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Re: Average Car or Truck Payment [Re: gregintenn] #15844583 02/27/21
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Snowwolfe Offline
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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!


I retired at 39. Wife retired from her first career at 41. Then retired from her second when she was 58. There is nothing wrong with a car or a house payment as long as your budget allows it.
Thank you Uncle Sam!


My biggest fear is when I die my wife will sell my guns for what I told her they cost.
BP-B2

Re: Average Car or Truck Payment [Re: simonkenton7] #15845428 02/27/21
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Dutch Offline
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Originally Posted by simonkenton7
Originally Posted by hillestadj
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.



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?

What interest rate am I sitting at on a $35000 vehicle that I'm paying $300 in interest each month?

If I save to put cash on a car at $XXX a month there is little difference that me having the vehicle and handing the bank $XXX a month at 0-2 (which is a pittance), no?


Dave Ramsey is great if you are a product of the depression or are not disciplined enough to keep your head above water - you know, the kind of people that put vacay on a credit card and let her ride at 27%.




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.
I have had the Nissan for 2 1/2 years and it is a great vehicle. Still looks like

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.

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. In fact, the interest costs even at 10 percent are insignificant compared to depreciation.
Dave is correct that, if you buy a new car every 3 years on a note it will cost you a million bucks by the time you are 60.

And he is also right that you can't afford a new car unless you have a net worth of a million dollars. The only way around that, and I know several people who are doing it, is to buy an expensive new vehicle, and drive it until the wheels fall off. Keep the new car for 16 years and it will work out well for you.

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.


I bought a 6 year old used Tacoma with 75,000 miles on it for $15K some years back. At 225 miles I hit a steer, and the insurance company totaled it, sending me a check for darn near 11K. Works out to depreciation at $0.03 a mile.

The redhead just bought a 4 year old beemer with about 30K on the clock, for about 40% of new price. Someone took a $1,000 a month ass kicking on that one.

Ramsey's examples are spot on for domestic and luxury vehicle. His point is still valid for imports and trucks, but the time periods shift a little becaue they tend to hold their value longer because they last longer.


Dutchboy Kennels, Drents Partridge Dogs
Re: Average Car or Truck Payment [Re: andrews1958] #15845435 02/27/21
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EdM Offline
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A sad commentary when folks need such advise.


Conduct is the best proof of character.
Re: Average Car or Truck Payment [Re: andrews1958] #15845454 02/27/21
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kingston Offline
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The rules are different for those of us who live in the salt belt. I need to enlist my friends from down south in helping me find a good used Land Cruiser.


Hold into the suds!

Originally Posted by goalie
...talking about my nursing job and posting doe in the minivan pics is totally the way to assert dominance on a hunting forum.

😂
Re: Average Car or Truck Payment [Re: andrews1958] #15845523 02/27/21
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Having some money in the bank is nice for negotiations...then you can pay cash, finance, or lease based upon what is the best scenario for you.

Remember, the seller is the one who has has to develop the sense of urgency as to 'better hurry it's the last one on the lot'....[of over 200k of the same vehicle made sitting on other lots]. Get used to walking away from those jerk salesman and jerk dealers or people on craig's list...it will give you a sense of freedom too. Let the dealer who treats you right earn your business.

If you are really hurting for transportation for work or something like that, then either rent a subcompact or ride share for a month while you get things settled...but still walk away from deals that are just trying to gouge you...because you are making a 4-7 year commitment on the vehicle that your are buying...either in payments that you make for it, or payments that you will make to restrengthen your bank account by paying cash.

Lastly, money is a tool. Some families know how to use it, some don't. Mine doesn't...we're not Rockefellers...but, my mom and dad are retired. They have no payments except utilities and they get to do everything they want as long as someone will come by and feed their chickens. Many people cannot do that...either because they have too many chickens or everything is a payment...which = living from paycheck to paycheck...which just sucks.

OK, enough rambling.

IC-A

Re: Average Car or Truck Payment [Re: LeakyWaders] #15845526 02/27/21
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Dutch Offline
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Originally Posted by LeakyWaders
Having some money in the bank is nice for negotiations...then you can pay cash, finance, or lease based upon what is the best scenario for you.

Remember, the seller is the one who has has to develop the sense of urgency as to 'better hurry it's the last one on the lot'....[of over 200k of the same vehicle made sitting on other lots]. Get used to walking away from those jerk salesman and jerk dealers or people on craig's list...it will give you a sense of freedom too. Let the dealer who treats you right earn your business.

If you are really hurting for transportation for work or something like that, then either rent a subcompact or ride share for a month while you get things settled...but still walk away from deals that are just trying to gouge you...because you are making a 4-7 year commitment on the vehicle that your are buying...either in payments that you make for it, or payments that you will make to restrengthen your bank account by paying cash.

Lastly, money is a tool. Some families know how to use it, some don't. Mine doesn't...we're not Rockefellers...but, my mom and dad are retired. They have no payments except utilities and they get to do everything they want as long as someone will come by and feed their chickens. Many people cannot do that...either because they have too many chickens or everything is a payment...which = living from paycheck to paycheck...which just sucks.

OK, enough rambling.


Good grief, a car is NOT a 4-7 year "commitment"! It's a bleeping car! Don't like, it? Sell it, get you a different one. Cars are about as liquid as any asset we have.


Dutchboy Kennels, Drents Partridge Dogs
Re: Average Car or Truck Payment [Re: andrews1958] #15845529 02/27/21
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Hubert Offline
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I paid cash for my truck.


Re: Average Car or Truck Payment [Re: Dutch] #15845554 02/28/21
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LeakyWaders Offline
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Originally Posted by Dutch

Good grief, a car is NOT a 4-7 year "commitment"! It's a bleeping car! Don't like, it? Sell it, get you a different one. Cars are about as liquid as any asset we have.


Well Charlie Brown, YES it is a 4-7 year commitment. If someone is in need of financing...they usually finance new vehicles for that long. If someone is asking about financing...then they are in the same boat...even if they have 50K in the bank to pay for the new vehicle outright, it will probably take them 4-7 years to replace what they spent.

Once the car is driven off the lot, it has depreciated and will continue to do so...your vision of car as liquid gold asset is a terrible investment, that's why young people get so upside down on them just trading them in over and over...a used car features the same situation just shorter.

For people who do not even think about financing, then their income or situation is much different and the above philosophy doesn't apply.

Oh..and GFY...because it's campfire and all...

Re: Average Car or Truck Payment [Re: andrews1958] #15845671 02/28/21
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$388/month on a 2014 Ram. 38K miles on the island. Right around that $400 mark has been what we usually end up being around with rigs.


Yup.
Re: Average Car or Truck Payment [Re: andrews1958] #15845758 02/28/21
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Dave Ramsey is great if you don’t know how to hold yourself to a budget, and/or live in town in an area you can find cheap housing.

IC-B

Re: Average Car or Truck Payment [Re: andrews1958] #15845771 02/28/21
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Dillonbuck Offline
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Buy older cars, run them into the ground.
I like to have played under $1k per year.
$500 is better, with repairs that keeps it under $1k/yr.

From 2007 until 2020 I ran 3 Subarus that totaled $6700.
Gave one away, sold the last 2 for $300. So, it averaged out well.
Even if I put $1k a year in them (did`t average half that)
Cost of ownership was less than many pay in two monthly payments.

The 2012 Ford at $6k won't pencil out as well.
But it is nice.


I'm an American, we kneel to no man.
Only to God!

The Alabama section of Pennsylvania.
Where we cling to our God and Guns.
Re: Average Car or Truck Payment [Re: kingston] #15845806 02/28/21
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jackmountain Offline
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Originally Posted by kingston
The rules are different for those of us who live in the salt belt. I need to enlist my friends from down south in helping me find a good used Land Cruiser.


Lustine Toyota in Woodbridge has a gray one, 2019 with only 27,000 miles. Lifetime warranty on power train.
Owned by the dealership and driven by the GM for a year.
It’s nice. $72k

Last edited by jackmountain; 02/28/21.

Theyre creepy bastards that are feeling you out. If all goes right, yall strike up a confidence and next thing you know youre at his house, in his cistern being fattened up so he can make a ladysuit out of you.
-Slumlord
Re: Average Car or Truck Payment [Re: jackmountain] #15845831 02/28/21
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kingston Offline
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https://www.lustinetoyota.com/exoti...dge-9d5ea7e00a0e09b134dbe3d19965f955.htm

That not bad, but I'm looking for something a little more vintage.


Hold into the suds!

Originally Posted by goalie
...talking about my nursing job and posting doe in the minivan pics is totally the way to assert dominance on a hunting forum.

😂
Re: Average Car or Truck Payment [Re: andrews1958] #15845893 02/28/21
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In 1990 I bought 2 ford falcons with factory 4sp, for $1000 a piece. Went around the country and found 4 dead ones and towed them home and stripped every part off them. Drove those two cars for twenty years. Carried tools and spare parts in the trunk. They were about as simple to work on as a Ford 8n tractor. When I retired I sold the cars and parts and made money. Had enough saved to pay cash for a dodge ram 1 ton with 12k on the clock,and a brand new artic fox trailer. Miss those cars though.

Re: Average Car or Truck Payment [Re: andrews1958] #15845898 02/28/21
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There's nothing people love more than to apply their financial position and purchasing decisions to others people's market behaviors.

Re: Average Car or Truck Payment [Re: andrews1958] #15846053 02/28/21
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gregintenn Online Content
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I bought an 01 Chevy Z71 two years ago for $4700. I probably spent close to $1000 in maintenance. I sold ot a couple of weeks back for $6000. That’s how I like to operate a vehicle.

I still have an 06 F150 4 door 4x4 I bought at a repo auction a couple of years ago. It was $2700. I had to put a set of tires on it and a windshield. I figure it would bring 6-7k, but I don’t want to sell it yet.

If you don’t get yourself in a bind and stay away from dealerships, you can drive a decent vehicle cheap.
If you then take those car payments and put them in a mutual fund, over a period of years you will become wealthy. These are simple facts.

Re: Average Car or Truck Payment [Re: andrews1958] #15846060 02/28/21
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JCMCUBIC Offline
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No car payment. Haven't had one in a long time. We drive Toyota's (car, van, truck) and drive them until they die.....but we haven't had one die yet. My commuter Corolla has way over 300,000 on it now....the odometer stops at 299,999.

At some point I'll probably by another commuter, either a couple year old one or may buy new. If buying new I'll buy a base model without the "extras", usually the lowest priced one of what I'm looking at on the lot that hasn't sold because of color or no special whatever someone is looking for... Ask for the invoice sheet and work out a fair deal with the dealer based on final price not monthly payment. It makes things a little easier if I go over the invoice price vs sticker price line by line and then ask about dealer incentives.

I know I can save $ buying a couple of year old used, and did that on the last van, but sometimes it just ain't worth the hassle on a vehicle like what I have now that I'll drive for the next 16+ years.

Re: Average Car or Truck Payment [Re: andrews1958] #15846332 02/28/21
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69sportfury Offline
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I see a handful of peoples credit histories and there's a LOT of people making 800-1100.00 month vehicle payments. SCARY to say the least

Re: Average Car or Truck Payment [Re: andrews1958] #15846365 02/28/21
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Clarkm Online Content
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My father, age 30, had a car payment in 1952 for a 52 Buick.
At age 30, I had a car payment in 1982 for an 82 Saab.
My son was wealthy at age 29 and has bought a Toyota minivan and Scion new for cash.



There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. -Ernest Hemingway
The man who makes no mistakes does not usually make anything.-- Edward John Phelps
Re: Average Car or Truck Payment [Re: LeakyWaders] #15846982 02/28/21
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Dutch Offline
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Originally Posted by LeakyWaders
Originally Posted by Dutch

Good grief, a car is NOT a 4-7 year "commitment"! It's a bleeping car! Don't like, it? Sell it, get you a different one. Cars are about as liquid as any asset we have.


Well Charlie Brown, YES it is a 4-7 year commitment. If someone is in need of financing...they usually finance new vehicles for that long. If someone is asking about financing...then they are in the same boat...even if they have 50K in the bank to pay for the new vehicle outright, it will probably take them 4-7 years to replace what they spent.

Once the car is driven off the lot, it has depreciated and will continue to do so...your vision of car as liquid gold asset is a terrible investment, that's why young people get so upside down on them just trading them in over and over...a used car features the same situation just shorter.

For people who do not even think about financing, then their income or situation is much different and the above philosophy doesn't apply.

Oh..and GFY...because it's campfire and all...


Point of order, but the situation you describe is a commitment (enslavement, even) to the debt, not a commitment to the vehicle.....


Dutchboy Kennels, Drents Partridge Dogs
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