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Joined: Jun 2002
Posts: 131,742 Likes: 20
Campfire Sage
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Campfire Sage
Joined: Jun 2002
Posts: 131,742 Likes: 20 |
$256.00, here, but I bought a car that was a couple of years old. Just a few more months, and it's 100% paid off, too. That will be like a raise of $256.00 per month.
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Joined: Mar 2020
Posts: 2,690
Campfire Regular
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Campfire Regular
Joined: Mar 2020
Posts: 2,690 |
$256.00, here, but I bought a car that was a couple of years old. Just a few more months, and it's 100% paid off, too. That will be like a raise of $256.00 per month. Same here, few months to go with a payment of $240~. It's a pretty nice truck too, 2015 Ram 1500 Ecodiesel with the Laramie package. Folks seem to forget that you can have nice stuff and not put yourself into a hole.
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Joined: Jun 2010
Posts: 13,930
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2010
Posts: 13,930 |
My payments are $695 so I'm below average! Yay
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Joined: May 2007
Posts: 12,140
Campfire Outfitter
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Campfire Outfitter
Joined: May 2007
Posts: 12,140 |
ribka; Top of the morning to you my friend, I hope your part of the PNW is getting the weather you need and you're well.
Though I've mentioned it before here, you might not be aware that I spent the better part of a year managing the detail department at a local Big 3 auto dealership.
Back then, which is to say pre-beer flu, not a week went by that I didn't drive a fully loaded truck or bigger SUV that had a sticker base which exceeded 100,000CDN. That's no setup, interior treatment, paint protector, etc. and etc.
We'd see young families come in there and sign up for bi weekly payments which were going to be north of $700CDN so of course that's $1400CDN a month for one vehicle.
Then rent out here then for a dwelling that would hold a family was pushing $2,000 per month and we've not purchased anything to eat or clothe the kids, you know?
It was very disheartening to see for me as one of my personal windmills to tilt at with anyone who wants to listen is family budgeting.
Anyways, it's unsustainable to say the very least.
All the best.
Dwayne
The most important stuff in life isn't "stuff"
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Joined: Jul 2012
Posts: 726
Campfire Regular
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Campfire Regular
Joined: Jul 2012
Posts: 726 |
Most younger individuals do not keep their vehicles 6 years. Most if going by the local individuals in our neighborhood could have them wrecked or in poor condition in months if not a year. They get a new car and have to hot rod it up and a few have blown the engine in a few months. all of them are oil burners. Sound like they are going 50 MPH when going only 15 MPH. they have the vehicle and the payments, however they will only last a few years.
That is a selling pitch to buyers that the outstanding loan can be rolled into a new loan for a new vehicle when they trade in the current vehicle.
They pick up a new loan for more that what the vehicle is worth. They do not care about interest rates, they just want the new vehicle and the process starts all over again.
Reminds me of the parents who gave their high school graduate (girl) a 2 year old BMW (it was a nice car). Her friends talked her into tricking it out and they did, 2 weeks later the engine blew and the car was parked in the drive way. She was pissed that her parents would not have the vehicle repaired for her. They let her know that she needed to get a job and save some money to have it repaired. The car sat in the drive way all summer and then they finally had it sold for salvage. The daughter then was driving an old clunker, that she was able to purchase from the money received from the BMW. I am not sure if she learned a lesson or not on that one.
"Sorry don't get it done, Dude" John Wayne 1959
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Joined: Jan 2002
Posts: 12,856 Likes: 5
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
Posts: 12,856 Likes: 5 |
Hmm, what's this "car payment" you speak of?
"The average car payment" as presented is a mis-representation in itself. The average should include all the cars running around without a payment schedule following it. It would make the idiocy that is a $1,000 car payment stand out even more.
It would also be revealing to know what the % of the DISPOSABLE income of the borrower that $700 represents.
Sic Semper Tyrannis
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Joined: Dec 2004
Posts: 17,246
Campfire Ranger
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Campfire Ranger
Joined: Dec 2004
Posts: 17,246 |
I bought an F150 right before all the prices went nuts with the chip shortages. The price was a bit more than I wanted to pay, even though it was about $11k off sticker. The last two trucks I've had were sold off at 10-11yrs old, so I plan to at least get that out of this one. Not really fond of having a car payment, but it is what it is. My wife pays herself a car payment each month, even though hers has been paid off for years. That way we have a fair bit of cash on hand when it's time to buy another one. I look at car payments as a part of life, but it is better to be paying it to yourself than to a lender.
Now with even more aplomb
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Joined: Jan 2012
Posts: 26,529 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Jan 2012
Posts: 26,529 Likes: 3 |
We got to know a young couple last year[friends of a friend] that have the sweetest little 4YO daughter that we adore.
dad drives a 2019 Dodge 2500 mom drives a 2020 Charger
They live in a former motel[efficiency type room].
Breaks my heart knowing what the little girl calls home.
FJB & FJT
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Joined: Mar 2007
Posts: 5,078
Campfire Tracker
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Campfire Tracker
Joined: Mar 2007
Posts: 5,078 |
Payment on the f150 is something like $286. I normally pay $800-$1k though
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Joined: Aug 2003
Posts: 39,139 Likes: 24
Campfire 'Bwana
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Campfire 'Bwana
Joined: Aug 2003
Posts: 39,139 Likes: 24 |
How much of that 700 is paying off previous loan that's underwater?
Me
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Joined: Aug 2012
Posts: 2,435
Campfire Regular
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Campfire Regular
Joined: Aug 2012
Posts: 2,435 |
No payments here. My driver is a 2006 sedan with 208,000K and the wife's is a 2013 with 192,000K. They both look good. We keep them well maintained, enjoy the low insurance rates, and set money aside for their future replacements. We actually tried to buy a new car this year, but there was nothing available that met our needs. So we said, "Screw it! We'll keep what we have." Just put new brakes all around on the wife's car after getting 100K out of the last set. My ride goes in the shop next week for exhaust work and a suspension rebuild, then I'll drive it until it drops. Who cares what interest rates or monthly payments are if you don't owe?
"Keep your mouth shut, work hard. Life is tough. Work through it.” -- Stetson Bennett, Quarterback, Georgia Bulldogs
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Joined: Aug 2005
Posts: 4,679
Campfire Tracker
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Campfire Tracker
Joined: Aug 2005
Posts: 4,679 |
I'll keep driving my 15 year old pickup. It doubles in value every time I fill up the gas tank
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Joined: Dec 2013
Posts: 23,686 Likes: 1
Campfire Ranger
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Campfire Ranger
Joined: Dec 2013
Posts: 23,686 Likes: 1 |
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Joined: Apr 2011
Posts: 4,352
Campfire Tracker
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Campfire Tracker
Joined: Apr 2011
Posts: 4,352 |
No payment but don't know how much longer my 2008 ram 2500 will last 244k and still going.
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Joined: Apr 2010
Posts: 14,719 Likes: 2
Campfire Outfitter
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Campfire Outfitter
Joined: Apr 2010
Posts: 14,719 Likes: 2 |
Hey……a Polaris at &26,000.00 is the equivalent of ten 1956 Ford Fairlanes loaded out! Bastards going like hotcakes!!
Even birds know not to land downwind!
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Joined: Jul 2007
Posts: 15,867 Likes: 6
Campfire Ranger
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Campfire Ranger
Joined: Jul 2007
Posts: 15,867 Likes: 6 |
I will keep driving my 30 + year old Land Cruiser. It actually keeps appreciating in value and I like driving it.
THE CHAIR IS AGAINST THE WALL. The Tikka T3 in .308 Winchester is the Glock 19 of the rifle world. The website is up and running!www.lostriverammocompany.com
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Joined: Mar 2010
Posts: 24,262 Likes: 10
Campfire Ranger
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OP
Campfire Ranger
Joined: Mar 2010
Posts: 24,262 Likes: 10 |
How much of that 700 is paying off previous loan that's underwater? yep good point. Trading in an under water 3 year old vehicle to upgrade
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Joined: Feb 2007
Posts: 11,777
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2007
Posts: 11,777 |
Haven’t made a car payment in 30 or so years. People need to wake up and live within their means.
NRA Patron
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Joined: Feb 2004
Posts: 17,736 Likes: 1
Campfire Ranger
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Campfire Ranger
Joined: Feb 2004
Posts: 17,736 Likes: 1 |
Now is a bad time to have a big car payment, and actually I think anytime is a bad time to have any kind of a payment. The disposable income that WOULD HAVE helped people get through this mess is gone and they have no recourse. My son worked F&I at a big dealership and told me the majority of people buying new vehicles, would go under if one little thing screws up for them. He didn't like doing that job.
NRA LIFE MEMBER GOD BLESS OUR TROOPS ESPECIALLY THE SNIPERS! "Suppose you were an idiot And suppose you were a member of Congress... But I repeat myself." -Mark Twain
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