rates are so low, it is stupid to pay cash. My investments yield about double what current rates are.

Re: Average Car or Truck Payment [Re: andrews1958] #15844481 02/27/21
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None since I learned to hotwire

Re: Average Car or Truck Payment [Re: Snowwolfe] #15844500 02/27/21
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Originally Posted by Snowwolfe
Love this place. Only forum I visit where the vast majority of members have a paid off house and no vehicle payments.
Guess I am not a typical member because I have one of each.

Definitely an older group. Most vehicles in the US are financed, and there’s a reason for it. And the average car loan term is ‘way over the 60 months that I do.

I like to drive nice vehicles as I spend a lot of time driving. An I want my wife to always have a stone reliable vehicle as well. And that means she can’t drive a beater like many on this forum.

BTW, I like making payments on depreciating assets, as it spreads risk. And I never put any cash down, ever. Trade in only.

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